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Copper & Oil Gain on US Nonfarm Payrolls

October 9, 2010 at 2:13 by Vladimir Vyun

Commodities, including copper and oil, rallied today as the dollar fell after US nonfarm payrolls showed that employers cut more jobs than expected, causing speculation that the weaker dollar would make dollar denominated commodities more attractive.

Nonfarm payrolls were 95,000 down in September after employers cut 57,000 in August. The report drew the dollar lower, making commodities cheaper to buy with dollars. On the other hand, talks about possible quantitative easing also spurred commodities, increasing traders’ willingness to risk. The Reuters/Jefferies CRB Index of 19 raw materials jumped to the highest level in almost two years.

December futures for copper delivery gained $0.095 (2.6 percent) to $3.7745 per pound by 13:30 on COMEX. November delivery for crude oil advanced $0.99 to $82.66 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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