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Oil & Agricultural Markets Start Week Strong, Metal Market Doesn’t Join

July 30, 2018 at 10:43 by Vladimir Vyun

Crude oil started the week on a strong footing, reversing its previous losses. September contract for WTI crude climbed 1.27% to $69.56 per barrel as of 10:26 GMT on NYMEX today. Brent grade edged up 0.4% to $74.59 per barrel on ICE.

Grains also rallied. Wheat was especially strong amid concerns that dry hot weather in various growing regions across the world can damage the crop. Contract for delivery of wheat in September jumped as much as 1.56% to $5.3875 per bushel on CBoT today. Futures for delivery of corn in December advanced 0.8% to $3.7925 per bushel. November soybean rose 0.76% to traded at $8.92 per bushel.

The metal market fared far worse, with gold sliding ahead of this week’s policy meeting of the Federal Reserve, while copper slumped due to concerns about prospects for slower economic growth in China caused by the trade war with the United States. December contract for bullion slipped 0.13% to $1,231.1 per troy ounce on COMEX today. Copper for delivery in September dropped 0.86% to $2.778 per pound. Silver managed to avoid losses, rising 0.11% to $15.51 per ounce.

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

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