Commodity Blog

Posts Tagged ‘euro’

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.

Gold may slid after the dollar rebounded against the euro, cutting appeal of the metal as an alternative asset. The greenback rose on concern about Greece’s debts last month. Gold have tendency to move inversely to the U.S. currency.

Yet there are some factors that can support the metal’s price. Commodities’ prices may go up as U.S. economy advanced at a 5.9 percent annual rate in the fourth quarter, the greatest pace in six years. Chile earthquake boosted the base metals prices, possibly pushing other commodities up. Africa’s biggest gold mines may halt due strikes, decreasing supply of the precious metal.

April futures for gold delivery fell $1.20 (0.1 percent) to $1,117.70 per ounce by 11:28 on the Comex division of the New York Mercantile Exchange. Immediate delivery for gold was at $1,117.30 in London.

Wheat gained on speculation that futures will advance, causing investors, who had bet on price decline, to buy back contracts and to close out positions. Speculative long positions in wheat futures were outnumbered by short positions by as much as 51,195 contracts in the week ended February 16th in Chicago. May futures for wheat delivery added $0.1025 (2 percent) to $5.14 per bushel by 10:16 on the Chicago Board of Trade.

Crude oil gained on signals that fuel demand may rise in the U.S. as economy recovers. Price was also aided by the dollar’s decline against the euro. The number of tankers used as floating storage for crude oil and diesel dropped 20 percent in January. April delivery for crude oil went up $1.70 (2.2 percent) to $79.87 per barrel as of 10:41 on NYMEX.

Copper slipped today on speculation that economic rebound in the U.S. may be slow. Uncertainty in future of the U.S. economy lowered consumer confidence, causing fewer purchases. Copper prices also slid as the rebounding dollar curbed the appeal of commodities as an inflation hedge. May futures for copper delivery fell $0.094 (2.8 percent) to $3.2345 per pound on the Comex Division of the New York Mercantile Exchange.

Cocoa sunk to the lowest since September in New York on signals that large supplies will cut the price of the chocolate ingredient. Prices also dropped as the dollar gained 0.7 percent versus the euro. A rising dollar cut demand for some commodities as alternative assets. May futures for cocoa delivery slid $138 (4.5 percent) to $2,945 per ton on ICE.

Cattle futures slid today on signs that the stronger dollar will cut appeal of  the U.S. beef. The dollar rose 0.9 percent against a basket of six major currencies to a record level since July. The rising dollar makes purchases of beef from the U.S. unprofitable for overseas traders. April futures for cattle delivery slid $0.003 (0.3 percent) to $0.9125 per pound by 12:06 on the Chicago Mercantile Exchange.

Cocoa prices dropped after the dollar rebounded versus the euro and equities declined, decreasing appeal of some commodities for investors as safe haven. The dollar jumped on speculation that a European Union plan to aid Greece avoid default will fall. Analysts say that downward trend for cocoa can be short-term. May futures for cocoa delivery fell $17 (0.5 percent) to $3,099 per ton at 12:11 on ICE.

Cocoa futures dropped after the dollar gained, causing an equity decline and, as a result, the investment attractiveness of commodities to wane. Decline is also caused by concerns that jobless rate in the U.S. and rising debt in Europe will stall economic revival. Analysts say that “equities can very easily break cocoa”. May futures for cocoa delivery fell $55 (1.7 percent) to $3,125 per metric ton on ICE Futures U.S. in New York.

Coffee price tumbled to the four-month low. Analysts say that this drop caused by the dollar’s rebound, not fundamentals. The dollar’s advance may convince investors and funds to take money out of commodities. March futures for Arabica-coffee delivery waned $0.0145 (1.1 percent) to $1.3155 per pound today.

Sugar went down in New York to the two-week low as the dollar rebounded against the euro, curbing investment appeal of the commodity. The U.S. currency gained 1.2 percent versus the euro, putting commodities under pressure. Some analysts say that sugar will be traded in a range of $0.27–$0.29 in the next couple of months if it wouldn’t fall below $0.27 now. March futures for raw-sugar delivery slid $0.0062 (2.2 percent) to $0.28 per pound by 13:08 on ICE.

Cotton prices tumbled, continuing the longest decline since September 2008, on investor concerns that harsh banking regulations may curb commodity trading. Traders limit their purchases and sales until rules will be clear to minimize risk of money loss. March futures for cotton delivery waned $0.0048 (0.7 percent) to $0.6855 per pound as of 11:23 on ICE.

Gold gained on speculation that the dollar’s advance will slow, increasing appeal of the precious metal as an inflation hedge. The U.S. currency slid as much as 0.5 percent versus the euro. A rising deficit in the U.S. forces investors to buy hard assets like gold and oil. April futures for gold delivery added $15.40 (1.4 percent) to $1,099.10 per ounce by 11:27 on the New York Mercantile Exchange’s Comex unit.

White sugar price reached to the highest level since 1989 in London as concern about supply deficit forces India and other importers to increase stockpiles. India, the biggest consumer in the world, are going to import at least 7 million tons of sugar this season, third of that number being white, or refined, sugar. Worldwide demand for sugar will exceed supply by 13.5 million metric tons in the 2009–10 season. March delivery for white sugar gained $11.20 (1.5 percent) to $743.90 per ton on the Liffe exchange.

Analysts predict that gold may decline as a stronger dollar eroded appeal of the precious metal as an inflation hedge. The U.S. currency rose 0.8 percent versus the euro today. If the greenback rally continues, gold is going to go down. Immediate delivery for gold was little changed, remaining at $1,133.50 per ounce by 11:12 in New York.

Gold prices dropped as rising dollar lowered demand for the precious metal as a hedge against inflation. Restoring U.S. economy returned confidence in the U.S. currency, driving the greenback up. Some investors also were selling the metal to make profit from high gold prices. February futures for gold delivery slid $9.80 (0.9 percent) to $1,098.10 per ounce on the Comex division of NYMEX.

Crude oil little changed, remaining at a five-week high, after heating oil jumped on forecast for cold weather in the U.S. and the dollar rebounded versus the euro. January delivery for heating oil increased $0.0293 (1.4 percent) to $2.1028 per barrel on NYMEX. U.S. oil stockpiles dropped 1.85 million barrels in the week ended December 25th from 327.5 million the previous week. February delivery for crude oil gained $0.1 to $78.87 per barrel on NYMEX.

Platinum hit the record in four weeks after the dollar slid versus the euro, increasing demand for precious metals as an alternative investment. The greenback slid 0.8 percent against the euro. April futures for platinum delivery added $30 (2.1 percent) to $1,432.90 per ounce on the New York Mercantile Exchange.

Gold prices reached the record level in a week as the dollar fell, spurring demand for precious metals as an inflation hedge. The precious metal also gained as new home purchases in the U.S. decreased last month and consumer spending increased less than expected, boosting demand for the metal as a haven. February futures for gold delivery increased $7.30 (0.7 percent) to $1,094 per ounce on NYMEX.