Stock Market News
Commodities: Prices near multi-year highs amid dip in US dollar
Losses in agricultural commodities and some energy contracts were the weakest segments of the market on Thursday as they gave back ground despite the weaker US dollar.
In the energy space, as of 1921 BST West Texas Intermediate for prompt month delivery was slipping 0.10% to $71.07 per barrel on the NYMEX.
RBOB gasoline on the other hand was adding 0.58% to trade at $2.1799 per gallon, although the best performance was to be seen in June natural gas futures, which were climbing by 2.85% to $2.82/MMBtu.
In the background, the Bloomberg Commodity index was up by 0.41% at 90.47 - and just off its best levels in several years - while the US dollar spot index was lower by 0.38% to 92.6880.
Weighing on the Greenback was a weaker-than-expected reading on US consumer prices for April, which showed 'core' CPI printing at 2.1% (consensus:2.2%).
Precious metals were also higher, with June COMEX gold tacking on 0.57% to $1,320.50/oz. against a backdrop of heightened tensions in the Middle East.
Base metals were lower across the aboard alongside. However, three-month LME copper was a notable exception, with traders at Sucden Financial referencing technical factors for the move.
In the agricultural space meanwhile, July corn on CBoT was down by 0.50% to $4.0075 a bushel, together with a 1.61% drop for similarly-dated cotton#2 on ICE, which was retreating 1.61% to $0.8448 per pound.
CBoT wheat was also on the back foot, retreating 0.93% to $5.0575 a bushel.
In the energy space, as of 1921 BST West Texas Intermediate for prompt month delivery was slipping 0.10% to $71.07 per barrel on the NYMEX.
RBOB gasoline on the other hand was adding 0.58% to trade at $2.1799 per gallon, although the best performance was to be seen in June natural gas futures, which were climbing by 2.85% to $2.82/MMBtu.
In the background, the Bloomberg Commodity index was up by 0.41% at 90.47 - and just off its best levels in several years - while the US dollar spot index was lower by 0.38% to 92.6880.
Weighing on the Greenback was a weaker-than-expected reading on US consumer prices for April, which showed 'core' CPI printing at 2.1% (consensus:2.2%).
Precious metals were also higher, with June COMEX gold tacking on 0.57% to $1,320.50/oz. against a backdrop of heightened tensions in the Middle East.
Base metals were lower across the aboard alongside. However, three-month LME copper was a notable exception, with traders at Sucden Financial referencing technical factors for the move.
In the agricultural space meanwhile, July corn on CBoT was down by 0.50% to $4.0075 a bushel, together with a 1.61% drop for similarly-dated cotton#2 on ICE, which was retreating 1.61% to $0.8448 per pound.
CBoT wheat was also on the back foot, retreating 0.93% to $5.0575 a bushel.
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