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At 06:00 SAST today, Brent crude oil fell 0.1% to trade at $107.91/bl, on fading optimism after a European official indicated that the bank-restructuring plan to be implemented in Cyprus should be viewed as a template for the rest of the euro bloc. Moreover, a Bloomberg survey indicated that crude oil stockpiles probably increased by 1.40mn bls to 384.10mn bls last week. Yesterday, Brent crude oil rose 0.7% to settle at $108.01/bl, after eurozone finance ministers and the International Monetary Fund approved a EUR10.00bn rescue package for Cyprus.
Yesterday, corn spot prices rose 0.9% to $7.56/bushel.
At 06:00 SAST today, gold prices declined 0.2% to trade at $1,601.79/oz. Yesterday, gold declined 0.2% to close at $1,605.08/oz.
Yesterday, copper declined 0.5% to close at $7,586.00/mt, amid worries of subdued demand from China after data showed that copper stocks monitored by the Shanghai Futures Exchange rose to their highest level in nearly 11 years. Aluminium closed 1.0% dropped at $1,895.50/mt.
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