Spotlight: Crude oil continue its upward trend on forecasts that fuel consumption will rise because of cold weather in the U.S. Cocoa rose to highest since 1984 on Pound rally and fund demand in agriculture commodities. Notably, coffee rose to 10-year high on demand for inflation hedge. Gold falls as U.S. pledges support for some IMF Bullion sales. Platinum falls as sales may decline after 42 percent rally in 2008.
Energy: Crude oil rose on forecasts that fuel consumption will rise because of cold weather in the northern half of the country. Natural gas rose to more than a two-year high on speculation of tight supply. Besides, heating oil futures rose to a fifth consecutive record after supplies dropped and forecasts showed below-normal temperatures.
Agriculture: Corn and soybeans surged to records and wheat rallied the most allowed by U.S. exchanges on signs that global crop production is not keeping pace with demand for food, animal feed and biofuels.
Coffee rose to a 10-year high as investors bought commodities as safeguards against inflation. Cotton rose reaching the highest since 2003, on speculation that record corn and soybean prices will encourage a switch in crops. Besides, cocoa rose extending a rally to the highest since 1984, as the U.K. pound gained against the dollar as well as fund demand in agriculture commodities.
Precious Metals: Gold fell the most in almost two weeks after the U.S. said it would back ``limited'' sales of bullion reserves by the International Monetary Fund, the third-largest holder of the precious metal. Besides, platinum fell in on concern the metal is too expensive for consumers after a 42 percent rally in 2008.
Industrial Metals: Copper fell from the highest since May 2006 as inventories rose, heightening speculation that supplies will outpace demand this year.
(Source: Bloomberg)
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment