Commodities Archive

Commodities daily update: precious metals, base metals, crude oil (February 09, 2012)

African Barrick Gold said it will fall short of its 2011 production target because of escalating power disruptions to national grid electricity supply in Tanzania. China's production of most base metals fell in November due to reduced demand and low domestic prices, with refined copper hitting its lowest level in six months. The CME Group on Thursday cut initial margins for crude oil futures by 6.7 percent, after prices fell more than 2 percent in their biggest single-day loss in three weeks.

Agricultural commodities daily review: India and other countries (February 09, 2012)

Soy oil ended higher by 0.99%. Palm oil ended higher by 0.99%. RM seed ended higher by 1.36%. Guar Seed ended higher by 3.66%. Guar Gum ended higher by 3.41%. Chana futures ended higher by 0.99%. Turmeric ended higher by 0.69%. Jeera ended higher by 3.09%. Pepper ended lower by 0.24%.

Oil and natural gas daily review (February 09, 2012)

Crude oil rose for a second day on Wednesday, shrugging off data showing rising inventories and supported by strong gasoline futures as Brent crude pushed higher on hopes for a Greece debt deal and on concerns about Iran. Oil firm Statoil is lifting capital spending this year as it bets on the development of shale oil in the United States to help raise its output by a third over the next decade.

Industrial metals (copper, aluminium, nickel, etc.) daily review (February 09, 2012)

Industrial metals jumped more than 1 percent to its highest in more than a week on Wednesday after China's central bank pledged support for its property market, a key demand outlet for the industrial metal from the world's largest consumer. Annual copper mine production capacity is expected to reach 26.2 million tonnes in 2015 after rising at an average rate of 6.6 percent a year from 2012 through 2015, the International Copper Study Group (ICSG) said.

Gold and silver daily review (February 09, 2012)

Precious metals fell almost 1 percent on Wednesday on new worries about Europe's economy and as technical resistance prompted investors to take profits after the previous session's rally. Holdings in the SPDR Gold Trust the world's largest gold-backed exchange traded fund stood at 1277.13 tonnes by Feb 08, remains unchanged from the previous business day. Holdings in the world's largest silver backed exchange-traded fund iShares Silver Trust stood at 9664.26 tonnes by Feb 08, remains unchanged from the previous business day.

Commodities daily update: precious metals, base metals, crude oil (February 08, 2012)

Some copper smelters in China, the world's largest consumer of the metal, are considering exporting their refined copper stocks, pushed by poor domestic demand and higher overseas prices, two traders with direct knowledge of the moves said on Tuesday. The U.S. Energy Information Administration on Tuesday boosted its forecast for global oil demand growth for the first time since October and forecast the market would tighten as gains in non- OPEC production lag.

Agricultural commodities daily review: India and other countries (February 08, 2012)

Soy oil ended lower by 0.19%. Palm oil ended lower by 0.04%. RM seed ended higher by 0.95%. Guar Seed ended lower by 2.86%. Guar Gum ended lower by 2.98%. Chana futures ended higher by 0.30%. Turmeric ended lower by 0.09%. Jeera ended lower by 0.11%. Pepper ended lower by 1.33%.

Oil and natural gas daily review (February 08, 2012)

Crude oil rose for a second day on Tuesday, helped by a weaker dollar and industry data showing an unexpectedly steep drawdown in U.S. crude inventories. China is scouring the world for alternative oil supplies to replace a fall in its imports from Iran, as it seeks to negotiate lower prices from Tehran, and has been drawing heavily on Saudi Arabia. South Korea's presidential office said in a statement on Wednesday that Saudi Arabia would "actively consider" support including additional crude supplies if requested by Seoul, as it looks for alternatives to Iranian oil.

Industrial metals (copper, aluminium, nickel, etc.) daily review (February 08, 2012)

Industrial metals ended lower on Tuesday pressured by the Greek debt discussions, but the market turned higher in later electronic trade pulled by the rally in the euro amid expectations a Greek rescue deal will be completed soon. Annual copper mine production capacity is expected to reach 26.2 million tonnes in 2015 after rising at an average rate of 6.6 percent a year from 2012 through 2015, the International Copper Study Group (ICSG) said.

