BS:Futures and Commodities – Oil Gold and Silver Prices Higher - Gasoline and Heating Oil Lower
(Best Syndication News) Commodities advance broadly with strong gains in palladium and ethanol (see charts below). Crude oil and gasoline are lower in Asia.
Precious Metals
Nearly all commodities were higher Tuesday including gold and silver (see survey #2 settle price below).
August gold on the COMEX jumped $4.40 (+0.29%) to $1,546.40 a troy ounce. Of the precious metals we monitor, only gold is up over the last week, month (30 business days) and 100-day period. The golden metal has been higher six days in a row.
Uncertainty has put upward pressure on gold. Despite investor anticipation for a positive outcome in the vote of confidence for Greek Prime Minister George Papandreou, Greece must still agree to austerity measures to avoid debt restructuring. Austerity measures could be hammered-out next week.
July silver was up 0.31 (+0.85%) to $36.38 a troy ounce.
In Asia, prices were slightly higher (see Tokyo Commodity Exchange chart below). Gold and silver on the Tokyo Commodity Exchange (TOCOM) was up one yen per gram. Gold closed at $1,544.93 and silver closed at $36.38 per troy ounce.
Platinum and palladium were both higher in Tokyo and New York.
Energy Prices
Light Sweet Crude for August delivery on the New York Mercantile Exchange (NYMEX) was up 0.54 (+0.58%) to $94.17 a barrel. Since the settle crude oil declined 54 cents. Brent crude was $111.69.
July gasoline fell three cents (-0.99%) to $2.88 a gallon.
Heating oil was down but natural gas was higher.
Crude oil in Tokyo was down 0.97 percent and gas was down 0.66 percent.
Agricultural Products
Cocoa, coffee, corn, soybeans, wheat, and orange juice were higher while sugar was lower (see survey #1 below). Orange juice is at a 100-day high.
Pork bellies were unchanged, but lean hogs, live cattle and feeder cattle were higher. There are reports from Texas that the draught is forcing ranchers to sell their cattle. This could push prices higher later.
