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Demand Grows and So Do Prices for Copper, Oil & Gold

May 26, 2011 at 1:08 by Vladimir Vyun

Copper gained on outlook for growing demand. Copper stockpiles in warehouses of the Shanghai Futures Exchange dropped last week to the lowest in more than seven months, signaling that demand in China, the biggest consumer in the world, is growing. Goldman Sachs recommended buying copper, oil and zinc as the global growth should be strong enough to support prices. Contract for delivery of copper in July went up as much as 1.1 percent to $4.056 per pound on COMEX.

Crude oil reached the highest level in two weeks as the US inventories of diesel and heating oil slumped to the lowest level in more than two years. July contract for crude oil delivery gained $1.73 to $101.32 per barrel on NYMEX.

Gold advanced for the fourth straight day as Europe’s debt crisis continues to drive investors to safer assets. August futures for delivery of gold climbed $3.50 (0.2 percent) to $1,527.80 per ounce by 13:52 on COMEX.

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

2 Responses to “Demand Grows and So Do Prices for Copper, Oil & Gold”

  1. Economic Collapse Guru

    Copper looks to be shaping up to be a pretty good investment. The copper US American Eagles look interesting. Do you think they are worth buying?

    [Reply]

    enivid Reply:

    I am not a big fan of owning physical commodities.

    [Reply]

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