Gold and silver daily review (February 08, 2012)

Precious metals rose 1.5 percent on Tuesday for their biggest daily gain in two weeks, as expectations that a Greek rescue deal will be completed drove the dollar down sharply against the euro. Holdings in the SPDR Gold Trust the world's largest gold-backed exchange traded fund stood at 1277.13 tonnes by Feb 07, remains unchanged from the previous business day.

Agricultural commodities daily review: India and other countries (February 07, 2012)

Soy oil ended higher by 1.02%. Palm oil ended higher by 0.31%. RM seed ended lower by 0.51%. Guar Seed ended lower by 4%. Guar Gum ended lower by 4%. Chana futures ended higher by 1.68%. Turmeric ended higher by 0.34%. Jeera ended lower by 0.64%. Pepper ended lower by 0.70%.

Agricultural commodities daily review: India and other countries (February 06, 2012)

Soy oil ended higher by 0.77%. Palm oil ended higher by 0.39%. RM seed ended higher by 2.14%. Guar Seed ended higher by 0.44%. Guar Gum ended lower by 0.80%. Chana futures ended lower by 0.88%. Turmeric ended higher by 0.65%. Jeera ended lower by 3.20%. Pepper ended lower by 0.35%.

Agricultural commodities daily review: India and other countries (February 03, 2012)

Soy oil ended lower by 0.83%. Palm oil ended lower by 1.08%. RM seed ended lower by 0.75%. Guar Seed ended lower by 3.63%. Guar Gum ended lower by 3.36%. Chana futures ended higher by 1.20%. Turmeric ended lower by 1.91%. Jeera ended higher by 1.02%. Pepper ended higher by 0.37%.

Oil and natural gas daily review (February 03, 2012)

Crude oil fell on Thursday, dropping to a six-week low as Wednesday's data showing rising crude oil and gasoline stockpiles and weak demand continued to generate bearish sentiment. China's net crude oil imports are expected to rise 5.9 percent this year, the slowest growth rate since 2006, on slowing consumption, local media quoted a report by top oil firm China National Petroleum Corp (CNPC) as saying on Friday.

Industrial metals (copper, aluminium, nickel, etc.) daily review (February 03, 2012)

Industrial metals fell more than 1 percent on Thursday, it's fourth down day in the past five trading sessions, as the market continued to retreat from its January rally amid Greek debt default jitters and signs of sluggish demand from top buyer China. Production of all main metals fell in Peru in 2011 from the previous year, the mining ministry said on Thursday, as depleted reserves and lower ore grades hit the major global producer.

Gold and silver daily review (February 03, 2012)

Precious metals rose to a two-month high on Thursday on a larger-than-expected fall in new U.S. claims for unemployment benefits, but analysts said bullion could pull back if Friday's U.S. jobs report disappoints. Holdings in the SPDR Gold Trust the world's largest gold-backed exchange traded fund stood at 1271.09 tonnes by Feb 01, remains unchanged from the previous business day.

Commodities daily update: precious metals, base metals, crude oil (February 02, 2012)

Russia's gold and foreign exchange reserves rose to $504 billion in the week to Jan. 27 from $499.7 billion a week earlier, central bank data showed on Thursday. Copper miner Antofagasta aims to increase production by more than 9 percent this year, anticipating slower output growth after an almost 23 percent jump in 2011, when the miner topped its targeted range, thanks to the ramp up of its Esperanza mine.

Agricultural commodities daily review: India and other countries (February 02, 2012)

Soy oil ended higher by 0.20%. Palm oil ended higher by 0.88%. RM seed ended higher by 1.78%. Guar Seed ended higher by 3.49%. Guar Gum ended higher by 2.09%. Chana futures ended higher by 1.66%. Turmeric ended higher by 1.69%. Jeera ended lower by 1.97%. Pepper ended lower by 0.29%.

Agricultural commodities daily review: India and other countries (February 02, 2012)

Soy oil ended higher by 0.20%. Palm oil ended higher by 0.88%. RM seed ended higher by 1.78%. Guar Seed ended higher by 3.49%. Guar Gum ended higher by 2.09%. Chana futures ended higher by 1.66%. Turmeric ended higher by 1.69%. Jeera ended lower by 1.97%. Pepper ended lower by 0.29%.

