Commodity Blog

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

Archives

Hogs and Platinum Gain, Copper Resists

July 16, 2009 at 20:49 by Andriy Moraru

Wholesale pork surged 5.5 percent to $0.6333 a pound during yesterday’s trading session, as the corporate meatpackers (such as Tyson Foods Inc.) decreased their slaughter rates to spur the price growth. Hogs futures reacted with an up-movement as the demand for hogs may also increase with the profits of the companies. October hog futures rose by $0.00975, which is 1.6 percent, to $0.60075 a pound as of 11:32 on CME.

Platinum gains as the metals get into the focus of the investment banks and hedge funds. The gain was noticeable mainly in the industry-applicable metals such as platinum and palladium. Goldman Sachs recommends buying January platinum futures because auto-production may rise soon. October futures on platinum rose by $13.90, or 1.2 percent, to $1,171.80 per ounce as of 12:38 on NYMEX.

Copper prices remain mostly unchanged during the trading session in New York as the commodity optimism may be coming to an end. September copper futures declined by $0.004 to $2.388 per pound as of 13:03 on the Comex division of the New York Mercantile Exchange.

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

Leave a Reply

required
required  

Navigation

Menu