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Read the rest of Technical Analysis, May 28th — June 1st, 2012 (15 words)

Wheat advanced on speculation that demand will shift to US exports amid decline of global output. The International Grain Council reported that global production of wheat will drop 3.5 percent to 670.5 million metric tons in the year that begins June 1, compared to the record 694.8 million harvested a year ago. The US Department of Agriculture said that US suppliers sold 754,599 tons of the grain for delivery after June in the week ended May 17, compared to 389,616 in the previous week. Wheat advanced from $6.6475 to $6.7500 per bushel on CBoT today, while earlier it touched $6.8725.
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Read the rest of Copper Falls on Spain’s Woes, Wheat Gains on Rising Demand (12 words)

Oil (Brent) — $106.89 per barrel.
Gold — $1,568.80 per troy ounce.
Silver — $28.37 per troy ounce.
Palladium — $591.25 per troy ounce.
Platinum — $1,428.20 per troy ounce.
Copper — $344.70 per 100 pounds.
Cocoa — $2,103.00 per metric ton.
Sugar — $19.63 per 100 pounds.
Corn — $576.50 per 100 bushels.
Soybean — $1,380.00 per 100 bushels.

Copper tends to be a reasonably good signal of what’s going on in the real world. Europe has become a more immediate concern. Most people in the copper market were already concerned about the outlook in China. We’re looking for prices to find a floor at lower levels in the next couple of months.

Copper traded at about $3.4350 per pound as of 1:09 GMT today on COMEX after it slid from $3.4675 to $3.4250 yesterday.

Gold futures had their first advance in four days as central banks continued to buy the metal. The International Monetary Fund reported that Turkey boosted its reserves by 29.7 metric tons, while Kazakhstan, Mexico and Ukraine also expanded their stockpiles. Central banks are the biggest holders of the precious metal in the world. June contract for delivery of gold advanced 0.6 percent to $1,557.50 per ounce.
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Read the rest of Copper Heads to Second Weekly Loss, Gold Advances (12 words)

Oil (Brent) — $106.82 per barrel.
Gold — $1,551.50 per troy ounce.
Silver — $28.18 per troy ounce.
Palladium — $585.85 per troy ounce.
Platinum — $1,419.50 per troy ounce.
Copper — $343.50 per 100 pounds.
Cocoa — $2,114.00 per metric ton.
Sugar — $19.52 per 100 pounds.
Corn — $582.00 per 100 bushels.
Soybean — $1,381.25 per 100 bushels.

Coffee also suffered from the general negative market sentiment. Additionally, prices were under pressure on prospects for higher output from Brazil and Colombia. Rabobank International estimated that global coffee production may exceed demand by 5.3 million bags in the year starting in October. Coffer spot price was down from $1.7350 to $1.6510 per pound on ICE today. Analysts say that the $1.65 level may bottom in the near term, but gains would be limited by growing exports from South American countries.
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Read the rest of Oil & Copper Drop on Europe, Coffee Falls on Excessive Supply (12 words)

Oil (Brent) — $106.12 per barrel.
Gold — $1,537.00 per troy ounce.
Silver — $27.73 per troy ounce.
Palladium — $594.00 per troy ounce.
Platinum — $1,424.30 per troy ounce.
Copper — $342.50 per 100 pounds.
Cocoa — $2,112.00 per metric ton.
Sugar — $19.51 per 100 pounds.
Corn — $604.75 per 100 bushels.
Soybean — $1,365.50 per 100 bushels.

We urge Iran to take this opportunity to resolve all outstanding concerns about the nature of its nuclear program. Full and transparent cooperation with the IAEA is the first logical step.

Concerns about sanctions against Iran were bullish for oil and now the commodity may lose that support.

On the other hand, the bearish story of the European crisis persists still. Traders are worried by the decline of Italy’s economy and speculation that Spain may the next country to request a financial aid. Oil loses appeal as one of the world’s biggest markets is constantly shaken by bad news and fear of the future.

July futures for delivery of crude oil dropped as much as $1.01 (1.1 percent) to $91.85 per barrel on NYMEX today. Brent grade of oil slipped from $109.17 to $108.25 as of 22:46 GMT on ICE.
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Read the rest of Crude Oil Slips as Iran Cooperates with UN (12 words)

Oil (Brent) — $107.91 per barrel.
Gold — $1,577.00 per troy ounce.
Silver — $28.17 per troy ounce.
Palladium — $608.15 per troy ounce.
Platinum — $1,443.40 per troy ounce.
Copper — $348.10 per 100 pounds.
Cocoa — $2,175.00 per metric ton.
Sugar — $19.92 per 100 pounds.
Corn — $601.25 per 100 bushels.
Soybean — $1,381.00 per 100 bushels.

Crude oil had additional bullish factor as Goldman Sachs stated that demand for crude exceeds supply even as Saudi Arabia ramp up production. As for rubber, it is bolstered by demand in Thailand.

June futures for delivery of crude oil advanced as much as $1.09 to $92.57 per barrel on NYMEX, posting the biggest gain since May 1. Brent oil climbed from $107.20 to $109.30 per barrel as of 22:29 GMT on ICE today. Contract for delivery rubber of in September jumped 2.7 percent to $3,910 per ton on the Shanghai Futures Exchange.

Wheat, on the other hand, ended its rally on forecast that rains in Russia and Ukraine. Earlier, the agricultural commodity rallied as drought in the Eastern European countries threatened crops. Output may be lower than the previous estimates despite improving weather. Wheat capped its five-day rally today, closing at $6.9925 per pound on CBoT today after opening at $7.0025 and reaching $7.2175 — the highest intraday price since September 6.
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Read the rest of Oil & Wheat Jump on China, Wheat Drops on Weather (12 words)

Oil (Brent) — $109.38 per barrel.
Gold — $1,592.50 per troy ounce.
Silver — $28.30 per troy ounce.
Palladium — $613.75 per troy ounce.
Platinum — $1,469.90 per troy ounce.
Copper — $351.25 per 100 pounds.
Cocoa — $2,236.00 per metric ton.
Sugar — $20.30 per 100 pounds.
Corn — $629.50 per 100 bushels.
Soybean — $1,409.75 per 100 bushels.

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Read the rest of Technical Analysis, May 21st — May 25th, 2012 (15 words)