Archive for October 30th, 2009
Gold & Copper Falls as Dollar Rebounds
Survey showed that gold may go down because a rising dollar eroding appeal of the precious metal as a hedge against inflation. The U.S. Dollar Index has gained 1.3 percent from the lowest in the 14 months on October 21st. Gold have trend to move inversely to the U.S. currency. December delivery for gold went down 0.8 percent to $1,047.50 per ounce at 12:55 yesterday in New York.
Copper may fall in London on speculation the dollar will rebound, eroding demand and making metals priced in the U.S. currency more expensive for holders of other monies. Analysts said that the metal would fall next week. Three-month delivery for copper remained at $6,651 per metric ton as of 17:00 yesterday on the London Metal Exchange.
Commodity Prices — October 30th 2009
Latest commodity prices (ICE, NYMEX, CME) as of 17:44 GMT:
Oil (Brent) — $75.42
Gold — $1,038.72
Silver — $16.26
Palladium — $319.00
Platinum — $1,324.74
Copper — $6,480.00
Aluminum — $1,907.00
Nickel — $18,200.00
Zinc — $2,165.00
Cocoa — $3,303.00
Sugar — $22.84
Corn — $367.75
Soybean — $36.73
Video: Higher Oil Prices Is Not the Only Scenario
Some commodity traders are confident in the long-term oil growing prices and believe that such growth is inevitable as the oil supply is going to diminish, while the demand from world’s biggest emerging economies (like China) is going to rise. Charles MacKinnon in his interview to CNBC explains how this scenario may not be the only probable result of the events. It’s highly probably, but also a decline of oil is possible in case of the global demand slump, which could be a result of another recessive wave on the financial markets.