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Energies: December

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Category: Forex

Energies: December crude oil closed at $86.07 per barrel, up 98c on shortcovering and for the week managed a retracement of 1%. The strong dollar had prompted the latest selloff in crude in addition to lowered demand tied to declining economies globally. Concern that higher taxes in the U.S. in the occasion of the expiration of the Bush tax cuts would lead to diminished overall demand. Increases in inventories also cited as purpose for the recent selling. Now we have been bearish for crude for a while and nonetheless really feel no matter any funds settlement, a brief term rally must be sold. Our overall view is of continued recessionary pressure not that the identical "previous authorities" within the U.S. has been restored by the latest election. The "established order" does not produce completely different results.

Copper: December closed at $3.4435, down 2.6c on continued long liquidation tied to the U.S. economic expectations and the weak equity market. For the week copper costs declined one other 1.9% and we keep our bearish posture. We see no growing improvementin demand from any industrialized nation together with China. Take some earnings on some put positions but add on any rally tied to an expected U.S. funds agreement.

Treasured Metals: December gold closed at $1.730.ninety per ounce, up $4.ninety and for the week gained 3.3%. Elevated demand for precious metals from each China and India and expectation that the "status quo" ensuing from the U.S. elections prompted short covering as well. December silver closed at $32.60 per ounce, up 36c following gold. The optimistic U.S. consumer sentiment index by the College of Michigan/Thomson Reuters launch prompted expectation of increased buying by consumers which might be thoughtof inflationary, a situation conducive to buy of treasured metals. January platinum closed at $1,559.forty per ounce, up $16.ninety tied to latest labor strife in South Africa and positive reports on China’s auto market. Platinum is utilized in catalytic converters on vehicles and any improvement in sales prompts demand for the white metal. Platinum is most popular for auto application to palladium which has related properties but December palladium closed at $611.05 per ounce, down $3.30. It grew to become time to unwind platinum/palladium spreads throughout the week and we are now on the sidelines.
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