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At 06:00 SAST today, Brent crude oil fell 0.8% to trade at $110.76/bl, after the official Chinese manufacturing index indicated a slower pace of expansion in February. Moreover, a Bloomberg survey showed that OPEC crude oil production rose for the first time in six months in February. Yesterday, Brent crude oil fell 0.9% to settle at $111.66/bl.
Yesterday, corn spot prices rose 1.3% to $7.24/bushel, after the US Department of Agriculture reported that net weekly export sales of corn came in at 302,600.00t for the 2012/2013 marketing year, 28.0% higher from the prior four week average.
At 06:00 SAST today, gold prices advanced 0.1% to trade at $1,580.57/oz. Yesterday, gold declined 1.1% to close at $1,579.58/oz, as the US dollar strengthened against its major counterparts.
Yesterday, copper declined 0.7% to close at $7,784.00/mt. Aluminium closed 0.7% lower at $1,961.75/mt. The International Monetary Fund warned that it is likely to cut its 2013 growth forecast for the US, if the automatic spending cuts would come into effect.
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