Commodity Blog

Archive for March, 2010

Wheat dropped to a lowest in five months after a report that farmers in the U.S. may plant more than predicted. Growers may use as much as 53.8 million acres for planting wheat seed, while the average estimate was 53.3 million acres. Possibility of oversupply drags prices down. May futures for wheat delivery dropped $0.1425 (3 percent) to $4.5775 per bushel by 10:28 on the Chicago Board of Trade.

Gold gained after the dollar slid today, boosting the demand for an alternative assets. The U.S. currency fell 0.7 percent versus a basket of major currencies as recovery of the U.S. economy slowed and jobless rate worsened. Confidence in euro strength also waned on concern about Greece budget deficit, causing investors to seek alternative to common currencies. June futures for gold delivery gained $9.10 (0.8 percent) to $1,114.80 per ounce as of 11:53 on NYMEX in New York.

Latest commodity prices (ICE, NYMEX, CME) as of 18:18 GMT:

Oil (Brent) — $82.45
Gold — $1,114.53
Silver — $17.54
Palladium — $475.00
Platinum — $1,641.28
Copper — $7,820.00
Aluminum — $2,330.00
Nickel — $25,050.00
Zinc — $2,370.00
Cocoa — $2,957.00
Sugar — $16.53
Corn — $345.50
Soybean — $940.00

Uranium prices may begin advance at the end of this year with growing demand from utilities. Supplies from recycling Soviet-era warheads and enrichment facilities can’t catch up demand from such countries as South Korea, China, Russia and India. Analysts predict that prices may climb from $40 per pound to as much as $100. Immediate delivery for uranium oxide concentrate rose 2.4 percent from previous week to $42.25 per pound.

Sugar advanced in New York for a second straight day as importers are planning to increase purchases after prices have dropped. Demand may be supported by rising imports in India and Iraq. Previously prices rose because adverse weather damaged harvests in India and Brazil, then prices declined on speculation about rebounding global production. May delivery for raw sugar advanced $0.0012 (0.7 percent) to $0.1763 per pound by 9:52 on ICE Futures U.S.

Latest commodity prices (ICE, NYMEX, CME) as of 15:35 GMT:

Oil (Brent) — $81.14
Gold — $1,103.65
Silver — $17.24
Palladium — $469.50
Platinum — $1,620.19
Copper — $7,835.00
Aluminum — $2,298.00
Nickel — $24,100.00
Zinc — $2,362.00
Cocoa — $2,968.00
Sugar — $17.55
Corn — $357.50
Soybean — $965.00

Sugar rose for the first time in three sessions as demand rebounded after a decline in prices. India, the world largest sugar buyer, plans to widen imports to boost domestic stockpiles. Prices more than doubled in 2009 as bad weather conditions damaged harvests in Brazil and India, the largest growers it the world. May delivery for raw sugar advanced $0.0038 (2.2 percent) to $0.1738 per pound at 9:42 a.m. on ICE.

Soybeans and corn advanced after the dollar fell, bolstering attractiveness of the U.S. commodities. The greenback dropped for a second straight session versus a basket of six major currencies after concerns about Greek debt lessened. May futures for soybean delivery rose $0.1625 (1.7 percent) to $9.6825 per bushel by 10:17 on the Chicago Board of Trade. May futures for corn delivery gained $0.0225 (0.6 percent) to $3.585 per bushel.

Latest commodity prices (ICE, NYMEX, CME) as of 16:03 GMT:

Oil (Brent) — $81.50
Gold — $1,111.53
Silver — $17.38
Palladium — $471.50
Platinum — $1,607.34
Copper — $7,771.00
Aluminum — $2,282.00
Nickel — $23,950.00
Zinc — $2,334.00
Cocoa — $2,923.00
Sugar — $17.46
Corn — $358.25
Soybean — $969.75

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 March 27th 2010:

Crude oil fluctuated as the dollar fell, bolstering the demand for commodities as an alternative investment, and after a government report that the U.S. economy expanded less than predicted in the fourth quarter of 2009. The U.S. currency fell as much as 1.1 percent versus the euro. OPEC is planning to raise shipments by 1.7 percent in the month ending April 10th, signaling that demand in Asia stays high. May delivery for crude oil fell $0.14 to $80.39 per barrel as of 10:26 on NYMEX.

Hog futures slid on outlook for lower reductions of the U.S. breeding herd. U.S. hog farmers held back about 5.855 million sows for breeding by March 1st, that’s 2.3 percent down from a previous year. Reductions declined as farmers expect that profits may rebound after losses on slumping pork demand and high corn prices. June futures for hog settlement slid $0.00175 (0.2 percent) to $0.7945 per pound by 11:44 on the Chicago Mercantile Exchange.

Latest commodity prices (ICE, NYMEX, CME) as of 15:56 GMT:

Oil (Brent) — $79.32
Gold — $1,001.85
Silver — $16.84
Palladium — $455.00
Platinum — $1,595.90
Copper — $7,520.00
Aluminum — $2,233.00
Nickel — $23,670.00
Zinc — $2,256.00
Cocoa — $2,860.00
Sugar — $16.89
Corn — $356.75
Soybean — $946.25

Soybeans advanced on speculation that supplies available for domestic processors may shrink as exports sales increased last week. Exports reached rose as much as 28 percent from a week earlier to 273,439 metric tons in the week ended March 18th, the highest since February 4th. Processors are planning to cut their production because of  shrinking supplies. May futures for soybean delivery advanced $0.02 (0.2 percent) to $9.62 per bushel as of 10:44 on CBoT.

Copper prices went up after the euro rebounded versus the dollar, boosting appeal of the metal as a hedge against inflation. The euro gained as much as 0.5 percent. Inventories of the LME-monitored copper dropped 0.3 percent, supporting the metal’s price. Delivery for copper in three months went up $47 (0.6 percent) to $7,418 per metric ton by 17:44 on the London Metal Exchange.