gold futures news

gold futures news

May 3rd, 2016

Gold futures hovered around the key $1,300-level in North American trade on Tuesday, as investors monitored movements in the currency market while awaiting comments from a pair of Federal Reserve officials.

Gold for June delivery on the Comex division of the New York Mercantile Exchange rose to an intraday peak of $1,303.85 a troy ounce before falling back to $1,299.70 by 12:45GMT, or 8:45AM ET, up $3.90, or 0.3%.

On Monday, gold rallied to $1,306.00, the most since January 2015 as the U.S. dollar crashed to 15-month lows against a basket of other major currencies.

Dollar weakness usually benefits gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

The dollar extended losses against a basket of six major currencies, slipping to a low of 91.89 at one point on Tuesday, its weakest level since January 2015. It last stood at 92.42, down 0.12% for the day.

In early trading, the yen rose to a fresh 18-month high of 105.55 against the dollar, while the euro hit its strongest level since last August at $1.1615.

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Gold Bears Revived as Rout Resumes

On May 17, 2013, in gold futures trading news report, by Infinity Trading
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gold futures fall

May 17th, 2013

Gold bears are dominant again after prices resumed their slump and billionaire George Soros joined investors selling holdings in exchange-traded products that have retreated to a two-year low.

Seventeen analysts surveyed by Bloomberg expect prices to fall next week, with eight bullish and three neutral, the highest proportion of bears in two weeks. The analysts were divided a week ago after gold rebounded as much as 13 percent from the two-year low of $1,321.95 an ounce on April 16. ETP holdings slid 16 percent to 2,207.1 metric tons this year, the lowest since July 2011, data compiled by Bloomberg show.

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Corn Gains as Persistent Rain

On May 13, 2013, in Corn Futures News Report, by Infinity Trading
corn futures brokers

corn futures gain

May 13th, 2013

Corn futures climbed on concern that persistent wet weather in parts of the Midwest, the largest growing region in the U.S., raises the risk of the nation missing a record production forecast.

Wet conditions, followed by cold weather over the weekend in the western part of the Midwest, and rainfall last week in the eastern part probably caused delays in field work and sowing, DTN said in a report May 10, after the U.S. Department of Agriculture released its outlook for the 2013-14 crops. The U.S. is the world’s biggest producer of corn.

“It is too early to become complacent about supplies because exceptional weather-related production risks persist,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia (CBA), wrote in a report today.

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Brent crude oil

Brent crude oil futures fall

May 9th, 2013

Crude Oil Futures – Brent futures fell for a third session as crude inventories in the U.S. increased. Iraq resumed oil exports via Turkey today after a halt caused by sabotage to a pipeline.

Brent dropped as much as 0.8 percent. Total U.S. crude stockpiles rose by 230,000 barrels, according to the Energy Department. Iraq’s state-run North Oil Co. repaired the pipeline to Turkey following a bombing attack yesterday in the city of Mosul. The weekly U.S. jobless claims will be announced at 8:30 a.m. Washington time and are expected to show an increase to 335,000, according to a Bloomberg survey.

“The market looks to be taking stock, awaiting the next economic data,” said Michael Hewson, a market analyst at CMC Markets Plc in London who expects WTI to peak at $98 this year. “It’s a demand story at the moment as inventories keep rising. We need positive economic news to stop the fall and that could come with the weekly jobless claims.”

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crude oil options

Crude oil futures tumble

May 1st, 2013

Crude Oil Futures – West Texas Intermediate crude tumbled as U.S. inventories reached an 82-year high amid signs of economic slowdown in the U.S. and China.

Futures headed for the biggest loss in almost six months after the Energy Information Administration said stockpiles jumped to 395.3 million barrels in the seven days to April 26, the most since the government began gathering weekly data in 1982. According to monthly data, they were last at this level in 1931. U.S. companies added fewer workers than forecast in April, and China’s manufacturing grew at a weaker pace, separate reports showed.

“WTI, in our view, is prone to some downward pressure,” said Michael Wittner, the head of oil-market research at Societe Generale SA in New York. “The U.S. is very comfortably supplied. The macroeconomic data flow continues to be weak.”

