Commodity Blog

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Commodity Market Depressed Ahead of Nonfarm Payrolls

September 4, 2015 at 10:44 by Vladimir Vyun

The commodity market was on the defensive ahead of US nonfarm payrolls scheduled for release later today. Gold held steady, but many other commodities, like copper and crude oil, demonstrated losses.

Traders are concerned that, if NFP provide a positive reading, chances for an early interest rate hike from the Federal Reserve will increase. And this might increase risk aversion on markets, deterring investors from riskier assets like raw materials. Obviously, such prospect does not encourage buying commodities right now.

December contract for gold was barely changed at $1,123.90 per troy ounce as of 10:40 GMT on COMEX today. Copper, on the other hand, dropped 1.49 percent to $2.349 per pound. WTI crude oil for delivery in October declined 0.77 percent to $46.39 per barrel on NYMEX.

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

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