Commodity Prices Fall Back To Earth
The New York Federal Reserve
reported the Empire State Index showed
the pace of improvement for New York manufacturers slowed unexpectedly in May
Treasuries closed higher, ending a five day slide. Yields closed last week at
multi-year highs, attracting buyers at the start of a new week.
The Dollar Index bounced back from last week’s drubbing, posting its biggest
gain in more than two months. The Dollar rose against all the majors after
hitting a one year low versus the Euro and eight month low versus the Yen last
Gold came crashing back down to earth today, falling more than $26 to close at
$685. Silver and Copper also closed significantly lower, although Copper opened
near its low and closed near its high — suggesting buyers felt the gap down was
Crude Oil futures erase last week’s gain
June Crude Oil futures picked up where they left
off on Friday — moving downwards. Selling was the theme of the day as prices
opened at session highs and closed near the low of the day at $69.41. June Crude
Oil hit a high of $73.90 last Thursday.
Unleaded Gas and Heating Oil futures fell sharply, while Natural Gas fell to a
new contract low.
All the softs except for Orange Juice +1.21% closed lower.
Among the grains, Corn was the only major contract to rise.
16 out of the 19 components of the Reuters/Jefferies CRB Index closed lower
Empire Sate Index At 12.4 For May (report)
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