Commodity Blog

Archive for June, 2010

Latest commodity prices (ICE, NYMEX, CME) as of 19:36 GMT:

Oil (Brent) — $76.25
Gold — $1,243.55
Silver — $18.67
Palladium — $472.50
Platinum — $1,560.78
Copper — $6,690.00
Aluminum — $1.968.00
Nickel — $19,600.00
Zinc — $1,880.00
Cocoa — $3,084.00
Sugar — $16.86
Corn — $346.00
Soybean — $956.00

Wheat gained today on outlook that production in the U.S., Canada and Russia would decline because of adverse weather. U.S. output may decline 6.7 percent in the year started June 1st; Canadian farmers sowed 7.1 percent less acres than in the previous year; Russia expected to harvest 55.9 million metric tons of wheat, 9.5 percent fewer than previously predicted. September futures for wheat delivery gained $0.0475 (1 percent) to $4.805 per bushel as of 10:24 a.m. on CBoT.

Corn and soybeans fell today on forecast that warm weather would boost harvest. Another reasons for drop of the commodities were the stronger dollar and the outlook for lower demand from China. December futures for corn delivery slid $0.0375 (1 percent) to $3.6825 per bushel by 11:09 on the Chicago Board of Trade. November futures for soybean delivery fell $0.11 (1.2 percent) to $9.25 a bushel.

Sugar dropped today, erasing previous gains, after new home sales in the U.S. tumbled, signaling that the economic recovery may stall. Markets were also bothered by slumping equities and falling crude oil prices. October delivery for raw sugar slipped $0.0011 (0.7 percent) to $0.1581 per pound on ICE Futures U.S.

Latest commodity prices (ICE, NYMEX, CME) as of 19:23 GMT:

Oil (Brent) — $76.04
Gold — $1,233.72
Silver — $18.46
Palladium — $472.50
Platinum — $1,567.15
Copper — $6,548.00
Aluminum — $1.940.00
Nickel — $19,280.00
Zinc — $1,824.30
Cocoa — $3,042.00
Sugar — $16.14
Corn — $346.00
Soybean — $957.50

Coffee slipped today on forecasts about high output in Brazil. Analysts think that the previous high prices haven’t reflected the supply and demand balance and the correction was expected. September delivery for Arabica-coffee fell $0.008 (0.5 percent) to $1.60 per pound by 8:32 on ICE Futures U.S.

Wheat declined today for the third consecutive session as hot weather in the U.S. made fields dry enough for harvest. U.S. winter crop harvest was completed at 17 percent as of June 20th, up from 9 percent the week before. September futures for wheat delivery slid $0.04 (0.8 percent) to $4.7325 per bushel by 10:07 on CBoT.

Hog and cattle futures gained today as prices for wholesale-meat rose with expectations of increased demand in the U.S. as summer grilling started. Demand should increase with the coming of the U.S. Independence Day holiday on July 4, encouraging grocers to increase their stockpiles. August futures for hog settlement rose $0.00325 (0.4 percent) to $0.84675 per pound as of 10:11 on CME.

Latest commodity prices (ICE, NYMEX, CME) as of 16:26 GMT:

Oil (Brent) — $78.82
Gold — $1,238.57
Silver — $18.91
Palladium — $486.00
Platinum — $1,588.18
Copper — $6,616.00
Aluminum — $1.952.00
Nickel — $19,727.00
Zinc — $1,796.30
Cocoa — $3,032.00
Sugar — $16.13
Corn — $351.00
Soybean — $966.25

Copper gained on expectations that demand will rise after China, the largest consumer of the metal in the world, signaled that it might end yuan’s peg to dollar. Strong currency will allow more imports for China, including base metals, mainly nickel and copper. September futures for copper delivery gained $0.058 (2 percent) to $2.9595 per pound on COMEX.

Another commodity benefiting from the expected end of yuan’s peg was soybeans as increasing China’s purchasing power would allow the nation to buy more U.S. crops. China bought 120,000 metric tons of soybeans from U.S. exporters for delivery before August 31st. November futures for soybean delivery added $0.085 (0.9 percent) to $9.39 per bushel on CBoT.

Sugar futures gained on speculation that global demand will rise, spurring importers to increase their purchases. Philippines plans to import 100,000 metric tons of the sweetener over the next two weeks, while Egypt expected to purchase at least 50,000 tons of raw sugar. October delivery for raw sugar rose $0.0058 (3.8 percent) to $0.1596 per pound on ICE.

Latest commodity prices (ICE, NYMEX, CME) as of 16:51 GMT:

Oil (Brent) — $78.30
Gold — $1,238.03
Silver — $18.68
Palladium — $491.50
Platinum — $1,599.92
Copper — $6,536.00
Aluminum — $1.945.00
Nickel — $19,601.00
Zinc — $1,769.80
Cocoa — $2,955.00
Sugar — $16.06
Corn — $352.50
Soybean — $959.00

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 June 19th 2010:

Soybeans rose on today on the speculation that unusually wet weather will halt planting in the U.S. Precipitation in some parts of the U.S. was six time of the normal amount. November futures for soybean delivery gained $0.055 (0.6 percent) to $9.305 per bushel on CBoT.

Cotton dropped today on forecast that production in the U.S. will surge. In the current season U.S. production predicted to reach as much as 16.7 million bales in the year beginning August 1st, compared to the previous estimates of 12.2 million. In the next season output expected to grow even more, especially in Texas. Hedge-fund managers and other large speculators reduced their net-long positions to the lowest level in nine months by June 8th. December delivery for cotton slid $0.0047 (0.6 percent) to $0.7895 per pound on ICE Futures U.S.

Latest commodity prices (ICE, NYMEX, CME) as of 21:56 GMT:

Oil (Brent) — $78.36
Gold — $1,256.30
Silver — $19.15
Palladium — $488.00
Platinum — $1,580.11
Copper — $6,417.00
Aluminum — $1.940.00
Nickel — $19,600.00
Zinc — $1,738.00
Cocoa — $2,909.00
Sugar — $15.54
Corn — $360.00
Soybean — $960.25