Cocoa, cotton prices moderate as corn rallies in global markets
Reporter
CRUDE OIL
Prices rose by 0.25% to $45.975 today. It reached a $46.16 high and also sunk to $45.2 during the day. This comes on the back of data released by the Energy Information Administration showing unexpected inventory build-up.
BRENT CRUDE opened at $48.26 and moved between a $48.60 high and $47.56 low during the day.
The WEST TEXAS INTERMEDIAT (WTI) opened at $45.85 and hovered between $46.18 and 45.20.
NATURAL GAS (HENRY HUB) opened 3.02 today, which is the same as the price it close with on Wednesday. It rose to a day high of 3.04 after an initial drop to 2.99 earlier in the day.
COCOA began today on a negative note of 1,514.65, having closed at 1,516.22 on Wednesday. But the good news it that once it took off from that day low 1,514.22, it reached a day high of 1,581.51, and continued around 1,517.77 for much of the day.
CORN prices stayed above the 52-week high of 4.39 as it opened at 3.85, the same as what it closed with on Wednesday. It reached a day high of 3.92 and remained within the 3.91 range for much of the day.
COTTON prices stayed 0.10 above the 52-week high as it opened at 0.76, having closed on the same price on Wednesday. It remained on the same price through out the day, showing price stability.
SUGAR prices remained stable at 0.14 throughout the day, having closed on same price on Wednesday. Though this is far lower than the 52-week high of 2.09, it is slightly higher than the 52-week low of 0.12.
SOYBEAN prices continue to rise as it began on 9.31, having closed at 9.30 on Wednesday. It rose steadily throughout the day to reach a day high of 9.45 before dropping slightly to hover around 9.43 for much of the day.
WHEAT prices closed at 168.25 on Wednesday and opened at 169.00 today, rising to a day high of 170.50 before a slight drop to 170.25 towards the close of the day, up by 1.19%.
METAL
GOLD remained 1,272 and 1,296 as traders have remained suspicious of any sudden revelations from the testimony of James Comey, the former FBI director. They also kept an eye on the UK elections and ECB decided to keep interest rates on the marginal lending facility and the deposit facility unchanged at 0.00%, 0.25% and -0.40% respectively.
SILVER opened at $17.60 but saw a drop to $17.33 before climbing to a day-high of $17.69, as analysts believe that silver is not getting the attention it deserves among traders and investors. It closed at $17.59 on Wednesday having begun at $17.71.
COPPER closed at 5,619.58 on Wednesday but opened at 5,21.78. It saw a drop to 5,610.76 and rose to a day high of 5,744.14.
