Commodity prices mixed amid US budget deadlock

Commodity prices diverged this week as traders focused heavily on the outlook for the United States and whether the world's biggest economy would fall back into recession owing to a budget impasse.

Elsewhere, investors cautiously welcomed a bailout deal for Greece that eased fears over a bankruptcy for the indebted eurozone country.

OIL: Crude futures were narrowly mixed as traders mainly tracked the US budget talks.

"Crude oil prices consolidated within the recent range... due to the mixed signals from the US about the 'fiscal cliff' programme and the on-going uncertainty about the eurozones economic conditions," said Sucden Financial Research analyst Myrto Sokou.

Lawmakers in Washington were locked in tough talks on averting the fiscal cliff of tax rises and spending cuts to come into effect on January 1, which could tip the economy back into recession.

But while Republican House Speaker John Boehner has rejected as "ridiculous" President Barack Obama's first proposal to cut the country's deficit, investors were broadly confident a deal would be achieved by the end of the year.

In Europe, official data published Friday showed unemployment in the eurozone hit a record high in October with more than 170,000 extra jobs lost and youth unemployment at almost 24 percent as the economy slumped into recession.

While world crude prices were being pressured by economic strains, support was being won by unrest in the oil-rich Middle East.

Oil prices briefly soared last week as violence intensified in the Israel-Hamas conflict, stoking supply worries, but the market trimmed its gains in the wake of a ceasefire.

Offering price support for some time now have been tensions over major oil producer Iran. On Thursday, the UN atomic agency called for diplomatic "urgency" in the Iranian nuclear standoff, even as Tehran signalled its continued defiance of UN Security Council demands to suspend key activities.

The International Atomic Energy Agency's latest report on Iran earlier in November showed that despite sanctions pressure, Iran had continued to expand its capacity to enrich uranium to purities of 20 percent, close to the 90 percent mark needed for a weapon.

Iran said the process was to produce nuclear medicines but Western countries and independent experts said it was producing far more enriched uranium than could be justified by Tehran's civilian programme.

By Friday on the New York Mercantile Exchange, West Texas Intermediate (WTI) or light sweet crude for delivery in January edged up to $87.85 a barrel from $87.67 a week earlier.

On London's Intercontinental Exchange, Brent North Sea crude for January eased to $110.53 a barrel from $110.83.

PRECIOUS METALS: Gold prices dropped after a sharp midweek loss.

"There have been numerous explanations for what caused this, however the most likely reason is a 'fat finger' trade," said Craig Erlam, an analyst at Alpari trading group.

Andrey Kryuchenkov, an analyst at VTB Capital financial group, said he believed gold would "continue to lag behind other metals in the precious sector" owing to a lack of traders hedging against higher inflation.

By late Friday on the London Bullion Market, gold fell to $1,726 an ounce from $1,734.50 a week earlier.

Silver rose to $34.28 an ounce from $33.41.

On the London Platinum and Palladium Market, platinum gained to $1,612 an ounce from $1,584.

Palladium climbed to $685 an ounce from $657.50.

BASE METALS: Prices of base, or industrial, metals rallied.

"We get the feeling that with the Greek payment issue taking a back seat for a while the risk in Europe has abated and although there is a lot of rhetoric coming from US policymakers, the market seems to feel the US will do what they have to do in the end -- all of which is potentially bullish," said William Adams, analyst at data group Fast Markets.

"In the short term we feel there is room for this rally to extend, but we expect it to remain choppy."

Greece won breathing space this week with long-frozen eurozone loans to restart from December and a first clear admission that a chunk of the country's debt burden would eventually have to be written off.

After drawn-out talks in Brussels, the eurozone and the International Monetary Fund agreed to unlock 43.7 billion euros ($56 billion) in loans and on the need to grant significant debt relief for decades to come.

Greece must still meet a series of agreed conditions but "the decision will certainly reduce the uncertainty and strengthen confidence in Europe and in Greece," said European Central Bank President Mario Draghi.

By late Friday on the London Metal Exchange, copper for delivery in three months jumped to $7,933 a tonne from $7,770 a week earlier.

Three-month aluminium climbed to $2,080 a tonne from $1,965.

Three-month lead grew to $2,239 a tonne from $2,202.

