Commodity Blog

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


Mixed Outlook for US Recovery Drives Oil Up, Copper Down

September 21, 2010 at 0:44 by Vladimir Vyun

Crude oil gained today after the Standard & Poor’s 500 Index rose to the highest level since May, signaling that the US economic recovery gains momentum. The S&P 500 Index advanced 1.5 percent and the Dow Jones Industrial Average went up 1.4 percent. Crude prices also rose as analysts expect this week’s report to show that US oil stockpiles decreased. October delivery for crude oil gained $1.20 to $74.86 per barrel on NYMEX. Analysts predict that the price would encounter resistance at $75 level and may decline to $71.

Not everybody have such optimistic outlook as traders believe that construction in the US would decline. As a result, copper prices suffered as the US is the second largest copper consumer in the world and construction is responsible for a quarter of US copper consumption. December futures for copper slid $0.0175 (0.5 percent) to $3.5045 per pound by 13:35 on COMEX.

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

Leave a Reply