DJ PRECIOUS METALS: Higher On Short Covering
DOW JONES NEWSWIRES
Gold and silver futures closed modestly higher and near the middle of their
daily trading ranges Tuesday, supported on some short covering and light fresh
speculative bargain-hunting buying at lower price levels, said an analyst. The
analyst added that a rallying crude oil futures market, to fresh 12-month highs
above $78.00 a barrel Tuesday, was a bullish outside influence on the precious
metals markets.
December gold closed up $2.70 an ounce at $679.30 and September silver was up
11.4 cents at $13.017 an ounce.
Meanwhile, October platinum rose $15.80 to $1,302.60 an ounce, while
September palladium declined $0.40 to $366.90 an ounce.
A weaker U.S. dollar versus most of the other major currencies Tuesday also
aided the precious metals bulls, said the analyst.
I think there\'s still some caution out there (in gold and silver futures
market traders) given the recent weakness in some of the stock markets, said
Stephen Platt, an analyst with Archer Financial Services. You have seen some
of the jewelry demand soften up a bit here recently, he said, adding that the
trend has been apparent for much of the year and might be symptomatic of
slowing discretionary purchases by consumers.
Technically, the daily bar chart for December gold futures has seen a
potentially bearish pennant pattern form recently, said a market technician.
The big losses last week followed by the corrective bounce this week have
formed the chart pattern, he said. December gold finds chart support at
Tuesday\'s low of $675.30 and then at this week\'s low of $671.80.
September silver finds chart support at Tuesday\'s low of $12.905 and then at
$12.80. Resistance is seen at Tuesday\'s high of $13.09 and then at $13.20, said
the technician.
Platinum group metals on the New York Mercantile Exchange closed mixed
Tuesday, with Platinum up sharply and palladium finishing slightly lower.
Platinum was boosted Tuesday, on more short covering and fresh speculative
buying after steep losses that were absorbed last week. A rallying U.S. stock
market this week has been an underlying supportive factor to the PGMs, said the
analyst.
Technically, October platinum finds chart resistance at Tuesday\'s high of
$1,312 and then at $1,321. Support is seen at $1,300 and then at $1,293.
September palladium finds chart support at Tuesday\'s low of $365.50 and then at
$364.00. Resistance is located at $368.00 and then at Tuesday\'s high of $370.00
Settlements (includes open-outcry and electronic trading as of pit close):
London PM Gold Fix: $665.50 versus $661.50 Monday
December gold (RGCZ07) $679.30, up $2.70; Range $675.50-$680.80
September silver (RSIU07) $13.017 up 11.4 cents; Range $12.92-$13.09
October platinum (RPLV07) $1,302.60 up $15.80; Range $1,298-$1,311.50
September palladium (RPAU07) $$366.90 down $0.40; Range $365.50-$370.00
-By Jim Wyckoff for Dow Jones Newswires; 319-277-8643; jim@jimwyckoff.com
(END) Dow Jones Newswires
07-31-07 1439ET
Copyright (c) 2007 Dow Jones & Company, Inc.
DJ info: 82333
N/DJCS,N/DJME,N/OSCM,N/OSEN,N/OSFF,N/OSFR,N/OSME,N/OSOV,N/OSTR,N/CMD,N/CMM,N/DJ
I,N/EMT,N/FCTV,N/GPC,N/MET,N/MKC,N/MKT,N/PCS,N/PLM,N/SVR,N/TSY
FSN2333 CFMOT COMMENTS METALS
2007-07-31 18:39:05 UTC
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DJ UPDATE: Emerging Mkt Stks Reverse Trend, Track Dow Downward
(Adds ADR trader comments, new index and share prices.)
By Claudia Assis
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Emerging markets shares trading in New York reversed
course to dip into the red mid afternoon Tuesday.
The Bank of New York\'s Emerging Markets American Depositary Receipts index
retreated 0.2% at 321.73 points. Its Latin America ADR index, which led the way
for most of the trading day, was down 0.1%. Its Asia index was receding 0.5%.
The iShares Emerging Markets Index Exchange-Traded Fund (EEM), which tracks
the performance of the MSCI Barra Emerging Markets Index and covers 284 stocks
from developing countries across the globe, was losing 0.7% at $134.49.
Earlier, traders hadn\'t been assuaged by a second consecutive day of gains
after last week\'s rout across asset classes, stoked by lingering credit-market
concerns.
It\'s still very much volatile, people are still very cautious, an ADR
trader said in the afternoon. ADRs gained on good performances in Asia and
Europe, but toward the end of trading day investors mostly kept an eye on the
Dow Jones Industrial Average, he added.
And the DJIA turned sour, down 0.1% recently, as did the S&P 500, losing
0.6%, and the Nasdaq, down 0.3%.
Key names posting healthy gains earlier became anemic as the day wore on.
Brazil\'s giant miner CVRD (RIO) rose 1% to $49.02, while state-controlled oil
firm Petrobras (PBR) added 0.4% to $66.12.
