review the oil market for 28.09.09
Dynamics
Quotes of the oil market on Monday 28 September, during the bidding closed a small increase in price against the backdrop of the positive trend of the stock pads, and a falling U.S. dollar in the currency market FOREX.
At the New York Stock Exchange NYMEH cost of the November futures for U.S. light crude rose by 0.82, and its price, therefore, amounted to 66.84 dollar per barrel.
The exchange ICE in London, Brent crude futures price rose 0.43 to 65.54 dollars per barrel.
Causes
On Monday, September 28 quotes on the market of black gold have shown a slight increase in price on the background of positive dynamics of the stock sites: the main U.S. stock indices finished the session increased after a week break, the increased activity in mergers and acquisitions worth billions of dollars has caused return of investors to common shares, as well as a falling U.S. dollar in the currency market FOREX. One of the main reasons for the increase in oil prices is intensified geopolitical tensions associated with the testing of a new class of missiles by Iran (Iran borders the Strait of Hormuz, through which runs one of the main supply routes of oil), which may endanger the stability of oil supplies from the Middle East even in the current environment, when stocks are at high levels.
From news worth noting that the French company Total will invest $ 25 billion in oil-rich Orinoco belt in Venezuela, thus help Petroleos de Venezuela to develop hydrocarbon fields. Furthermore, the French experts will participate in the construction of special installations for the processing of Venezuelan crude oil. Earlier, the Venezuelan government announced that it has signed an investment agreement with China on 16 billion dollars to increase production in the Orinoco, as well as the agreement with Russiaon investments in the region of $ 20 billion.
What to expect?
The main event of today's trading session is out of data on stocks of petroleum and petroleum products from the U.S. Institute of Petroleum. Market participants expect the reduction of petroleum reserves, but at the same time, growth stocks of gasoline and distillates. Among distillates include heating oil and diesel fuel.
Why worry?
Shaky economic recovery makes the members of the oil market in a different way to look at the data on stocks and demand for oil. Reducing stocks have been slower than expected on the market. It all leads to nervousness oil participants, which could result in deep market correction.
Overview of precious metals market for 28.09.09
Dynamics
On Monday 28 September, in the course of mixed trading quotes on gold and silver rose slightly in value against the devaluation of the dollar in the foreign exchange market, FOREX, as well as on the background of positive sentiment in neighboring markets and stock exchanges.
As a result of trading on the COMEX, division of the New York Mercantile Exchange (NYMEX), quotes gold futures rose by 2.50 to 994.10 dollar an ounce, quotes, silver futures rose 13 cents to 16.19 dollars per ounce.
Causes
On Monday, September 28 quotes for precious metals market in conditions of low trading volume showed upward trends in price against the backdrop of the fall of the dollar in the currency market FOREX, and also due to the positive sentiment on the neighboring markets, namely the rise in prices for crude oil market and copper, and stock markets: stock indexes finished trading session in the green zone (so, Dow Jones industrial average was 9789.36 (124.17), Nasdaq Composite - 2130.74 (39.82), SP 500 - 1062.98 (18.60), and against the backdrop of major proposals for the acquisition, which were perceived by investors as a sign of improvement in the economy. prices for metals and contributed to technical factors, namely the common desire of market participants to buy gold assets at lower levels.
From news can note that for the first eight months of 2009 in China were produced 195.8 tons of gold, which is 13,5% greater than during the same period last year. Given such a target in this year's production of the yellow metal in the country should move closer to the mark of 300 tons, which will allow China to continue to hold the world championship in the industry. The total explored reserves of gold in China, now amounting to 4634 tons, of which 2,786 tonnes - of gold ore, 593 tonnes - loose, the other 1,255 tons - obiter gold.
What to expect?
On Monday, during the bidding price for gold formed a side band, and now, according to some analysts, is preparing to make a breakthrough - either up or down, with the main driving factor may be made by U.S. economic data, expected later this week .
Why worry?
negative factor in the gold market appears technical picture, namely the fact that many members of gold of the market there is a perception that observed in the recent correction in prices will trigger further reductions in long positions, so that we can see the level of testing support to $ 960 per troy ounce.
non-ferrous metals market review for 28.09.09
Dynamics
On Monday, September 28 quotes for non-ferrous metals up to the different directions of trading on the London Stock Exchange closed with a slight decrease in price due to the fall of the dollar in the foreign exchange market, FOREX, as well as on the background of positive trends in adjacent markets and equity grounds.
At the London Metal Exchange LME aluminum price closed at 1,757 dollars per tonne.
Copper at the close of the exchange was worth 5895 dollars per ton.
Nickel bidding up the price of 16,475 dollars per tonne.
Causes
On Monday September 28 the price of nonferrous metals on the basis of mixed trading on the London Stock Exchange showed a slight downward trend in price due to the fall of the dollar in the currency market FOREX, as well as on the background of positive trends in adjacent markets, namely the rise in oil prices and share platforms: stock indexes finished trading session in positive zone against the backdrop of major proposals for the acquisition, which were perceived by investors as a sign of improvement in the economy. Trading volumes were low, while the stocks of copper and nickel continued to actively grow. Number of copper at LME warehouses reached 334.35 thousand tons of nickel - almost 119 thousand tons.
From the news it is worth noting that the Brazilian Aluminum Association (ABAL) has announced the production of primary aluminum production in Brazil in August - it amounted to 129,4 thousand tons, up 9% less than in August 2008 Issue of aluminum January-August 2009 amounted to 1,029.4 thousand tons, up 7% lower than production during the same period last year. According to the latest forecast ABAL, the Brazilian production of primary aluminum in 2009 will amount to 1,540.3 thousand tons, 7,1% less than last year's level.
What to expect?
Chinese purchases were significant positive driving force in the market of non-ferrous metals, particularly copper, therefore, not surprising that the pessimistic mood of market participants due to the approximation of the Chinese holidays, which will be held from 1 to 8 October. However, potential problems with the supply of copper this week, because of a possible strike at the Chilean mine BHP Spence, can support the price of red metal.
Why worry?
The negative impact of lack of investor interest due to the lack of important economic news led to a decline in prices for nonferrous metals, reflecting the expectation of market participants end the rally of the past few months, forcing the bull to record profits on long positions, and bears - to increase short positions.
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