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Follow on Google News | 23 November 2015 Commodity Research Report Ways2CapitalNickel smelter developers are putting projects on hold as they struggle to get financing with metal prices near their lowest in more than a decade, industry and government stakeholders said on Wednesday.
By: ways2capital INTERNATIONAL NEWS ✍ PRECIOUS METAL • Nickel smelter developers are putting projects on hold as they struggle to get financing with metal prices near their lowest in more than a decade, industry and government stakeholders said on Wednesday. • New U.S. applications for unemployment benefits fell last week while a gauge of U.S. economic activity rebounded in October, signs of a healthy labor market and economy that could give the Federal Reserve confidence to raise interest rates next month. • Commodity prices could see another sharp drop as an adjustment in supplies from energy, metals and agricultural producers remains insufficient in the face of weaker demand at key consumers like China, U.S. investment bank Goldman Sachs said. GOLD Extending gains for the third straight day, gold prices advanced by 0.27% to Rs 25,530 per 10 grams in futures trade today as speculators enlarged positions, taking positive cues from overseas markets. At the Multi Commodity Exchange, gold for delivery in far-month February next year gained Rs 68, or 0.27%, to Rs 25,530 per 10 grams in a business turnover of 23 lots.In a similar fashion, the metal for delivery in December traded higher by Rs 56, or 0.22%, to Rs 25,347 per 10 grams in 1,077 lots. Analysts attributed the rise in gold futures to a firming global trend where it held an advance from a five-year low as Federal Reserve Vice Chairman Stanley Fischer said that US policy makers have done their best to prepare international markets for the first interest rate increase since 2006. Meanwhile, gold rose 0.35% to $1,085.60 an ounce in Singapore. In the international market, gold fell 0.88%, to $1,145.50 an ounce in New York yesterday. Gold continued to witness a massive sell off. The yellow metal settled at its lowest price this year, nearing the $1200 per ounce mark and logged its third straight weekly decline. Other precious metals also dropped heavily amid soaring equities and continued strength in the US dollar. Silver tumbled to a four year low, Platinum fell to a fresh 2014 lows while palladium slumped to a three-month low. Gold fell as the US dollar rallied post the Fed decision where it noted that that there is sufficient underlying strength in the broader economy to support ongoing improvement in labor market conditions. Spot gold firmed on Friday but was still set to finish the week trapped near its cheapest in more than five years as the metal struggles against a stronger dollar ahead of a widely expected US rate rise next month."We're still negative and target $985 in the short run," said analyst Dominic Schnider of UBS Wealth Management in Hong Kong. "The rationale is fairly clear. The Fed is going to hike, the dollar is going to see further strength and in that environment it's going to be fairly difficult to sustain current prices."A stronger dollar hurts demand for commodities priced in the greenback by making them costly for holders of other currencies. Spot gold had edged up by 0.4% to $1,085.80 an ounce by 0609 GMT. Prices hit the weakest in more than five years at $1,064.95 an ounce on Wednesday and are set to close the week little changed. US gold rose 0.7% to $1,086 an ounce. New US applications for unemployment benefits fell last week while a gauge of US economic activity rebounded in October, signs of a healthy economy that could give the Federal Reserve confidence to raise interest rates next month. The dollar steadied on Friday after a recent rally that took the greenback to 7-month highs against a basket of peers. Gold could come under further pressure from news that Chinese banks were turning more cautious on gold lending. For Quick Trial – 08962000225 Or mail us here: info@ways2capital.com or visit http://www.ways2capital.com/ Contact 0731-6554125 Toll Free – 1800-3010-2007 Give a Missed Call for Free Trial - 09699997717 For Reports And Tracksheets - http://www.ways2capital.com/ End
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