Commodities Briefing: Hard and Soft
Crude Oil and Metals
Crude Oil prices fell Friday, with NYMEX WTI Crude heading for a 7th weekly decliner on increasing concerns about slowing global economic growth that could hit demand for petroleum products as inventories build across the sector.
Data out Wednesday showing a large build in US inventories fostered fears about the outlook for fuel demand.
ICE Brent Crude futures were down 3c at 71.40 bbl, and NYMEX WTI Crude futures dropped 1c to 65.45 bbl.
Spot Gold is up a 1,175.45, +1.89, or +0.16 in Asia Friday
Copper is flat to unchanged at 2.61 lb in Asia Friday
Chicago Board of Trade (CBOT) agriculture futures closed sharply higher Thursday with Soybeans surging more than 3%, as China and the United States prepared for trade talks.
The most active Corn contract for December delivery rose 3.75c, or 1.00% to settle at 3.7975 bu.
December Wheat went up 10.25c, or 1.86% to close at 5.62 bu.
November Soybean were up 28c, or 3.22% to settle at 8.97 bu.
A Chinese delegation led by Vice Minister of Commerce Wang Shouwen will, at the invitation of US side, visit the United States in late August to talk with the US counterpart on bilateral economic and trade issues of their own concern, China’s Ministry of Commerce (MOC) said Thursday.
The vice-ministerial talks will focus on “bi-lateral economic and trade issues of their own concern,” according to an MOC statement.
The news immediately drove up the prices of US oybeans, as China has been the Top buyer.
CBOT Corn and Wheat also followed Soybeans’ rise.
China reaffirmed its stance of opposing unilateralism and trade protectionism, and not accepting any forms of unilateral restrictive trade measures.
Have a terrific weekend
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