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Wheat & Copper Prices Boosted by China’s Demand

May 21, 2010 at 19:08 by Vladimir Vyun

Wheat futures gained in Chicago for the third consecutive day after China bought corn and soybeans, causing speculation that the nation is increasing its grain imports. Traders think that China will turn to wheat after it purchased 118,000 metric tons of corn and 120,000 tons of soybeans from the U.S. Wheat became more attractive as livestock feed after futures plunged 21 percent the last year. July futures for wheat delivery gained $0.0175 (0.4 percent) to $4.715 per bushel as of 10:14 on CBoT.

Copper prices rose today on signs that demand from China remains steady. China’s stockpiles of the metal declined although the country imported as much as 309,772 metric tons last month. The prices will remain volatile, though, until we’ll see clear outcome of the situation in the European Union. July futures for copper delivery rose $0.123 (4.2 percent) to $3.0675 per pound by 10:49 on COMEX in New York.

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

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