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With NATO approving the deployment of Patriot missiles along the borders of Turkey and Syria to prevent the latter from using chemical weapons on any target, crude oil prices are enjoying a firm support. The deployment may take weeks according to experts.Possible spillover of a potential conflict is keeping the markets on a bullish pedestal.Earlier, the fiscal cliff woes had taken the markets down with Brent crude oil closing below the $110/ barrel psychological support.In response to Turkeys request, NATO has decided to augment Turkeys air defence capabilities in order to defend the population and territory of Turkey and contribute to the de-escalation of the crisis along the Alliances border. NATO said in a statement.Brent Crude oil for January delivery climbed 0.33% to touch $110.08 a barrel on the ICE Futures Europe as on 10.29 AM, IST. Its trans-Atlantic counterpart, WTI crude oil climbed 0.42% to touch $88.88 a barrel on NYMEX.We welcome the intention of Germany, the Netherlands and the United States to provide Patriot missile batteries, subject to their respective national procedures. These systems will be under the operational command of the Supreme Allied Commander Europe (SACEUR). Any deployment will be defensive only. It will in no way support a no-fly zone or any offensive operation. the NATO statement read.
Gold snapped the psychological key $1700-level for the first time in a month yesterday. Profit booking hit the markets as funds liquidated their respective positions. Options related selling sent bullion prices below a key technical support and on MCX prices settled near Rs 31400 in early session.On Wednesday morning, spot gold and silver opened slightly positive following weakness in USD and MCX Gold February contract gained along with the spurt in international market prices.Now, technically market is getting support at Rs.31350 and below could see a testing of Rs.31100 level; resistance is now likely to be seen at Rs.31550.Gold investors are now focusing on the US non-farm payrolls data due on Friday. It is forecast to be 91K which is positive for gold and negative for USD, as compared to 171K reported previously.
MTECHTIPS:-Copper: Weak demand and low expectations in store, says CESCO meet
Analysts with Barclays Capital said that many views expressed during last weeks CESCO Asia Copper Week were for weak demand and low expectations. During the week, Codelco offered to cut 2013 premiums for China.Many traders had hoped for a bigger cut, but most participants we talked to expect contracted tonnages to fall only by around 10%, given the need to maintain a steady supply amid uncertainties, said Barclays. According to the British bank, market participants also expected treatment and refining charges to rise, reflecting increased mine supply. The higher mine supply means considerable downside risk to its first-half copper price forecast of $8,850 a metric ton.A sustained improvement in prices looks unlikely until there is evidence of draws in Chinese inventories. Feedback on physical demand was mixed but expectations were mostly for soft demand overall, with some semi producers reporting an increase in orders. But many others painted a deteriorating picture. Lackluster demand may have been exacerbated by overcapacity, Barclays added.
MTECHTIPS:-China Steel grabs global market on improved quality, price competitiveness: MEPS
Against the backdrop of lower output of steel in the rest of the world , Chinas exports of rolled steel products has risen 12.3% during the first nine months of 2012 compared to the same period last year. The exports rose 3 million tons to 27.36 million tons, according to MEPS International, London.The reasons increased demand for China steel is its price competitiveness, the quality of commercial grades is now acceptable for most applications around the world and the demand from the countries with a shortfall in supply continues to grow.These nations have obtained their requirements in the past from Chinese steelmakers, and are expected to continue purchasing from this source. The competitive price situation will come as no surprise to MEPS subscribers to China Steel Review. Significant differences between domestic prices in China and its main trading partners have been highlighted for most of this year.Average rolled steel prices, in the main Asian consuming nations, have been $US200 per tonne above those in China for all the year. In recent months, the figure has moved above $US250. Such differences provided ample opportunities for the mills in
China to cover all the costs of administration, freight and local transport to their foreign customers.
MTECHTIPS:-The one factor that can take MCX Natural Gas above Rs.200
Short term outlook for MCX Natural gas remains negative until the prices stay below Rs.200 mark on closing basis.Daily charts are not looking much positive for now. Sell on rise is recommended for natural gas December contract near Rs 197 with stop loss of Rs 200 for target near Rs 190. said Ankush Kumar Jain, Manager-Research, Metals-Energy, Commodity Online.Overall sentiment for natural gas is looking bearish for this week; any big change in weekly inventory data may take natural gas above Rs.200. Till then it's expected to remain bearish.In the near term, the December weather forecast for US is currently showing 3% warmer-than-normal heating degree days, while production has not shown any signs of declines. At the same time, more nuclear generation is likely to return in December, Barclays said in its weekly report on natural gas sent recently.Although higher y/y nuclear outages are likely to lend support to gas burn still, the m/m reduction in nuclear outage is likely to take away more than 1 Bcf/d of demand for gas if one assumes gas is the only fuel that benefits from the nuclear shortfall.