Commodity Blog

Commodities have started the trading week with gains as markets kept the risk-on mentality. Last week’s minutes from the Federal Reserve fueled speculations that the US central bank is going to delay monetary tightening — a positive outlook for raw materials. Moreover, US policy makers were sending mixed signals on Friday. While some of them empathized that an interest rate hike is still possible this year, other argued in favor of postponing the rate lift-off.

Crude oil also had its own bullish factor in form of comments from Kuwait Oil Minister Ali al-Omair, who told Reuters that global economic growth and the removal of high-cost non-OPEC producers should balance the oil market. He said:

There are indications that a lot of high-cost oil production is starting to get out of the market and this will help improve prices.

December futures for delivery of gold advanced 0.69 percent to $1,163.90 per troy ounce as of 9:14 GMT on COMEX today. Contract for silver climbed 1.02 percent to $15.98 per ounce. Copper gained 0.60 percent to $2.4285 per pound.

November WTI crude went up 0.42 percent to $49.84 per barrel on NYMEX today. Futures for Brent crude rose 0.68 percent to $53.01 per barrel on ICE.

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