Platinum prices are forecast to reach record highs within the next six months due to tight market conditions and high investor appetite for commodities, said Johnson Matthey, the metals and chemicals group, said in its annual survey of the platinum market.
Johnson Matthey said that the launch of exchange traded funds recently has provided some support to the platinum price. “If the platinum ETFs are particularly successful in gathering investment, then they could apply further upward pressure to the metal price. With this in mind, we believe that platinum could reach $1,400 a troy ounce over the next six months,” the company said in its Platinum 2007 report.
Tuesday, May 15, 2007
London hopes dollar gap will not deter Americans
New York: London hopes a game of American football will add a familiar feel for tourists from the United States and help them forget that the dollar buys less in the British capital than it has in almost 15 years.
At about $2 to the pound, the greenback doesn't go far in London - one of the world's most expensive cities, prompting the city's tourist chief to come to New York to promote ways of having a holiday there on a budget.
"It's a tough market. We have to work even harder to keep the momentum," James Bidwell, chief executive of Visit London, the official tourism organisation of the city of Buckingham Palace and Big Ben, said in an interview on Monday.
At about $2 to the pound, the greenback doesn't go far in London - one of the world's most expensive cities, prompting the city's tourist chief to come to New York to promote ways of having a holiday there on a budget.
"It's a tough market. We have to work even harder to keep the momentum," James Bidwell, chief executive of Visit London, the official tourism organisation of the city of Buckingham Palace and Big Ben, said in an interview on Monday.
Opec sees no shortage of crude in the market
Cairo: Opec sees no shortage of crude in global markets despite consumer calls to increase supply before the summer to help boost inventories and bring down high prices.
"We think there is no shortage of crude in the market at the moment," Opec president and UAE Minister of Energy Mohammad Bin Dha'en Al Hamili said yesterday.
"The market is in balance... and fundamentals are in good shape now. We will increase supply if there is a need to or if the market needs it."
The International Energy Agency (IEA) said Opec needed to boost output before the summer to prevent a sharp decline in consumer nation inventories.
The IEA has urged Opec to open the taps for the past three months. The energy department of the United States echoed the call on Monday.
"We think there is no shortage of crude in the market at the moment," Opec president and UAE Minister of Energy Mohammad Bin Dha'en Al Hamili said yesterday.
"The market is in balance... and fundamentals are in good shape now. We will increase supply if there is a need to or if the market needs it."
The International Energy Agency (IEA) said Opec needed to boost output before the summer to prevent a sharp decline in consumer nation inventories.
The IEA has urged Opec to open the taps for the past three months. The energy department of the United States echoed the call on Monday.
Oil prices rise after trouble at Nigerian hub
Crude oil futures rose Tuesay following another supply disruption in Nigeria where villagers have occupied an oil pipeline hub, forcing Royal Dutch Shell to cut 170,000 barrels a day in production.
The social unrest in Nigeria has led to a shut-down of about one-fifth of the west-African country’s oil production, or about 600,000 b/d. ICE Brent for June delivery added $1 to $67.85 a barrel in late afternoon trade in London. The June contract expires at the close of trade Wednesday. The July Brent contract added 69 cents to $67.97 a barrel.
ADVERTISEMENT
June West Texas Intermediate gained 61 cents to $63.07 a barrel in early afternoon trade on the New York Mercantile Exchange.
The Organisation of the Petroleum Exporting Countries gave a contrasting view to the International Energy Agency, the developed world’s energy watchdog, when it said in its monthly report that crude oil inventories were more than enough to cover fuel demand during the peak summer travel season.
The social unrest in Nigeria has led to a shut-down of about one-fifth of the west-African country’s oil production, or about 600,000 b/d. ICE Brent for June delivery added $1 to $67.85 a barrel in late afternoon trade in London. The June contract expires at the close of trade Wednesday. The July Brent contract added 69 cents to $67.97 a barrel.
ADVERTISEMENT
June West Texas Intermediate gained 61 cents to $63.07 a barrel in early afternoon trade on the New York Mercantile Exchange.
