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Manufacturing Data Beneficial for Crude, Negative for Precious Metals

December 2, 2013 at 22:22 by Vladimir Vyun

Crude oil futures gained today as growth of manufacturing in various nations across the world signaled about increasing demand for fuel. Purchasing Managers’ Indices for China, Great Britain, the eurozone and the United States were almost all higher last month and above forecasts. As it usually happens, signs of improving developments in the world economies benefited crude oil. January futures for delivery of WTI crude oil advanced $1.09 (1.18 percent) to $93.81 per barrel as of 22:11 GMT on NYMEX today. Brent crude gained $1.71 (1.56 percent) to $111.40 per barrel on ICE.

The news that was good for crude turned out to be negative for precious metals, which slumped and slumped strongly. It happened because good data from the USA increases chances for reduction of monetary stimulus by the Federal Reserve. The Fed will announce its decision on December 18. Nonfarm payrolls will be released this week, probably affecting the outcome of the Fed policy meeting. February futures for gold sank $31.2 (2.5 percent) to $1,219.2 per troy ounce on COMEX today. March silver tumbled as much as $0.88 (4.38 percent) to $19.16 per ounce.

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

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