re: Go GoldWorld commodities roundup Brought to yo World...

re: Go GoldWorld commodities roundup Brought to yo World commodities roundup Brought to you by AAP
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In London, aluminum edged higher Monday on the back of light fund buying before running into scale-up trade selling above $1,400 a metric ton.
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A stock build of 1,175 tons weighed on the market in the morning session and helped push the three-month contract down to support at $1,390/ton, but here good buying interest was found and the prices proceeded to climb back up toward $1,410/ton.
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Analysts remain skeptical that aluminum's sharp gains over the last two weeks from $1,340/ton are sustainable, and many feel that a pullback is due in the short term.
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They feel that funds, who have been behind the latest rally, will be quick to sell aluminum if the U.S. stock market doesn't show signs of picking up.
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The copper market held in a tight range between $1,687.50/ton and $1,698.00/ton as the market attempted to consolidate last week's gains ahead of another move higher, dealers said.
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Nickel eased back toward support at $7,000/ton before edging higher for the close and may be due lower in the days ahead.
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Zinc remains subdued and will likely hold in tight range between $780- $800/ton short term.
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Lead as slightly higher but still caught in a range between $454 and $457/ton while tin held between $4,230-$4,280/ton.
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In New York, comex August gold futures buckled under the pressure of stale long liquidation and profit taking Monday and swooped to 11-day lows of $318.50 per ounce before settling down $5.90 at $319.50.
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Persistent selling eroded support through the day around $321 and $320 to unearth automatic stop-loss sell orders, which drove prices sharply lower late on in proceedings.
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Spurring on the sellers has been the steady decline of late of gold equities in general and the Philadelphia Gold & Silver Index in particular, which fell over 3 per cent on the day to follow through on an even greater slide Friday.
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July silver futures were dragged lower by gold and swung to eight-day lows of $4.89. Dealers said that any breach of $4.89 support would target the $4.85-$4.86 region, followed by a return to the $4.77-$4.79 area.
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Nymex July platinum was also slightly lower amid very light trade and held within a $553-$559 range throughout. September palladium extended the recent $345-$355 range.
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In New York, crude oil and petroleum products futures at the New York Mercantile Exchange were down as the bearish sentiment seen last week carried over into the session.
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The July contract price on NYMEX crude was down 46 cents at $24.29.
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There was little market moving news over the weekend. Consensus is growing within the Organization of Petroleum Exporting Countries to keep output levels steady at the group's June 26 meeting, according to Algerian Oil Minister Chakib Khelil.
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Khelil told the official Algerian Press Service that the crude oil price is currently acceptable since it's within OPEC's preferred range of $22.00 a barrel and $28.00 a barrel.
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Khelil expressed hope that the world economy will improve in the third quarter of the year, leading to an increase in the price of oil.
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Beginning in January, OPEC lowered its production quotas by 1.5 million barrels a day to 21.701 million barrels a day, in an effort to prop up the price of oil.
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