Spotlight: Bloomberg surveys showed crude oil and natural gas may fall this week on speculation inventories are ample to meet demand. Copper fell from the highest in almost two years in London; robusta coffee headed for a fifth weekly advance. Gold headed for its biggest weekly gain in 19 months. Platinum fell.
Energy: Crude oil for April delivery rose to $98.81 a barrel last week on the New York Mercantile Exchange. Besides, Bloomberg survey showed crude oil may fall this week because of rising U.S. inventories and weakening demand as refineries perform seasonal maintenance. However, heating oil futures rose to a record after supplies dropped and the weather turned colder.
Agriculture: Soybean and soybean oil futures in Chicago surged on speculation that global demand for food, animal feed and biofuels will exceed production this year. Corn also reached its highest ever, and wheat surged.
Robusta coffee headed for a fifth weekly advance in London, the longest rally in more than eight months, on signs farmers are hoarding crops and speculators are increasing purchases in anticipation of further price gains. Cocoa surged the most since October, on speculation that dry weather may harm the harvest in Ivory Coast, the world's biggest producer.
Precious Metals: Gold headed for its biggest weekly advance in 19 months as lower U.S. interest rates may revive investor demand for the metal as an alternative to the dollar. Platinum fell from a record.
Industrial Metals: Copper fell from the highest in almost two years in London as higher prices attracted more metal into stockpiles and deterred buying in China, the world's largest user of the metal. Aluminum fell.
(Source: Bloomberg)
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment