MIDEAST STOCKS - Factors to watch - Sept 25
Sept 25 Here are some factors that may affect Middle East stock markets on Sunday. Reuters has not verified the press reports and does not vouch for their accuracy.
* New fund positioning at Q3 start helps platinum -analyst * Gold turns lower after rallying to near 2-month high * Biggest gold ETF sees largest inflow since early March * Coming up: U.S. ADP private-sector job data Weds (Adds comment, updates market activities) By Frank Tang and Jan Harvey NEW YORK/LONDON, July 1 Platinum rose to a 10-month high above $1,500 an ounce on Tuesday, boosted by new positioning by funds at the start of the quarter and long-term supply worries despite the end of South Africa's mining strike. Gold reversed gains as investors took profits after strong exchange-traded fund buying sent prices to a near two-month peak earlier, a day after data showed U.S. gold coin sales rose to a five-month high in June on heightened geopolitical tensions. On Tuesday, members of South Africa's largest union NUMSA said members could down tools in a wildcat strike at state-power utility Eskom, while more than 220,000 South African engineering and metal workers launched a strike. "It is the uncertainty over possible restructuring, combined with how quickly the industry can gear up production that will influence prices over the summer," said James Steel, HSBC's chief precious metals analyst. Spot platinum hit its highest since September at $1,511 an ounce and was up 1.5 percent at $1,503.50 an ounce by 2:54 p.m. EDT (1854 GMT). The NYMEX platinum contract for October delivery settled up $32.10 at $1,515 an ounce. Spot palladium was up 1.2 percent at $850.33 an ounce. Fears of further labor unrest continued to support platinum group metal (PGM) prices. Last week, the world's biggest platinum producers said they must restructure operations after reaching a wage settlement with miners. Also underpinning PGM prices are demand hopes after major automakers reported better-than-expected U.S. sales in June. ID:nL2N0PC0K5] Bill O'Neill, partner of commodities investment firm LOGIC Advisors, said new money flows on the first day of the third quarter helped PGM prices. Among other precious metals, spot gold inched up 51 cents to $1,327.70, having earlier hit a three-month high at $1,332.10 an ounce. U.S. COMEX gold futures for August delivery settled up $4.60 an ounce at $1,326.60. The world's largest gold exchange-traded fund SPDR Gold Shares reported a 5.7 tonne inflow on Monday, the biggest one-day change it has reported in its holdings since March 10. In the retail gold market, private-investor sentiment towards the metal in June fell to its lowest level since February 2010 following a sharp rally in gold prices earlier in the month, said a survey by online precious metals market BullionVault. The Gold Investor Index, which measures the balance of customers adding to gold holdings over those reducing them, dropped to 51.2 in June from 52.4 in May. A reading of 50 signals an equal number of net gold buyers and sellers. Silver was up 0.5 percent at $21.07 an ounce. 2:54 PM EDT LAST/ NET PCT LOW HIGH CURRENT SETTLE CHNG CHNG VOL US Gold AUG 1326.60 4.60 0.3 1324.00 1334.90 110,333 US Silver SEP 21.117 0.061 0.3 21.050 21.275 42,599 US Plat OCT 1515.00 32.10 2.2 1483.60 1516.70 15,838 US Pall SEP 854.60 11.45 1.4 843.45 855.80 4,214 Gold 1327.70 0.51 0.0 1324.00 1332.10 Silver 21.070 0.100 0.5 21.030 21.210 Platinum 1503.50 22.85 1.5 1481.80 1511.00 Palladium 850.33 10.23 1.2 844.45 853.65 TOTAL MARKET VOLUME 30-D ATM VOLATILITY CURRENT 30D AVG 250D AVG CURRENT CHG US Gold 116,202 125,074 164,654 13.73 -0.05 US Silver 45,659 69,445 54,508 19.41 0.89 US Platinum 15,938 17,408 12,164 14.69 0.65 US Palladium 4,244 5,261 5,854 20.04 0.43 (Additional reporting by A. Ananthalakshmi in Singapore. Editing by William Hardy, Keiron Henderson, Andre Grenon and Cynthia Osterman)
MEXICO CITY, Sept 24 A fire broke out on an oil tanker of Mexican state oil company Pemex in the Gulf of Mexico on Saturday, forcing all the crew to be evacuated in the latest accident to plague the struggling firm.
TORONTO, Sept 24 Canada's Unifor union has set a tentative strike deadline of midnight Oct. 10 for talks with Fiat Chrysler Automobiles NV, the labor group said on Saturday as it prepares to vote on a related deal with General Motors Co.