Market pulse for key metals and energy : Mangal Keshav

Gold futures rose sharply & closed with gains of more than 1.5%, finding support from a disappointing data on US jobs, which pressured the dollar and fueled a decline in stock market.

Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,205.31 tons, as on April 5. Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 10,497.59 tons, as on April 5.

The dollar dropped against the euro and most other major currencies, after a surprisingly weak US jobs data.

The dollar index, which measures the greenback against a basket of six major rivals, slipped to 82.449 on Friday, compared to 82.622 before the jobs data and as compared to late Thursday’s 82.637.

The US trade gap narrowed unexpectedly in February, as crude oil imports fell to their lowest level since March 1996 and overall exports increased slightly, as per the US Commerce Department report.

Copper futures eased slightly on Friday & traded around 8-month lows it hit on Thursday, after a weaker than expected US jobs data spooked investors about the state of the world's largest economy.

Production of refined copper by US in 2012 decreased by about 3% from that in 2011, as per the US Geological Survey observed in a Mineral Industry Survey. However, mine production for the full-year 2012 was at its highest level since 2009.

Aluminum inventories at LME rose to 5.21mn tons, which is climbing back towards a record of 5.24mn tons hit in December.

Crude oil futures closed below $93 per barrel & suffer a loss of nearly 5% for the week, after a disappointing report on US jobs provoked concerns that energy demand could weaken.

Brent crude oil fell to an 8-month low & below $104 per barrel in heavy trading on Friday and capping off the biggest weekly drop since June, as a weak US jobs report raised doubts about the economy of the world's largest oil consumer.

Natural gas futures closed up sharply on Friday, with the front-month contract driven to a 20-month high by bullish weekly storage data and stronger price expectations this year, after a chilly winter helped whittle down record high inventories.

The gas-directed drilling rig count fell this week for the fifth time in 6-weeks, dropping by 14 to a 14-year low of 375, as per data from Baker Hughes INC.