Commodity Blog

Archive for December 17th, 2009

Copper slid to the three-weeks low today on speculation that global economic recovery may be slow. U.S. unemployment rate unexpectedly increased last week, causing concern that the recovery may slow. Copper also fell after the dollar climbed as much as 1.1 percent, eroding appeal of commodities as alternative assets. March delivery copper slid $0.064 (2 percent) to $3.1415 per pound as of 10:49 on NYMEX.

Cocoa tumbled to the five-weeks low in New York today after the dollar strengthened, cutting the demand for some commodities as an inflation hedge. Analysts think that “there is potential for prices to go up” as ”demand is coming back into the market”. March futures for cocoa delivery dropped $77 (2.2 percent) to $3,421 per metric ton by 11:18 on ICE Futures U.S. in New York.

Latest commodity prices (ICE, NYMEX, CME) as of 17:19 GMT:

Oil (Brent) — $72.61
Gold — $1,106.15
Silver — $17.17
Palladium — $367.50
Platinum — $1,446.15
Copper — $6,871.00
Aluminum — $2,222.00
Nickel — $17,075.00
Zinc — $2,397.00
Cocoa — $3,430.00
Sugar — $25.69
Corn — $399.50
Soybean — $39.03