Commodity Blog

Latest commodity prices (ICE, NYMEX, CME) as of 21:06 GMT:

Oil (Brent) — $111.54
Gold — $1,737.80
Silver — $33.75
Palladium — $690.30
Platinum — $1,620.00
Copper — $388.35
Aluminum — $110.35
Cocoa — $2,361.00
Sugar — $24.21
Corn — $642.00
Soybean — $1,218.25

Soybeans and rubber declined today as macroeconomic data from the United States showed decreasing number of new home sales and increasing number of unemployment claims. Claims for unemployment benefits rose from 356,000 to 377,000 last week. New homes sales were at a seasonally adjusted rate of 307,000 in December, compared to the median forecast of 321,000 and the November value of 314,000.

Yesterday, soybeans advanced as the pledge of the US Federal Reserve to keep interest rate record low till 2014 was supporting commodities. The Standard & Poor’s GSCI Spot Index of 24 commodities added 1.5 percent yesterday.

Futures for delivery of rubber in July went down to 316.4 yen per kilogram ($4,087 per metric ton) before trading at 317.3 yen on the Tokyo Commodity Exchange. Soybeans fell from $12.2175 to $12.1825 per bushel as of 6:31 GMT on CBoT after reaching the highest price since January 3 of $12.3500 yesterday.

Latest commodity prices (ICE, NYMEX, CME) as of 19:40 GMT:

Oil (Brent) — $110.86
Gold — $1,722.70
Silver — $33.43
Palladium — $692.50
Copper — $388.50
Cocoa — $2,450.00
Sugar — $24.72
Corn — $635.50
Soybean — $1,222.50

Crude oil and gold, as well as other commodities, jumped after the Federal Reserve maintained interest rates near zero and pledged to keep borrowing costs record low at least till late 2014. Such move was considered a ”light” version of quantitative easing. It weakened the dollar and boosted commodities priced in the US currency. March for delivery of crude oil advanced $0.66 to $100.06 per barrel on NYMEX. Brent went higher from $110.45 to $110.74 per barrel on ICE today as of 6:41 GMT. Gold was up from $1,666.50 to $1,711.00 yesterday and traded at $1,710.80 today on COMEX.

Wheat was also higher on dwindling Russian stocks. Inventories of some Russian regions declined by more than 50 percent, while other regions shipped almost all of their supplies as exports picked up. Wheat climbed from $6.4075 to $6.4650 per bushel on CBoT today.

Latest commodity prices (ICE, NYMEX, CME) as of 23:15 GMT:

Oil (Brent) — $110.55
Gold — $1,710.30
Silver — $33.19
Palladium — $693.10
Platinum — $1,572.20
Copper — $383.60
Aluminum — $111.10
Cocoa — $2,439.00
Sugar — $24.51
Corn — $635.75
Soybean — $1,212.75

Oil fell yesterday on concerns about the credit woes of European countries that may derail global economic growth. Today prices rebounded somewhat as tensions about Iran still provide support for the commodity.

Discussion among Greece and private bondholders about a debt haircut ended in a stalemate. The country offered very low interest rates on its bonds that creditors didn’t wish to accept. The bad outcome of the talks spoiled market sentiment that previously was lifted by speculation that European lawmakers devised plans for battling the debt crisis.

Iran still may disrupt supply of crude, but analysts think that such move is already priced in. Analysts estimated that US inventories of crude oil grew 0.9 million barrels last after falling 3.4 million barrels in the week before. A report from the Energy Information Administration about stockpiles will be released later today.

March futures for delivery of crude oil rose $0.24 to $99.19 per barrel in electronic trading on NYMEX after falling $0.63 to $98.95 yesterday. Brent rose from $110.24 to $110.52 per barrel as of 4:11 GMT today on ICE, following the drop from $110.84 to $110.33 yesterday.

Latest commodity prices (ICE, NYMEX, CME) as of 18:15 GMT:

Oil (Brent) — $109.92
Gold — $1,666.70
Silver — $32.17
Palladium — $682.25
Platinum — $1,550.60
Copper — $380.35
Aluminum — $110.75
Cocoa — $2,415.00
Sugar — $24.85
Corn — $633.25
Soybean — $1,222.75

Coffee futures retreated on outlook for growing global supply. Concerns about the situation in Europe also weighed down on commodities.

The International Coffee Organization increased its forecast for the world coffee production by 3.8 million bags from December to 132.4 million bags in the season that started in October. Analysts say that short sellers drive the market now, while buyers perhaps expect prices to fall further.

Greece is talking with private creditors in an attempt to convince them to write off part of the country’s debt. Initially, the talks improved mood of traders, boosting commodities, but the optimism started to wear off as market participants began to doubt success of the discussions.

Coffee price went down from $2.2390 to $2.2000 per pound yesterday on ICE after reaching earlier $2.1785 — the lowest level since January 9.

Latest commodity prices (ICE, NYMEX, CME) as of 18:45 GMT:

Oil (Brent) — $111.20
Gold — $1,676.80
Silver — $32.66
Palladium — $687.70
Platinum — $1,547.00
Copper — $379.45
Aluminum — $110.60
Cocoa — $2,269.00
Sugar — $25.04
Corn — $618.75
Soybean — $1,215.00

The technical analysis, that includes the indicators’ data and major pivot points for Brent Oil, Gold, Silver and Copper as traded on spot market as of January 21st, 2012: