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Copper & Crude Oil is Heading for Records

Commodity Inspector — Thu, 30 Sep 2010 17:15:08 +0000

Copper were heading for the biggest quarterly gain this year as the dollar weakened and inventories shrank. The US Dollar Index dropped 8.7 percent this quarter, making commodities cheaper and more attractive to buy. LME-monitored stockpiles of copper declined 17 percent this quarter. December futures for copper delivery slid $0.0005 to $3.661 per pound by 8:39 on COMEX.

Crude oil headed for the biggest monthly gain since May 2009, as reports about gross domestic product and jobless claims in the US were better than expected, suggesting that demand may increase. US GDP increased by 1.7% in the second quarter and initial jobless claims went down from 469,000 to 453,000 last week. US stockpiles of crude oil declined by 0.5 million barrels and total motor gasoline inventories dropped by 3.5 million barrels last week. November delivery for crude oil advanced $1.04 (1.3 percent) to $78.90 per barrel as of 11:12 on NYMEX.
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Advance of Corn, Slump of Wheat & Sugar on Growing Supplies

Commodity Inspector — Wed, 29 Sep 2010 21:50:24 +0000

Corn futures went up today on speculation that previous slump of prices would increase demand for the grain, used in production of fuel and to feed cattle. US gasoline inventories unexpectedly fell last week, increasing consumption of ethanol and also boosting demand for corn. December futures for corn delivery advanced $0.05 (1 percent) to $5.05 per bushel as of 13:15 on CBoT.

Wheat futures dropped today on forecast that rains in Russia and Eastern Europe would improve soil moisture, helping crops. Previously these regions suffered from dry weather and require more precipitation to recover. December futures for wheat delivery slipped $0.0125 (0.2 percent) to $6.835 per bushel by 13:15 on CBoT.

Sugar declined today on outlook for growing global supplies. India, the second largest producer of sugar in the world, expected to have a surplus of 7.5 million metric tons in the year starting October 1st, compared to 5 million this year. March delivery for raw sugar subtracted $0.0036 (1.4 percent) to $0.2493 per pound at 14:00 on ICE.
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Copper & Oil Decline on Outlook for Weak Demand

Commodity Inspector — Tue, 28 Sep 2010 00:37:05 +0000

Copper fell from highest level in five months today as the slower global economic growth suggests that demand for the metal may decrease. Reports about new homes sales and unemployment claims in the US last week signaled about weakness of the US economy. Analysts say that it’s not surprising for the price to encounter resistance at previous high levels, but that resistance may be broken in case of some really good news, which would push the prices upward. December futures for copper delivery subtracted $0.021 (0.6 percent) to $3.597 per pound by 13:24 on COMEX.

Crude oil dropped today after the dollar strengthened against the euro and forecasts suggest that gasoline inventories in the US, the biggest oil consumer in the world, would grow, causing demand for crude to decline. The euro fell versus the dollar on concerns about health of the banking systems in such countries as Ireland and Portugal. Experts estimated that US gasoline stockpiles advanced 750,000 barrels last week. November delivery for crude oil (Brent) dropped $0.3 (0.4 percent) to $78.57 per barrel on ICE.
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Crude Oil Falls, Gold & Silver Hit Records

Commodity Inspector — Fri, 17 Sep 2010 21:25:48 +0000

Crude oil slipped today to the lowest level in two weeks as concerns about slowdown of the US economy damped demand for the fuel. The Reuters/University of Michigan Consumer Sentiment unexpectedly fell from 68.9 in August to 66.6 in September. Gasoline consumption in the US was 9.23 million barrels per day in August, compared to 9.3 million in the same period a year ago. October delivery for crude oil fell $0.91 to $73.66 per barrel on NYMEX, the lowest level since August 31st.

Gold hit today a record for the third time this week as demand for the metal as a safe haven increased. Silver touched the highest level since 1980. The Federal Reserve was keeping the benchmark lending rate unchanged for almost two year and may resume buying of the Treasury securities. December futures for gold delivery went up $3.70 (0.3 percent) to $1,277.50 per ounce by 13:45 on COMEX. December futures for silver delivery gained $0.045 (0.2 percent) to $20.816 per ounce, the highest price since October 1980.
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