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Hopes for Sustainable Demand Boost Copper & Corn

June 17, 2011 at 22:18 by Vladimir Vyun

Copper gained today as traders hope that demand from China will outweigh the negative impact of the debt crisis in Europe. Inventories of copper in China, the biggest user, fell by 21 percent in April and as much as 36 percent in May. The positive macroeconomic data from the US also had its positive impact on the outlook for demand. August futures of copper delivery rose 0.6 percent to 68,540 yuan ($10,591) per metric ton on Shanghai Futures Exchange. Futures for delivery copper in September fell 0.4 percent to $4.1205 per pound in New York.

Corn recovered today from a decline on the speculation that producers of ethanol won’t reduce output even after the US Senate voted to remove tax reductions for the industry. Lower prices for corn attracted exporters and animal feeders to the commodity. December futures for corn delivery jumped $0.075 (1.2 percent) to $6.605 per bushel as of 13:15 on CBoT. Earlier, the price slumped to $6.4775, the lowest level since March 17.

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

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