Commodity Market Updates
October 16th 2011 20:45
The Crude oil showed the increase by 3.1% and it’s the highest settlement since September 20th. Gasoil jumped to 3.2% on ICE future Europe.
Sugar climbed straight from last three days. The rise is due to delay in cane crushing in India due to heavy rains. India is the second largest cultivator of sugarcane. Sugar showed 11% rise in the week.
Copper showed the rise by 3.2% on LME after the reports that the imports of copper in China have touched the sixteenth month high. China is the world’s largest copper consumer and sharing nearly forty percent of global demand. Copper always have been in the front of all commodities. During the time of economic downturns, copper always led the market when other commodities turned lower. Copper has entered into bear market and will rally positive with the increase demand.
Silver future for the December deliveries climbed 1.6 percent on the comex.
Wheat future for December deliveries also gained 0.8 percent. This week wheat climbed 2.5%. The gain is the result of the rising prices in corn and wheat is now becoming the alternate cattle and poultry feed.
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