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Commodities Bounce After Wednesday’s Drop

September 24, 2015 at 3:31 by Vladimir Vyun

Commodities edged up today, following yesterday’s drop, most likely due to profit-taking. The decline had been caused by unfavorable data from China. The Caixin Flash Manufacturing PMI slipped from 47.3 in August to 47.0 in September. While the fall itself was not significant, the reading was worst since March 2009.

Crude oil had its own reason to rally as US stockpiles fell 1.9 million last year, almost two times the predicted amount. It looks like the decline in the number of US oil rigs had its impact on inventories.

Despite today’s rally, the outlook for most raw materials remains negative due to global economic slowdown and prospects for monetary tightening from the Federal Reserve.

December contract for delivery of gold gained 0.27 percent to $1,134.60 per troy ounce as of 3:25 GMT on COMEX today. Futures for delivery of silver went up 0.14 percent to $14.81 per ounce. Copper advanced 0.39 percent to $2.3045 per pound. November futures for WTI crude oil climbed 0.92 percent to $44.89 per barrel on NYMEX. Contract for Brent crude rose 0.73 percent to $48.10 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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