Mexico\'s heavyweight America Movil (AMX) turned lower, down 1.6% to $59.67,
while sister company fixed-line Telmex (TMX) gained 0.8% to $34.62.
Turning to Asia, where most stock exchanges closed higher, major stocks also
posted gains. China\'s state-run oil firm PetroChina (PTR) advanced 1.4% to
$148.50.
PetroChina is considering building a liquefied natural gas terminal in
Qinzhou port in the southwestern autonomous region of Guangxi, the official
Xinhua News Agency reported Tuesday, citing a senior manager at the company.
Citigroup cut PetroChina to hold from buy, but it raised its 2008 price
target on the company to HKD12.33 from HKD11.45 ($1=HKD7.83). The investment
bank\'s downgrade was mainly on shares being close to their fair value.
Offshore company CNOOC (CEO) rose 23% to $119.20. Citigroup raised its price
target on CNOOC to HKD10.85 from HKD9.00, and kept its buy call on the stock.
From India, software services major Infosys (INFY) retreated 2% to $49.56.
Smaller rival Satyam (SAY) was flat at $26.90. Satyam said Tuesday it has got
two multi-million dollar contracts from international football organization
FIFA.
South Korean stocks continued to see red for the most part. Korea\'s biggest
lender, Kookmin Bank (KB), retreated 25 to $86.74. Steel marker Posco (PKX)
declined 1% to $114.
Elsewhere, South African gold miner AngloGold Ashanti (AU) was up 0.3% at
$42.60. The company said net profit for the quarter was $111 million against a
loss a year earlier of $54 million and a profit in the first three months of
2007 of $19 million.
In addition, AngloGold CEO Bobby Godsell announced his retirement after more
than nine years at the helm of the world\'s third-largest gold producer.
-By Claudia Assis, Dow Jones Newswires; 201-938-4385;
claudia.assis@dowjones.com
(END) Dow Jones Newswires
07-31-07 1501ET
Copyright (c) 2007 Dow Jones & Company, Inc.
DJ info: 1836,5076
N/DJCS,N/DJME,N/DJOS,N/OSAG,N/OSCM,N/OSFF,N/OSME,N/OSOV,N/OSTR,N/ADR,N/ALI,N/AP
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TC,N/STG,N/STK,N/TSY,N/WEI
FSN58540 ACIMOT COMMENTS FIBER FINANCIAL FORESTRY GENERAL S
2007-07-31 19:01:09 UTC
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DJ Technical Trader Special:Nybot Sugar Posts Firm Monthly Close
CHICAGO (Dow Jones)--Nybot sugar futures posted a strong finish on the
monthly continuation chart Tuesday, the last trading session in July. A look at
the monthly continuation chart reveals a push to the highest price level since
March 2007. However, shifting down to the daily picture, basis October, major
chart resistance lies overhead which will be critical for traders to watch in
the days ahead.
Pit traded Nybot October sugar futures closed up 31 points at 10.33 cents a
pound.
Looking at action on the daily October pit traded sugar chart, the bulls have
been in control of the short-term trend since hitting the June 14 low at 8.71
cents. The market posted a strong rally into the July 19 peak at 10.52 cents.
From that high, the bears forced a modest downside correction to the July 27
9.96 low.
Tuesday\'s action is encouraging for the bulls, but key resistance looms
overhead at 10.52 cents. The bulls will need to conquer that ceiling in the
days ahead in order to trigger a fresh upswing and open the door to additional
upside probing.
Glen Ring, Editor of View on Futures said October sugar was currently in no
man\'s land between 10.52 and 9.96. Whichever way we come out will give us
direction even if it is only for a few weeks, Ring said.
Looking at the longer term charts, Ring added, my general perception is that
the larger trend on the weekly and monthly charts are still technically
pointing down. He called the gains seen since the June low a corrective rally
on a larger degree.
From here, Ring said, the question is that recovery complete? Ring pointed
to the high range monthly close as giving the market a better than 50-50
odds that we will attempt to take out the July high.
Ring identified resistance around 10.90 cents and said that would be a
potential stalling area for the bulls if the 10.52 level is breached near term.
Beyond that, additional resistance was seen at 11.40-11.50.
On the downside, a close below 9.96 cents would suggest to Ring that the
latest recovery rally could be ending.
Pointing to timing work, Ring added I have a weekly turn due during August.
It will keep me watching for topping action if we get it in August.
Dow Jones Newswires; 312-750-4072
(END) Dow Jones Newswires
07-31-07 1458ET
Copyright (c) 2007 Dow Jones & Company, Inc.
DJ info:
N/DJCS,N/DJOS,N/OSAG,N/OSCM,N/OSOV,N/OSTR,N/CMD,N/DJTA,N/DJWI,N/FCTV,N/SCD,N/SG
FSN58536 ACOTV FOOD GENERAL SUGAR TECHNICAL
2007-07-31 18:58:47 UTC
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