Commodities News

IEA trims demand forecast for OPEC oil

The International Energy Agency projected demand for OPEC oil will decrease in the second half of the year as China shows signs of slowing economic growth. During the last week of May the IMF cut its economy growth forecast for China to 7.75%, down from 8%. The Organisation for Economic Co-operation and Development also trimmed […] Read more

Soft futures mixed, robusta coffee at 17-month low

Soft futures were mixed on Wednesday with arabica coffee and sugar marking daily gains, while cotton and cocoa fell. Robusta coffee tumbled to lowest level since 17 months in London as rainfall is expected to stop, which will favor harvesting in Indonesias main growing area. On the ICE Futures U.S. Exchange, arabica coffee for July […] Read more

Grain futures mixed; wheat lower on increased Australia production

Wheat dropped on Wednesday amid expectations for increased output in Australia, the world s fourth-biggest exporter. Favorable weather conditions are projected to boost production as rains moistened soils. On the Chicago Mercantile Exchange, wheat futures for July delivery fell 0.55% on the day and stood at $6.9238 a bushel at 8:54 GMT. Prices varied between […] Read more

Copper rebounds from a one-month low on positive EU data

Copper rebounded on Wednesday after falling for five straight days to hit a one-month low on Wednesday. Copper was supported by prospects of increased demand in its third largest consumer, the European Union. Positive CPI readings throughout the EU, improving labor market in Great Britain and Industrial Production in the Euro zone that exceeded expectations […] Read more

Gold continues to trade lower on stimulus outlook

Gold rebounded on Wednesday and traded slightly higher after prices for immediate delivery plunged to $1 366.19 on Tuesday, the lowest since May 23. However, stimulus outlook in the U.S. and Japan are still weighing on the precious metal. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery stood […] Read more

Oil prices down amid rising reserves

Oil prices fell for a third day after the American Petroleum Institute reported yesterday U.S. crude reserves increased the most in four years. According to APIs report, U.S. crude stockpiles gained 8.97 billion barrels during the week ending June 7, gasoline inventories jumped 1 million barrels and distillate reserves rose by 199 000. According to […] Read more

Natural gas falls amid mild weather forecasts

Natural gas prices fell for a fourth straight day to a thirteen-week low as mild weather forecasts dampened demand expectations. On the New York Mercantile Exchange, natural gas futures for July delivery traded at $3.773 per million British thermal units at 14:44 GMT, down 0.72% on the day. Prices varied between the thirteen-week low of […] Read more

Soft futures mixed, sugar at a three-year low

Soft futures were mixed on Tuesday with coffee, cocoa and sugar marking losses on the day, while cotton gained. On the ICE Futures U.S. Exchange, coffee futures for July delivery traded at $1.2743 a pound at 12:13 GMT, down 1.01% on the day. Prices ranged between days low of $1.2723 and high at $1.2898. Coffee […] Read more