review the oil market for 30.09.09
Dynamics
Quotes of the oil market on Wednesday, September 30 during the bidding closed co considerable increase in costs due to unexpectedly sharp decline in gasoline stocks for the last week in the United States, as well as the weakening U.S. dollar in the currency market FOREX, and in view of the positive dynamics Stock sites and neighboring markets.
At the New York Stock Exchange NYMEH cost of the November futures for U.S. light crude rose by 3.90, and its price, therefore, amounted to 70.61 dollar per barrel.
The exchange ICE in London, Brent crude futures price rose 3.58 to 69.07 dollars per barrel.
Causes
On Wednesday, September 30 quotes on the market of black gold have demonstrated a significant increase in the price, surpassing the strong technical level of $ 70 per barrel, due to unexpectedly sharp decline in gasoline stocks for the last week in the United States against a background of growing up in demand for fuel in the country and reduced imports, as well as the weakening U.S. dollar in the FOREX market because of the business activity index released Managers Association in Chicago, which turned out to be worse than the predictions (46.1 while the forecast 52.5), and in view of the positive trend of the stock sites and adjacent markets. Oil prices began to rise after the U.S. Department of Energy reported that crude oil stocks rose 2.796 million barrels, gasoline inventories fell by 1.657 million barrels, distillate stocks rose by 0.323 million barrels of refining capacity load factor reached 84.57 %.
From news worth noting that the need for the world economy in the crude oil will be in the current year at 1.83% below last year and will amount to 84.05 million barrels a day. This is stated in the reporton the status of OPEC on the world market. Next year, the demand for oil will grow by 0.5 million barrels per day and will reach 84.56 million barrels per day. In both cases, experts OPEC adjusted their forecasts in the past towards a slight improvement. This was possible thanks to the fact that, in their view, the process of global economic recovery will be quicker than expected. So, this year's economic downturn will slow to 0.2% to minus 1.2%, while next year growth will be higher at 0,1% and reached 2,5%. The main engine of world economy continues to be China, which until the end of this year improved their performance by 7,5%.
What to expect?
The main factor that pushes the quotes in the oil market up, a message appears on the U.S. Department of Energy almost complete restoration of fuel demand in the country during the week of 19-25 September, after falling the previous week, as well as an unexpected reduction of stocks of gasoline.
Why worry?
negative factor in the oil market is the technical picture, namely, that the prices once again meet with serious resistance at the level of 73-75 dollars per barrel, which carry a risk of profit-taking by market participants on the majority of open long positions.
Overview of precious metals market for 30.09.09
Dynamics
On Wednesday, September 30 at the time of tender quotes for gold and silver showed a strong upward trend in price due to the fall of the dollar in the foreign exchange market, FOREX, as well as on the background of positive sentiment in neighboring markets and stock exchanges.
As a result of trading on the COMEX, division of the New York Mercantile Exchange (NYMEX), quotes gold futures rose by 14.90 to 1009.30 U.S. dollar per troy ounce, quotes, silver futures rose 48 cents to 16.66 dollars per ounce.
Causes
On Wednesday, September 30 quotes for precious metals market has shown a strong upward trend in price due to the fall of the dollar in the FOREX market to force out the mixed economic data, as well as on the background of positive sentiment in the neighboring markets, namely price increases oil and stock markets. Gold futures on Wednesday once again exceeded the psychological level of $ 1000 per troy ounce, thus triggering market participants on technical buying gold.
From news can note that the subsoil users Amur Region in January-August 2009 has increased gold production by more than 30%, to 14.5 tons (466.2 million ounces). As noted, the bulk of gold mined in the region, OAO Pokrovsky Rudnik - deposits Pokrovskoe and Pioneer, as well as LLC Berezitovy mine - field Berezitovoe. Subsoil users of the Amur region are going up in 2009 to increase gold production by 7% to more than 20 tons compared with 2008, when it produced 18.75 tons. According to the adopted in early 2009 the development strategy of the Amur Oblast until 2011, subsoil users in 2011 will increase gold production to 23.5 tons (755.5 million ounces).
What to expect?
a positive factor in the gold market appears technical picture, namely the fact that prices have made a breakthrough upwards, surpassing the psychological level of $ 1000 per troy ounce. Thus the main driving factor is the falling U.S. dollar on the foreign exchange market, FOREX.
Why worry?
negative factor in the gold market advocate economic data going to the end of this week, which could lead to an increase in the dollar in the currency market FOREX, thereby reinforcing the downward pressure on the quotation of precious metals.
non-ferrous metals market review for 30.09.09
Dynamics
On Wednesday, September 30 quotes for non-ferrous metals on the basis of trading on the London Stock Exchange closed with a rise in price due to the fall of the dollar in the foreign exchange market, FOREX, as well as on the background of positive trends in adjacent markets and equity grounds.
At the London Metal Exchange LME aluminum price closed at 1,850 dollars per tonne.
Copper at the close of the exchange was worth 6135 dollars per ton.
Nickel bidding up the price of 17330 dollars per tonne.
Causes
On Wednesday, September 30 the price of nonferrous metals on the basis of trading on the London Stock Exchange closed with a rise in price due to the fall of the dollar in the foreign exchange market, FOREX, as well as on the background of positive trends in adjacent markets and equity grounds. Additional support for non-ferrous metals have data warehouse stock at the Shanghai Stock Exchange, which showed reductions in all metals in the warehouses. Besides data for the Procurement HSBC index showed that the growth of the Chinese economy continues to accelerate.
From news worth noting the message the company Selkirk Metals Corp (Canada) on the assessment of resources within the zone Cliff Katfeys copper project in British Columbia in Canada. With on-board copper content 0,2% set by the resources of this zone is estimated at 56.8 million tons of ore containing Cu 0,40%, and estimated resources - to 262.4 million tons of ore containing Cu 0,38%. Area Katfeys wholly owned subsidiary Catface Copper Mines Limited, which is affiliated to the company Selkirk Metals Corp. The area is located in the mountains Katfeys on the west coast of Vancouver Island. In July 2009 Selkirk Metals filed a proposal to the company Imperial Metals Corporation to merge with a view to sharing the joint exploration and further development of the project Katfeys.
What to expect?
According to market participants, support for non-ferrous materials can be obtained due to the end of the quarter and the month when metalltreydery close their positions for sale - they are also short, as well as on the background of a falling U.S. dollar.
Why worry?
Many market participants doubt the ability of prices of nonferrous metals reached levels to stay on and expect them to decline by the end of the year. However, many analysts also see the reasons for the weakening of the copper futures market in early October due to holidays in China and talk about the possibility of significant price fluctuations.
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