Commodities: Energy and grains pace advance even as US dollar climbs
By Alexander Bueso
Date: Tuesday 28 May 2019
(Sharecast News) - Commodity prices jumped at the start of the holiday shortened week even as the Greenback continued to flirt with its 52-week highs amid the ongoing trade war between the US and China.
Data showing a dip in the number of US oil rigs in operation last week helped prop up energy futures.
According to consultancy Baker Hughes, the number of onshore US oil rigs shrank by five in the week ending on 24 May to reach 797.
The figures helped lift July West Texas Intermediate crude oil futures 0.49% to $58.92 a barrel on the NYMEX as of 2100 BST, with June RBOB gasoline adding 0.80% to $1.95 a gallon and heating oil futures climbing 0.79% to $1.9869.
But it was grains that put in the biggest gains, with the July contract on CBoT adding 3.96% to $4.2025 per bushel and similarly-dated wheat advancing 3.12% to $5.0475.
Base and precious metals on the other hand were unwanted.
Amid what traders at Sucden Financial described as thin and quiet conditions, three-month copper futures on the LME slipped from $5,996 per metric tonne at the opening bell to $5,960 by the end of trading.
All the main LME base metals contracts finished the session in the red.
Gold futures on COMEX were also down, giving back 0.45% to $1,283.40/oz..
From a bird's eye view, the Bloomberg commodity index rose by 0.86% to 79.39 as the US dollar spot index advanced 0.33% to 97.9320.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN