Commodity Blog

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Threat of Sanctions Against Russia Hurts Commodity Markets

September 2, 2014 at 2:49 by Vladimir Vyun

Market activity is returning to norm after the period of subdued trading due to the Labor Day holiday in the United States. The major theme that drives markets is the threat of additional sanctions from the United States and the European Union against Russia. The Russian ruble fell to a record low as a result. Many commodities also fell even those that should have rallied on the worries, like gold and crude oil. Copper was among losers too.

Another reason for the drop of copper prices was economic data from China that was somewhat disappointing. As for crude, it might fell on expectations of increasing production from the Organization of Petroleum Exporting Countries.

Futures for delivery of gold in December retreated 0.23 percent to $1,284.40 per troy ounce as of 2:42 GMT on COMEX today. Copper futures lost 0.02 percent to $3.16 per pound. October contract for WTI crude oil declined 0.11 percent to $95.85 per barrel on NYMEX. Meanwhile, Brent crude rose a little by 0.03 percent to $102.82 on ICE.

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