Los futuros del oro cotizaron en alta durante la tarde del comercio

Los futuros del oro cotizaron en alta durante la tarde del comercio del martes, que viene de los máximos de la sesión tras el positivo informe de ISM de EE.UU..

El sentimiento en el metal precioso se mostró optimista ya que las expectativas actuales de los precios mundiales debido al estímulo monetario ha apoyado a varias reuniones de política monetaria esta semana.

En la división Comex de la New York Mercantile Exchange, los futuros del oro para entrega en agosto cotizaban a USD1, 619.15 la onza troy durante comercial de EE.UU., ganando un 0,33%.

Más temprano subió hasta un 0,4% para negociarse a un máximo de sesión de USD1, 624.85 la onza troy.

Los precios tocaron USD1, 631.25 el viernes, el más alto desde el 08 de mayo.

Los futuros del oro era probable que encuentren apoyo en USD1, 532.55 la onza troy, la baja del 30 de mayo y la resistencia a corto plazo a USD1, 639.05, el alta del 8 de mayo.

El oro salió de los niveles más altos del día después de que en los EE.UU. el Instituto de Gerencia y Abastecimiento dijo que su índice no manufacturero del gerente de compras subió en 0,2 puntos a 53,7 en mayo desde una lectura de 53,5 en abril.

Sin embargo, el metal precioso mantuvo el apoyo después de que los ministros de Finanzas del Grupo de los Siete países más industrializados llevó a cabo una teleconferencia antes de discutir la escalada de crisis de la deuda de la zona euro, sin embargo, no hay grandes acuerdos o planes.

El ministro de Finanzas de Japón, Azumi, que había participado en la discusión, dijo en una conferencia de prensa posterior a la llamada que el G-7 que no emitiría un comunicado conjunto.

Sin embargo, Azumi dijo que los miembros del G-7 acordaron trabajar juntos para resolver los problemas de España y agregó que los funcionarios no discutieron la posibilidad de una salida griega del euro.

Los comerciantes ahora trasladar su atención a varias reuniones de política monetaria a finales de este semana, incluido el Banco Central Europeo el miércoles y el Banco de Inglaterra el jueves, en busca de pistas sobre sus respuestas al crecimiento debilitamiento global.

Hay una cierta especulación de los analistas de mercado que el BCE podría anunciar inyecciones de liquidez a problemas del sistema financiero europeo.

Otros analistas esperan que el banco central para renovar su gobierno suspendió la compra de bonos del programa.

Además, el presidente de la Reserva Federal, Ben Bernanke, testificará el jueves ante un comité del Congreso sobre el estado de la economía de EE.UU..

Los comerciantes del oro estarán buscando pistas sobre la probabilidad de una nueva ronda de relajación monetaria, lo que potencialmente podría afectar al dólar de EE.UU. y al apoyo del oro.

El oro puede beneficiarse de un entorno de dinero fácil, debido a las expectativas de que la amplia liquidez ponga un apagador en el valor de las monedas de papel.

Los futuros del oro avanzaron aún cuando el dólar de EE.UU. subió frente al euro, en un signo de atractivo del metal precioso de refugio seguro.

El euro se debilitó después de que el Ministro de Hacienda de España dijo que los mercados financieros se cerraron efectivamente a España, mientras que los débiles datos de la zona euro subrayaron la preocupación por el continuo deterioro en la economía de la región.

El oro es a menudo considerado un refugio seguro en tiempos de turbulencias financieras, pero el metal precioso ha subido y bajado en línea con los activos más riesgosos en los últimos meses.

El oro avanzó hasta un 15% a principios de este año para llegar a USD1, 790 la onza, después de que la Fed dijo en enero que mantendrá las tasas de interés cerca de cero por lo menos hasta finales de 2014 e indicó que se podría introducir una nueva ronda de bonos de compras.

Sin embargo, los precios han perdido casi un 9% desde finales de febrero, en medio de las crecientes preocupaciones de que la crisis de la deuda europea ha ido en aumento, lo que ha impulsado la demanda de cobertura del metal amarillo.

En otras partes en el Comex, la plata para entrega en julio se elevó un 1,69% para negociarse a USD28.49 por onza troy, mientras que el cobre para entrega en julio operaba con una baja del 0.32% a USD3.296 una libra.

Softs- sugar, coffee consolidate near 2-year lows; cotton recovers

U.S. soft futures were mostly higher during early U.S. morning trade on Tuesday, with sugar and coffee prices consolidating above two-year lows hit in the previous session.

Elsewhere, cotton futures were higher after U.S. crop conditions worsened over the past week.

