Gold Set for Weekly Gain Amid Signs of Physical Demand, Recovery

                 Gold traded below its highest level this month and headed for a second weekly gain in New Yorkas investors weighed a pickup in physical demand against signs economies are improving.

The metal is heading for the first back-to-back weekly advance since January even as U.S. data showed this week retail sales jumped and jobless claims dropped. Global equities reached the highest since June 2008. Japan’s political parties confirmed Haruhiko Kuroda as the Bank of Japan (8301) governor as well as Kikuo Iwata and Hiroshi Nakaso as deputies, ushering in a leadership that may push for more monetary stimulus within weeks.

“Numbers out of the U.S. have been coming out better and that’s helping equities go higher,”Afshin Nabavi, a senior vice president at bullion refiner MKS (Switzerland) SA in Geneva, said today by phone. “Physical demand still remains strong, from the Far East mainly. There seems to be bargain hunting every time around the $1,570 an ounce area.”

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Physical Silver – Record Industrial & Investment Demand

                        The Silver Institute just released a news update in which they quote their own Executive Director, Mr. Michael DiRienzo, speaking at the annual Prospectors & Developers Association of Canada convention in Toronto. The Silver Institute serves as the industry’s voice in increasing public understanding of the many uses and values of silver.

    Industry’s widening use of the precious metal is expected to average more than 483 million ounces (Moz.) from 2012 to 2014, a level 53 percent greater than the average annual industrial fabrication demand of 313.4 Moz from 1992-2001.

Although largely unknown as a fact, silver is being used in a very wide range of industrial and consumer products. Moreover, the number of usages is increasing.

    “Silver helps make today’s interconnected lifestyle possible and is a vital component of virtually every automobile, cell and smartphone, computer and laptop, appliance and electronic device we use.  Further, silver’s antibacterial properties are finding new uses in textiles, medical instruments and hospital equipment, providing an effective tool in combatting infection and bacteria,” according to Mr. DiRienzo.

Not only is the industrial usage of silver increasing, but also more and more investors have found their way to the precious metal. For obvious reasons which we discuss extensively on Gold Silver Worlds, in a unbiased way, silver bullion provides the safety that people need in a world dominated by currency wars, unresponsible acts by central banks and governments and unseen counterparty risk.  
Some figures related to silver investment demand:
A record sale of 7.5 million American Eagle Silver Bullion Coins by the U.S. Mint in January and 10.9 million American Eagle Silver Bullion Coins in January and February combined (43% higher than the first two months of 2012).

Silver ETFs holdings on March 8 were 653.7 Moz, that is 22 Moz more compared to year-end 2012. - goldsilverworlds.



 

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Oil rises as traders embrace U.S. data

                    Buoyed by another pair of strong data points out of the U.S., oil futures are trading higher in Friday’s Asian session.

On the New York Mercantile Exchange, light, sweet crude futures for April delivery rose 0.23% to USD93.25 in Asian trading Friday after settling up 0.31% at USD92.81 a barrel in the U.S. Thursday. That was a two-week high for New York-traded oil futures.

In U.S. economic news, initial claims for jobless benefits fell last week by 10,000 to 332,000 claims. Analysts expected an increase to 350,000 claims. The less volatile four-week moving average fell by 2,750 to 346,750.

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Gold declines on rising risk appetite

        
               Gold futures are trading lower during Friday’s following the release of some more positive economic data points, which fueled another strong day for stocks there.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery fell 0.13% to USD1,588.70 per troy ounce in Asian trading Friday after settling up 0.16% at USD1,590.90 a troy ounce in U.S. trading on Thursday.

Gold futures were likely to test support USD1,574.60 a troy ounce, Monday's low, and resistance at USD1,598.00, Wednesday's high.

In U.S. economic news, initial claims for jobless benefits fell last week by 10,000 to 332,000 claims. Analysts expected an increase to 350,000 claims. The less volatile four-week moving average fell by 2,750 to 346,750.

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Natural Gas gains as U.S. supplies plunge unexpectedly

             

                    Natural gas futures hit highs not seen since November of last year on Thurdsday after official data revealed supplies plunged well beyond market expectations last week.

On the New York Mercantile Exchange, natural gas futures for delivery in April traded at USD3.791 per million British thermal units, up 3.00%.

The commodity hit a session low of USD3.679 and a high of USD3.803.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended March 8 fell by 145 billion cubic feet, compared to expectations for a drop of 134 billion cubic feet.

