Commodity Market Outlook :22-06-2012

Gold heads for biggest weekly loss since May

US crude steady around $78 after dropping to 8-month low

U.S. stocks posted their worst day in three weeks

Copper eyeing 7th weekly loss in eight

LME copper hit a two-week low of $7,320 on Thursday

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ASIAN STOCK

Asian stocks struggled and commodities fell broadly on Thursday after the Federal Reserve ramped up monetary stimulus by expanding “Operation Twist”, but disappointed some investors who had been hoping for more aggressive measures.

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U.S.STOCK

In the US markets, it was a volatile session after Bernanke’s move. Stocks however cut losses in later trade. The major averages took on mild declines in a day of tight-range trading.

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U.S.TREASURY

The benchmark 10-year note US10YT=RR, meanwhile, slipped 5/32, its yield rising to 1.64 percent from 1.63 percent on Tuesday.

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DOLLAR

The dollar rose against eight of 16 major peers and weakened against the rest. It strengthened 0.8 percent versus the yen, while slipping 0.1 percent to trade at $1.2703 against the euro.

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EURO

The euro last stood at $1.2685, having risen to a high of $1.2744 on Wednesday, near a one-month peak of $1.2748 set on Monday.

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FTSE

FTSE 100 index rose 35.98 points, or 0.6 percent, to 5,622.29. Trading volumes totalled 96 percent of the 90-day average.

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NIKKEI

The Nikkei added 1.1 percent to 8,851.59 while the broader  Topix index rose 1.2 percent to 755.88.

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U.S.CRUDE

U.S. crude was down 88 cents to $80.57 a barrel, after earlier hitting an eight-month low of $80.39.

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BRENT CRUDE

Brent crude for August delivery fell 39 cents to $92.30 a barrel by 0151 GMT, after falling to as low as $92.06, its weakest since December 20, 2010.

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