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Gold & Silver Falls on China, Cotton Surges as India Bans Export

March 5, 2012 at 23:06 by Vladimir Vyun

Metals, including gold and silver, fell today after China cut its growth estimate. China set its target for economic growth in 2012 to 7.5 percent, while it has been 8 percent since 2005. For some time, China was a major source of optimism about the global economic recovery and the sign of economic slowdown in the Asian nation was poor received by markets. The Standard & Poor’s GSCI index of 24 raw materials dropped 0.7 percent. Gold traded at $1,707.20 per ounce as of 22:53 GMT on COMEX today after falling from $1,712.70 to $1,694.40. Silver dropped from $34.79 to $33.54 per ounce before trading at $33.99 in New York today.

Cotton futures climbed today after the Indian Commerce Ministry halted exports to prevent deficit on the domestic market. The announcement surprised not only traders, but India’s officials as well. Many Indian lawmakers weren’t happy with the decision, while exporters claimed that the country has enough supply to meet the local demand. Cotton price climbed from $0.9375 to $0.9562 per pound in New York.

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

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