Commodities News - Part 336

Copper falls amid weak China and U.S. data

June 6, 2013 10:33 am

Copper slipped today after it reached a two-week high of $3.398 on Wednesday amid concerns of reduced global supply. Fatal accidents in the Grasberg mine in Indonesia, which belongs to Freeport-McMoRan Copper & Gold, shut down the mine for three months. Prices found support by a positive reading of Chinas manufacturing PMI, which stood at […] Read more

Silver slips with QE in focus

June 6, 2013 9:40 am

Silver plunged on Thursday amid growing uncertainty over the future of Feds stimulus program. Key U.S. labour data on Thursday and Friday will give an insight into the economys health, which will play a big role in determining later during the month whether the stimulus program must be scaled back earlier than intended or not. […] Read more

Soybeans fall amid ample supply forecast

June 6, 2013 9:23 am

Soybeans slipped further as optimism grows that global output might surpass the U.S. Department of Agricultures record estimate last month. On the Chicago Mercantile Exchange, soybeans for July delivery traded at $15.2438 a bushel at 8:11 GMT, down 0.45% for the day. Hiroyuki Kikukawa, general manager for research at Nihon Unicom Inc. said for Bloomberg: […] Read more

Gold slipped amid QE speculations

June 6, 2013 7:16 am

Gold slipped and circled around $1 396 an ounce as investors remained cautions ahead of key employment data, scheduled for Thursday and Friday. Prices rose 0.3% yesterday as the ADP Employment Change mismatched forecasts and showed a less than expected gain in hired workers, even though India announced it will widen its gold import restrictions […] Read more

Brent oil steady around $103 with U.S. data on focus

June 6, 2013 6:35 am

Brent oil remained steady around $103 a barrel on Thursdays Asian session. The surprising drop in U.S. Crude Oil Inventories reported on Wednesday boosted WTI above 94$ and Brent surpassed the $104 mark. Gains, however, were curbed by worries that the U.S. central bank may reduce its Quantitave Easing program as key employment data is […] Read more

U.S. crude reserves decline more than expected

June 5, 2013 2:48 pm

U.S. Crude Oil Inventories dropped surprisingly by 6.267 million barrels in the week ending June 2, according to the Energy Information Administrations report, released at 14:30 GMT. This is a significant decrease, compared to the preceding weeks 3 million barrels gain. Final value mismatched forecasts of an 800 000 barrel decrease, which caused WTI crude […] Read more

Corn falls amid ample supply prospects

June 5, 2013 1:20 pm

Corn slipped for a third day on the Chicago Mercantile Exchange amid forecasts for an ample supply even with slower planting and decreased sown to corn areas. Corn for July delivery rebounded and compensated for earlier session losses, but is still pressured. Corn traded 0.47% higher on the day at $6.6350 a bushel at 12:45 […] Read more

Soft futures mixed

June 5, 2013 12:38 pm

Soft futures were mixed on Wednesday on the ICE Futures U.S. Exchange. Sugar prices bounced off lowest levels since July 2010 as investors returned to the market amid speculations prices will start climbing. Arabica coffee also rose, while cotton futures plunged. Sugar futures for July delivery traded at $0.1652 a pound at 12:26 GMT, up […] Read more

Brent oil gains on South Korea rebate

June 5, 2013 11:00 am

Brent oil rose above $103 a barrel and neared $104 amid increased demand prospects as South Korea aims to reduce its Middle East oil reliance. Expectations that the country will increase imports from other regions is supposed to increase demand for crudes priced off Brent. Brent crude traded at $103.30 at 10:39 GMT, up 0,05% […] Read more

Copper holds steady ahead of ADP data

June 5, 2013 10:19 am

Copper marked little gain on Wednesday and remained mainly steady in expectation for the ADP data, scheduled for release later today. The ADP Employment Change indicator for May is supposed to surge to 165 000, up from 119 000 in the preceding month. Unit Labour Costs and and Non-Farm Productivity are expected to remain unchanged. […] Read more