Commodities News

Oil prices on a steep fall, erase earlier gains

Oil prices erased earlier daily gains and plunged towards the red scale as the greenback advanced further on negative Canada economic data. The dollar index extended gains and reached a days high of 82.47, up 0.57% as Canadas first batch of negative economic news was published at 12:30 GMT. On the New York Mercantile Exchange, […] Read more

Russia in a $270 billion oil deal with China

Rosneft, Russias biggest oil company and world No.1 by output, agreed to double its oil supply towards China for the next 25 years, starting in 2015. The company, 75% of whose capital is government owned, will deliver 300 000 barrels per day more to the world No.2 economy, following Russias trend to shift focus to […] Read more

Grain futures lower, soybeans set for weekly decline on weak China demand

Grain futures dropped on Friday as stronger dollar and ample global supply weighed on prices. Meanwhile, soybeans demand outlook seems grim as the worlds biggest consumer, China, is experiencing a cash squeeze and latest data points at economic growth slowdown. On the Chicago Mercantile Exchange, soybeans futures for July delivery traded 0.03% lower on the […] Read more

Copper rebounds following Bank of China’s decision to boost credit support

Copper rebounded on Friday after it hit a 20-month low on Thursday, pressured by Chinas manufacturing outlook and strengthening of the dollar caused by FOMCs last meeting. On the Comex division of the New York Mercantile Exchange, copper futures for July delivery traded 0.34% higher on the day. The industrial metal stood at $3.073 a […] Read more

WTI en route to biggest weekly drop since April

WTI marked strong daily gains during the first days of the week only to crumble on Thursday as Chinas manufacturing disappointed investors and Ben Bernanke announced Quantitative Easing might be tapered by the end of the year, if sustainable growth remains on track. On the New York Mercantile Exchange, WTI crude for August delivery traded […] Read more

Natural gas inventories rise

Natural gas inventories rose generally in line with expectations of 90 billion cubic feet. In the week ending June 14, the Natural Gas Storage Indicator rose by 91 billion cubic feet to 2 438 billion, up from the preceding weeks 2 347. Natural gas stockpiles for the last week were 18.7% below last years reading […] Read more

Commodities overall lower as U.S. dollar advanced

Commodities across the board fell on Thursday as the dollar erased earlier losses during the week and strengthened versus all major counterparts following Bernankes statement on Wednesday. The Standard & Poor’s GSCI Index of 24 raw materials lost 2% today, the biggest intra-day loss since May 10. Meanwhile, further manufacturing slowdown in China was forecast […] Read more

Soft futures fall on strong dollar

Soft futures fell on Thursday, following almost all dollar-priced commodities, as the greenback advanced against all its major counterparts. The dollar index jumped 0.8% and reached a two-week high after Ben Bernanke, Fed chairman, announced that the central banks monetary easing program will probably be scaled back in the second half of the year, if […] Read more

Grain futures lower on stronger dollar and favorable weather

Grain futures marked considerable daily losses on Thursday as the dollar rose against all of its major counterparts and favorable weather conditions in the U.S. Midwest will allow farmers to finish crop planting, which was delayed by rains. The dollar index rose 0.8% to a two-week high of 82.10 after yesterday Bern Bernanke said it […] Read more