Reuters logo
COMMODITIES-Oil up on supply report; dollar lifts gold, copper
April 24, 2013 / 8:22 PM / 5 years ago

COMMODITIES-Oil up on supply report; dollar lifts gold, copper

* U.S. data shows slump in motor fuel inventories
    * U.S. crude rises more than 2 pct, gasoline more than 1 pct
    * Copper up more than 2 percent, session peak above $7,000
    * Gold rises on as dollar falls against euro
    * Corn rebounds from 2-week low, sugar near 3-year low

    By Barani Krishnan
    NEW YORK, April 24 (Reuters) - Oil prices rallied as much as
2 percent on Wednesday due to falling U.S. gasoline stockpiles
while copper and gold advanced  as the dollar weakened against
the euro.
    Corn rebounded from a two-week low as soybean and wheat
prices turned weak on U.S. weather-related factors affecting
crop output. 
    Sugar dropped to its lowest levels in nearly three years on
continued speculator selling as the market faced its third
straight annual surplus. 
    The Thomson Reuters-Jefferies CRB index, an index
of commodities, rose 0.7 percent for its first positive close in
three sessions.
    Eight of the 19 commodities on the CRB ended up 1 percent or
more as the euro rose against the dollar on optimism that Italy
could form a new coalition government, overcoming political
gridlock.  
    Sugar and cotton led the CRB's declines,
falling 2 percent or more.
    In oil, London's Brent gained more than $1 a barrel and U.S.
crude rose nearly $2 as stockpiles of gasoline declined in top
consumer the United States.    
    The possibility of stronger demand for U.S. gasoline emerged
after data from the Energy Information Administration (EIA)
showed stocks of the motor fuel slumped last week.
    But a weak March report on U.S. durable goods orders sent
U.S. equity markets lower, limiting gains in oil.
 ] 
    "The macroeconomic headlines were disappointing again," said
Stephen Schork, editor of The Schork Report in Villanova,
Pennsylvania. 
    Brent crude oil prices are down about 7 percent since the
end of March and U.S. gasoline has tumbled almost 12 percent,
reaching low prices attractive to buyers.
    In Wednesday's session, Brent settled at $101.73 a
barrel, up $1.42. U.S. crude gained $2.25 to $91.43. 
    U.S. gasoline finished up 1 percent at $2.74 per
gallon after going as low as $2.70. 
    Copper surged above $7,000 a tonne as investors went
bargain-hunting following hefty falls.
    Three-month copper on the London Metal Exchange
(LME) closed up 2.3 percent at $7,029.50 a tonne, after earlier
hitting a session peak of $7,053, its highest since late last
week. It had reached an 18-month low of $6,762.25 on Tuesday.
 
    Gold prices rose on continued physical demand after last
week's historic price tumble.
    The spot price of bullion rose 1.1 percent to more
than $1,427 an ounce. On Tuesday it fell for the first time in
six sessions. Gold sank a combined $225 on April 12 and 15 in a
sell-off that surprised investors and gold bulls. 
    
 Prices at 3:37 p.m. EDT (1937 GMT)      
                             LAST/      NET    PCT     YTD
                             CLOSE      CHG    CHG     CHG
 US crude                    91.56     2.38   2.7%   -0.3%
 Brent crude                101.88     1.57   1.6%   -8.3%
 Natural gas                 4.166   -0.072  -1.7%   24.3%
 
 US gold                   1423.40    14.80   1.1%  -15.1%
 Gold                      1428.16    15.92   1.1%  -14.7%
 US Copper                  316.50     6.10   2.0%  -13.3%
 LME Copper                7030.00   160.00   2.3%  -11.4%
 Dollar                     82.905   -0.143  -0.2%    8.0%
                              
 
 US corn                    639.50     1.00   0.2%   -8.4%
 US soybeans               1404.00   -15.75  -1.1%   -1.0%
 US wheat                   691.75    -5.75  -0.8%  -11.1%
 
 US Coffee                  138.40     0.85   0.6%   -3.8%
 US Cocoa                  2322.00     6.00   0.3%    3.8%
 US Sugar                    17.40    -0.34  -1.9%  -10.8%
 
 US silver                  22.833    0.016   0.1%  -24.5%
 US platinum               1429.80    13.00   0.9%   -7.1%
 US palladium               667.65    -5.70  -0.8%   -5.1%

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below