Commodities News - Part 320

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

Copper drops on China data

July 9, 2013 8:59 am

Copper dropped on Tuesday after Chinas National Bureau of Statistics reported the countrys Producer Price Index dropped more than expected in June, marking the worst run since 2002. On the Comex division of the New York Mercantile Exchange, copper futures for September delivery traded at $3.078 a pound, marking a 0.70% daily loss. Prices ranged […] Read more

Gold extends gains on China data and short-covering

July 9, 2013 8:09 am

Gold continued to advance on Tuesday, extending its rally from Monday, after China reported higher than expected annual consumer inflation. The precious metal was also supported as traders closed bets on lower prices known as covering a short position. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded […] Read more

WTI steady above $103 ahead of EIA’s reserves report

July 9, 2013 7:17 am

West Texas Intermediate dropped below $103 per barrel during Asian trading as concern over oil transportation through the Suez Canal and the Suez-Mediterranean Pipeline eased after interim Egyptian president Adly Mansour set a speedy timetable for the next parliamentary elections. The American benchmark however rebounded to trade well above $103 per barrel during the early […] Read more

Oil off 14-month low as Suez Canal concern eases, QE outloook

July 8, 2013 2:56 pm

Oil dropped during the late European and early U.S. session after an Egyptian official said the state-controlled Suez Canal is secure and ship traffic is normal. Meanwhile, positive U.S. economic data that was initially bullish for oil reinforced Feds view into tapering its bond purchasing program this year, which according to some analysts will be […] Read more

Soft futures edge higher

July 8, 2013 1:21 pm

Soft futures advanced during European trading on Monday with robusta and cocoa gaining slightly, while sugar, cotton and arabica marked a moderate rise. On the NYSE LIFFE, cocoa for July delivery traded at 1 505 pounds per ton at 12:48 GMT, up 0.13% on the day. Prices ranged between days high and low of 1 […] Read more

Copper gains on weaker dollar limited by QE outlook

July 8, 2013 12:22 pm

Copper was supported on Monday by a weaker dollar and traded higher during European trading, erasing earlier daily losses. However, gains were limited amid concern of Fed scaling back its monetary easing program following Fridays positive labor data. Investors also eyed this weeks key economic data out of the metals top consumer, China. On the […] Read more