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Oil fell for the third consecutive session
Oil prices fell for a third consecutive session on Tuesday after a series of data showing a slowing European economy weighed on the outlook for energy demand.
Brent crude oil ended the session down $1.76, or 2%, to $88.07/barrel, while US West Texas Intermediate crude (WTI) fell $1.75, or 2.1%, closed at 83.74 USD/barrel.
Gold fluctuates slightly
Gold prices held mostly steady on Tuesday, after hitting a five-month high last week, while traders were keeping an eye on US economic data and tensions in the Middle East.
Spot gold price ended this session up 0.1% to 1,975.39 USD/ounce. December gold futures price in the US market decreased 0.1% to 1,986.1 USD.
Limiting bullion’s gains, the Dollar index rose relative to its rivals, making gold more expensive for buyers in markets outside the United States.
Copper increased again
Copper prices recovered on Tuesday as the world’s top consumer of the metal – China – passed more stimulus measures. However, a stronger dollar and concerns that other major economies may be headed for recession hindered price gains.
Three-month copper futures on the London Metal Exchange (LME) ended the session up 1.1% to $8,057/ton, after hitting an 11-month low in the previous session.
Arabica coffee increased for the 6th consecutive session
Arabica coffee futures in December increased 2.3 cents, equivalent to 1.4%, to 1.6815 USD/lb after setting a 5-week high of 1.6885 USD.
Dealers said short-term supply is tight.
However, recent price increases have led to more realistic offers to sell Arabica coffee in Brazil, mainly for near term shipments.
Robusta coffee futures in January decreased by 33 USD, equivalent to 1.3%, to 2,493 USD/ton.
Rubber rose
Rubber futures in Japan rose on Tuesday after three consecutive sessions of decline, as output fell due to bad weather, although unfavorable production data in Japan limited gains.
Rubber contracts for March delivery on the Osaka Exchange (OSE) increased 0.6 yen or 0.2% to 256.5 yen (1.72 USD)/kg at the close.
However, the contract for delivery in January next year on the Shanghai futures exchange (SHFE) increased by 80 yuan, equivalent to 0.6%, to 14,550 yuan (1,991.57 USD)/ton.
Analysts warn that heavy rain in Thailand has adversely affected rubber productivity.
Activity at Japan’s factories fell for a fifth straight month in October while the services sector saw its weakest growth this year, a survey showed amid the outlook for the economy. The world’s third largest is increasingly unstable.
Iron ore increased by more than 3%
Iron ore futures rose more than 3% on Tuesday as Beijing was said to be preparing to issue more government bonds as part of efforts to boost economic growth, while concerns persist about the deepening crisis in China’s real estate sector.
The most traded iron ore – January futures – on China’s Dalian Commodity Exchange ended the session up 3.8% to 864.50 yuan ($118.34)/ton , after three sessions of decline.
On the Singapore Exchange, the November contract increased 3.1% to 116.25 USD/ton.
Chinese steel prices also rebounded, with both rebar and hot-rolled coil up 1.3%, wire rod up 0.5% and stainless steel up 1%.
Wheat and corn decreased, soybeans increased
Chicago Board of Trade corn futures fell for a third straight session and neared a two-week low under pressure from harvest activity and technical sales of U.S. corn, analysts said.
Wheat futures also fell, while soybeans and soybean meal jumped.
The rapid pace of U.S. corn and soybean harvests is expected to continue until the next round of heavy rains are forecast to move across the Corn Belt this weekend.
The most traded corn contract on CBOT closed down 6-1/4 cents to $4.84/bushel and hit its lowest price since October 12, at $4.82-3/4.
December wheat futures fell 6-3/4 cents to $5.80-1/2/bushel and set the lowest price since October 18.
November soybean futures prices increased 8-1/2 cents to 12.95-1/4 USD/bushel.
Prices of some key items on the morning of October 25:
