WTI Rises for Third Day as Supplies Seen Shrinking

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West Texas Intermediate gained for a third day amid speculation that crude stockpiles declined for a second week in the U.S., the world��s biggest oil consumer. Brent was steady in London.

Futures rose as much as 0.4 percent in New York. Crude supplies probably fell by 1.5 million barrels in the week ended June 6, according to a Bloomberg News survey before data from the Energy Information Administration tomorrow. Rebels in Libya, the holder of Africa��s largest oil reserves, withdrew a threat to shut two export terminals after Prime Minister Ahmed Maiteg agreed to step down.

WTI for July delivery increased as much as 44 cents to $104.85 a barrel in electronic trading on the New York Mercantile Exchange and was at $104.69 at 11:48 a.m. Sydney time. The contract climbed $1.75 to $104.41 yesterday, the highest close since March 3. The volume of all futures traded was about 35 percent above the 100-day average. Prices have advanced 6.4 percent this year.

Brent for July settlement was 11 cents higher at $110.10 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $5.38 to WTI, compared with $5.58 yesterday.

U.S. crude stockpiles probably dropped to about 388 million barrels, according to the median estimate in the Bloomberg survey of six analysts. Gasoline inventories are forecast to have expanded by 1 million.

Source : Bloomberg

Gold Advances as Lower European Sentiment Boosts Haven Demand

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Gold futures gained for the second time in three sessions as lower investor confidence in Europe boosted demand for the precious metal as a haven.

German investor optimism for the euro zone in June fell to 8.5, trailing the 13.3 estimate of economists surveyed by Bloomberg and May��s 12.8 reading, according to Sentix in Limburg, Germany. The region��s 18-nation common currency dropped against 13 of its 16 major counterparts.

Gold gained 6.8 percent in the first quarter on concern that global economic growth was stalling. The metal slid 28 percent last year on expectations that the Federal Reserve would lower the pace of bond purchase and as equities surged. The Fed has made four straight $10 billion cuts.

Gold futures for August delivery added 0.1 percent to settle at $1,253.90 an ounce at 1:38 p.m. on the Comex in New York. On June 3, prices fell to a four-month low of $1,240.20.

Trading was 64 percent below the average for the past 100 days for this time, according to data compiled by Bloomberg. Bullion��s 60-day historical volatility fell to the lowest since April 2013.

Holdings in gold-backed exchange-traded products fell 2.1 metric tons to 1,715.7 tons on June 6, the lowest since October 2009, data compiled by Bloomberg show.

Copy Source: Bloomberg

Gold Holds Above 4-Month Low as Equity Rally Weighed With Buying

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Gold held above the lowest level in four months on speculation that price declines after a rally in equity markets may spur purchases.

Gold for immediate delivery traded at $1,253.98 an ounce by 10 a.m. in Singapore from $1,252.34 yesterday, according to Bloomberg generic pricing. Bullion fell to $1,240.73 on June 3, the lowest since Jan. 31, as signs of an economic recovery in the U.S. drove the Standard & Poor��s 500 Index to a record.

The metal slid 3.3 percent in May, the biggest monthly drop this year, in part as tension eased between Ukraine and Russia and as the euro weakened on speculation that the European Central Bank will add to stimulus. Data this week may show U.S. retail sales rose after Federal Reserve Bank of Boston President Eric Rosengren said economic growth will be stronger in the second half amid œpretty strong consumption.

Gold for August delivery traded at $1,254.10 an ounce on the Comex in New York from $1,253.90 yesterday. In China, the world��s largest bullion consumer, volumes for the benchmark spot contract in Shanghai were 10,615 kilograms yesterday, rising from a two-month low of 8,568 kilograms on June 6.

Source : Bloomberg

Dollar-Yen Volatility Near Record Low Before U.S. Spending, BOJ

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A gauge of expected price swings in the dollar versus the yen remained near a record low as traders awaited this week��s data on U.S. consumer spending and a policy decision from the Bank of Japan.

The Bloomberg Spot Dollar Index, which gauges the greenback against 10 major peers, rose for a second day yesterday after Federal Reserve Bank of Boston President Eric Rosengren said economic growth will pick up in the second half amid œpretty strong consumption. The Aussie dollar was near a three-week high as China��s central bank announced measures to support smaller companies and agriculture, bolstering the outlook for growth in Australia��s largest trading partner.

The dollar was little changed at 102.47 yen at 9:03 a.m. in Tokyo. One-month implied volatility in the pair was at 5.36 percent after touching a record low of 5.25 percent yesterday.

The euro fetched $1.3592 from $1.3594, after touching $1.3503 on June 5, the lowest since Feb. 6. It was at 139.29 yen after weakening 0.3 percent to 139.37 yesterday.

Retail sales in the U.S. increased 0.6 percent in May following a 0.1 percent advance the previous month, the Commerce Department is forecast to say June 12, according to the median forecast of economists surveyed by Bloomberg News.

Source : Bloomberg

Yen Holds Weekly Drop After Payrolls

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The yen held last week��s losses versus the dollar after data on U.S employment and Chinese exports bolstered the outlook for the global economy. Platinum rose after Asian index futures paced gains in U.S. stocks.

Japan��s currency lost 0.1 percent to 102.62 per dollar by 7:33 a.m. in Tokyo after slipping 0.7 percent last week. Standard & Poor��s 500 Index futures were little changed, following the gauge��s 0.5 percent jump to another record June 6. Copper futures added 0.1 percent to $3.0545 a pound and platinum gained 0.2 percent. Nikkei 225 Stock Average futures added 0.5 percent to 15,170 in Osaka June 7, as futures on indexes in Korea and Hong Kong gained at least 0.2 percent.

