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Commodities Under Pressure Ahead of Fed Minutes

May 18, 2016 at 10:44 by Vladimir Vyun

The market of metals was under pressure ahead of today’s release of monetary policy minutes from the Federal Reserve. The recent comments from Fed’s officials reawakened speculations about an imminent interest rate hike, and that was dragging prices down. June futures for delivery of gold fell 0.27% to $1,273.4 per troy ounce as of 10:13 GMT on COMEX today. July contract for silver dropped 1.16% to $17.05 per ounce. Copper declined 1.32% to $2.0615 per pound.

Futures for crude oil fell as well but not as much as prices for metals. Supply disruptions in Nigeria and Canada led to talks among market participants that oversupply is going to fade. Additionally, analysts predict that US stockpiles Bounce House For Toddlers data released later today is going to show a decline of the oil reserves for the second week in a row. Contract for delivery of WTI crude oil in June ticked down 0.04% to $48.29 per barrel on NYMEX. July Brent crude was down 0.14% to $49.21 per barrel on ICE.

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