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corn futures and options news

corn futures reach higher

April 29th, 2013

Corn futures reached a one-week high in Chicago on speculation a government report will show planting slowed in the U.S., while forecasts for cooler weather may further curb sowing. Wheat rose.

Four percent of corn crops in the major U.S. producing states were planted as of April 21, behind the five-year average pace of 16 percent, the Department of Agriculture said April 22. The agency is scheduled to update its weekly crop progress report today. Much of the Midwest, from Missouri to Michigan, had double the normal rainfall in the past two weeks, National Weather Service data show.

The USDA report may “show only minimal seeding activity took place last week, meaning crop concerns will remain heightened,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia (CBA), wrote in a report today. “The outlook for later this week shows cool, wet weather plaguing the U.S. Midwest once again, meaning spring crop development will slip even further behind schedule.”

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gold futures news

Gold Futures Slump

April 16th, 2013

Gold Futures – The selloff in gold that cut futures 13 percent over two days was sparked by investor concern that European governments may have to follow Cyprus in selling part of their holdings, according to Goldman Sachs Group Inc.

The slump, which drove prices to their lowest level since January 2011 today, was exacerbated as the metal fell below so- called technical-support levels, analysts including Jeff Currie and Damien Courvalin said in a report dated today, entitled “There Are Weeks When Decades Happen.”

Gold has plunged into a bear market as investors reduced holdings in exchange-traded products amid signs the U.S. economy is recovering, paring haven demand. Goldman said April 10 the turn in the gold cycle was quickening and investors should sell the metal. The drop in the past two days was one of the largest corrections in modern history, according to Deutsche Bank AG.

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April 15th, 2013

Gold Futures – Hedge funds and other speculators added to bullish gold bets before the metal slumped into a bear market and Goldman Sachs Group Inc. warned the retreat is accelerating after the longest rally in nine decades.

The investors increased net-long positions by 19 percent to 56,084 futures and options in the week ended April 9, the first gain in three weeks, U.S. Commodity Futures Trading Commission data show. That contrasts with a 7.9 percent decline in bullish wagers across 18 U.S.-traded raw materials, which fell to a five-week low of 431,581 contracts. Holdings in agriculture dropped to the lowest since September 2006.

The turn in the gold cycle is quickening and investors should sell the metal, Goldman Sachs said in an April 10 recommendation that returned 5.4 percent in three days. Gold retreated as the Standard & Poor’s GSCI Index of 24 raw materials fell to a nine-month low, extending a slump that Citigroup Inc. said marks the “death bell” for the supercycle, or longer-than-average period of rising prices. Global equities advanced to the highest since June 2008 as U.S. stocks reached a record.

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April 12th, 2013

Gasoline sank to the lowest level since January on concern that U.S. and European economies are weakening, reducing fuel demand at the same time refineries increase output.

Gasoline futures slid to the lowest intraday level since Jan. 18. March U.S. retail sales fell the most in nine months. Cyprus said it will seek more aid from the European Union. Gasoline supplies and refinery inputs rose last week, government data show. The motor fuel is the worst performer this month in the Standard & Poor’s GSCI Index of 24 materials.

“The problems in Europe seem to have bubbled up again and retail sales are not looking too good on top of the weak fundamentals,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut.

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April 9th, 2013

West Texas Intermediate rose for a second day after China reported inflation eased more than forecast last month. U.S. crude stockpiles probably increased to the highest level in 22 years, a Bloomberg survey showed.

Crude oil futures gained as much as 0.5 percent in New York after advancing the most in almost two weeks yesterday. Goldman Sachs Group Inc. (GS) forecast that supplies at the U.S. delivery hub in Cushing, Oklahoma, will shrink at the end of next month, and pushed back its recommendation for trading the discount on WTI versus Brent. U.S. crude inventories climbed by 1.5 million barrels in the week to April 5 to 390 million, according to a Bloomberg survey before the Energy Department releases data tomorrow.

“Any healthy demand for oil will have to come from Asia or the Middle East,” said Michael Poulsen, an analyst at Global Risk Management in Middelfart, Denmark. “Hopes for a Chinese money bazooka have increased.”

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