Commodity Blog

Archive for February, 2010

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 February 27th 2010:

Wheat gained on speculation that futures will advance, causing investors, who had bet on price decline, to buy back contracts and to close out positions. Speculative long positions in wheat futures were outnumbered by short positions by as much as 51,195 contracts in the week ended February 16th in Chicago. May futures for wheat delivery added $0.1025 (2 percent) to $5.14 per bushel by 10:16 on the Chicago Board of Trade.

Crude oil gained on signals that fuel demand may rise in the U.S. as economy recovers. Price was also aided by the dollar’s decline against the euro. The number of tankers used as floating storage for crude oil and diesel dropped 20 percent in January. April delivery for crude oil went up $1.70 (2.2 percent) to $79.87 per barrel as of 10:41 on NYMEX.

Latest commodity prices (ICE, NYMEX, CME) as of 17:33 GMT:

Oil (Brent) — $77.56
Gold — $1,113.55
Silver — $16.37
Palladium — $428.50
Platinum — $1,530.66
Copper — $7,171.00
Aluminum — $2,122.00
Nickel — $21,053.00
Zinc — $2,187.30
Cocoa — $2,917.00
Sugar — $24.41
Corn — $377.50
Soybean — $950.00

Corn, soybeans and sugar fell today as a stronger dollar curbed demand for commodities as an alternative investment. The dollar rose as much as 0.3 percent versus a basket of six major currencies. May futures for corn delivery slid $0.03 (0.8 percent) to $3.8325 per bushel by 12:02 on the Chicago Board of Trade. May futures for soybean delivery declined $0.15 (1.6 percent) to $9.48 per bushel on CBoT. May futures for raw-sugar delivery fell $0.007 (2.9 percent) to $0.237 per pound on ICE.

Wheat prices may decline 14 percent with start of new harvests in the next few months. World wheat production was predicted to reach 677.4 million metric tons. Russia, the third biggest grower in the world, plans to rise grain export by 32 percent in the next five years, putting even more strain on wheat prices. Analysts forecast that wheat may fall to $150 per ton.

Latest commodity prices (ICE, NYMEX, CME) as of 20:01 GMT:

Oil (Brent) — $76.18
Gold — $1,103.33
Silver — $16.01
Palladium — $419.00
Platinum — $1,512.35
Copper — $7,080.00
Aluminum — $2,098.00
Nickel — $20,445.00
Zinc — $2,139.00
Cocoa — $2,937.00
Sugar — $24.39
Corn — $371.75
Soybean — $938.25

Sugar futures gained after Pakistan increased purchases. Other importers may follow Pakistan, increasing demand for the sweetener. May futures for raw-sugar delivery gained $0.0072 (3 percent) to $0.244 per pound on ICE Futures U.S. in New York.

Wheat futures went up as the dollar’s decline boosted appeal of the U.S. commodities. The greenback fell 0.6 percent versus a basket of six major currencies today, supporting commodities. May futures for wheat delivery went up $0.08 (1.6 percent) to $5.1375 per bushel on CBoT.

Hog futures advanced as U.S. pork prices continued to rally, signaling that meat inventories are declining. Increasing U.S. exports may further lower pork supplies, spurring hogs price. April futures for hog settlement rose $0.009 (1.3 percent) to $0.7035 per pound on CME.

Latest commodity prices (ICE, NYMEX, CME) as of 17:55 GMT:

Oil (Brent) — $77.74
Gold — $1,094.60
Silver — $15.82
Palladium — $421.50
Platinum — $1,510.45
Copper — $7,136.00
Aluminum — $2,139.00
Nickel — $20,441.00
Zinc — $2,203.00
Cocoa — $2,960.00
Sugar — $24.95
Corn — $372.50
Soybean — $946.25

Copper slipped today on speculation that economic rebound in the U.S. may be slow. Uncertainty in future of the U.S. economy lowered consumer confidence, causing fewer purchases. Copper prices also slid as the rebounding dollar curbed the appeal of commodities as an inflation hedge. May futures for copper delivery fell $0.094 (2.8 percent) to $3.2345 per pound on the Comex Division of the New York Mercantile Exchange.

Cocoa sunk to the lowest since September in New York on signals that large supplies will cut the price of the chocolate ingredient. Prices also dropped as the dollar gained 0.7 percent versus the euro. A rising dollar cut demand for some commodities as alternative assets. May futures for cocoa delivery slid $138 (4.5 percent) to $2,945 per ton on ICE.

Latest commodity prices (ICE, NYMEX, CME) as of 22:44 GMT:

Oil (Brent) — $77.25
Gold — $1,102.60
Silver — $15.80
Palladium — $428.50
Platinum — $1,530.28
Copper — $7,110.00
Aluminum — $2,115.00
Nickel — $20,129.00
Zinc — $2,210.00
Cocoa — $2,906.00
Sugar — $24.31
Corn — $367.50
Soybean — $953.00

Coffee may rise 21 percent in two months on lack of high quality supplies. The output in Columbia, the second largest grower in the world, fell to the lowest in 33 years because of adverse weather. Analysts predict that global demand will be about 131 million bags, while world production will be around 124 million bags in 2010. May futures for Arabica-coffee delivery slid $0.0515 (3.8 percent) to $1.319 per pound today in New York.

Corn and soybean prices advance with rising gasoline price, boosting the attractiveness of fuels produced from grain and oilseeds. Gasoline prices reached the highest level in five weeks, increasing demand for corn-based ethanol and biodiesel made from soybeans. May futures for corn delivery gained $0.11 (3 percent) to $3.8275 per bushel on the Chicago Board of Trade. May futures for soybean delivery rose $0.145 (1.5 percent) to $9.69 per bushel.