Commodities News - Part 338

Gold surges above $1400 amid disappointing U.S. data

June 3, 2013 2:20 pm

Gold shot up after another batch of negative U.S. data came out. On the New York Mercantile Exchange, gold futures for July traded at $1 405,65 at 14:05 GMT, up 0,91% on the day. The ISM Manufacturing index mismatched predictions by 1.7% and plunged below the neutral level of 50. The value for May stands […] Read more

Soft futures mixed

June 3, 2013 1:54 pm

Soft futures were mixed on Mondays U.S. morning trade. Cotton prices bounced off the previous sessions five-month low. Coffee and sugar prices continued to trade near multi-year lows amid sufficient global supplies. On the ICE Futures U.S. Exchange, cotton for July delivery traded at $0,8037 a pound, up 1.29% on the day after hitting a […] Read more

Oil rebounds to its last-week levels

June 3, 2013 1:22 pm

Oil prices rose on Monday, returning price to where they stood before the OPEC meeting, which took place in Vienna on May 31. Brent oil for July delivery reached a session high of $102.27 dollars per barrel, followed by a decline. Brent traded at $101.21 a barrel at 12:59 GMT, up 0,79% on the day. […] Read more

Grain futures gain ahead of USDA report

June 3, 2013 11:30 am

Grain futures surged on Monday as investors looked ahead into the U.S. Department of Agricultures weekly update on U.S. planting progress. Wheat for July delivery hit a three-week high and traded at $7,1313 a bushel, followed by a decrease to $7,1275 at 11:13 GMT, up 1.04% on the day. Prices found support in concerns about […] Read more

Copper gains as China manufacturing PMI improves

June 3, 2013 8:50 am

According to the Chinese governments official report on Saturday, the countrys manufacturing Purchasing Managers Index rose to 50.8, which exceeded the 50,6 forecast. This brought signs of stabilizing growth in China after last week The IMF cut its economy growth forecast for China to 7.75%, down from 8%. The Organisation for Economic Co-operation and Development […] Read more

Gold extends gains

June 3, 2013 7:44 am

Gold keeps gaining, following disappointing U.S. data from last week. The precious metal extended its first back-to-back weekly gain of 0.4% in four weeks as the greenback retreated and hedge funds raised bets on a gold rally the most in two months. On the New York Mercantile Exchange, gold for August delivery traded at $1 […] Read more

Brent circling around $100

June 3, 2013 6:55 am

Brent oil plunged after OPECs meeting in Vienna on May 31 where leaders decided to not change the 30 million barrels per day output ceiling. Further pressure on oil prices, both Brent and WTI, was put by disappointing economic data from China on Saturday, which spurred concern about demand as China is the second biggest […] Read more

Gold falls amid stronger dollar

May 31, 2013 2:52 pm

Gold for August delivery fell from a two-week high and traded at $1 396.85 a troy ounce at 14:13 GMT, down 1,07% on the day. The greenback rose around 0,4$ against a basket of major currencies, which pressured gold prices down. The dollar and dollar-priced commodities, such as gold, tend to trade inversely. A stronger […] Read more

OPEC keeps quota at place

May 31, 2013 12:51 pm

At OPECs meeting in Vienna on Friday, which was a factor for fluctuation in oil prices this week, members agreed to leave output policy unchanged and keep their quota of around 30 million barrels per day. The Organization of the Petroleum Exporting Countries came to an understanding that it should not change the pace of […] Read more

Japan suspends U.S. wheat imports

May 31, 2013 12:04 pm

Hiromi Iwahama, director for grain trade and operation at Japans agriculture ministry, said the Asian nation suspended imports of western-white wheat and feed wheat from the United States. The U.S. government discovered an unapproved genetically modified strain of wheat growing in Oregon. As a result Japan cancelled a 24 926 metric tons white wheat purchase. […] Read more