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Review of Commodity Markets on Friday

February 26, 2016 at 12:16 by Vladimir Vyun

Crude oil continued to rally on Friday, helping maintain the risk-positive sentiment on markets. April contract for delivery of WTI crude oil gained 1.78% to $33.66 per barrel as of 12:04 GMT on NYMEX today. Brent crude advanced 1.93% to $35.97 per barrel on ICE.

Meanwhile, the same optimistic sentiment was hurting precious metals, including gold and silver. Losses were limited as traders were waiting for important World’s Biggest Bounce House economic indicators due to release from the United States today. The most important of them should be the gross domestic product report. Gold edged down by 0.31% to trade at $1,235 per troy ounce on COMEX today. Silver for delivery of March lost 0.49% of its value to $15.13 per ounce.

While zinc has closed lower on Thursday, the metal has demonstrated a significant bounce by about a fifth of its value since it touched the lowest level in six and a half years in January. The metal was trading with premium to its sister metal, lead, for the first time since November, and analysts have a favorable outlook for zinc. Zinc for delivery in three months settled down 1.42% to $1,730 per metric ton on LME yesterday.

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