COMMODITY TIPS

commdoity tips 13 jan ,todays commodity tips,mcxindia,commodity tips blog,commodity updates 13 jan 

Gold has gained around six per cent in 2012.

Spot gold was up 0.4 per cent at $US1,646.54 an ounce by 1.22pm EST (0522 Friday AEDT), having touched a one-month high at $US1,661.71.

US gold futures for February delivery traded up $US8.50 an ounce at $US1,648.10 in decent volume.

Silver was up 0.6 per cent for the day at $US30.11 an ounce.

Spot platinum rose 0.1 per cent to $US1,491.49 an ounce, while spot palladium dropped one per cent to $US633.47 an ounce.

BASE METALS

Copper shot to a more than two-month high above $US8,000 per tonne after a drop in China's inflation and two successful European debt auctions emboldened market bulls and unleashed a wave of pent-up short-covering.

Copper saw heavy volume as it extended gains into a third day spurred by the prospect of easier monetary policy in top-consumer China and healthier demand views for the broader industrial metals, dealers said.

Copper's 2.8-per cent surge made it the biggest gainer in the Thomson Reuters-Jefferies CRB index, an impressive move for the metal on a day when the overall index was down. Its advance led other base metals, boosting nickel to a two-and-a-half-month high, aluminium to a near two-month top, tin to its highest in one-and-a-half months, and zinc to a one-month peak.

London Metal Exchange (LME) benchmark copper peaked at $US8,074.50 a tonne, its priciest level since October 31, before ending the day with a $US220 gain at $US8,005.

In New York, the key March COMEX contract rallied 10.30 US cents or by 2.9 per cent to settle at $US3.6490 per lb, near the top end of its $US3.5220 to $US3.6710 session range.

Three-month aluminium dipped $US3 to end at $US2,162 a tonne, after hitting a near two-month high at $US2,197 earlier in the day.