US gold futures ended slightly higher after initially scaling a one-week high on Tuesday, and bullion could run into heavy chart-based resistance in the near term, analysts said.
GOLD: June contract on Comex division of New York Mercantile Exchange settled up $3.60 at $877.70 an ounce. Ranged $872.60 to $884.50.
PLATINUM: July closed up $42.40, or 2.2 percent, at $1,969.80 an ounce. Industrial users and investors added positions after platinum's recent correction: TheBullionDesk.com Spot traded at $1,947.50/1,967.50.
PALLADIUM: June finished up $6.95, or 1.6 percent, at $431.40 an ounce. Spot at $427.50/435.50.
SILVER: July ended up 3 cents at $16.860 an ounce, ranging from $16.710 to $17.070. Spot silver at $16.84/16.91 against on Monday's late quote of $16.64/16.70. London silver fix was set at $16.70.
COPPER DOWN: US copper futures closed down on Tuesday, consolidating on Monday's rally to all-time record highs as easing supply concerns in Chile eroded some of the market's recent bullish momentum, traders said. Copper for July delivery ended down 6.90 cents at $3.8785 a lb on the Comex metals division of the New York Mercantile Exchange. By 12 pm (1600 GMT), futures volumes estimated at 12,706 lots. Final volumes.
COCOA SOARS: US cocoa futures settled sharply higher on Tuesday after a late-day buying spree marked by a bullish chart and fund buying that triggered buy stops. The surge came on the heels of the rallying crude oil market and faltering dollar, dealers said. "Oil's going up, so is cocoa. It's based on where there's money being made," one cocoa trader said. The benchmark ICE July cocoa contract settled up $95, or 3.6 percent, at $2,726 per tonne.
Wide dealings later rose 5.8 percent to a peak at $2,785. The day's low was $2,621. The market trades until 3:15 pm EDT (1915 GMT). By 1:38 pm, the July contract was up $134, or 5.1 percent, at $2,765 per tonne while the rest ranged from $4 to $150 stronger. ICE volume, light 5,344 cocoa futures contracts traded on Monday while open interest inched up 62 lots to 138,879 lots, exchange data said.
COFFEE FIRMER: Arabica coffee on ICE Futures settled firm on Tuesday, buoyed by the weak dollar and general commodity strength but volume remained light, traders said.
"The market is looking for something to trade on demand is slowing seasonally," said one coffee trader. The benchmark ICE July contract settled up 1.00 cent at $1.336 per lb, in a trading range from $1.316 to $1.342. The market trades until 3:15 pm EDT (1915). By 2:44 pm, the July contract was up 1.10 cents at $1.337.
The rest ranged from 0.90 to 1.20 cents higher. "The volumes were light. We were a little bit higher on the weaker dollar but otherwise there's nothing happening," another trader said. Less than 9,300 arabica contracts had traded by 2:30 pm.
Meanwhile, top producer Brazil exported 2.02 million 60-kg bags of green coffee in April, up 7 percent from 1.89 million bags in the same month a year ago, the Council of Green Coffee Exporters said. . The July robusta contract ended up $14 at $2,140 per tonne, in dealings from $2,134 to $2,185. Liffe was closed on Monday for a holiday.
Comments
Comments are closed.