Commodity Blog

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


Increase of Oil, Gasoline, Copper & Gold

August 3, 2009 at 20:34 by Vladimir Vyun

Oil and gasoline gained today with signs of increasing industrial activity. Good economic prospects cause rebound of fuel demand leading to increased oil and gasoline prices. September delivery for crude oil gained $2.11 (3 percent) to $71.56 per barrel by 11:08 on NYMEX. September delivery for gasoline raised $0.0541 (2.7 percent) to $2.0667 per gallon in New York.

Copper jumped more than 4 percent to 10-month high. As U.S. and Chinese manufacturing are experiencing recovery speculation are rising on increasing demand for industrial materials. September delivery for copper went up $0.1095 (4.2 percent) to $2.733 per pound as of 11:40 on the New York Mercantile Exchange’s Comex division.

Gold rises to the highest in almost two months as dollar weakens today. Tendency for gold to rise when dollar falls causes gold to gain as dollar weakens and demand for the metal as alternative investment increases. December delivery for gold raised $7 (0.7 percent) to $962.80 per ounce at 12:51 on the New York Mercantile Exchange’s Comex division.

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

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