Commodity Blog

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


Rubber Gains on Bad Weather, Oil Jumps on Fed Statement

November 4, 2010 at 5:52 by Vladimir Vyun

Rubber jumped in Tokyo to the highest level in three week on concerns that bad weather will disrupt supplies. Cyclones and monsoon caused deaths in Malaysia, Thailand and Vietnam, also threatening to halt shipments of rubber from these countries. Floods caused some major rubber markets in Thailand to close. Futures for rubber delivery rose 1.9 percent to 33,250 yuan ($4,991) per ton in Shanghai.

Oil gained higher than $85 level today after the US Federal Reserve announced its $600 billion Treasuries-purchase program. Total US motor gasoline inventories decreased by 2.7 million barrels last week. Analysts say that next resistance level is $87 but it may be easily passed, considering weakness of the US currency after the announcement of quantitative easing by the Fed. December delivery for crude oil went up $0.43 (0.5 percent) to $85.12 per barrel on NYMEX.

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

Leave a Reply