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Commodities Trade Higher on Friday

Summary:
Commodities, including metals, were trading generally higher during the Friday’s European session. One of the possible reason for gains was the weakness of the US dollar, which helped assets priced in the greenback. The currency weakened on concerns about Sino-US trade relations, which intensified after Commerce Secretary Wilbur Ross said that the United States are still “miles and miles” from a trade deal with China. Contract for delivery of gold in April gained 0.24% to ,289 per troy ounce as of 11:10 GMT on COMEX today. March silver advanced 0.49% to trade at .38 per ounce. Spot price for platinum rose 0.21%, while palladium declined 0.5% to ,317.52 per ounce. Copper for delivery in March added 0.23% to its value to .6505 per pound. West Texas Intermediate crude oil gained

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Commodities, including metals, were trading generally higher during the Friday’s European session. One of the possible reason for gains was the weakness of the US dollar, which helped assets priced in the greenback. The currency weakened on concerns about Sino-US trade relations, which intensified after Commerce Secretary Wilbur Ross said that the United States are still “miles and miles” from a trade deal with China. Contract for delivery of gold in April gained 0.24% to $1,289 per troy ounce as of 11:10 GMT on COMEX today. March silver advanced 0.49% to trade at $15.38 per ounce. Spot price for platinum rose 0.21%, while palladium declined 0.5% to $1,317.52 per ounce. Copper for delivery in March added 0.23% to its value to $2.6505 per pound.

West Texas Intermediate crude oil gained as well, not just due to the weak dollar, but also as the USA threatened sanctions against Venezuela. Now, traders wait for US oil rig count from Baker Hughes due for release by the end of the American trading session. Yesterday, the Energy Information Administration released a report, which showed a surprise buildup of US inventories by as much as 8 million barrels last week. March futures for WTI crude oil advanced 0.26% to $53.27 per barrel on NYMEX today. Brent crude was stable at $61.11 per barrel on ICE.


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Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

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