Market Overview oil 17.06.09
Dynamics
On Wednesday the price of oil declined during the European session, and unfolded the top after statistics on stocks of petroleum and petroleum products in the States.
World oil prices rose during the bidding for the Exchange of London and New York. At the New York Mercantile Exchange oil futures mark Light Sweet went up by 56 cents to 71 dollars per barrel.
At the ISE Stock Exchange in London, the cost of oil brand Brent rose 61 cents to 70.85 dollars per barrel.
Causes
At the outset, oil futures fell below 70 dollars because of the downturn in equity markets. But with a moderate yield of positive data on the stocks of oil in the States, where, instead of the expected 1.7 million barrels of crude oil reserves decline decreased to 3.874 million, quotes, black gold again went to the growth. Traditionally, in recent days against the backdrop of pressure on the dollar, investors are buying raw materials. It was the exception and the trading session Wednesday.
What to expect?
Despite the decline in oil, gasoline stocks rose above expectations. At the same time a slight increase in demand for gasoline, while the load factor refinery, although increased compared with the previous week to 85.9%, but lower than the expected 85.95%. On the whole oil market remains stable and does not show clear signs of a turn in a negative direction.
What is fear?
Given the increasing volatility in currency, commodity and stock markets, do not exclude the release of oil rates in one direction or another. In doing so, the likelihood of renewal of local maxima of June remained high. Strong resistance to stamp Brent is the level of near 78 dollars.
Review precious metals market for 17.06.09
Dynamics
Quotations of precious metals were able to recover from yet another attempt to reduce. At the end of the day on the gold spot market almost reached the mark of 940.00 dollars per troy ounce, while silver closed marks around 14.30 dollars per ounce since, while during the day short-term precious metals fell below 14.00 dollars.
Causes
Shopping precious metals resumed at low levels against the backdrop of a small reduction in the dollar, and rising prices for raw materials. This rebound from a minimum provoked a slight decrease in short positions in precious metals, which also supported the quotes.
What to expect?
Perhaps investors are waiting to weaken the dollar over the medium term, will show more interest in buying precious metals at current low levels, providing them the necessary support and will not allow to fall below the critical mark. In doing so, it is possible that the ongoing support that gold and silver, respectively, are located in areas of 925.00 and 14.00 dollars per ounce, succumb.
However, from a technical point of view, the break below these marks may provoke, at least, yet another wave of falling prices. This can happen on a background of short-term strengthening of the U.S. currency.
What is fear?
The main risk to the precious metals associated with the strengthening of the United States dollar, is beginning to gradually subside, but his influence is still dominant.
non-ferrous metals market review for 17.06.09
Dynamics
On Wednesday the dynamics of industrial metals maintained moderate negative. This decline has been uneven. Fluctuations took place in a wide range throughout the session.
At the London Metal Exchange LME aluminum closed at a price of 1562 dollars per ton.
Copper at the close of the Exchange cost 4902.50 dollars per ton.
Nickel in the tender price was 14,645 dollars per tonne.
Causes
The uncertainty was present notonly on the bid non-ferrous metals, but also on the equity markets in Europe and the United States. After they walked quotes industrial metals. The situation in the world economy in recent times has not changed. Demand remains at low levels, which will continue to exert pressure on commodity prices.
What to expect?
After a moderate correction that began this week, you can expect an attempt to test the strength of resistance levels, and if they succumb, a deeper decline. Local resistance to copper can be considered as the level of 5400 dollars per tonne, Nickel - 16000 dollars per ton, and aluminum - 1740 dollars per ton.
What is fear?
Given the fact how rapidly developed a negative trend over the past year, roll in a positive direction can not occur, especially if stock markets will increase the fall. The fundamental factors are still extremely weak, so the return of the quotations for acceptable levels in terms of supply and demand is the most logical course of events.
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