Metals – Market Recap – Sep 15,2009

CME: effective today, CME, CBOT, NYMEX and COMEX will adopt a substantially harmonized rule language with respect to Rule 560 (“Position Accountability”), Rule 443 (“Position Limit Violations”) and Rule 559 (“Position Limits and Exemptions”).: MARKET REGULATION ADVISORY NOTICE

Reuters (Reported 9.15.09):
“TOKYO, Sept 15 (Reuters) - Gold prices steadied at around $1,000 per ounce on Tuesday after retreating from an 18-month high marked late last week, underpinned by a shift towards the metal from currencies.
Gold fell 0.6 percent on Monday, marking the biggest percentage fall in three weeks.” PRECIOUS-Gold steadies at $1,000/oz a day after retreat

Bloomberg (Reported 9.15.09):
“Sept. 15 (Bloomberg) -- Gold, little changed in Asian trading, may climb as a weakness in the U.S. dollar causes investors to preserve their wealth.

Gold has rallied 30 percent since the demise of Lehman Brothers Holdings Inc. a year ago and silver jumped 49 percent as investors bought precious metals to shield their wealth from a global financial crisis that led to $1.62 trillion in losses and writedowns by financial institutions. Gold may climb to as high as $1,100 an ounce in the next six months, researcher GFMS Ltd. said yesterday.  “ Gold, Up 30% From Lehman Demise, May Advance as Dollar Declines

Bloomberg (Reported 9.14.09):
“Sept. 14 (Bloomberg) -- Copper, this year’s best commodity investment, may be poised for gains of another 22 percent through 2010 as the global economy recovers and mine output lags behind demand.

Prices, which surged this year as China unexpectedly doubled imports, are rising now because sales of new homes and durable goods in the U.S. are increasing as the worst recession since the 1930s abates. At the same time, producers have cut back on mine investments, limiting supplies, according to the International Copper Study Group in Lisbon. ” Copper Rising at Goldman Isn’t Traditional Rebound (Update2)