Commodity Blog

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


Industrial Metals Rally on China’s Growth Prospects, Oil Drops

March 5, 2014 at 17:17 by Vladimir Vyun

Nickel and zinc advanced today as China retained its growth target, supporting the positive outlook for industrial metals. Chinese Premier Li Keqiang said today at the annual meeting of the National People’s Congress in Beijing that target economic growth for this year remains at 7.5 percent, the same as in the previous year. Metals also rallied as tensions between Russia and Ukraine eased. Contract for delivery of nickel in three months rose 1 percent to $15,301 per metric ton on LME today, reaching $15,345 intraday, the highest price since June 5. Zinc added as much as 1.1 percent to $2,143.50 per ton, the strongest level since February 20, 2013.

Crude oil extended losses today as US inventories grew yet again, exceeding analysts expectations. Stockpiles rose by 1.4 million barrels to 363.8 million barrels last week. The increase was higher than the median forecast of 0.9 billion and the previous week’s 0.1 percent. Crude was also falling after it became clear that there is little risk of supply disruption from Russia. April futures for delivery of WTI oil declined $1.11 (1.07 percent) to $102.22 per barrel as of 16:51 GMT on NYMEX today. Brent crude oil lost $1.01 (0.92 percent) to $108.29 per barrel on ICE.

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

Leave a Reply