Wednesday April 25 Commodities Review

 

BASE METALS:

Copper pushed higher to near a two week high on back of strong earnings and economic growth.

July copper climbed 0.7% to $3.7055 a pound.

 

CRUDE OIL

Oil dropped off  a one week high when Iran’s representative in Moscow stated his country is considering the Russian proposal to halt the expansion of its atomic program in order to avert the real possibility of new sanctions.  Helping to accelerate the slide was the increase to U.S. inventories.

June crude oil dropped $0.24 to 103.31 a barrel on the Mercantile Exchange. June Brent oil continued a second day lower on continued concerns in the Euro Zone and settle down $0.28 lower to $117.88 a barrel on the London-based ICE exchange.

 

NATURAL GAS

Natural gas futures climbed for the 3rd time in as many as 4 days on continued speculation decade low prices will reduction in production and on higher demand from power plants. Nat gas ticked up by $0.027 to $2.002 per million British thermal units on the Mercantile Exchange.

 

OIL PRODUCTS

Gasoline decline for second day on U.S. crude oil inventory increase.
May gasoline drop lower by $0.0352 to $3.1347 a gallon on the Mercantile Exchange.
May heating oil for delivery climbed by $0.52 cents to $3.1355 a gallon.

 

LIVESTOCK

Cattle futures recovers from a nine month low when Canada and Japan it would continue to import U.S. beef even after a case of mad cow disease was reported in California today.

June cattle contracts ticked higher by 1,0% to $1.12675 per pound on the Chicago Mercantile Exchange. June Hog contract climbed 0.2% to 87.95 cents a pound on the Mercantile.

August Feeder-cattle dropped by 0.2% to $1.5395 a pound on Chicago Mercantile Exchange.

 

PRECIOUS METALS

Gold whipsaw all over the chart today ahead of the FOMC decision and press conference. June gold contracts slid by 0.3% to $1,638.90 in a troy ounce on the floor but has moved positive in electronic trading.

May Silver climbing into positive zone in the electronic trading 034% to $30.765 a troy ounce.

 

GRAINS and OILSEEDS

Corn futures moved lower by 0.3% to $6.0625 a bushel.

Soybeans continue to climb by 0.9% to $14.5375 a bushel the highest since July 2008 on continued signs of smaller harvests in S. America that can leads to increased demand for supplies from the U.S., the world’s biggest exporter as corn declined.