Commodities daily update: precious metals, base metals, crude oil (February 01, 2012)

Copper miner Antofagasta aims to increase production by more than 9 percent this year, anticipating slower output growth after an almost 23 percent jump in 2011, when the miner topped its targeted range, thanks to the ramp up of its Esperanza mine. Workers of one union at Teck Resources Ltd's Chilean Quebrada Blanca mine, which produced 86,200 tonnes of copper in 2010, ratified strike action after contract negotiations with the firm, broke down, a union leader said late on Tuesday night.

Agricultural commodities daily review: India and other countries (February 01, 2011)

Soy oil ended lower by 0.87%. Palm oil ended lower by 0.41%. RM seed ended higher by 0.20%. Guar Seed ended higher by 4%. Guar Gum ended higher by 4%. Chana futures ended higher by 2.18%. Turmeric ended higher by 1.23%. Jeera ended higher by 2.06%. Pepper ended lower by 1.62%.

Oil and natural gas daily review (February 01, 2012)

Crude oil fell for a third straight day on Tuesday as weaker-than-expected business activity in the Midwest, flagging consumer confidence and lower home prices snuffed out early gains of more than $2 that were spurred by hopes of a debtrestructuring deal for Greece that would avoid a messy default.

Industrial metals (copper, aluminium, nickel, etc.) daily review (February 01, 2012)

Industrial metals fell for a third straight day on Tuesday, hit by currency-related selling and weak U.S. data that raised concerns about global growth and industrial metal demand prospects, already down from China's engineered slowdown and Europe's debt crisis.

Gold and silver daily review (February 01, 2012)

Precious metals rose in choppy trade on Tuesday, posting its biggest monthly rise since August on global economic unease and the U.S. Federal Reserve's long-term outlook for near-zero interest rates. Holdings in the SPDR Gold Trust the world's largest gold-backed exchange traded fund stood at 1271.09 tonnes by  Jan 31, remains unchanged from the previous business day.

Agricultural commodities daily review: India and other countries (January 31, 2012)

Soy oil ended lower by 0.17%. Palm oil ended higher by 0.02%. RM seed ended higher by 0.24%. Guar Seed ended lower by 1.16%. Guar Gum ended lower by 1.04%. Chana futures ended higher by 0.74%. Turmeric ended lower by 0.13%. Jeera ended lower by 2.67%. Pepper ended lower by 4%.

Oil and natural gas daily review (January 31, 2012)

Crude oil ended lower for a second straight session on Monday as stalled Greek debt restructuring talks pulled the dollar up against the euro, which prompted investors to pare holdings in risky assets such as oil. The EU's embargo on Iranian oil exports will add upward pressure to oil prices, OPEC's secretary general said on Monday, even though there is no shortage of oil on the market.

Industrial metals (copper, aluminium, nickel, etc.) daily review (January 31, 2012)

Industrial metals fell 1 percent on Monday, retreating further from a four-month high when strong Chinese buying did not materialize on the first session after a week-long holiday, and investors also worried about a lack of progress in talks to resolve Europe's debt crisis. Chile's copper output jumped in December from the same month a year earlier but clocked a 3.2 percent drop in 2011 from a year earlier as falling ore grades, labor woes and weather problems hammered the world's top producer, the government said on Monday.

Gold and silver daily review (January 31, 2012)

Precious metals fell on Monday as a sharp drop in the euro and losses in commodities triggered profit-taking after the metal's recent rally, but a positive technical outlook could underpin bullion in the near term. Holdings in the SPDR Gold Trust the world's largest gold-backed exchange traded fund rose stood at 1271.09 tonnes by Jan 23, up by 15.42 tonnes from the previous business day.

Agricultural commodities daily review: India and other countries (December 30, 2011)

Soy oil ended lower by 1%. Palm oil ended lower by 0.75%. RM seed ended lower by 0.11%. Guar Seed ended higher by 3%. Guar Gum ended higher by 3%. Chana futures ended lower by 2.09%. Turmeric ended lower by 0.56%. Jeera ended lower by 2.31%. Pepper ended lower by 4%.

Agricultural commodities daily review: India and other countries (December 25, 2011)

Soy oil ended lower by 0.09%. Palm oil ended higher by 0.59%. RM seed ended lower by 0.67%. Guar Seed ended lower by 3.11%. Guar Gum ended lower by 4%. Chana futures ended lower by 1.42%. Turmeric ended lower by 0.43%. Jeera ended lower by 2.16%. Pepper ended lower by 0.21%.