Inventories fell by 66 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a decline of 74 billion cubic feet.

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Dominican Republic stops Barrick's Gold cargo to Canada

         

              Caribbean nation Dominican Republic have stopped a gold shipment to Canada via the United States.

According to Dominican Republic customs, it has stopped a cargo of gold from Canada-based Barrick Gold's Pueblo Viejo mine from leaving the country.

The cargo was to be exported to Canada by way of the US from the freight terminal at Las Americas international airport in Santo Domingo.

Barrick confirms that a shipment of gold has been detained by Customs authorities in the Dominican Republic.

The company has provided Customs with additional information and is seeking confirmation that the shipment can resume, while further investigating the cause of the delay," the company said in a statement.

Dominican Republic demanded a fresh deal with Barrick and wanted the company to modify the terms of the contract,.

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Copper Advances as Zinc Set for First Weekly Gain in Five

          Copper climbed and zinc was poised for the first weekly gain in five after U.S. jobless claims unexpectedly dropped, improving demand prospects with the world’s second-largest user.

Copper for delivery in three months rose for a second day, adding as much as 0.4 percent to $7,829.50 a metric ton on the London Metal Exchange, before trading at $7,825.50 by 10:32 a.m. Shanghai time. The metal has climbed 1.1 percent so far this week. Zinc climbed 0.4 percent to $1,983 a ton and has risen by the same amount for this week.

The number of people filing claims for jobless benefits in the U.S. averaged 346,750 over the past four weeks, the lowest since March 2008, data from the Labor Department show. Haruhiko Kuroda was confirmed as Bank of Japan governor by the upper house of parliament, ushering in a new central bank leadership team that may push for more monetary stimulus within weeks.

“Data from the U.S. have been pretty good recently, lending support to copper prices,” Xie Xiaoming, an analyst at Shengda Futures Co., said by phone from Guangzhou. “Still, copper futures don’t have the momentum to gain much given a lackluster physical market.”

July futures on the Shanghai Futures Exchange gained 0.2 percent to 56,930 yuan ($9,158) a ton. Copper for delivery in May on the Comex in New York rose 0.2 percent to $3.5435 a pound.

Seven analysts surveyed by Bloomberg expect prices to rise next week, six forecast a decline and three were neutral.

On the LME, lead and nickel declined.

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China Purchases 300,000 Tons of Aluminum to Boost Local Prices

               China’s state reserves manager signed agreements today with six smelters to buy 300,000 metric tons of aluminum at 15,137 yuan ($2,434) a ton in a bid to bolster local prices.

The State Bureau of Material Reserve will pay about 4 percent more than the spot price for the metal to be delivered in April and May, data provider SMM Information & Technology Co. said on its website today. That compares with a spot price of 14,550 yuan on Shanghai’s Changjiang Nonferrous Metal Market.

“The stockpiling plan could help tighten the market in April and May,” Huang Fulong, an analyst at Citic Securities Futures Co., said by phone from Shenzhen. “The agreed price was slightly lower than market expected.”

The sellers include Aluminum Corp. of China Ltd., better known as Chalco, China Power Investment Corp., Yunnan Aluminum Co. and Henan Shenhuo Coal & Power Co., according to SMM. The reserves manager last bought 100,000 tons in November.

Aluminum for delivery in three months on the London Metal Exchange traded at $1,983 at 11:52 a.m. in Shanghai. The most- actively traded contract on the Shanghai Futures Exchange was at 14,855 yuan a ton. - Bloomberg

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MARCH-15th INTRADY LEVELS FOR MCX COMMODITY MARKET

15-MARCH-2013	RESISTANCE LEVELS	SUPPORT LEVELS

COMMODITY	RES-1	RES-2	RES-3	SUP-1	SUP-2	SUP-3
ALUMINIUM	106.20	106.85	107.20	105.20	104.85	104.20
COPPER	427.90	429.70	430.75	425.25	424.20	422.50
CRUDEOIL	5048	5066	5084	5012	4994	4976
GOLD	29509	29630	29754	29264	29140	29019
LEAD	122.05	122.75	123.15	120.95	120.55	119.85
NATURALGAS	208.00	210.30	214.10	201.90	198.10	195.80
NICKEL	937.30	942.40	951.00	923.60	914.90	909.90
SILVER	54633	54976	55251	54015	53740	53397
ZINC	107.05	107.95	108.50	105.60	105.05	104.15

For More Details Please Visit WWW.MCXFREETIPS.COM

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