Commodity Blog

Latest commodity prices (ICE, NYMEX, CME) as of 20:25 GMT:

Oil (Brent) — $80.41
Gold — $1,120.78
Silver — $17.17
Palladium — $469.50
Platinum — $1,589.47
Copper — $7,519.00
Aluminum — $2,232.00
Nickel — $22,200.00
Zinc — $2,370.30
Cocoa — $2,820.00
Sugar — $21.66
Corn — $364.50
Soybean — $941.00

On the daily chart of a corn a symmetrical triangle pattern has formed.The downward breakout is probable as this pattern tend to break in the direction of the previous trend. But symmetrical triangle can break in any direction, so you can wait for a breakout to see where the price is going and minimize the risk. Anyway, in this case the pattern is weak and, wherever the price will be going, movement should not be strong. Click the image to enlarge it to a full-size screenshot:

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 6th 2010:

Aluminum producers lowered the fee for Japanese buyers after China resumed halted capacity and supply in Asia rose as smelters began production. Premiums for the three months ending June 30 fell to $122 per metric ton down from $125 to $130 this quarter (the highest level in 14 years). The premium for Good Western-grade aluminum ingot more than doubled in 2009 as record purchases by China and decreased supplies from Russia caused shortage of the metal in Asia.

China, the largest buyer of copper in the world, decreased import after record purchases in 2009 as local smelters restarted production. Aluminum smelters in China, the largest producer of the industrial metal, resumed 5 million tons per annum of idled capacity in past year as profit margins improved with increasing prices. China’s purchases of refined aluminum dropped to 40,059 metric tons in January from 42,106 tons in December as the nation have ample inventories after it have bought more metal than necessary on outlook for a demand recovery.

Delivery for aluminum in three months rose 0.3 percent to $2,225 per ton by 15:57 on the London Metal Exchange. The price has reached previously a 15-month high.

Latest commodity prices (ICE, NYMEX, CME) as of 19:51 GMT:

Oil (Brent) — $79.88
Gold — $1,133.85
Silver — $17.34
Palladium — $475.00
Platinum — $1,575.54
Copper — $7,532.00
Aluminum — $2,225.00
Nickel — $22,405.00
Zinc — $2,344.00
Cocoa — $2,855.00
Sugar — $22.24
Corn — $364.25
Soybean — $936.00

Analysts forecast that gold priced in euro will continue to hit new highs. When price will reach its previous peak a cup and handle pattern may occur as investors start selling, causing some decline in price. After that price tend to rise greatly. Gold rose to 836.98 euro per ounce, an all-time record, on March 2nd.

Copper scrap discount to New York-listed futures declined by half in two months on deficit of used metal. Demand for the copper is rebounding on speculation that economic recovery will increase consumption. In the same time, scrap copper becoming scarcer because of harsh winter in the U.S. as snow hampers collection of scarp. May delivery for copper shrunk 0.3 percent to $3.4245 per pound by 11:17 on NYMEX.

Latest commodity prices (ICE, NYMEX, CME) as of 20:18 GMT:

Oil (Brent) — $78.75
Gold — $1,131.10
Silver — $17.08
Palladium — $456.50
Platinum — $1,574.33
Copper — $7,403.00
Aluminum — $2,210.00
Nickel — $22,375.00
Zinc — $2,242.00
Cocoa — $2,814.00
Sugar — $21.75
Corn — $372.25
Soybean — $932.50

Wheat gained as U.S. farmers are cutting sales on anticipation that a weaker dollar will increase demand for the grain. Price was falling as global wheat supplies are increasing faster than world demand but low wheat planting this winter may cause lack of supplies, leading to rebound in price. May futures for wheat delivery rose $0.1125 (2.2 percent) to $5.1575 per bushel on the Chicago Board of Trade.

Corn advanced on speculation that excessive rainfall may harm crops in Argentina. Price is supported by combination of a falling dollar, adverse weather and improving world stock markets, as well as by farmers, who are holding crops for higher prices. May futures for corn delivery jumped $0.0525 (1.4 percent) to $3.8675 per bushel in Chicago.

Gold may rise to $1,162 per ounce, according to technical analysis, in case prices hold above $1,135 level. The precious metal advanced 3.6 percent this year. Gold traded at $1,136.45 by 10:44 in London.

Latest commodity prices (ICE, NYMEX, CME) as of 21:41 GMT:

Oil (Brent) — $79.30
Gold — $1,139.38
Silver — $17.16
Palladium — $446.00
Platinum — $1,578.98
Copper — $7,550.00
Aluminum — $2,200.00
Nickel — $22,650.00
Zinc — $2,290.00
Cocoa — $2,813.00
Sugar — $22.01
Corn — $375.50
Soybean — $954.25

Wheat slipped after dollar gained and Iraq shifted from U.S. grain to supplies from Canada and Russia. The greenback advanced 0.8 percent versus a basket of six major currencies today. Iraq bought 100,000 metric tons of wheat from Canada and 280,000 tons from Russia. May futures for wheat delivery dropped $0.0475 (0.9 percent) to $4.9975 per bushel as of 10:17 on CBoT.

Cocoa sank to the lowest in three months in London on outlook for increasing production in Ivory Coast. While output in Ivory Coast hasn’t returned to its highest level, production is higher then previously predicted. Analysts rose forecast for Ivory Coast cocoa supply for 2009–2010 period by as much as 44,000 metric tons up from January to 3.425 million tons. Cocoa for may delivery fell 1.3 percent to $2,824 per metric ton by 17:24 on ICE Futures U.S. in New York.