Farm commodity traders continued to monitor developments surrounding the euro zone’s debt crisis. Market participants were looking ahead to emergency talks by the Group of Seven industrialized nations later in the day/

Jitters over the global economic outlook have weighed on soft commodities in recent weeks.

On the ICE Futures U.S. Exchange, sugar futures for July delivery traded at USD0.1900 a pound, easing up 0.15%. The July contract traded in between a tight range of USD0.1902, the daily high and a session low of USD0.1891 a pound.

Prices fell to as low as USD0.1886 a pound on Monday, the lowest since August 17, 2010.

Despite the day’s rare upward move, technical traders noted that the sugar market remains in a major bear trend. Prices are expected to move even lower in the near-term after breaking below key support levels in recent sessions.

Prices are down approximately 48% since hitting a three-decade high of USD0.3594 in February of last year.

Sugar prices have been under pressure in recent weeks, losing nearly 28% since March 20, as the prospect of a large Brazilian harvest and a higher-than-expected global surplus dragged down prices.

Swiss-based industry group Kingsman said last week that global prices of raw sugar will likely continue to slide in coming months as a weaker Brazilian real becomes the «biggest new factor» weighing on prices.

Elsewhere on the ICE Futures U.S. Exchange, Arabica coffee for July delivery traded at USD1.5810 a pound, adding 0.25%. The July contract held in a tight range between USD1.5822 a pound, the daily high and a session low of USD1.5770.

Coffee prices plunged to as low as USD1.5485 a pound on Monday, the lowest since mid-2010.

Coffee prices have been under pressure in recent months, losing nearly 34% since mid-January as traders eyed a huge harvest in top grower Brazil and speculators pushed prices lower.

Brazilian agriculture consultancy Safras & Mercado estimated Monday that the world’s top coffee producer will harvest 54.9 million bags of coffee beans in the 2012-13 crop year.

Brazil is the world’s largest producer and exporter of Arabica coffee.

Analysts at Barclays Capital said last week that Arabica prices were likely to remain weak in the near-term due to expectations for an ample Brazilian harvest.

Market participants said that coffee prices remain vulnerable to even steeper losses as hedge funds and large institutional investors liquidate long positions amid concerns over the global macroeconomic outlook.

Meanwhile, cotton futures for July delivery traded at USD0.6881 a pound, gaining 0.4%. It earlier rose by as much as 0.65% to trade at a daily high of USD0.6888 a pound.

Cotton prices slumped to USD0.6617 a pound on Monday, the lowest since October 2009.

Cotton futures regained strength after the U.S. Department of Agriculture said in its weekly crop progress report published after Monday’s closing bell that nearly 54% of the crop was in ‘good’ to ‘excellent’ condition as of June 3, down from 57% a week earlier.

The agency also said that U.S. farmers planted 87% of the cotton crop, up from 76% a week earlier and above the five-year average of 83% for this time of year.

Despite the modest gains, market participants expect prices to fall further in the near-term. Cotton prices have been on downtrend since the start of May, as traders remained jittery amid concerns over the outlook for the euro zone and the global economy.

The fiber lost nearly 25% in May, as large hedge funds liquidated positions and speculators pushed prices lower amid concerns over the global economic outlook.

Demand for cotton, as a non-food agricultural commodity, is seen as more closely linked to economic conditions and consumer sentiment than that for other farm crops.

Market talk in recent sessions that top consumer China may be selling some of its state reserves added to the bearish sentiment.

The fiber has plunged almost 69% from a record USD2.1970 a pound in March 2011, as higher prices prompted farmers to plant more crops and demand in top consumer China slowed.

The U.S. is the world’s biggest exporter of cotton and the third largest producer of the fiber, trailing only China and India.

Bank of Canada leaves interest rate unchanged at 1.00%

The Bank of Canada left its benchmark interest rate unchanged for the 14th consecutive meeting in June, it said on Tuesday.

In a statement, the central bank said it was leaving its overnight cash rate unchanged at 1.00%, in line with expectations.

The central bank said in an accompanying rate statement that, “To the extent that the economic expansion continues and the current excess supply in the economy is gradually absorbed, some modest withdrawal of the present considerable monetary policy stimulus may become appropriate.”

“The timing and degree of any such withdrawal will be weighed carefully against domestic and global economic developments,” the statement added.

Following the release of the data, the Canadian dollar erased losses against its U.S. counterpart, with USD/CAD easing down 0.02% to trade at 1.0396.

U.S. stocks steady ahead of ISM report; Dow Jones down 0.02%

U.S. stocks were steady on Tuesday, as investors awaited the release of U.S. non-manufacturing data while concerns over the debt crisis in the euro zone continued to dampen market sentiment.