Three-month tin increased to $21,790 a tonne from $20,800.

Three-month nickel advanced to $17,200 a tonne from $16,678.

Three-month zinc gained to $2,048 a tonne from $1,959.

COCOA: Prices fell further as industry body the International Cocoa Organization hiked its estimation for 2011-12 world cocoa output to 4.052 million tonnes from 3.962 million previously, offsetting political unrest in top producer Ivory Coast.

By Friday on LIFFE, London's futures exchange, cocoa for delivery in March dropped to £1,567 a tonne from £1,582 a week earlier.

On New York's NYBOT-ICE exchange, cocoa for March dipped to $2,455 a tonne from $2,457 a week earlier.

COFFEE: Robusta-quality coffee beans hit a 10-month low at $1,836 a tonne and Arabica a 2.5-year trough at 147.10 cents a pound on high supply expectations, before rebounding strongly on strong speculative buying.

"Coffee prices appear to be extremely undervalued," said Societe Generale analyst Christopher Narayanan.

By Friday on NYBOT-ICE, Arabica for delivery in March grew to 155.95 US cents a pound from 152.6 a week earlier.

On LIFFE, Robusta for January advanced to $1,927 a tonne from $1,864 a week earlier.

SUGAR: Prices headed back towards 2.5-year lows in London on prospects of large output.

By Friday on LIFFE, the price of a tonne of white sugar for delivery in March fell to $512.60 from $519 a week earlier.

On NYBOT-ICE, the price of unrefined sugar for March decreased to 19.23 US cents a pound from 19.68 cents the previous week.

GRAINS AND SOYA: Soya and wheat prices rose, while maize fell.

By Friday on the Chicago Board of Trade, maize for delivery in December dipped to $7.44 a bushel from $7.45 a week earlier.

January-dated soyabean meal -- used in animal feed -- increased to $14.31 a bushel from $14.18.

Wheat for December gained to $8.51 a bushel from $8.47.

RUBBER: Prices inched down on a lack of buying interest amid sluggish demand from China owing to the top rubber consumer's slowing economic growth, dealers said.

The Malaysian Rubber Board's benchmark SMR20 fell to 279.50 US cents a kilo from 280.65 cents the previous week.

burs-bcp/jj

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • How the Dow Jones industrial average fared on Tuesday Associated Press - 18 minutes ago

    Stocks posted modest gains on Tuesday, bringing indexes nearly back to the record levels they reached last week. Homebuilders rose sharply following a big jump in sales of new homes last month, and Best ... … More »

  • Biden vows 'rock solid' NATO ties as allies slam Trump
    Biden vows 'rock solid' NATO ties as allies slam Trump AFP News - 32 minutes ago

    US Vice President Joe Biden promised unwavering commitment to NATO's collective defence Tuesday as he sought to reassure Baltic allies spooked by a resurgent Russia and White House hopeful Donald Trump. "Let there be no doubt -- America's Article 5 … More »

  • Intuit reports 4Q loss Associated Press - 38 minutes ago

    On a per-share basis, the Mountain View, California-based company said it had a loss of 16 cents. Earnings, adjusted for one-time gains and costs, came to 8 cents per share. The results exceeded Wall Street ... … More »

  • Wall St. edges higher on tech, housing boost
    Wall St. edges higher on tech, housing boost Reuters - 52 minutes ago

    With the U.S. earnings season winding down, investors are also turning their focus to the likelihood of an interest rate hike in the coming months. Federal Reserve Chair Janet Yellen's speech on Friday at Jackson Hole will be scrutinized for clues … More »

  • Markets Right Now: US stocks notch modest gains Associated Press - 58 minutes ago

    The latest on developments in global financial markets (all times local): 4:00 a.m. Stocks managed modest gains in another quiet day of trading that kept major U.S. indexes slightly below the record levels ... … More »

  • Nimble Storage reports 2Q loss Associated Press - 59 minutes ago

    On a per-share basis, the San Jose, California-based company said it had a loss of 47 cents. Losses, adjusted for stock option expense, came to 19 cents per share. The results exceeded Wall Street expectations. ... … More »

  • Oil prices jump on report Iran could support OPEC limits AFP - 1 hour 4 minutes ago

