Commodity Blog

Archive for December 3rd, 2009

Copper tumbled on speculation that the global economic recovery may become slower. Imports of the metal in China, the largest consumer of copper in the world, slid in October for the third time in four months. March delivery for copper slid $0.0065 to $3.252 per pound by 11:39 on the New York Mercantile Exchange’s Comex unit.

Soybeans gained for the first time in three sessions on speculation that global demand for the U.S. oilseed and animal feed increased. Sales grew 58 percent to 27.8 million metric tons since September 1st. January futures for soybean delivery gained $0.0675 (0.7 percent) to $10.4075 per bushel as of 11:52 on CBT.

Hog futures climbed to the weekly high on speculation that a rising prices for U.S. wholesale-pork signaled increasing export demand. Exports are rising as the dollar falls and as countries lift bans on U.S. pork that were put after the swine flu outbreak. February futures for hog settlement climbed $0.003 (0.5 percent) to $0.6695 per pound at 12:21 on CME.

Latest commodity prices (ICE, NYMEX, CME) as of 19:02 GMT:

Oil (Brent) — $78.74
Gold — $1,216.47
Silver — $19.05
Palladium — $384.00
Platinum — $1,497.91
Copper — $7,117.00
Aluminum — $2,127.00
Nickel — $16,010.00
Zinc — $2,412.00
Cocoa — $3,370.00
Sugar — $23.06
Corn — $388.25
Soybean — $40.10

Sugar rose to the weekly high on speculation that production will fall in India, the second-biggest producer in the world. The sugar production in the season started October 1st in India expected to be somewhat lower than previously expected 16 million metric tons. March futures for sugar delivery added $0.0038 (1.7 percent) to $0.2304 per pound on ICE.

Corn futures slid to the weekly low as farmers in the U.S. are selling a near-record harvest to profit from a 22 percent rally since October 2nd. Analysts consider rally to be “capped”. March futures for corn delivery slid $0.08 (1.9 percent) to $4.065 per bushel on CBT.

Wheat dropped as the rising price last month diminished the attractiveness of the U.S. grain. Traders may begin selling the commodity after the price reached $5.98 per bushel, the record price since November 23rd, yesterday in Chicago. March futures for wheat delivery dropped $0.08 (1.4 percent) to $5.76 per bushel by 10:01 on CBT.