Commodities - June 7, 2006
June 7, 2006
Metals
London - Gold fell yesterday on speculation that the US Federal Reserve would not pause in its round of interest rate increases.
The metal fixed at $641.80 an ounce (R141 333.02 a kilogram) in London yesterday afternoon, 15c lower than Monday's second fix. It has dropped 11 percent since reaching a 26-year high of $732 on May 12.
"Metals will struggle to rally while investors are in risk-reduction mode," said UBS analyst John Reade. But some analysts said gold might rebound should tensions over Iran's nuclear programme escalate. Silver tumbled 43c to $11.87. - Bloomberg
Oils
London - World oil prices fell yesterday after a top Iranian nuclear negotiator cited "positive steps" in a package of incentives offered by world powers to curb Tehran's nuclear programme, dealers said.
New York's main contract, light sweet crude for delivery in July, fell by 95c to $71.65 a barrel in pit trading. In London, Brent North Sea crude for July delivery plunged $1.05 to $70.32 a barrel (R2.94 a litre) in electronic deals.
Crude futures had risen on Monday after Iran warned of supply disruptions if it were forced to halt its controversial nuclear programme. - AFP
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