Commodities Report: June 21, 2010

Posted by admin on June 29th, 2010 filed in Gold against Oil

Commodities were trading higher ahead of the bell with both gold and crude oil futures showing pre-market gains.

Crude-oil for July delivery was up 0.02%, or $1.10, to $8.28 a barrel on the New York Mercantile Exchange. In other energy futures, heating oil rose 0.8%, or $0.03, to $2.16 a gallon while natural gas rose 0.02%, or $0.11, to $5.09 per million British thermal units.

Crude futures were at their highest levels in nearly six weeks as China said it will allow the Yuan to appreciate modestly against other currencies. The move is expected to make it cheaper for the country to import oil.

Meanwhile, gold for August delivery rose $2.8 to $1,260 an ounce. In other metal futures, silver rose $0.18, to $19.36 while copper rose $0.10 to $2.99 a pound.

Gold was up, but trading was expected to be choppy for the metal, which has seen strong gains of late as the metal has served as a safe haven investment for traders.

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