Agricultural commodities daily review: India and other countries (December 24, 2011)

Soy oil ended higher by 0.46%. Palm oil ended higher by 0.04%. RM seed ended lower by 0.95%. Guar Seed ended higher by 4%. Guar Gum ended higher by 4%. Chana futures ended higher by 0.25%. Turmeric ended higher by 0.83%. Jeera ended higher by 1.39%. Pepper ended higher by 0.18%.

Oil and natural gas daily review (January 24, 2012)

Crude oil prices rose on Monday after the European Union agreed to ban imports of Iranian crude from July, Tehran threatened again to close  the Strait of Hormuz shipping channel, and on shipping channel, and on additional support from the weak dollar. A boom in shale oil production will raise U.S. domestic crude output by a fifth over the next decade, helping to slash the country's dependence on foreign oil imports, the U.S. Energy Information Administration said on Monday.

Industrial metals (copper, aluminium, nickel, etc.) daily review (January 24, 2012)

Industrial metals climbed nearly 2 percent on Monday, as investors continued to gravitate toward riskier assets like industrial metals, with easing European debt woes and record refined Chinese copper imports bolstering demand prospects. The world refined copper market stood in a 296,000-tonne deficit during the first 10 months of last year, down from a deficit of 439,000 tonnes in the January to October period in 2010, an industry report showed on Monday.

Gold and silver daily review (January 24, 2012)

Precious metals rose 1 percent on Monday to a six-week high, boosted by technical buying and as the euro rallied ahead of the outcome of a euro zone meeting on Greek debt restructuring. Holdings in the SPDR Gold Trust the world's largest gold-backed exchange traded fund fell to 1250.53 tonnes by Jan 23, down by 5.14 tonnes from the previous business day.

Commodities daily update: precious metals, base metals, crude oil (January 23, 2012)

Gold demand in India, the world's biggest consumer of bullion, emerged after a gap as consumers made their wedding purchases with prices of the dollar-quoted yellow metal falling in the local market on the rupee's strength. Japanese copper wire and cable shipments rose 2.9 percent from a year earlier in December on robust demand from carmakers, though orders from utilities plunged to a 35-year low as they cut back on spending in the wake of the Fukushima nuclear crisis, an industry body said on Monday.

Oil and natural gas daily review (January 23, 2012)

Crude oil ended lower for a third straight day on Friday as investors awaited a debt-restructuring deal for Greece and as signs of weakness in Chinese factory activity stoked worries over demand. U.S. oil companies are bracing for a potential strike by refinery workers and have plans to keep plants operating if negotiations which began this week for a new labor deal break down.

Industrial metals (copper, aluminium, nickel, etc.) daily review (January 23, 2012)

Industrial metals retreated from a fresh 4-month peak on Friday, hit by a weaker euro and disappointing data from China that signaled a  sluggish start for the metal-consuming giant's manufacturing sector. Japanese copper wire and cable shipments rose 2.9 percent from a year earlier to an estimated 58,400 tonnes in December, an industry body said on Monday.

Gold and silver daily review (January 23, 2012)

Precious metals rise was eclipsed by a 4 percent surge in silver on Friday, with investors optimistic about the technical picture and prospects for a Greek deal soon with private bondholders. Holdings in the SPDR Gold Trust the world's largest gold-backed exchange traded fund rose stood at 1255.67 tonnes by Jan 20, remains unchanged from the previous business day.

Commodities daily update: precious metals, base metals, crude oil (January 19, 2012)

China accounted for 23 percent of global consumer demand for physical gold in the first three quarters of 2011, up from 19 percent in 2010 according to the World Gold Council (WGC). It's expected to overtake India as the world's top gold consumer in the next few years. Surplus European shipments are seen boosting copper stocks in Shanghai's bonded warehouses in the first quarter, but levels will be less than 2011's record highs as Chinese consumer demand returns after the Lunar New Year, traders said on Thursday.

Agricultural commodities daily review: India and other countries (December 19, 2011)

Soy oil ended lower by 2.02%. Palm oil ended lower by 1.19%. RM seed ended lower by 3.99%. Guar Seed ended higher by 4%. Guar Gum ended higher by 4%. Chana futures ended lower by 3.81%. Turmeric ended lower by 0.04%. Jeera ended lower by 1.99%. Pepper ended higher by 0.22%.

