Commodity Blog |
| Oil Prices Surge on Supply Disruption in US Posted: 06 Nov 2012 02:19 PM PST Crude oil prices surged today on speculations that supply of crude in the United States shrank. Hurricane Sandy caused American Petroleum Institute estimated that US crude oil inventories declined 27,000 barrels to 371.7 million last week. The government report will be released tomorrow. It is expected to show an increase by 1.8 million barrels. Crude oil (light sweet) advanced from $85.56 to $88.36 per barrel as of 22:15 GMT on NYMEX today. December futures on Brent oil rose as much as $3.3 (3.06 percent) to $111.03 per barrel on ICE today. |
| Copper Rallies on Stimulus Speculations in China Posted: 06 Nov 2012 10:03 AM PST Copper advanced today on hopes that China will stimulate its economy. China’s growth was slowing for seven consecutive quarters and it is logical to assume that the government will try to do something with that problem. There already were talks about expanding infrastructure spending and that will lead to higher consumption of copper. The general market sentiment was positive for commodities today. Previously, the US presidential election was causing uncertainty and, as a result, worries among investors. Today, for whatever reason, the sentiment turned positive and raw materials rallied. The Standard & Poor's GSCI Index jumped as much as 1.1 percent, reaching the highest reading since October 9. Macroeconomic reports from Europe were not completely bad, though were not particularly good either. Copper advanced from $3.4748 to $3.4968 per pounds as of 18:00 GMT on COMEX today. |
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