    Oil prices jumped on Tuesday after a new report that Iran could support an effort by OPEC and Russia to freeze production and firm up prices. The Reuters report, citing unnamed sources, said Tehran is ... … More »

  • Housing sector lifts U.S., European stocks; oil rises
    Housing sector lifts U.S., European stocks; oil rises Reuters - 1 hour 19 minutes ago

    Homebuilders helped lift both U.S. and European stock markets on Tuesday, while oil prices got a boost from Iran's positive signals about an output freeze. On Wall Street, technology companies led the Nasdaq to a record intraday high and robust … More »

  • Gold steady ahead of global central bankers meeting
    Gold steady ahead of global central bankers meeting Reuters - 1 hour 24 minutes ago

    NEW YORK/LONDON (Reuters) - Gold was largely unchanged on Tuesday as markets shifted focus from hawkish comments by a Federal Reserve official over the weekend to a meeting of global central bankers later this week that might provide hints on the … More »

  • Grain lower, livestock lower Associated Press - 1 hour 29 minutes ago

    Grain futures were lower Tuesday on the Chicago Board of Trade. Wheat for Sept. declined 7.50 cents at $4.0775 a bushel; Sept. corn fell 4.75 cents to 3.2850 a bushel; Sept. oats was off .75 cent at $1.7150 ... … More »

  • Dollar slips vs yen on Fed rate hike uncertainty
    Dollar slips vs yen on Fed rate hike uncertainty Reuters - 1 hour 38 minutes ago

    The dollar slid against the yen on Tuesday, as investors shifted their focus away from hawkish remarks on U.S. interest rates by Federal Reserve officials and towards a speech on Friday by Fed Chair Janet Yellen. Yellen will speak at the annual … More »

  • Oil up over 1 percent as Iran signals support for OPEC freeze action
    Oil up over 1 percent as Iran signals support for OPEC freeze action Reuters - 1 hour 46 minutes ago

    Oil prices rose more than 1 percent on Tuesday after Reuters reported that Iran was sending positive signals that it may support joint OPEC action to prop up the market. It refused to join a previous attempt this year by OPEC plus non-members such … More »

  • BOJ Spurs Bond Volatility on Policy Review Markets Can’t Predict Bloomberg - 2 hours 8 minutes ago

    The only sure thing in the run-up to the BOJ board meeting next month may be wilder market swings. Volatile movements in Japanese government bonds are likely because debt investors aren’t able to price in the outcome of the meeting, according … More »

  • Yuan Funds Abroad See Pickup After Luring $604 Million in 2016 Bloomberg - 2 hours 9 minutes ago

    China Asset Management Co. has seen more inflows into equity funds that invest offshore yuan into mainland equities since Britain’s June 23 vote to leave the European Union. CSOP Asset Management Ltd. had its strongest inflows in 14 months in June … More »

  • Social Security rolls back security measures on website Associated Press - 2 hours 22 minutes ago

    The Social Security Administration has rolled back extra security measures on the agency's website after getting complaints from people who had trouble accessing their accounts. For years, workers and ... … More »

  • AIG in talks to sell Lloyd's insurance business to CPPIB - WSJ
    AIG in talks to sell Lloyd's insurance business to CPPIB - WSJ Reuters - 2 hours 42 minutes ago

    (Reuters) - American International Group Inc (AIG.N) is in early talks to sell Lloyd's of London Ltd's insurance operations to Canada Pension Plan Investment Board (CPPIB), the Wall Street Journal ... … More »

  • VW, U.S. states to hold settlement talks over excess emissions
    VW, U.S. states to hold settlement talks over excess emissions Reuters - 3 hours ago

    Maryland, Massachusetts, New York and Pennsylvania sued Volkswagen over excess diesel emissions related to its use of cheating software while the state of Washington has filed a notice of penalty against Volkswagen. VW said settlement talks will … More »

  • BRIEF-Hartalega Holdings lays off almost 600 people in Q1 - Nikkei Reuters - 3 hours ago

    Aug 23 (Reuters) - Nikkei: * Hartalega Holdings has fired almost 600 people in a "cost management exercise", which is close to 10 percent of its headcount in Q1 - Nikkei Source text for Eikon:... … More »