Oil and natural gas daily review (January 19, 2012)

Brent crude oil futures dropped back on Wednesday as a weak demand outlook overshadowed hopes the International Monetary Fund would be able to raise more money to help resolve Europe's debt crisis. The Obama administration, still grappling with how to punish a nuclear-ambitious Iran, is focusing on making countries cut purchases of Iranian oil, rather than allowing them to avoid U.S. sanctions simply by winning price cuts.

Industrial metals (copper, aluminium, nickel, etc.) daily review (January 19, 2012)

A two-day rally in the euro versus the dollar helped Industrial metals to stand firm near a 2- 1/2-month peak on Wednesday even as the broader market's risk appetite waned in front of a crucial round of Greek debt restructuring talks this week. Freeport-McMoRan Copper & Gold's Indonesian unit has restarted copper concentrate shipments after a threemonth strike ended in December, the  company said on Wednesday, a sign that work at the world's second largest copper mine was returning to normal.

Gold and silver daily review (January 19, 2012)

Precious metals rose on Wednesday, boosted by a higher euro, a U.S. equities rally and optimism that the International Monetary Fund will raise additional funds to help combat Europe's debt crisis. Holdings in the SPDR Gold Trust the world's largest gold-backed exchange traded fund rose to 1255.67 tonnes by Jan 18, remains unchanged from the previous business day.

Oil and natural gas daily review (January 18, 2012)

Crude oil edged higher on Tuesday on lift from the weaker dollar and better-than-expected data from China, Germany and the United States, but concerns about Europe's economy after last week's credit downgrades limited gains. The European Union would ban the import of Iranian oil from July 1, giving member states nearly six months to wind up existing contracts, under a proposal by rotating EU presidency holder Denmark, EU diplomats said on Tuesday.

Industrial metals (copper, aluminium, nickel, etc.) daily review (January 18, 2012)

Industrial metals rallied on Tuesday to its highest price in nearly three months, as upbeat Chinese economic data fed hopes that officials in the world's top metals consumer will try to stimulate growth. Newmont Mining Corp said mining costs for gold and copper are expected to rise this year, mainly because of higher labor and power prices in Australia, and it forecast a drop in copper production because it was currently mining lowergrade ores in Indonesia.

Gold and silver daily review (January 18, 2012)

Spot gold climbed 1.5 percent to a one-month high on Tuesday, encouraged by revived risk appetite that lifted markets across the board, after China announced better than expected economic growth in the last quarter of 2011. Holdings in the SPDR Gold Trust the world's largest gold-backed exchange traded fund rose to 1255.67 tonnes by Jan 17, up by 1.51 tonnes from the previous business day.

Agricultural commodities daily review: India and other countries (January 17, 2012)

Soy oil ended lower by 0.27%. Palm oil ended lower by 0.06%. RM seed ended lower by 0.22%. India oilseeds and soy oil futures ended lower on a rise in edible oil imports last month and tracking soft overseas markets, with prices were expected to continue their fall this week.

Oil and natural gas daily review (January 17, 2012)

Crude oil rose on Monday on growing tension between Saudi Arabia and Iran, after the Islamic state told its Gulf Arab neighbors not to make up any shortfall caused by an embargo on its crude oil exports. Saudi Arabia, the world's top oil exporter, said on Monday it can pump more oil at a moment's notice, the day after Iran warned Gulf oil producers not to compensate for any disruption to Iranian output.

Industrial metals (copper, aluminium, nickel, etc.) daily review (January 17, 2012)

Industrial metals rose on Monday as investors decided that S&P's downgrades of nine euro zone credit ratings late last week were largely priced in and focused instead on positive fundamentals while awaiting key growth data from China, due the following day.

Gold and silver daily review (January 17, 2012)

Precious metals firmed a touch on Monday in U.S. holiday-thinned trade, with firmer stock markets and a recovery in the euro from early lows taking some pressure off the metal, while traders digested last week's euro zone downgrades from Standard & Poor's.