During early U.S. trade, the Dow Jones Industrial Average eased 0.02%, the S&P 500 index edged down 0.02%, while the Nasdaq Composite index added 0.05%.

Sentiment waned after Spain’s Treasury Minister Cristobal Montoro said earlier that financial markets were effectively closed to Spain because of the current high level of the country’s borrowing costs.

Meanwhile, revised data showed that the euro zone’s services sector contracted at a slightly slower rate than initially expected in May, but still shrank at the fastest pace since June 2009, while another report showed that retail sales in the bloc dropped 1% in April.

Investor confidence had improved earlier, ahead of a teleconference of G7 finance ministers later Tuesday, to discuss the euro zone’s debt crisis.

Retailers were among the session’s top losers, as Home Depot dropped 0.41% and Wal-Mart declined 0.56%, while Costco Wholesale Corp. saw shares retreat 0.55%.

Courier giant FedEx Corp. also dropped 0.62% after saying earlier that it retired 24 jets to cut capacity in the U.S. domestic Express division, as a slowing economy saps shipping volumes for the operator of the world’s largest cargo airline.

In the energy sector, Exxon Mobil fell 0.12% after CEO Rex Tillerson said the company is considering exporting liquefied natural gas from the U.S. Shares in rival company Chevron were down 0.24%.

On the upside, financial stocks were broadly higher. Shares in Bank of America jumped 1.88% and JP Morgan climbed 1.45%, while Citigroup and Goldman Sachs advanced 1.69% and 1.05% respectively.

The New York Times reported on Monday that Goldman Sachs cut fewer than 50 jobs last week in order to trim expenses, as the U.S. lender’s revenue prospects worsen. The reductions included some managing directors, the second-highest position at the firm after partners.

Elsewhere, Oracle shares surged 2.08% after saying it will acquire Collective Intellect, which helps businesses to get information about consumers from Facebook and Twitter pages. The news came a day after rival Salesforce.com, whose shares climbed 0.89%, announced a deal to purchase social media marketing company Buddy Media.

Also in social media, Facebook shares advanced 2.45% after closing at an all-time low on Monday.

Other stocks in focus included real estate firm Hovnanian Enterprises, due to report earnings later in the day.

Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 rose 0.53%, France’s CAC 40 surged 1.12%, while Germany’s DAX dropped 0.42%. Markets in the U.K. remained closed for a national holiday.

During the Asian trading session, Hong Kong’s Hang Seng Index rose 0.40%, while Japan’s Nikkei 225 Index jumped 1.04%.

Also Tuesday, official data showed that German factory orders dropped 1.9% in April, compared to expectations for a 1% decline, fanning concerns over the impact of the ongoing sovereign debt crisis on the region’s largest economy.

Later in the day, the U.S. Institute for Supply Management was to release a report on non-manufacturing activity

Euro zone final services PMI hits near 3-year low in May

The euro zone’s services sector contracted at a slightly slower rate than initially expected in May, but still shrank at the steepest rate since June 2009, data showed on Tuesday.

In a report, the market research group, Markit said the final euro zone services business activity index stood at 46.7 in May, up from a preliminary estimate of 46.5.

Analysts had expected the index to remain unchanged from a preliminary estimate of 46.5.

On the index, a level above 50.0 indicates expansion in the industry, below 50.0 indicates contraction.

May services PMI data indicates that the sector has fallen into a steepening downturn, in tandem with the stronger decline in the goods-producing sector.

There were also further signs of weakness spreading from the non-core to core nations, with even Germany slipping back into contraction.

German output fell for the first time since last November and, although only modest, the rate of decline was the fastest for almost three years. The downturns in France and Spain accelerated, while Italy saw an easing in its rate of decline but remained firmly mired in a steep downturn.

Commenting on the report, Chris Williamson, chief economist at Markit said, “The final euro zone PMI edged up on the flash reading in May, but nevertheless indicates that the economy is contracting at the fastest pace for around three years.”

“Based on these numbers, it would not be surprising to see GDP for the region contract by 0.5% in the second quarter, though an even steeper decline could be seen if the June data disappoint,” he added.

Following the release of the data, the euro remained lower against the U.S. dollar, with EUR/USD shedding 0.34% to trade at 1.2455.

Meanwhile, European stock markets were mildly higher. The EURO STOXX 50 advanced 0.6%, France’s CAC 40 rose 0.8%, Germany’s DAX added 0.3%, while London’s FTSE 100 was closed for a public holiday.