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Commodity Market Confused amid Contradictory Fundamentals

July 21, 2015 at 18:06 by Vladimir Vyun

Commodities demonstrated a mixed performance on Tuesday. Fundamentals failed to drive the market in a particular direction as they were contradictory. On one hand, the market sentiment improved as fears around the situation with Greece eased. On the other, prospects for monetary tightening from the Federal Reserve are detrimental to the commodity market.

There will be few important economic reports during the week. This means that choppy trading and unexpected moves are probable, though big swings are unlikely.

August contract for gold dipped 0.25 percent to $1,104 per troy ounce as of 18:02 GMT on COMEX today. September silver gained 0.18 percent to $14.79 per ounce. Futures for copper lost 0.22 percent to $2.4760 per pound. August WIT crude was up 0.2 percent to $50.25 per barrel on NYMEX. Contract for delivery of Brent crude in September slipped 0.04 percent to $56.63 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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