Financial Daily from THE HINDU group of publications
Wednesday, Aug 17, 2005
Financial Daily from THE HINDU group of publications Wednesday, Aug 17, 2005 |
|
|
|
|
|
Agri-Biz & Commodities
-
Precious Metals Gold de-hedging in Q2 at 85 t Our Bureau
MUMBAI: Gold de-hedging in the second quarter of 2005 was 2.74 million ounces (Moz) or 85.1 tonnes. Scheduled deliveries into committed hedge positions generated the bulk, Gold Fields Mineral Services said in its latest Global Hedge Book Analysis report. Total outstanding producers' positions as at end-June stood at a provisional 54.53 Moz (1,696 tonnes) equivalent to eight months of global mine production. Looking slightly further ahead, based on the outstanding book at end-June and assuming no new hedging, buybacks or book restructures, de-hedging for the full year should amount to roughly 9.0 Moz (280 tonnes) or 3.5 per cent lower than the 13.76 Moz (428 tonnes) reduction measured in 2004, the report observed. Gold prices averaged $427.39/oz, a fraction higher quarter-on-quarter and 9 per cent higher as compared to the corresponding period in 2004. The second quarter high was posted on June 24 at $440.55/oz while the low of $414.45/oz was recorded on May 31.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|