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Markets Today: Gold Drops, Aluminum & Soybeans Post Gains

June 25, 2014 at 11:34 by Vladimir Vyun

Gold dropped today as the recent rally prompted traders to take profit. It does not necessary mean that the precious metal lost its bullishness, considering that prices reached the two-month high yesterday, just that the gains were overdone. August futures for delivery of gold fell $7.30 (0.55 percent) to $1,314.00 per troy ounce as of 11:13 GMT on COMEX today. Yesterday, the metal jumped to $1,325.89 — the strongest price since April 14.

Aluminum gained today on signs that demand is growing, while stockpiles are dwindling. Inventories monitored by the London Metal Exchange fell to the lowest level since October 2012, while orders reached the record high of 3.04 million metric ton. Contract for delivery of aluminum in three months rose 0.8 percent to $1,911 per ton on LME, and its daily high of $1,912 was the highest since June 10.

Soybeans rebounded today as experts changed their view on the weather impact on US crops yet again and now think that rains damaged plants. There were reports that US reserves were lowest since 1977. November contract for delivery of soybeans gained $0.0425 (0.35 percent) to $12.2875 per bushel on CBoT today.

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

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