Commodity Blog

Posts Tagged ‘Bank of Spain’

Copper futures rose on prospect of strong demand from China. Analysts say that global inventories are dwindling while demand from China remains stable, which may lead to a deficit of the metal. Inventories monitored by the Shanghai Futures Exchange decreased for a third straight week in spite of the fact that China imported 309,772 metric tons the previous month. July futures for copper delivery advanced $0.1165 (4 percent) to $3.061 a pound as of May 21 on COMEX.

Gold futures jumped after the euro’s decline boosted demand for the precious metal as a safe haven. The Bank of Spain took over the savings bank CajaSur after it was harmed by property-loan defaults. This caused doubts about resilience of the European banking system, which led to the euro’s weakness. June futures for gold delivery climbed $15.10 to $1,191.20 per ounce by 11:34 on COMEX in New York.