Commodities News - Part 332

Bets against gold return amid QE outlook

June 14, 2013 8:12 am

Gold traded higher in the early hours of the European session on Friday, but investors remained overall bearish on the precious metal. On Thursday, following positive U.S. economic data, assets in the SPDR Gold Trust, the largest such trust, fell 0.6% to 1 003.54 metric tons, marking the biggest fall since May 21 and according […] Read more

WTI crude near three-week high on U.S. data

June 14, 2013 6:54 am

Oil prices were slightly lower on Friday, but still remained near a three-week high level, following positive U.S. economic news, published on Friday. Data showed that the worlds biggest economy continues to move forward, supporting future oil demand and giving ground for speculations about earlier-than-expected Quantitative Easing scale back. Retail Sales for May exceeded expectations […] Read more

U.S. natural gas reserves rise less than expected, prices jump

June 13, 2013 2:51 pm

U.S. Natural Gas Storage Indicator rose less than expected during the week ending June 7. Natural gas stockpiles jumped by 95 billion cubic feet to 2 347 billion according to the Energy Information Administration, compared to a 111 billion gain last week, when natural gas inventories reached at 2 252 billion cubic feet. During the […] Read more

Soft futures mixed, robusta falls for a fifth day amid amply supply prospects

June 13, 2013 1:56 pm

Soft futures were mixed on Thursday with sugar,cotton and arabica coffee on the green side, while robusta coffee and cocoa marked losses. On the ICE Futures U.S. exchange, arabica coffee traded 0.80% higher on the day, standing at $1.2298 a pound at 13:41 GMT. Prices varied between daily low and high at $1.2148 and $1.2345 […] Read more

Gold tumbles following QE outlook

June 13, 2013 1:17 pm

Gold fell on Thursday as positive U.S. economic data spurred once again concern of an earlier than expected Quantitative Easing scale back. On the Comex division of the New York Mercantile Exchange, gold futures for July delivery lost 0.97% for the day, standing at $1 378.45 a troy ounce at 13:29 GMT. Prices varied between […] Read more

Grain futures fall following USDA report

June 13, 2013 12:52 pm

U.S. grain futures were mixed on Thursday, but eventually marked losses following USDAs report. On the Chicago Mercantile Exchange, soybeans futures for July delivery traded at $15.3138 a bushel at 11:38 GMT, down 0.56% on the day. Prices ranged between days low at $15.2938 and high at $15.4350. Soybeans reached a seven-month high of $15.5850 […] Read more

Copper drops on World Bank growth expectations

June 13, 2013 9:57 am

Copper fell more than 1% on Thursday as World Banks downward revised projections for global economic growth outweighed earlier news the Grasberg mine is shutting down after Freeport-McMoRan Copper & Gold Inc. declared force majeure. On the Comex division of the New York Mercantile Exchange, copper futures for July delivery fell 1.11% for the day […] Read more

Gold lower on Fed uncertainty, supported by weak dollar

June 13, 2013 8:15 am

Gold fell on Thursday as uncertainty about Feds monetary stimulus keeps weighing on the precious metal. Key U.S. data for May is scheduled for publish today at 12:30 GMT. Retail Sales are expected to to have risen by 0.4% compared to last months 0.1% gain. Retail Sales Less Autos are also projected to have increased […] Read more

Oil prices down on reduced global economic growth outlook

June 13, 2013 7:13 am

Oil prices plunged on Thursday amid concern of reduced global demand as the World Bank reduced its forecast for global economic growth. According to its report, the global economy will expand 2.2% this year, less than its previous projections of 2.4% in January. Gross Domestic Product in the European Union will contract by 0.6%, while […] Read more

Crude reserves mismatch forecasts and gain

June 12, 2013 2:58 pm

According to the U.S. Energy Information Administration, crude oil reserves rose against expectations during the week ending June 7. Crude Oil Inventories rose by 2.5 million barrels to 393.8 million, which is above the average range for this time of the year. Expectations were for a 1.5 million barrels decrease according to a Bloomberg survey. […] Read more