Advance of Platinum, Palladium, Coffee
Platinum and palladium gain as the dollar declines, boosting appeal of the metals as an inflation hedge. The U.S. economy shrank at a 0.7 percent annual rate in the second quarter. January futures for platinum delivery rose $24.70 (1.9 percent) to $1,302.90 per ounce on the New York Mercantile Exchange. December futures for palladium delivery gained $9.20 (3.2 percent) to $299.20 per ounce in New York.
Coffee advanced because of speculation that demand will rise in the U.S. with recovery from the global economic recession. Price is also boosted by the decline of dollar, increasing the appeal of some commodities. The dollar tumbled 0.8 percent against a basket of six major currencies. December futures for Arabica coffee delivery advanced $0.023 (1.8 percent) to $1.278 per pound on ICE Futures U.S. in New York.
If you have any questions and comments on the commodities today, use the form below to reply.