Copper Extends Record Breaking Run
Copper prices extended their record
breaking run, hitting another new all-time high today. Increased
Factory Orders data showed demand is still strong and followed yesterday’s
falling inventories data.
Natural Gas was the other commodity to hit a record high today
and the only one among the energies to escape a sharp selloff.
Economic data was rather light today with only two reports
released. Weekly Chain Store Sales for the
week ending Oct. 1 rose 0.6%. Meanwhile the Commerce Department reported Factory
Orders rose 2.5% in Aug. following a revised -2.5% fall in July (analysis,
report).
Today’s report by the Minerals Management Service showed some
improvement in oil and gas production in the Gulf of Mexico. Almost 90% of the
daily oil production and nearly 72% of the daily gas production remains shut-in
(Full Report).
Reuters/Jefferies CRB Index Movers
Commodity (symbol) |
Price | Price Change | % Change |
Corn (C) | 206.00 | -2.75 |
-1.32 |
Soybeans (S) | 562.50 | -17.50 |
-3.02 |
Wheat (W) | 347.25 | -0.50 |
-0.14 |
Live Cattle (LC) | 91.45 | +1.23 |
+1.36 |
Lean Hogs (LH) | 64.80 | -0.20 |
-0.31 |
Platinum (PL) | 918.50 | -9.30 |
-1.00 |
Gold (GC) | 469.30 | 0.00 | 0.00 |
Silver (SI) | 742.50 | -3.00 |
-0.40 |
Copper (HG) | 176.60 | +0.70 |
+0.40 |
Cocoa (CC) | 1383.00 | -18.00 | -1.28 |
Coffee (KC) | 92.70 | -0.15 |
-0.16 |
Sugar #11 (SB) | 11.43 | -0.10 |
-0.87 |
Cotton (CT) | 53.05 | -1.19 |
-2.19 |
Orange Juice (JO) | 102.30 | -2.00 |
-1.92 |
Crude Oil (CL) | 63.90 | -1.57 |
-2.40 |
Heating Oil (HO) | 204.97 | -3.12 |
-1.50 |
Natural Gas (NG) | 14.22 | +0.21 |
+1.48 |
Economic News
ICSC-UBS Store Sales:
W/W Change – Actual 0.6%
Factory Orders:
M/M Change – Actual 2.5% Consensus 2.2%
Ashton Dorkins