DAILY UPDATES

MONDAY 19 TH MAY

UPDATES FOR THE DAY


Copper falls following large rise inventories.


Copper fell in early London trade on Monday as a large rise in inventories of the red metal weighed on investor sentiment.
At 10.32 a.m., London Metal Exchange copper for three-month delivery was trading at $8,400 per tonne against $8,439 per tonne at the close on Friday.
Stockpiles monitored by the LME rose by 1,500 tonnes to 122,725 tonnes in today's report from the exchange, with the majority going into warehouses in Gwangyang, South Korea.
However, prices have taken support due to concerns stemming from last week's devastating earthquake in China's Sichuan province, as short-term supply disruption fears and expectations for higher metals demand for reconstruction work have boosted buying.

In other metals traded on the LME, tin fell as investors chose to lock-in profits following recent gains. The grey metal has hit a series of record highs this year amid fears supply from major producers China and Indonesia is set to fall. Tin was trading at $24,500 against $24,650. Tin hit an all-time high of $25,550 on May 15, rising by almost 50 percent since the beginning of the year.
Elsewhere, lead slipped to $2,290 per tonne from $2,342 per tonne at the close on Friday, aluminium dropped to $3,027 per tonne against $3,040, while nickel eased to $26,100 from $26,400. Zinc was trading at $2,303 against $2,3

BULLION UPDATE
Gold futures climbed as much as $13 an ounce Monday as some weakness in the U.S. dollar and surging crude-oil prices boosted demand for the precious metal and brought prices to their highest level in a month.

CRUDE UPDATE
Crude-oil futures edged higher Monday, after surging above $127 a barrel earlier in the session, as weakness in the U.S. dollar underpinned oil prices.

In the currency markets, the dollar drifted to a two-week low against the euro and lost ground against most other major currencies, weighed down by ongoing worries over U.S. consumer confidence
Dollar weakness typically boosts dollar-denominated commodities, such as gold and crude oil, because it makes them cheaper for holders of other currencies.