Commodities Jump as Drought, Lower Inventories May Curb Supplies

Commodities May 18, 2011 No Comments

CommoditiesCommodities gained the most in a week as drought in Europe and the U.S., lower energy stockpiles and crop delays in Brazil revived speculation of reduced supplies. Copper for July delivery rose 11.3 cents to $4.1115 a pound on the Comex in New York.

Inventories of the metal in warehouses monitored by Comex have dropped for 12 days in a row, the longest streak since Dec. 20.

Crude oil gained $3.57 to $100.48 a barrel on the New York Mercantile Exchange. Gasoline demand advanced 2 percent to the highest level in a month, a report showed.

Gold for immediate delivery rose as much as 0.9 percent to $1,499.90 an ounce after three days of declines.

Raw sugar climbed 0.83 cent to 22.76 cents a pound on ICE Futures U.S. in New York.

via Commodities Jump as Drought, Lower Inventories May Curb Supplies – Bloomberg.com.

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Rod Sherkin

Rod is a former senior executive, responsible for Purchasing, for both Pillsbury and Ball Packaging back in the 80’s and 90’s. Since then, he has continued to work in the Purchasing field as both a consultant and founder of the website Propurchaser.com.

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