Nick Moore News
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Gold traders are the least bullish in two months after prices erased more than half of this year’s gain on speculation that a strengthening U.S. economy will dissuade the Federal Reserve from buying more debt.
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Gold holdings in exchange-traded products backed by the metal have topped reserves held by Italy and France, according to the Royal Bank of Scotland Group Plc.
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Commodities are in the early stages of a “price relapse” that may last through the first half of next year, said Nick Moore , head of commodity strategy at Royal Bank of Scotland Group Plc.
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Copper has climbed to almost four times the price of aluminum, a record ratio that’s accelerating a switch by manufacturers to using the cheaper metal in electric cables and wires, a United Co. Rusal executive said.
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The strike at Impala Platinum Holdings Ltd.’s Rustenburg mine in South Africa is costing the market about 3,000 ounces of metal a day, equivalent to about 17 percent of estimated global supply in 2012, according to Royal Bank of Scotland Group Plc.
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Gold futures closed at the highest price in four weeks as a weaker dollar bolstered demand for commodities. Silver, platinum and palladium also surged.
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The biggest decline in aluminum prices since the global recession means at least 25 percent of the world’s smelters may be unprofitable.
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Nikos Kavalis has joined RBS Global Banking & Markets in London as a metals analyst, said Nick Moore, chief commodities strategist.
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Copper fell for a second day in New York on concern demand may weaken as China, the world’s biggest consumer of the metal, moves to cool inflation.
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Nickel, this year’s best-performing commodity, is poised to decline as world supplies climb at the fastest pace in a decade and China’s search for lower-cost alternatives slows demand growth.
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