Commodity Blog

Posts Tagged ‘import’

Copper gained on expectations that demand will rise after China, the largest consumer of the metal in the world, signaled that it might end yuan’s peg to dollar. Strong currency will allow more imports for China, including base metals, mainly nickel and copper. September futures for copper delivery gained $0.058 (2 percent) to $2.9595 per pound on COMEX.

Another commodity benefiting from the expected end of yuan’s peg was soybeans as increasing China’s purchasing power would allow the nation to buy more U.S. crops. China bought 120,000 metric tons of soybeans from U.S. exporters for delivery before August 31st. November futures for soybean delivery added $0.085 (0.9 percent) to $9.39 per bushel on CBoT.

Sugar futures gained on speculation that global demand will rise, spurring importers to increase their purchases. Philippines plans to import 100,000 metric tons of the sweetener over the next two weeks, while Egypt expected to purchase at least 50,000 tons of raw sugar. October delivery for raw sugar rose $0.0058 (3.8 percent) to $0.1596 per pound on ICE.

Corn gained today as Chinese stockpiles declined, fueling speculation that China will increase imports from the U.S. China sold 524,800 metric tons of corn from government reserves today to satisfy domestic demand. The biggest user of corn is the U.S., while China being the second biggest. December futures for corn delivery gained $0.0175 (0.5 percent) to $3.6625 per bushel by 10:37 a.m. on CBoT.

Gold advanced today, heading for the third weekly gain, as the low prices increased the appeal of the precious metal. Trader’s perception of gold as an alternative currency is another positive factor as troubles in Europe draw investors to the metal in search of a safety. Some experts think that the prices are still too high to attract many traders and gold should encounter resistance at the $1,250 level. August futures for gold delivery rose $8.30 (0.7 percent) to $1,230.50 as of 12:48 on COMEX.

Wheat futures gained in Chicago for the third consecutive day after China bought corn and soybeans, causing speculation that the nation is increasing its grain imports. Traders think that China will turn to wheat after it purchased 118,000 metric tons of corn and 120,000 tons of soybeans from the U.S. Wheat became more attractive as livestock feed after futures plunged 21 percent the last year. July futures for wheat delivery gained $0.0175 (0.4 percent) to $4.715 per bushel as of 10:14 on CBoT.

Copper prices rose today on signs that demand from China remains steady. China’s stockpiles of the metal declined although the country imported as much as 309,772 metric tons last month. The prices will remain volatile, though, until we’ll see clear outcome of the situation in the European Union. July futures for copper delivery rose $0.123 (4.2 percent) to $3.0675 per pound by 10:49 on COMEX in New York.

Wheat futures gained for the second straight day as investors continues to unwind bets on a prices’ decline. The bets on futures’ decline dropped by 12 percent in the week ended April 20th. July futures for wheat delivery gained $0.075 (1.5 percent) to $5.03 per bushel on the Chicago Board of Trade.

Soybeans advanced as a demand for animal feed and cooking oil grew in China, prompting to increase purchases of supplies from the U.S. China purchased 120,000 metric tons of soybeans from the U.S. for arrival before September 1st and 691,000 tons for delivery in 2011 as the government tries to stabilize domestic prices. July futures for soybean delivery advanced $0.03 (0.3 percent) to $9.99 per bushel on CBoT.

Sugar dropped on speculation that a global deficit will be easing with increase of supplies from Brazil, the biggest producer in the world. Mills began processing a record cane crop, boosting production in Brazil’s Center South, the biggest growing region in the world, by 77 percent in the first half of this moth. July delivery for raw sugar dropped $0.0014 (0.9 percent) to $0.1515 per pound on ICE.

Hog futures slipped after wholesale pork prices climbed to the highest level since 2008, causing U.S. retail demand to fall. The falling demand made traders unwilling to buy the commodity for the record prices. Meat packers’ shipments of pork dropped 7.1 million pounds in the first three days of this week, that’s 7.2 percent down from the same period in the previous week. June settlement for hog futures slid $0.00575 (0.7 percent) to $0.865 per pound as of 9:34 on CME.

Sugar prices dropped as a speculation that an output will rise encouraged importers to halt their purchases. Traders cut their purchases in an anticipation of lower prices. Egypt scraped a plan to purchase 50,000 metric tons of the sweetener and another tender isn’t expected for at least two weeks. July delivery for raw sugar dropped $0.0032 (1.9 percent) to $0.1637 per pound by 11:07 on ICE Futures U.S.

