Commodity Blog

Archive for December 9th, 2009

Hog futures gained for the first time in a week on speculation that a winter storm in the U.S. may prevent delivery of animals to slaughterhouses. A storm may cut shipments of hogs from producers, boosting prices on higher demand for supplies. February futures for hog settlement gained $0.00925 (1.4 percent) to $0.6605 per pound by 9:53 on the Chicago Mercantile Exchange.

Sugar futures advanced as the dollar declined, spurring demand for some commodities as an alternative investment. Sugar also rose on forecast that harvest in Brazil, the largest producer, will be lower because of excess rain. March futures for raw-sugar delivery added $0.0016 (0.7 percent) to $0.2238 per pound at 10:26 on ICE.

Coffee futures rose for a second time in a week as the weakening dollar cut appeal of riskier assets such as commodities. The U.S. currency fell as much as 0.6 percent against the basket of six major currencies. March futures for Arabica-coffee delivery rose $0.019 (1.3 percent) to $1.458 per pound as of 11:11 on ICE.

Latest commodity prices (ICE, NYMEX, CME) as of 16:48 GMT:

Oil (Brent) — $74.28
Gold — $1,139.93
Silver — $17.73
Palladium — $365.50
Platinum — $1,418.45
Copper — $6,960.00
Aluminum — $2,199.00
Nickel — $16,589.00
Zinc — $2,315.00
Cocoa — $3,430.00
Sugar — $22.41
Corn — $370.50
Soybean — $40.11

Gold looks to be a very popular commodity for all kinds of traders these days. Expectations for the higher inflation and general financial uncertainty drive unprofessional investors into the gold market, which helps the hedge funds to make money on the rallying commodity. This video technical analysis of the short-term gold charts show some important support and resistance levels, as well as the Fibonacci retracements, that may be used as the pivotal points for position entry and exit.