Archive for July 30th, 2010
Gold, Corn & Soybeans Gain on Rising Demand
Gold gained today on speculation that low prices would encourage investors to buy the precious metal. Most analysts say that the decline of prices is temporary and may end soon. It can be considered a good buying opportunity for
Corn and soybean prices went up today as demand for supplies from the US grew after drought and high temperatures harmed crops from Germany to Russia. Grain output in Germany estimated to drop as much as 11 percent, from 49.6 million metric tons in 2009 to 44 million this year. Drought hurt crops across at least 10.3 million hectares (25.5 million acres) in Russia, causing the government to declare emergencies in 27
Commodity Prices — July 30th 2010
Latest commodity prices (ICE, NYMEX, CME) as of 16:23 GMT:
Oil (Brent) — $77.36
Gold — $1,178.20
Silver — $18.01
Palladium — $493.00
Platinum — $1,563.03
Copper — $7,288.00
Aluminum — $2,165.00
Nickel — $21,065.00
Zinc — $2,007.30
Cocoa — $3,078.00
Sugar — $19.49
Corn — $401.50
Soybean — $997.50
Crude Oil Rises, But Can It Sustain Its Growth?
Crude oil gained today after weaker dollar and improving confidence in economic growth increased appeal of the commodity. Initial unemployment claims in the U.S. decreased to 457,000 in the week ending July 24 from the previous week’s revised figure of 468,000. Unemployment in Germany also decreased, falling by 20,000.
The weaker dollar spurred commodity prices. Extensive buying of energy commodities by investment funds also bolstered oil prices.
Positive news from financial markets drew attention away from potentially negative factors. Among such factors are increasing inventories and imports of crude oil in the U.S. Increasing supplies also may show negative influence in the future. OPEC output grew by 80,000 barrels (0.3 percent) to an average 29.24 million barrels per day.
September delivery for crude oil rose by $1.37 to $78.36 per barrel on NYMEX. Prices were up 3.6 percent this month.