Commodity Blog

Latest commodity prices (ICE, NYMEX, CME) as of 19:59 GMT:

Oil (Brent) — $111.65
Gold — $1,744.00
Silver — $33.80
Palladium — $695.00
Copper — $383.90
Aluminum — $111.25
Cocoa — $2,228.00
Sugar — $23.66
Corn — $642.00
Soybean — $1,217.00

Wheat rose today to a monthly high on concerns that cold weather in Europe will hurt output. Temperatures in Ukraine may fall below 15 degree Fahrenheit, threatening crops, especially those not covered with snow. At the same time, Russia is considering a tax on exports.

Additionally, wheat was rising with other commodities on speculation that Greece is making progress in debt-reduction discussions. The European leaders agreed about sanctions on countries with high budget deficit.

Wheat price climbed from $6.4475 to $6.6625 per bushel as of 21:24 GMT today on CBoT after reaching $6.6750 — the highest since January 3.

Latest commodity prices (ICE, NYMEX, CME) as of 21:04 GMT:

Oil (Brent) — $111.00
Gold — $1,738.60
Silver — $33.18
Palladium — $687.00
Copper — $379.40
Aluminum — $112.20
Cocoa — $2,307.00
Sugar — $23.78
Corn — $639.75
Soybean — $1,200.50

Corn and soybeans fell on forecast that rains may alleviate drought in South America. Global Weather Monitoring predicted that about 90 percent of areas planted with soybeans in Argentina and Brazil will get as much as 3 inches (7.6 centimeters) of rainfall. Previously, the region suffered from drought, therefore the forecast increases prospects for output.

Returning worries about the debt crisis in the European Union also hurt the commodities. European leaders were meeting yesterday at summit in Brussels. Investors are concerned that previously planned measures won’t be enough to contain spread of the problems across the eurozone.

Corn traded near $6.3200 per bushel today as of 00:43 GMT on CBoT, following the slump from $6.3925 to $6.3200 yesterday. Soybeans traded at $11.8900 per bushel today after falling from $12.1425 to $11.8525.

Latest commodity prices (ICE, NYMEX, CME) as of 19:45 GMT:

Oil (Brent) — $110.74
Gold — $1,731.30
Palladium — $688.85
Aluminum — $111.15
Cocoa — $2,281.00
Sugar — $23.82
Corn — $632.00
Soybean — $1,185.25

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 January 28th, 2012:

Cocoa dropped on concerns about the European crisis and the slower-than-expected economic growth in the United States. Traders remained concerned about the potential outcome of talks among Greece and its creditors. US gross domestic product rose 2.8 percent in the last quarter, while the expected growth was 3.0 percent. It’s still better than the 1.8 percent advance in the third quarter of 2011.

Earlier, the agricultural commodity reached the highest price since November as European NYSE-monitored stockpiles fell 1.8 percent since January 9. Additionally, concerns that dry weather in Ivory Coast will hurt output were boosting prices.

Cocoa closed at $2,361 per metric ton on ICE, falling from the opening of $2,452. Intraday, the price reached $2,480 — the highest level since November 14.

Latest commodity prices (ICE, NYMEX, CME) as of 21:06 GMT:

Oil (Brent) — $111.54
Gold — $1,737.80
Silver — $33.75
Palladium — $690.30
Platinum — $1,620.00
Copper — $388.35
Aluminum — $110.35
Cocoa — $2,361.00
Sugar — $24.21
Corn — $642.00
Soybean — $1,218.25

Soybeans and rubber declined today as macroeconomic data from the United States showed decreasing number of new home sales and increasing number of unemployment claims. Claims for unemployment benefits rose from 356,000 to 377,000 last week. New homes sales were at a seasonally adjusted rate of 307,000 in December, compared to the median forecast of 321,000 and the November value of 314,000.

Yesterday, soybeans advanced as the pledge of the US Federal Reserve to keep interest rate record low till 2014 was supporting commodities. The Standard & Poor’s GSCI Spot Index of 24 commodities added 1.5 percent yesterday.

Futures for delivery of rubber in July went down to 316.4 yen per kilogram ($4,087 per metric ton) before trading at 317.3 yen on the Tokyo Commodity Exchange. Soybeans fell from $12.2175 to $12.1825 per bushel as of 6:31 GMT on CBoT after reaching the highest price since January 3 of $12.3500 yesterday.

Latest commodity prices (ICE, NYMEX, CME) as of 19:40 GMT:

Oil (Brent) — $110.86
Gold — $1,722.70
Silver — $33.43
Palladium — $692.50
Copper — $388.50
Cocoa — $2,450.00
Sugar — $24.72
Corn — $635.50
Soybean — $1,222.50