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Optimism Drives Commodity Markets Today

June 11, 2019 at 14:13 by Vladimir Vyun

The same optimism, which was hurting gold yesterday, was driving the metal down today as well. Traders rejoiced hearing the news that the United States and Mexico managed to reach a deal that will allow to avoid a tariff war. And while the trade war between the USA and China seems to be heating up, market participants shrugged it off for now. In fact, it led to speculations that China will take measures to stimulate struggling economic growth — an outlook that is positive for the risk sentiment. August contract for delivery of gold slipped 0.12% to $1,327.7 per troy ounce as of 14:08 GMT on COMEX today, though it rebounded from the day’s lows. At the same time, July futures for silver climbed 0.38% to $14.7 per ounce. Copper jumped as much as 1% to trade at $2.688 per pound.

Crude oil rallied thanks to the traders’ optimism. Additionally, comments from Saudi and Russian officials reinforced the view that the Organization of Petroleum Exporting Countries and its allies, including Russia, will prolong the oil production cut deal till at least the year’s end. Now, traders wait for supply data from American Petroleum Institute released later today and the official report about US crude oil inventories from the Energy Information Administration released tomorrow. Futures for delivery of WTI crude oil in July gained 0.92% to $53.75 per barrel on NYMEX today. Brent crude for delivery in August advanced 0.5% to $62.6 per barrel on ICE.

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