COMMODITY MARKET UPDATE 12 JUNE 2014

BASE METAL WRAP:

Copper declined for the sixth time in seven sessions in New York as a Chinese probe into financing transactions eroded demand prospects for deals using the metal as collateral.

ENERGY WRAP:

West Texas Intermediate extended gains after government data showed crude inventories dropped for a second week in the U.S., the world’s biggest oil consumer. Brent advanced in London.

PRECIOUS METAL WRAP:

 Gold held near the highest level in two weeks as a rally in equities faltered, boosting demand for alternative investments. Palladium traded below a 13-year high.

GLOBAL EVENTS TO WATCH:

Official Cash Rate, RBNZ Monetary Policy Statement, RBNZ Press Conference, RBNZ Rate Statement, Employment Change, Unemployment Rate, Core Retail Sales m/m, Retail Sales m/m, Unemployment Claims, Import Prices m/m, Business Inventories m/m, Natural Gas Storage, BOC Gov Poloz Speaks, 30-y Bond Auction.