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Gains of Sugar & Crude Oil, Record Gold Prices

September 14, 2010 at 18:56 by Vladimir Vyun

Bad weather disrupted supply of sugar this summer, causing prices to jump. Today sugar futures reached the highest level in six months. Sugar production in Russia was damaged by worst drought in half a century, while Brazil had totally opposite problem: heavy rains, which delayed shipments. March delivery March delivery raw sugar added $0.0043 (1.9 percent) to $0.2298 per pound by 9:42 on ICE.

Crude oil rallied today for a third day as a decline of the dollar increased demand for commodities as alternative assets. The dollar declined today versus the euro and dropped to the lowest level in 15 years against the yen. October delivery for crude oil gained $0.63 (0.8 percent) to $77.82 per barrel as of 11:08 on NYMEX.

Gold reached a record level today as concerns for the global economic recovery increased demand for the metal as a safe haven. The Deutsche Bank AG predicted that gold would reach $1,400 by the end of this year as “risk aversion and fear take precedence over greed as the outlook for Western economies remains obscured by a myriad of unknowns”. December futures for gold delivery advanced $24.70 (2 percent) to $1,271.80 at 11:13 on COMEX. Gold prices reached today $1,273, the all-time record.

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

One Response to “Gains of Sugar & Crude Oil, Record Gold Prices”

  1. Hal (GT)

    It’s hard not to think at this point that gold at $1,400 is that far fetched. Between the debt, the dollar, and the central banks buying up the yellow metal, it only looks like it could go higher.

    [Reply]

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