Sahit Muja: Gold, oil and metal prices rose this week

Online, June 18, 2010 (Newswire.com) - Tropoje, Albania
Gold, Oil and metal prices have rebounded this week partly by encouraging oil consumption in the US and trade data out of China.

U.S. crud approached its record high as demand escalated for an alternative investment to currencies amid a slump by the dollar and Europe's mounting sovereign-debt crisis.

The greenback dropped to the lowest level in almost four weeks against a basket of major currencies after the number of Americans seeking jobless benefits rose unexpectedly. The euro has slumped 14 percent against the dollar this year on the heels of the region's fiscal woes. Gold futures reached an all-time high of $1,254.50 an ounce on June 8.

Gold futures for delivery in August rose $18.20, or 1.5 percent, to $1,248.70 on the Comex in New York, the biggest gain since June 7. Earlier, the metal reached $1,252.80.e stockpiles fell a larger-than-expected 1.8 million barrels last week, showing an early burst in summer demand for oil in the world's largest energy consumer. China, the biggest importer of copper, iron, chrome ore and major consumer of oil and grains, reported a near 50 percent jump in exports for May from a year earlier.

U.S. crude traded at above $76 a barrel in New York on Thursday and market forecaster Stephen Schork said a test at $78 was possible before the week ended. Oil hit 10-month lows below $63 in May on concerns about high U.S. oil stockpiles.

U.S. copper rose above $2.90 a lb on Thursday, prompting Wayne Atwell, managing director at New York investment bank Casimir Capital, to forecast a test at above $3 if momentum stayed. Just last week, copper was down 20 percent on the year, touching 2.73 a lb, on fear that Europe's debt woes could force a double-dip recession in the United States. Oil and Metal prices rallied on Wednesday, as comments by US Federal Reserve Chairman and
reports of stronger Chinese exports. Copper rallied at 7.05 cents, or 2.5 percent, to
settle at $2.85 per lb, near the upper end of its $2.7555 to $2.8790

Chinese exports in May grew about 50 percent from
a year earlier.The news in China went some way to reassuring investors concerned about
the damage to the global economy from Europe's debt crisis. US Federal reserve Chairman Bernanke, in testimony to the U.S. House of Representatives
Budget Committee, said the economic recovery appeared to be on solid
footing and that while a double-dip recession "can never be entirely
China reinforce economic optimismChina need much more oil, natural gas, metals, chrome ore, iron in the future.

China have to increase its annual crude- oil refining capacity by 50 percent in the next five years to meet rising demand in the world's fastest-growing economy.
China's gross domestic product grew 11.9 percent in the first quarter, the fastest pace in almost three years. Exports of goods including machinery and electronics increased 30.5 percent last month, beating economists' estimates and spurring factory fuel consumption.

"China's economy will continue to rise"

Crude oil imports may reach a record this year, according to a Feb. 4 estimate by China National Petroleum Corp., the country's biggest oil company. China may have to rely on imports of metals, oil to meet as much as 60 - 80% percent of its crude oil and metal needs in the next decade.

Sahit Muja

President & CEO

Albanian Minerals & Bytyci SHPK

Tropoje, Albania