Commodity Blog

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


Traders Feel Optimism, Copper & Oil Gains, Gold Retreats

August 24, 2011 at 2:32 by Vladimir Vyun

Positive macroeconomic data from Europe and China, as well as hope for additional stimulus for the US economy, returned some risk appetite to markets, bolstering crude oil for the second day and spurring copper to the highest level in a week. At the same time, gold retreated from record high.

The Flash HSBC China Manufacturing PMI advanced from 49.3 to 49.8 in August. The Markit Flash France Services PMI jumped from 53.2 to 56.1. The Markit Flash Germany Manufacturing PMI stayed at 52.0 this month, while a decrease to 50.9 was predicted by market analysts. The Flash Manufacturing PMI of the Eurozone was at 49.7, compared to market expectations of 49.6.

Contract for delivery of crude oil in October advanced $1.02 to $85.44 per barrel on NYMEX. December futures for copper delivery rose $0.0395 (1 percent) to $4.0145 per pound as of 13:30 on COMEX, the biggest advance since August 11. December futures for delivery of gold slid as much as 1.2 percent to $1,838.90 per ounce today after yesterday spot price for gold fell 3.7 percent, the biggest drop since February 2010.

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

Leave a Reply