Cattle Ban Lifted: What Will This Do To Prices?
Some of Mexico’s oil production has been suspended due to
Hurricane Emily. Emily–now a category two storm–is expected to strengthen
and move toward the northern part of Mexico. OPEC guided down the demand forecast for
2005 and 2006.
Greenspan wrote to Congress saying he
expects U.S. GDP to be 7.5% lower this year. citing high oil prices.
Copper made a 4-week high as trader speculated
that a prolonged strike at Asarco might accelerate inventory declines.
Stockpiles are currently at 31-year lows. Asarco is tentatively scheduled to
meet with United Steelworkers on July 22.
Thirty-five head of cattle were shipped
into New York from Canada–the first cattle shipment into the U.S. since the May
2003 Mad Cow discovery.
Coffee fell to its lowest level in six
months.
Brice Wightman