Wednesday, 14 May 2014

COMMODITY MARKET TRENDS 15 May 2014

BASE METAL WRAP: Nickel slumped the most in 31 months as investors judged the metal’s rally this year as overdone. Inventories of refined metal tracked by the LME have risen 6.6 percent in 2014, belying concern that a ban on raw ore exports by Indonesia would rapidly drain supplies.

ENERGY WRAP: West Texas Intermediate slid from a three-week high after government data showed crude inventories expanded as production increased to a 28-year peak in the U.S., the world’s biggest oil consumer. Brent was steady in London.

PRECIOUS METAL WRAP: Gold traded near a one-week high as investors weighed the conflict in Ukraine against the outlook for the U.S. economy and further reductions in stimulus. Palladium dropped from the highest level since August 2011.

GLOBAL EVENTS TO WATCH: Annual Budget Release, BOJ Gov Kuroda Speaks, German Prelim GDP q/q, Manufacturing Sales m/m, Core CPI m/m, Unemployment Claims, CPI m/m, Empire State Manufacturing Index, Capacity Utilization Rate, TIC Long-Term Purchases, Industrial Production m/m, Philly Fed Manufacturing Index, Mortgage Delinquencies, NAHB Housing Market Index, Natural Gas Storage.
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