Metals retreated yesterday in a somewhat overdue correction from relatively overbought levels. In addition, there are growing concerns about demand out of China, reinforced again today after we got the latest Shanghai stock figures, tabulated in the report contained in our commodity link (above). We note here that over a two-week period, copper stocks have [...]
Mixed close in Asian equities, China ends with slight gain with continued speculation of PBOC RRR cut. European stocks trading higher, post better then expected service PMI data out of some EU countries. However, volumes remain light ahead of Payroll data this AM. China Wen said they are will to cooperate on EU crisis but [...]
Copper finished sharply higher yesterday, buoyed by a slew of manufacturing data that showed things were either improving or stabilizing, but not necessarily getting any worse. We referenced many of these numbers in yesterday’s commentary, but the main readings that helped the firmer tone were reports out of Germany and US, where manufacturing activity in [...]
Copper fell for a third straight day on Tuesday, hit by Euro weakness and unimpressive macro data out of the US. However, for the month as a whole, the complex had a good run, with prices up some 10% over the period, its biggest gain in three months. For that matter, the broader 19-commodity Thomson [...]
Copper retreated from a four-month high yesterday after a week-long Chinese holiday failed to bring out any fresh buying. More importantly, the lack of progress out of Europe pressured the Euro, weakening commodity markets in the process. In fact, nothing seems to matter much in most markets right now, except for what happens in Europe [...]
Metal prices slipped in light volume on Friday after fourth quarter US GDP figures came in somewhat softer than expected, prompting fears that the US expansion was at best decent, but certainly not overwhelming. Growth clocked in at 2.8%, slower than the 3% forecast, and although this was the first reading that exceeded 2% all [...]
Corn Corn futures are trading slightly higher with market price ranges relatively narrow today. Cash basis levels in the Gulf have been firming with rates up 24 cents over the last 7 days. Gulf demand has also improved bids earlier in the week in the Midwest but bids have backed off the last two days [...]
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Metals continued to barrel higher on Thursday, with copper rising more than 2% to a four-month high; gold rose to a 6 1/2 week peak and energy prices also experienced good gains. The US stock market sat the session out, closing the day with a slight loss, although it is on track for one of [...]
Metals pushed higher yesterday in what has now become a familiar pattern in a number of commodity markets, namely, gradually rising prices as trading shifts from Asian to European to US theatres. Today’s action is notably different in that we have started off sharply higher almost from the outset of Asian trading thanks to a [...]