Global stocks extended gains June 6 to a more than six-year high as nonfarm payrolls rose by 217,000 workers in May, exceeding the 215,000 increase projected by analysts and marking a fourth month of gains above 200,000, the first time that��s occurred since early 2000. Chinese exports rose a more-than-estimated 7 percent last month, while imports fell, data yesterday showed. Japan finalizes first-quarter economic growth figures today and Taiwan reports May trade numbers.

Source : Bloomberg

Gold Trades Above Four-Month Low as Price Drop May Spur Buying

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Gold held above the lowest level in four months on speculation recent declines may spur purchases. Palladium reached a 34-month high.

Gold for immediate delivery traded at $1,252.87 an ounce by 11:50 a.m. in Singapore from $1,253.23 on June 6, according to Bloomberg generic pricing. The metal on June 3 dropped to $1,240.73, the lowest since Jan. 31, as signs of a U.S. economic recovery drove the Standard & Poor��s 500 Index to a record and fueled gains in the dollar.

Bullion sank 28 percent in 2013 to end a 12-year bull run on speculation the Federal Reserve would reduce bond purchases used to fuel growth. The central bank has made four cuts since January and next meets June 17-18. Data this week may show U.S. retail sales rose after a June 7 report showed employment exceeding its pre-recession peak.

Gold for August delivery traded at $1,252.90 an ounce on the Comex in New York, from $1,252.50 on June 6. Bullion��s 60-day historical volatility was at the lowest since April 2013.

Source : Bloomberg

Dollar Steady in Asia After Solid Jobs Data

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The dollar and euro edged up against the yen in Asia on Monday as confidence was boosted upbeat US jobs data that suggested a recovery in the world's number one economy is well on track.

The greenback changed hands at 102.52 yen in Tokyo midday trade against 102.50 yen in New York Friday.

The euro was slightly higher at  $1.3644 and 139.88 yen against $1.3641 and 139.80 yen.

Investors tend to sell the yen and move into riskier assets such as the dollar and euro as sentiment improves.

On Friday the Labor Department said US employers created more than 200,000 jobs for the fourth straight month in May, showing the market was steadily improving.

That came a day after the European Central Bank unveiled a fresh batch of monetary easing measures to fight off deflation risks and kickstart the eurozone economy.

Investors reacted little to revised data Monday that confirmed the Japanese economy saw its strongest expansion in more than two years during the first quarter of 2013.

The world's number-three economy grew 1.6 percent between January and March, slightly faster than an initial estimate of 1.5 percent.

But the strong figures reflected a rush in consumer spending before an April 1 sales tax hike which has since dented activity in the world's number three economy.

Source : AFP

WTI Oil Holds Near Three-Day High

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West Texas Intermediate crude held near a three-day high and Brent was steady in London after stronger-than-expected Chinese trade data bolstered the economic outlook for the world��s second-biggest oil user.

U.S. futures were little changed in New York after declining less than 0.1 percent last week. China��s exports climbed 7 percent in May from a year earlier, the Beijing-based customs administration said yesterday. That beat the 6.7 percent increase in a Bloomberg News survey of analysts. Ukrainian President Petro Poroshenko, who took the oath of office June 7, said violence that rocked the country��s easternmost regions must end this week as peace talks began with Russia.

WTI for July delivery was at $102.70 a barrel in electronic trading on the New York Mercantile Exchange, up 4 cents, at 7:37 a.m. Seoul time. The volume of all futures traded was about 27 percent below the 100-day average. Prices are up 4.4 percent this year.

Brent for July settlement was 5 cents higher at $108.66 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $5.96 to WTI. The spread closed at $5.95 last week.

Source : Bloomberg

Gold firm above $1,250; but stock rally curbs demand

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Gold was firm above $1,250 an ounce on Monday after U.S. jobs data matched expectations, while a rally in stocks curbed the metal's appeal as an investment hedge.

Spot gold was trading flat at $1,252.51 an ounce by 0021 GMT, after losing less than 0.1 percent on Friday.

U.S. employment returned to its pre-recession peak in May, with a solid pace of hiring that offered confirmation the economy has snapped back from a winter slump. Nonfarm payrolls increased 217,000 last month, the Labor Department said on Friday.

Hedge funds and money managers cut their bullish bets in gold futures and options in the week to June 3 to their lowest level since mid-January, according to data from the Commodity Futures Trading Commission on Friday.

Among other precious metals, platinum and palladium gained.

Source : Reuters

Yen Holds Weekly Drop After Payrolls

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The yen held last week��s losses versus the dollar after data on U.S employment and Chinese exports bolstered the outlook for the global economy. Platinum rose after Asian index futures paced gains in U.S. stocks.

Japan��s currency lost 0.1 percent to 102.62 per dollar by 7:33 a.m. in Tokyo after slipping 0.7 percent last week. Standard & Poor��s 500 Index futures were little changed, following the gauge��s 0.5 percent jump to another record June 6. Copper futures added 0.1 percent to $3.0545 a pound and platinum gained 0.2 percent. Nikkei 225 Stock Average futures added 0.5 percent to 15,170 in Osaka June 7, as futures on indexes in Korea and Hong Kong gained at least 0.2 percent.

Global stocks extended gains June 6 to a more than six-year high as nonfarm payrolls rose by 217,000 workers in May, exceeding the 215,000 increase projected by analysts and marking a fourth month of gains above 200,000, the first time that��s occurred since early 2000. Chinese exports rose a more-than-estimated 7 percent last month, while imports fell, data yesterday showed. Japan finalizes first-quarter economic growth figures today and Taiwan reports May trade numbers.

Source : Bloomberg