Oil and natural gas daily review (January 16, 2012)

Crude oil fell for the third straight day on Friday on anticipation that Standard & Poor's would downgrade credit ratings of several euro zone countries, stoking fears deeper economic troubles for the region. Chinese Premier Wen Jiabao pressed Saudi Arabia to open its huge oil and gas resources to expanded Chinese investment, media reports said on Sunday against a backdrop of growing tension over Iran and worries over its crude exports to the Asian power.

Industrial metals (copper, aluminium, nickel, etc.) daily review (January 16, 2012)

Industrial metals capped its strongest weekly performance in six weeks with a whimper on Friday, dropping back after setting a fresh 2- month high as investor's dumped risk amid talk of imminent credit downgrades of euro zone countries.

Gold and silver daily review (January 16, 2012)

Precious metals fell 1 percent on Friday, after the dollar surged against the euro and fears about an imminent credit downgrade of euro zone countries prompted bullion investors to take profits on the recent rally. Holdings in the SPDR Gold Trust the world's largest gold-backed exchange traded fund stood at 1254.16 tonnes by Jan 13, remains unchanged from the previous business day.

Commodities daily update: precious metals, base metals, crude oil (January 13, 2012)

Kazakhstan's refined copper output rose by 4.6 percent year-on-year in 2011 and refined zinc production grew by 0.3 percent, data released on Friday by the State Statistics Agency showed. Goldman Sachs said it expected upside in prices of oil, gold and copper this year, citing greater supply risks and stronger fundamentals. Aluminium stocks held at three major Japanese ports came to 247,300 tonnes at the end of December, up 12 percent from 221,500 tonnes at the end of November, trading house Marubeni Corp said on Friday.

Agricultural commodities daily review: India and other countries (December 13, 2011)

Soy oil ended higher by 0.41%. Palm oil ended higher by 0.30%. RM seed ended higher by 0.32%. Guar Seed ended higher by 4%. Guar Gum ended higher by 4%. Chana futures ended higher by 1.51%. Turmeric ended lower by 0.39%. Jeera ended higher by 3.84%. Pepper ended higher by 4%.

Commodities daily update: precious metals, base metals, crude oil (January 12, 2012)

China produced 32.61 tonnes of gold in November, up 2.7 percent from the previous month, the Ministry of Industry and Information Technology said on Thursday. Russia's gold and foreign exchange reserves rose to $498.0 billion by Jan. 6 from $498.0 billion seen at the end of 2011, central bank data showed on Thursday. Most of China's large aluminium smelters have no plans to cut production like the world's top global producers of the metal, with firm domestic prices encouraging steady output in the first quarter of 2012, smelter sources and analysts said on Thursday.

Agricultural commodities daily review: India and other countries (December 12, 2011)

Soy oil ended flat. Palm oil ended higher by 0.60%. RM seed ended higher by 0.32%. Guar Seed ended higher by 4%. Guar Gum ended higher by 4%. Chana futures ended higher by 0.55%. Turmeric ended lower by 0.09%. Jeera ended higher by 2%. Pepper ended higher by 0.70%.

Oil and natural gas daily review (January 12, 2012)

Crude oil fell on Wednesday after a government report showed inventories of crude oil and refined products rose last week and as re-emerging concerns about Europe's debt crisis pushed the euro to a 16-month low against the dollar. China gave no hint on Wednesday of giving ground to U.S. demands to curb Iran's oil revenues, rejecting Washington's sanctions on Tehran as overstepping even as Treasury Secretary Timothy Geithner lobbied for Beijing's support.

Industrial metals (copper, aluminium, nickel, etc.) daily review (January 12, 2012)

Industrial metals was steady on Wednesday, after  rallying more than 3 percent in the previous session, as Chinese consumers held back purchases ahead of the Lunar New Year holidays. Pan Pacific Copper, Japan's biggest copper smelter, said on Tuesday it suspended operations at its 200,000 tonnes per year Saganoseki smelter on Jan. 7 after a fire damaged an electric power substation on the site.

Gold and silver daily review (January 12, 2012)

Precious metals rose to a one-month high on Wednesday, breaking ranks with the euro and equities, as evidence of strong physical demand from China fueled fund buying after bullion's recent sell-off. Holdings in the SPDR Gold Trust the world's largest gold-backed exchange traded fund fell to 1254.16 tonnes by Jan 10, down by 0.14 tonnes from the previous business day.