Monday, 27 July 2015

Trading in Commodity Market Without Loss

Gold prices made a slight gain Thursday after 10 consecutive down days as a weaker dollar and lower prices lured buyers back into the market. Prices inched higher as the dollar lost ground to the euro and the Japanese yen, luring foreign buyers to the market.

However, other precious metals, however, continued to drop, with silver futures sinking closer to a six-year low. The metal is down for a third day and heading for a fifth weekly loss that’s the longest such run since October. 

Weighing on the market was a downgrade by Goldman Sachs of its outlook for copper because of slower Chinese demand growth and higher supplies. It forecast prices to drop to $4,500/MT by the end of 2016.

In other metals, Aluminium also fell as analysts ramped up estimates of a global market surplus in Aluminium this year, expecting a near-tenfold increase to 325,000 MT, the Reuters poll showed.

Zinc the only metal pegged to have a deficit in the Reuters poll also ended down, while Nickel closed down, reversing a rally earlier in the week.

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