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Growing Demand Boosts Corn & Gold Prices

June 11, 2010 at 19:54 by Vladimir Vyun

Corn gained today as Chinese stockpiles declined, fueling speculation that China will increase imports from the U.S. China sold 524,800 metric tons of corn from government reserves today to satisfy domestic demand. The biggest user of corn is the U.S., while China being the second biggest. December futures for corn delivery gained $0.0175 (0.5 percent) to $3.6625 per bushel by 10:37 a.m. on CBoT.

Gold advanced today, heading for the third weekly gain, as the low prices increased the appeal of the precious metal. Trader’s perception of gold as an alternative currency is another positive factor as troubles in Europe draw investors to the metal in search of a safety. Some experts think that the prices are still too high to attract many traders and gold should encounter resistance at the $1,250 level. August futures for gold delivery rose $8.30 (0.7 percent) to $1,230.50 as of 12:48 on COMEX.

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

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