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Oil Heads to Best Year End Since 2007, Copper & Gold Advance

December 31, 2010 at 13:40 by Vladimir Vyun

Oil headed to the best closing price at the end of a year on speculation that the global economic recovery will bolster demand for commodities. The global economy slowly recovers, helping crude to rise 13 percent this year. February delivery for crude oil slipped $0.40 (0.5 percent) to $89.44 per barrel on NYMEX, though analysts think that the decline was just a result of a short-term volatility.

Copper gained today on speculation that supply won’t be able to catch up a growing demand from China. Consumption for copper estimated to outpace production by 825,000 metric tons next year. Delivery for copper in three months rose $118 (1.2 percent) to $9,613 per metric ton by 9:10 on LME, following the advance to$9,631.75.

Gold rallied today as demand for safety grows among uncertainty and falling confidence in paper currencies. Investors are losing confidence in the dollar, the euro and other currencies as well, and this fact allowed the precious metal to rise 28 percent this year. February contract for gold gained 0.2 percent to $1,408.50 on COMEX.

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

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