Energy moved higher ahead IEA report

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Source: Dukascopy Bank
Energy commodities were mainly higher on Wednesday as geopolitical tensions continued to stimulate upward movement of the energy price. However, weaker than expected PMI releases and speculation that recent Greek bailout is not sufficient to rescue the country's economy limited the gains. Narrowing spread between the WTI and Brent oil also lent some support to the WTI crude oil prices. Traders are cautious before IEA reports on the natural gas and crude oil stockpiles in the US due on Thursday. Meanwhile, natural gas balances between mild weather forecasts in the US and massive production cuts on the weak price.


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Fri, 24 Feb 2012 06:09:54 GMT

Grain commodities advanced on supply concerns

Rural commodities, excluding coffee, advanced on Wednesday. Wheat was the top gainer but the pace of rally slowed down on the improving weather conditions in the US, implying that wheat output is sufficient to meet global demand. Corn mainly followed the wheat lead. Sugar continued to draw some short-living support from the expected shortage of exports from the main cane

Fri, 24 Feb 2012 06:09:39 GMT

Base metals mixed after Euro Zone's PMI data

Industry metals were mixed on Wednesday amid weak industry data releases from the Euro Zone. Copper, traditional driver of the metals pack, lost 0.17% as Collahuasi's copper mine resumed its operations. In addition, depreciating US Dollar and weak global equities continued to weight down on the metals' price. Aluminium was resilient to disappointing PMI data as the metal found support

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