Commodity Blog

---

Positive Data from USA & China Leads to Gains of Copper Posted: 01 Nov 2012 03:51 PM PDT Copper rose today as fundamental data from the United States of America suggested that the economy continues to grow. US employers added 158,000 jobs in October, beating analysts’ forecasts. Jobless claims were unexpectedly down from 372,000 to 363,000 last week. The manufacturing Purchasing Managers’ Index rose a little from 51.5 in September to 51.7 in October. The USA is the second biggest consumer of the industrial metal. The major demand comes from China and the Asian nation also provided some good data. While the government and non-official data showed some differences, both agreed that China’s manufacturing was improving. That bodes well for the attractiveness of copper. Copper prices went up from $3.5238 to $3.5353 per pound as of 22:44 GMT on COMEX today. The metal was falling since the middle of September and has lost 6.4 percent, demonstrating the biggest drop since May. (...) Read the rest of Positive Data from USA & China Leads to Gains of Copper (12 words) Posted on Commodity blog.

US Inventories Drop, Leading to Third Day of Gains for Crude Posted: 01 Nov 2012 01:51 PM PDT Crude oil rose today, gaining for the third straight session, as a report showed an unexpected decrease of inventories. At the same time, output rose, but it will likely be met by increasing demand. The general market sentiment was also positive for the commodity. US stockpiles of crude fell by 2.0 million barrels last week from the week before. The reserves reached 373.1 million barrels and are above the upper limit of the average range for this time of year. The report frustrated analysts as they have expected an increase by 1.9 million barrels. US oil production reached 6.67 million barrels per day, rising for the eighth week. Consumption will likely keep up with the increasing output as refineries are opening after Hurricane Sandy has passed. Additionally, there was plenty of positive macroeconomic data from the United States, meaning that the US economy is expanding and that should lead to higher fuel consumption. Crude oil (light sweet) advanced from $86.29 to $86.91 per barrel as of 20:45 GMT on NYMEX today. Meanwhile, futures on Brent crude fell $0.52 (0.48 percent) to $108.18 per barrel on ICE today. (...) Read the rest of US Inventories Drop, Leading to Third Day of Gains for Crude (12 words) Posted on Commodity blog.

You are subscribed to email updates from Commodity Blog To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610