Commodity Blog

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Declining Cotton, Sugar & Copper

May 4, 2010 at 20:40 by Vladimir Vyun

Cotton futures declined as the stronger dollar decreased an attractiveness of commodities as alternative assets. Earlier waning production and growing demand pushed cotton prices up. July delivery for cotton dropped $0.0056 (0.7 percent) to $0.8267 per pound as of 9:25 on ICE.

Sugar fell today on an outlook that an output in India will exceed a demand, causing the biggest buyer in the world to become an exporter. Analysts think that the sugar price may drop below $0.14 per pound soon. July delivery for raw sugar went down $0.004 (2.7 percent) to $0.1458 per pound at 10:23 on ICE Futures U.S.

Copper dropped today to the lowest level since February 25th, weakened by a concern that the manufacturing in China may slow as the government tries to rein the overheating economy, causing a demand for the metal to decline. European budget deficit problems caused speculation that the global demand for copper may fall too. July for futures copper delivery fell $0.099 (3 percent) to $3.1945 per pound by 11:31 on the Comex in New York.

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

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