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SPOT GOLD/SILVER MOVE TO RECORD HIGHS
Gold and Silver continued the march higher climbing into record territory while U.S. stock futures rose sharply on Tuesday, together with oil, and other commodities, as investors also digested details of a deal to temporarily extend tax cuts to all Americans. Futures on the Dow Jones Industrial Average spiked pre-New York open to print 11,437, +84.00, while S&P 500 futures were quoted at 1,234, +11.70, +0.96%. Gold traded as high as $1,431 and Silver at $30.70 a troy ounce dragging other metals prices higher. Bulk copper spiked almost $10 a lb up 2.5% intraday, WTI Light Sweet crude oil broke $90 a barrel breaching USD$91 intraday.
The move in commodity markets was all the more puzzling with metals moving higher in tandem with broad equity gains considering comment from the IMF suggesting the situation in Europe "was serious" and prospects for growth and recovery remained "sluggish". In this case the synergy seems a consequence of event news driving the equity rally.
"Clearly commodities in general have caught a bid and in respect of silver and gold have moved into a technical breakout pattern. The mood of combined euphoria could prove short-lived as focus again inevitably returns to weight macro-economic factors. Underlying fundamentals are not good and the rally in metals to be sustained will require evidence of physical as opposed to investment demand. We are advising nanomaterials suppliers to use this rally as an opportunity to lock in gains" cited a dealer at NCM/Stekram.
The INSCX Nanomaterials Global Index (INMX) ended Monday's NY session at 112 even. Intraday the index stands at 113.45. Metals/Oxides are without exception offered higher on the back of firmer underlying bulks. Carbon Black (Various Furnace grades) and bulk Polymer contracts are marked up 1% across the board. All focus appears to be on WTI crude. "A close here above $90 would signal a move further to the upside. Iran's OPEC governor lent weight to the rally suggesting USD$100 a barrel oil "would not hurt the global economy". $100 oil adds in effect a 10% increase in cost inputs for Carbon Black and bulk polymers reflected in INSCX forward price offerings. Industrial metals along with copper Palladium fetched $770 intraday up from a $748 NY close while steel remained muted in the wake of the German Steel Association suggesting 2011 crude steel output would rise 2%. The news was not all good however reflected by Oil's move having a negative impact on the Baltic Dry index which fell intraday 0.3% to 2,173 as rising inputs were factored.
INSCX listed GO/2 manufactured by Cerion Energy of Rochester NY caught a bid fetching $116.25 on the offer as interest again resurfaced in nano-enabled fuel efficiency solutions. The universal diesel additive has proven an ability to deliver a 10% diesel fuel consumption saving in addition to providing significant harmful emissions reduction and offer a glimmer of hope to modular transport and static users of diesel fuels faced with the prospect of rising bulk diesels.
Reaches an all-time record of $1,431.40 intraday. First line support $1,425/1,420/1421. Resistance: $1432/$1450.
Continues to record levels at $30.70 intraday.
Figures for other metals as of the 4pm close yesterday in London were:
Zinc $2,204.50 v $2,311
Lead $2,320 v $2,330.50
Nickel $23,450 v $23,505
Tin $25460 v $25,450
Billet $500 v $495
Cobalt $36,300 v $39,300
Molybdenum $34,500 v 36,500
Palladium $760 v $748 (14.50pm GMT 7/10)
Platinum $1715 v $1730 (14.50pm GMT 7/10)
PP (MT) $1355 (Global)
LLDP (MT) $1,255 (EU)
WTI last @ $90.04 High; $91
About INSCX Exchange
Integrated Nano-Science & Commodity Exchange (INSCX exchange) is a formal commodity exchange trading platform devoted to the structured physical trade of a wide range of Thematic Class Materials (TCMs) including nanomaterials, advanced materials, nano-enabled commodities/composites and more traditional commodities such as metals, grains, products and oils. All physical-delivery material contracts listed on the exchange are sourced (SHE) accredited, compliant and supplied validated and insured. Commodities listed for trade by us range from basic raw nanomaterials (NMs) such as carbons, metal oxides, specialty chemical solids, traditional commodities and high-end, processed goods such as photonics and programmable matter. The exchange is based in the UK operating live trading access within Europe and North America with full global rollout to be made available by 2011. INSCX aims to be the global focal point of emerging trade in nanomaterials, a trade which will be crucial to continuing world prosperity in the 21st century. The deliverable of INSCX is an electronic/voice-brokered commodity trading platform enabling price discovery, trade integrity and conformity to agreed material standards, while providing supports for suppliers and purchasers to enhance the commercial usefulness of nanomaterials. Building on centuries of exchange heritage, INSCX serves the risk management and commercial trading needs of global customers particular to the manufacture, use, application and exchange of engineered nanomaterials, advanced materials and nano-enabled commodities. We are the worlds only source of benchmark cash and forward contracts in alternative commodities covering all eleven Thematic Classes available on any exchange.
Our vision provides the market infrastructure to enable these commodities realise their potential as the alternative, precision engineered materials of the future.
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