Although gold and industrial metals such as copper saw subdued trading yesterday, with gold falling by just 0.17% to the 1,673.50 dollar per troy ounce level and copper ending barely 0.04% higher at 377 dollars per pound, other corners of the commodity arena saw large – and potentially interesting – moves.
That against the backdrop of largely ‘in-line’ US ISM services figures and a stable US dollar index (-0.04% to 79.57 points).
Notwithstanding the above, large moves were seen in lumber futures – on speculation of soon to come increases in Chinese demand – which rose by 2.71% in trading on the Chicago Mercantile Exchange.
Sugar futures were lower by 1% with consensus estimates pointing to an additional 6% fall this year.
That is according to a Bloomberg poll of 27 analysts and traders compiled at the Kingsman sugar conference in Dubai this week. Ethanol production in Brazil’s center south will climb 14% in the 2013-14 marketing year that starts there in April, according to Brazil-based Copersucar SA, pressuring cane sugar prices lower.
Grain futures were generally higher by approximately 1%, with the wheat complex being the exception.
Brent oil futures ended the day higher by $0.934 at the $116.69 mark on the ICE, recovering much of the previous day´s losses.
Natural gas futures rose by 2.53% to $3.40MMBtu on NYMEX, in anticipation of a cold spell in the Midwest.