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Commodities in Decline at Start of Tuesday’s Session

August 18, 2015 at 2:51 by Vladimir Vyun

Precious metals were in decline at the start of Tuesday’s session as the strong dollar hurt commodity prices. The decline followed the substantial rally on Monday after China had taken efforts to stabilize the falling yuan. Meanwhile, traders wait for the Federal Reserve policy minutes (due to release on Wednesday) in hopes to get hints about the possible timing of an interest rate hike. Perhaps, the anticipation of higher lending rates is the reason for the dollar’s strength and the resulting weakness of metals. December futures for delivery of gold fell 0.12 percent to $1,117.10 per troy ounce as of 2:40 GMT on COMEX today. September contract for silver dipped 0.38 percent to $15.24 per ounce.

Futures for crude oil dropped as well today, partly due to the same reasons as precious metals. The commodity also had its own factor for the decline, namely concerns about oversupply on the market (the usual theme for the energy market in the recent times). The report from Baker Hughes fueled such worries, showing that the number of US oil rigs increased last week, albeit by a small amount. Contract for delivery of WTI crude oil in September declined 0.10 percent to $41.83 per barrel on NYMEX today. Brent crude lost 0.31 of its value to trade at $48.59 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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