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Oil hits new 15-month high on QE outlook, drop in reserves

July 11, 2013 7:37 am
WTI crude extended yesterdays major gains, hitting a fresh 15-month high during early European trading. Futures rose 2.9% yesterday as the Energy Information Administration reported a second straight unexpectedly high drop in crude oil inventories. Oil was also supported by a slump in the dollar after Ben Bernanke, Fed Chairman, announced the central bank will […] Read more

U.S. oil reserves drop more than expected

July 10, 2013 2:53 pm
According to the Energy Information Administrations weekly oil reserves report, U.S. crude oil inventories dropped more than anticipated for a second straight week. Gasoline stockpiles also decreased, against expectations, while distillate fuel inventories gained more than projected. On the New York Mercantile Exchange, WTI crude for August delivery traded at $105.86 per barrel at 14:50 […] Read more

Soft futures mixed

July 10, 2013 2:22 pm
Soft futures were mixed on Wednesday with sugar and coffee marking daily gains while cotton and cocoa declined. On the ICE Futures Exchange, sugar futures for October delivery hit a new days high at $0.1647 a pound at 13:51 GMT, up 0.73% on the day. Days low stood at $0.1625 a pound. The sweetener advanced […] Read more

Copper gains as China’s imports hit a nine-month high

July 10, 2013 10:49 am
Copper gained on Wednesday despite negative economic data from China as imports in the Asian country reached a nine-month high, indicating a steady demand. On the Comex division of the New York Mercantile Exchange, copper for September delivery traded at $3.077 a pound at 10:40 GMT, marking a 0.42% daily gain. Prices ranged between days […] Read more

Corn extends gains on U.S. supply outlook

July 10, 2013 10:05 am
Corn gained on Wednesday, extending Tuesdays biggest gain in 10 weeks as analysts expected the U.S. Department of Agriculture to trim its U.S. crop outlook. Wheat and soybeans marked minor daily gains. On the Chicago Board of Trade, corn futures for September delivery traded at $5.5425 a bushel at 10:00 GMT, up 0.48% on the […] Read more

Gold steady near 1-week high ahead of Fed minutes

July 10, 2013 8:21 am
Gold steadied near one-week high during early European trading after dropping in the Asian session on weak economic data from China. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1 253.95 per troy ounce at 8:15 GMT, up 0.65% on the day. Prices held in range […] Read more

Oil eases off 14-month high but remains steady above $104

July 10, 2013 7:13 am
West Texas Intermediate crude rose to a fresh 14-month high of $104.74 per barrel during Asian trading as the American Petroleum Institute said in its weekly report that U.S. oil reserves dropped more than expected for a second straight week, offsetting IMFs trimmed global growth forecast from yesterday. Violent clashes between supporters of Egypts ex-president […] Read more

Oil drops as dollar gains

July 9, 2013 3:00 pm
Oil fell during the late European and early American sessions as the dollar edged higher and the dollar index marked a fresh three-year high. The U.S. currency tends to trade inversely to raw materials. Strengthening of the greenback reduces commodities appeal as an alternative investment and makes them more expensive for foreign currency holders. On […] Read more

Soft futures rally, robusta gains more than 3%

July 9, 2013 1:16 pm
Soft futures edged higher on Tuesday with sugar and cotton gaining less than 1% on the day, while in London robusta, arabica and cocoa marked moderate gains. On the NYSE LIFFE, robusta coffee for September delivery traded at $1 878 a ton at 13:12 GMT, up 3.07% on the day. The contract hit a 1-month […] Read more

Grain futures edge higher, corn advances as USDA might cut supply outlook

July 9, 2013 10:38 am
Grain futures advanced on Tuesday. Corn extended Mondays gains as analysts expect the USDA to trim its corn output forecast. Meanwhile, Japan is planning to buy more than 26 000 metric tons of U.S. wheat. Soybeans advanced more than 1%. On the Chicago Board of Trade, corn futures for September delivery traded at $5.4163 a […] Read more