Commodities News

U.S. Crude oil reserves drop more than expected for a third week

The Energy Information Administration said in its weekly oil reserves report that U.S. Crude Oil Inventories fell more than analysts expected in the week ending July 12, extending the all-time record fall during the previous two weeks. However, an unexpectedly large increase in gasoline stockpiles during the peak of the U.S. driving season limited gains. […] Read more

Gold at three-week high following negative U.S. data and Bernanke remarks

Gold hit a new three-week on Wednesday following the release of Ben Bernankes remarks prior to his testimony to Congress. Negative U.S. data also weighed on the dollar, supporting gold. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1 297.05 per troy ounce at 14:06 GMT, […] Read more

Soft futures edge higher, robusta gains for a third day

Soft futures traded higher on Wednesday with sugar and cotton trading slightly up on the day, while coffee and cocoa advanced more than 1.5%. On the NYSE Liffe in London, robusta coffee for September delivery hit a new daily high at $1 977 a ton at 13:13 GMT, up 1.59% on the day. Days low […] Read more

Grain futures fairly unchanged after Tuesday’s gains

Grain futures were steady on Wednesday following Tuesdays rally with wheat, soybeans and corn marking minor gains. On the Chicago Board of Trade, corn futures for September delivery traded at $5.4638 a bushel at 11:53 GMT, up 0.07% on the day. Prices held in range between days high and low of $5.4888 and $5.4438 respectively. […] Read more

Copper falls amid higher-than-expected supply

Copper fell on Wednesday as producers reported higher-than-expected output, spurring concern over ample supply. Stronger dollar also weighed on prices. On the Comex division of the New York Mercantile Exchange, copper futures for September delivery hit a new daily low at $3.137 a pound at 9:15 GMT, down 1.54% on the day. Days high stood […] Read more

Gold fairly unchanged near three-week high ahead of Bernanke testimony

Gold remained fairly unchanged on Wednesday, trading near last Thursdays three-week high of $1 297.05 per troy ounce. Market players remained cautious, awaiting Federal Reserve Chairman Ben Bernankes two-day testimony to Congress to provide further information about the future of Feds monetary stimulus. On the Comex division of the New York Mercantile Exchange, gold futures […] Read more

Natural gas extends losses on lower temperatures forecasts

Natural gas fell for a second day as weather forecasting models showed long-term temperatures in key U.S. consuming areas will fall back to normal. On the New York Mercantile Exchange, natural gas for August delivery traded at $3.655 per million British thermal units at 6:28 GMT, down 0.68% on the day. Prices held in range […] Read more

Oil extends gains on expected drop in reserves and weaker dollar

West Texas Intermediate erased earlier daily losses and rose for a third day amid expectations for a yet another drop in U.S. crude oil inventories following the all-time record high reserve declines during the previous two weeks. A weaker dollar also supported prices. On the New York Mercantile Exchange, WTI crude for September delivery traded […] Read more

Gold remains higher after U.S. data, eyes on Bernanke

Gold remained steady and higher in the late European session even after the release of positive U.S. economic data showing increasing economic activity. Investors remained cautious ahead of Ben Bernankes statements to Congress on Wednesday and Thursday. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1 […] Read more