Sunday, 6 March 2011
Economic growth in US, China and India to boost gold, oil, copper and metal prices
Gold rose to $1,430 an ounce on Friday on fears. Rising political tensions in Libya, North Africa, Iran and the Middle East could stop economic growth worldwide.
Silver gained 3.3 percent to $35.31.
Copper inventories remains low worldwide . Albanian_Minerals expect price and the demand of copper to rise. Copper prices have risen rapidly over the last two years, in part because of growing consumption in China, the world's second-biggest economy, which needs the metal for its construction industry, large energy projects. The copper consumption in Europe, India and US is expected to rise.
Three-month copper on the London Metal Exchange in now $9,900 a tonne, while Shanghai's most active copper contract closed on Friday at 74,720 yuan ($11,373) per tonne.
Ferrochrome inventories are tight in Europe, US, India and China,
Recent gains in oil prices will result in higher prices for iron ore, chrome ore, ferrochrome and coking coal. Steel prices will increase.
AlbanianMinerals estimates, price of gold, copper, oil, steel, metals to increase on account of increasing global demand.
China's economy expanded 10.3 percent in 2010, the fastest pace in three years, statistics bureau data show.
The US economy is showing a significant rise in job creation.
The labor department reported employers had employed an extra 192,000 workers . Unemployment level dropped to a 2 year low, from 9% to 8.9%.
The strengthening employment trend shows growth in the US economy, retail and export statistics are also improving. The US manufacturing is expanding at its quickest rate in 7 years and the service sector at its fastest pace in 5 years.
World's economy is expected to grow by five percent in 2011, this growth will boost gold, oil, copper, steel, commodities and metal prices.
(Source: http://online.wsj.com/community/groups/oil-921/topics/economic-growth-us-china-india)
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