  • Spain balcony-jumping craze: most are drunk Brits, study finds
    Spain balcony-jumping craze: most are drunk Brits, study finds AFP News - 3 hours ago

    They're young, mostly British, on holiday, drunk and sometimes high, and they decide to jump from their hotel or apartment balcony into the pool. The so-called "balconing" craze has taken off to such an extent in Spain's Balearic Islands that … More »

  • Campaign's rising rent at Trump Tower came as space expanded
    Campaign's rising rent at Trump Tower came as space expanded Associated Press - 3 hours ago

    Donald Trump's campaign is taking up more space inside Trump Tower in New York -- and paying a lot more in rent. The Republican presidential nominee's campaign paid $35,457 per month for rent and utilities ... … More »

  • European markets rise on better data
    European markets rise on better data AFP News - 4 hours ago

    European stock markets rebounded on Tuesday, driven by improving eurozone data and signs that the initial impact of Britain's shock EU exit vote may not be as bad as feared. Investors were also looking to a speech on Saturday from Federal Reserve … More »

  • Danish lawmakers to visit Australia's Nauru migrant camp
    Danish lawmakers to visit Australia's Nauru migrant camp AFP News - 4 hours ago

    Danish lawmakers will travel to the Pacific island of Nauru to visit a controversial Australian immigration centre and study the use of offshore settlements for asylum-seekers, one of the MPs said Tuesday. Six members of the Danish parliament's … More »

  • TABLE-INDONESIA KPB NUSANTARA PALM OIL PRICES - Aug 23 Reuters - 4 hours ago

    Aug 23 (Reuters) - Following are Indonesian prices for crude palm oil (CPO) quoted at an auction by PT KPB Nusantara (formerly known as the state marketing centre) on Monday. Buyer Volume Price Terms (tonnes) ... … More »

  • RUBBER-Tokyo futures prices after evening session Aug 23 Reuters - 4 hours ago

    Following are prices for Tokyo rubber futures at the end of the Tokyo market's evening session on Aug 2016. Contract Day Volume Evening Volume * Aug 169.2 - 161.4 13 * Sep 163.8 23 161.8 26 * Oct 161.9 ... … More »

  • Turkey vows 'all kinds of support' for anti-IS Jarabulus operation
    Turkey vows 'all kinds of support' for anti-IS Jarabulus operation AFP News - 4 hours ago

    Turkey pledged Tuesday to give "all kinds of support" to push Islamic State (IS) jihadists out of the Syrian town of Jarabulus near the two countries' border. Foreign Minister Mevlut Cavusoglu made the promise amid reports Ankara-backed rebels were … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.129-0.002-1.53%
    N21.SI
    0.790.000.00%
    BS6.SI
    0.370.00+1.37%
    E5H.SI
    0.5650.0000.00%
    5TP.SI
    0.255-0.005-1.92%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.40+0.09+29.03%
    AWI.SI
    0.194+0.028+16.87%
    B69.SI
    0.159+0.019+13.57%
    5PD.SI
    0.17+0.02+13.33%
    BGO.SI
    0.225+0.025+12.50%
    BQN.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.285-0.065-18.57%
    AVZ.SI
    0.155-0.033-17.55%
    RF7.SI
    0.22-0.03-12.00%
    BLZ.SI
    0.23-0.03-11.54%
    BLU.SI
    0.225-0.025-10.00%
    K14.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3512+0.0005+0.04%
    USDSGD=X
    1.5272-0.0018-0.12%
    EURSGD=X
    1.7813+0.0066+0.37%
    GBPSGD=X
    74.1340-0.115-0.15%
    SGDJPY=X
    5.7354-0.0031-0.05%
    SGDHKD=X
    2.9758-0.0015-0.05%
    SGDMYR=X
    9,815.2822+25.0186+0.26%
    SGDIDR=X
    4.9107-0.0123-0.25%
    SGDCNY=X
    1.0287-0.002-0.19%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,341.60-1.80-0.13%
    GCZ16.CMX
    18.81-0.05-0.26%
    SIU16.CMX
    103.89-1.81-1.72%
    ^XAU
    2.11-0.03-1.21%
    HGU16.CMX
    47.60+0.19+0.40%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.14+0.01
    ^FVX
    1.55+0.01
    ^TNX
    2.240.00
    ^TYX