At 06:00 SAST today, Brent crude oil is trading marginally higher at $113.90/bl. The American Petroleum Institute reported that crude oil inventories climbed 904,000.00 bls to 373.40mn bls last week. Meanwhile, according to media reports, Iran is preparing a counteroffer to a proposal suggested by the US and its partners to ease sanctions imposed on the nation. Yesterday, Brent crude oil closed almost unchanged at $113.86/bl.

Yesterday, corn spot prices rose 1.4% to $7.12/bushel, amid concerns about tight supplies following stronger-than-expected demand for corn.

At 06:00 SAST today, gold prices declined 0.1% to trade at $1,611.85/oz. Yesterday, gold gained 1.3% to close at $1,613.85/oz, following dovish comments by the US Fed in defense of its bond purchase programme.

Yesterday, copper rose 0.3% to close at $7,832.50/mt, after the US Fed Chairman, Ben Bernanke, defended the central bank’s bond-buying stimulus, and as new home sales in the US surged to their highest level in four and a half years in January. Aluminium closed 0.8% lower at $1,978.00/mt.

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