Spotlight: Crude oil rose as U.S. retail sales unexpectedly climbed. Cocoa rallies to highest since 1984 as Pound climbs. Platinum reaches record, surpasses $2,000 on African shortages. Notably, copper halts five-day rally in New York on U.S. growth concerns.
Energy: Crude oil rose after government reports showed that U.S. retail sales unexpectedly climbed and gasoline demand increased. Besides, the International Energy Agency, cut its forecast for 2008 global oil demand because of the slowing U.S. economy. Nymex natural gas fell on speculation supplies are ample.
Agriculture: Wheat fell after Egypt canceled purchase at prices that are near the highest ever. Soybeans rose on speculation that a record surge in wheat prices will encourage U.S. farmers to plant less of the oilseed in the northern Great Plains. Notably, corn fell on speculation that overseas demand for the biggest U.S. crop is slowing after prices climbed to records last week.
Cocoa extended a rally to a 23-year high as the U.K. pound’s rise. Coffee rose to the highest price since April 1998 as food companies and investors boosted purchases. Cotton fell on signs that the U.S. surplus will expand on increasing output and dwindling global demand. Besides, orange-juice fell to a four-month low on speculation rain may ease Florida’s drought conditions.
Precious Metals: Gold may decline on speculation a rally in equities will reduce the appeal of the precious metal as alternative investment. Platinum rose to a record, breaching $2,000 an ounce, as South Africa's state-owned electric utility advised mines that power shortages will persist for four years. Silver rose.
Industrial Metals: Copper fell, snapping a five-session rally, on renewed concern that a slowing U.S. economy will erode demand for the metal used.
(Source: Bloomberg)
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