Gold gained today as the concern that the rescue package, offered to Greece, won’t be enough to deal with the nation’s debt increased the appeal of the precious metal as a safe haven. Worries about a budget deficit are spreading to other European countries and also to U.K., driving investors to look for alternative assets and a safe haven. June futures for gold delivery gained $3 (0.3 percent) to $1,142.20 per ounce by 11:20 on NYMEX.

Sugar dropped to the weekly low in London on speculation that India may cut imports of the sweetener after its own sugar production increased. The India’s production may rise to 23 million tons in the year starting October 1st as there should be enough rains for the expected harvest. August futures for refined sugar delivery dropped $3.30 (0.7 percent) to $486.40 per metric ton at 15:18 on Liffe exchange.

Copper declined on speculation that demand for the metal may fall after China toughened rules for lending and property markets. Measures taken by China’s government should cool the nation’s economy, possibly resulting in falling demand and sinking price for commodities. Delivery for copper in three months declined $15 (0.2 percent) to $7,775 per metric ton as of 17:09 on the London Metal Exchange.

Soybeans reached the highest level in seven weeks after the report that China may continue its purchases of supplies from the U.S. The demand for the supplies from the U.S. rose as China stopped the soybean-oil imports from Argentina. The country may import 5.5 million metric tons in the next month. July futures for soybean delivery rose $0.0375 (0.4 percent) to $9.7925 per bushel as of 11:01 on the Chicago Board of Trade.

Copper gained on the weakening dollar and the recovery of the U.S.economy. U.S. retail sales rose in March more than forecast, signaling about the widening economic rebound. The U.S. currency dropped versus the basket of the six major currencies, making commodities more appealing as an inflation hedge. May futures for copper delivery gained $0.0075 (0.2 percent) to $3.608 per pound by 12:10 on NYMEX.

White sugar gained in London on the prospect for the increased imports by China as the drought may decrease the sugar stockpiles. The Chinese importers may boost their purchases after the sugar production fell because of the drought in the Yunnan province. The sugar output, including beet and cane sugar, may decline to 12 million metric tons this crushing year, down from 12.5 million tons in the previous year.

The refining of the raw sugar imports in Russia dropped 22 percent, compared to the same period in the previous year, from the start of this year through April 1st. Russia may begin importing raw sugar in exchange for the grain shipments.

August delivery for white sugar rose $7.10 (1.6 percent) to $462.70 per ton on the Liffe exchange in London. May delivery for raw sugar retreated 0.6 percent to $0.1607 per pound by 12:37 on ICE. Analysts say that, while the support for the sugar price’s increase is not strong, the fundamentals still can push sugar further up.

Uranium prices may begin advance at the end of this year with growing demand from utilities. Supplies from recycling Soviet-era warheads and enrichment facilities can’t catch up demand from such countries as South Korea, China, Russia and India. Analysts predict that prices may climb from $40 per pound to as much as $100. Immediate delivery for uranium oxide concentrate rose 2.4 percent from previous week to $42.25 per pound.

Sugar advanced in New York for a second straight day as importers are planning to increase purchases after prices have dropped. Demand may be supported by rising imports in India and Iraq. Previously prices rose because adverse weather damaged harvests in India and Brazil, then prices declined on speculation about rebounding global production. May delivery for raw sugar advanced $0.0012 (0.7 percent) to $0.1763 per pound by 9:52 on ICE Futures U.S.

Sugar rose for the first time in three sessions as demand rebounded after a decline in prices. India, the world largest sugar buyer, plans to widen imports to boost domestic stockpiles. Prices more than doubled in 2009 as bad weather conditions damaged harvests in Brazil and India, the largest growers it the world. May delivery for raw sugar advanced $0.0038 (2.2 percent) to $0.1738 per pound at 9:42 a.m. on ICE.

Soybeans and corn advanced after the dollar fell, bolstering attractiveness of the U.S. commodities. The greenback dropped for a second straight session versus a basket of six major currencies after concerns about Greek debt lessened. May futures for soybean delivery rose $0.1625 (1.7 percent) to $9.6825 per bushel by 10:17 on the Chicago Board of Trade. May futures for corn delivery gained $0.0225 (0.6 percent) to $3.585 per bushel.