Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Gold Rises, Sugar & Copper Go Down

April 21, 2010 at 20:40 by Vladimir Vyun

Gold gained today as the concern that the rescue package, offered to Greece, won’t be enough to deal with the nation’s debt increased the appeal of the precious metal as a safe haven. Worries about a budget deficit are spreading to other European countries and also to U.K., driving investors to look for alternative assets and a safe haven. June futures for gold delivery gained $3 (0.3 percent) to $1,142.20 per ounce by 11:20 on NYMEX.

Sugar dropped to the weekly low in London on speculation that India may cut imports of the sweetener after its own sugar production increased. The India’s production may rise to 23 million tons in the year starting October 1st as there should be enough rains for the expected harvest. August futures for refined sugar delivery dropped $3.30 (0.7 percent) to $486.40 per metric ton at 15:18 on Liffe exchange.

Copper declined on speculation that demand for the metal may fall after China toughened rules for lending and property markets. Measures taken by China’s government should cool the nation’s economy, possibly resulting in falling demand and sinking price for commodities. Delivery for copper in three months declined $15 (0.2 percent) to $7,775 per metric ton as of 17:09 on the London Metal Exchange.

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