The Organisation of the Petroleum Exporting Countries gave a contrasting view to the International Energy Agency, the developed world’s energy watchdog, when it said in its monthly report that crude oil inventories were more than enough to cover fuel demand during the peak summer travel season.
Marriages boost demand of silver, gold in Gujarat - India
It is summer and the demand for gold and silver has reached fever pitch in Gujarat. The state has doubled its imports for both the precious metals, reports CNBC-TV18.
It is the season to get married and add to that a strong rupee. That makes gold and silver the hottest commodities this summer.
Zarverbhai Zaveri, President, Ahmedabad Jewellers Association, said, “Marriage season in rural areas is boosting the precious metals purchase. Secondly, with rupee becoming stronger, precious metal prices have fallen down; so import of precious metals has increased marginally.”
Last year, Gujarat imported 8-10 tonne of gold and 30-40 tonne of silver. This year, the imports have more than doubled.
Kartik Pancholi, Licensed Custom House Agent, said, “In the last 49 days, we cleared at Ahmedabad about 18-20 metric tonne of gold and 60-65 metric tonne of silver. This quantum is double than what we cleared in April 2006.”
The flat 1% value-added tax rate imposed on precious metals has made it easier to move around the commodities, also shifting the business share from grey-channel operative in UP to Gujarat. The boom time will continue till monsoon, which indicates the beginning of an inauspicious period in the Hindu religion. That is when the fervor for gold and silver will cool off.
It is the season to get married and add to that a strong rupee. That makes gold and silver the hottest commodities this summer.
Zarverbhai Zaveri, President, Ahmedabad Jewellers Association, said, “Marriage season in rural areas is boosting the precious metals purchase. Secondly, with rupee becoming stronger, precious metal prices have fallen down; so import of precious metals has increased marginally.”
Last year, Gujarat imported 8-10 tonne of gold and 30-40 tonne of silver. This year, the imports have more than doubled.
Kartik Pancholi, Licensed Custom House Agent, said, “In the last 49 days, we cleared at Ahmedabad about 18-20 metric tonne of gold and 60-65 metric tonne of silver. This quantum is double than what we cleared in April 2006.”
The flat 1% value-added tax rate imposed on precious metals has made it easier to move around the commodities, also shifting the business share from grey-channel operative in UP to Gujarat. The boom time will continue till monsoon, which indicates the beginning of an inauspicious period in the Hindu religion. That is when the fervor for gold and silver will cool off.
Gold prices rebound on dollar weakness
LONDON, May 15 (Reuters) - Gold prices changed course to move higher in New York Tuesday afternoon as a drop in the dollar, after the release of U.S. core consumer price data, prompted investors to buy bullion.
But platinum was mostly flat after the release of British refiner Johnson Matthey's forecast on Monday of a supply surplus this year, although the market was very subdued due to the annual Platinum Week event in London.
Gold fell as low as $664.50, before rebounding to $671.20/672.70 an ounce at 3:01 p.m. EDT (1901 GMT), against $668.20/669.70 late in New York on Monday.
Most-active gold for June delivery on the COMEX division of the New York Mercantile Exchange settled up $4.40 at $674.50 an ounce, having traded between $666 and $675.
The dollar fell against the euro after the report on U.S. consumer prices suggested inflation was well contained.
Michael Widmer, metals analyst at Calyon Corporate and Investment Bank, said gold was supported by the U.S. price data as the Federal Reserve would move closer to lowering interest rates as the upward pressure on consumer prices subsided.
But platinum was mostly flat after the release of British refiner Johnson Matthey's forecast on Monday of a supply surplus this year, although the market was very subdued due to the annual Platinum Week event in London.
Gold
Most-active gold for June delivery
The dollar fell against the euro after the report on U.S. consumer prices suggested inflation was well contained.
Michael Widmer, metals analyst at Calyon Corporate and Investment Bank, said gold was supported by the U.S. price data as the Federal Reserve would move closer to lowering interest rates as the upward pressure on consumer prices subsided.
Subscribe to:
Posts (Atom)
