A lot of commodity prices fell based on surplus stockpiles, along with some commodity investors taking profits after price runups like with copper recently. Even so, copper has also increased its stockpiles, which would have put downward pressure on copper prices either way. Taking profits was done because of the stockpiles which commodity investors knew would drive copper prices down.
Oil and natural gas have also experienced larger stockpiles, driving prices down there as well. Even with the cold weather it's thought natural gas prices will still remain down.
Commodity metals used in the industrial process are especially subject to price movements based on stockpiles or supply, and so will almost always move down in price based upon that.
Grain prices were also down, with wheat futures prices plunging to a one month low in Chicago, as global wheat supplies remain robust. The front-month contract for Chicago wheat has dropped 9 percent in December so far.
Cocoa was about the only commodity market which bucked the dropping commodity price trend, as it increased by 21 pounds to 2,266 pounds a ton, after exploding to a 25-year high of 2,269 pounds a ton.
The U.S. dollar dropped again as expected, as its three-day run in positive territory abruptly ended, with nothing there to sustain any type of real rally for the greenback.
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