Spotlight: Crude oil fell for the first time in more than two weeks after Goldman Sachs said Japan is at risk of recession. Cotton dropped the most since August on slowing U.S. exports. Cocoa closed at the highest price since February 2003. Gold rose to a new record high, silver advances to the highest in 27 years. Copper fell.
Energy: Crude oil fell below $94 fort the first time in more than two weeks after Goldman Sachs Group said Japan is at risk of recession, cutting energy consumption. JPMorgan raised its 2008 oil prices forecast by 12 percent to $76.50 a barrel on expectations investments in commodities will increase.
Agriculture: Wheat fell on speculation that a government report will show U.S. farmers planted more than forecast to benefit from a three-year rally that drove pries to a record. Besides, corn fell the most this month as U.S. farmers increased sales of last year’s record harvest to profit from the highest prices for Chicago futures in 11 years. Notably. Soybeans also fell on signs that a price rally to a 34-year high is reducing overseas demand for U.S. supplies.
Precious Metals: Gold rose to a record high of $893.60 an ounce in New York, and silver reached the highest in 27 years to $16.275 an ounce as the slumping dollar boosted the appeal of precious metals as alternative investments. Besides, demand for Platinum surged after Federal Reserve Chairman Ben S. Bernanke suggested more interest-rate cuts may be made. However, Palladium falls.
Industrial Metals: Copper fell for a second straight day on speculation that declining consumption will lead to a surplus of the metal used.
(Source: Bloomberg)
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment