Forex Futures Forum Archive for 01/03/2006

Syd 23:04 GMT January 3, 2006 Reply   
Gold Gains Most Since 2002 on Concern for Pace of Inflation

Gold Gains Most Since 2002 on Concern for Pace of Inflation
Jan. 3 (Bloomberg) -- Gold in New York climbed 2.6 percent, the most since February 2002, on speculation that investors will buy bullion as an alternative to currencies because of concern about accelerating inflation.
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houston st 21:11 GMT January 3, 2006 Reply   

1/3/06 Energy Settles:

Crude $63.14 (+$2.10); high $63.80; low $61.70
Nat Gas $10.626 (-599); high $11.000; low $10.590
Heat $1.7964 (+266); high $1.8550; low $1.7800
Unleaded $1.7505 (+231); high $1.7930; low $1.7300

crude/products soared today, sparked by buyers of cash heat & spec buying early on the Russia nat gas dispute...several tech levels in crude were taken out today, and I now expect to see front-month crude challenge $64 this week...a handful of refinery hiccups were also responsible for some mogas buying...nat gas just couldn't find any traction, and we may need to see much colder forecasts before buyers step in unless stats are supportive this week...the rest of the basket may drag it back up, as it's very unusual for nat gas to selloff against crude/products, especially this time of year...crude support @ $61.75...resistance @ $63.80/$64 levels...stats delayed until Thursday...back in NY...gl/gt.

GVI john 17:07 GMT January 3, 2006 Reply   
Ahead of the FOMC Minutes today. Commodity currencies...

houston st 08:08 GMT January 3, 2006 Reply   

energy news:

*India’s Nov crude oil imports rose 14.9% on year to 7.70 metric tons from 6.70 million a year ago.

*Canadian Nat gas storage fell 23.8-bcf or 5.7% to 392.2-bcf or 73.61% of capacity as of Dec 23.

*Valero reported a partial power outage at its 175,000-bpd McKee refinery in Sunray, TX that caused excessive emissions from an FCC unit and a catcracker.

houston st 08:07 GMT January 3, 2006 Reply   
Weather Outlook—warm pattern continues through 6-10 day period

The 6-10 day outlook calls for continued domination of the above to much above normal regime with some variability in the Northeast. The area in agreement for the warmest potential stretches from the Midwest to the Plains to Calgary. The greatest risk of cooling lies on the coasts. The 11-15 day outlook calls for the warm pattern to ease a little with seasonal conditions seen in the East and Midwest with the Plains still called above normal.

Syd 02:27 GMT January 3, 2006 Reply   
Zinc hot favorite for more gains in 2006 with large fund involvement underscored by fundamental support in the shape of continued concentrate supply problems which have been worsened by production difficulties LME zinc inventory declining with stocks at New Orleans still out of circulation after flooding, while few signs of any increases in production on horizon. zinc in 200,000-ton deficit in 2006 with $2,000 price anticipated early in year; LME 3-month zinc last off $4 at $1,905/ton.
Triland Metals

Syd 02:04 GMT January 3, 2006 Reply   
Copper May Not Have Seen Top Yet
Chinese consumption still very high, U.S. data pointing to strength there; high oil prices also seen as supportive given perceived threat to output from high energy costs; and with supply and demand so finely balanced...any output disruptions will be immediately supportive. Some fund profit taking likely early in 2006, but investment funds to continue driving as there are many shorts...that will seize on a decent reversal with relief.Pegs support around $4,250, $4,000, while extension beyond $4,500 toward $4,550, $4,575 look likely before fresh resistance emerges; LME 3-month copper trades up $2 at $4,397/ton
Triland Metals