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2013-02-21
Commodities


At 06:00 SAST today, Brent crude oil is trading almost unchanged at $115.45/bl, ahead of the PMI data from the US and European countries slated for release later today. The American Petroleum Institute reported that crude oil inventories climbed 2.96mn bls to 372.00mn bls last week. Meanwhile, reports indicated that five United Nations Security Council permanent members and Germany would make a new offer to Iran to resolve the dispute about its nuclear program in talks next week. Yesterday, Brent crude oil fell 2.4% to settle at $115.44/bl, tracking a stronger US Dollar.

Yesterday, corn spot prices rose 0.6% to close at $7.11/bushel.

At 06:00 SAST today, gold prices declined 0.2% to trade at $1,561.35/oz, amid continuing worries that the US Federal Reserve might slow its bond buying program. Yesterday, gold declined 2.5% to close at $1,564.55/oz, as the US dollar strengthened against its major counterparts.

Yesterday, copper declined 1.1% to close at $7,925.50/mt, while Aluminium closed 0.4% lower at $2,060.75/mt, amid demand concerns following a subdued post-holiday buying from China and after the Chinese government ordered local authorities to keep in check the speculation in property prices.


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