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Date: 24-Mar-2017:



USDINR opened at 65.51 and closed at 65.41 on Metropolitan Stock Exchange of India In India.


Friday, June 3, 2011

Commodities & The Dollar Had Fallen in Sync After Several Pieces

The slide across most commodity markets on the first day of June continued the trend set in May, when the sector posted its steepest monthly decline in a year.

Gold rallied to within $25 of a record high as early hopes over a deal to prevent a default by Greece gave way to pessimism over the outlook for the world's biggest economy.

The decline in commodities accelerated at midday as the dollar reversed course, ending slightly higher on profit-taking in the euro and after a Moody's downgrade of Greece.

Commodities and the dollar had fallen in sync after several pieces of weak U.S. economic data. U.S. manufacturing growth slid in May to its slowest pace since September 2009; U.S. companies hired far fewer workers than expected last month; and manufacturing output slowed to its lowest since 2009.

The Reuters-Jefferies CRB index fell 1.2 percent to close at 345.92. It was the biggest daily decline for the index of 19 commodities since May 23.

Copper, which hit a four-week high Tuesday, fell on fears that industry demand will remain weak after data showed Chines factories expanded in May at their slowest pace in at least nine months..

"The fact that we're a little bit weaker is a reflection of the weaker (manufacturing figures) which have ignited people's concerns about a slowdown in activity in China," analyst Gayle Berry of Barclays Capital said.

The London Metal Exchange benchmark copper closing down $118, or 1.3 percent, at $9,102 a tonne. The July COMEX copper contract in New York fell 7.10 cents to settle at $4.1065 per lb.

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