Commodities Show Mixed Response: Oil Rises; Gold, Silver, Copper Plummet

Commodities See a Mixed Response Following Balanced U.S. Data
Commodities See a Mixed Response Following Balanced U.S. Data

Light, sweet crude futures witnessed a surge during trading the session in Asia on Tuesday morning, following weak Chinese data released over the weekend. The New York Mercantile Exchange saw oil trading at USD 95.85 per barrel for July delivery, thereby posting a rise of 0.08%.

On Monday, Asian trading session ended with oil trading at USD 95.80, dipping by 0.24%, even as a thrust of data figures showed slack growth in the second largest economy in the world, China. As per the reports, the industrial output in China augmented by 9.2% for this month against the 9.3% figure in April. Crude oil imports also plummeted by 6% in May to 23.95 million tons, while 23.08 million tons was imported in April. Investors are looking forward to the demand data to be released by the Organization of Petroleum Exporting Countries and the U.S. Department of Energy later today.

Meanwhile, on the ICE Futures Exchange, Brent futures rose by 0.01% for July delivery to trade at USD 103.73 per barrel.

Coming to the other popular commodity, Gold futures witnessed a dip in early morning in the Asian trading session on Tuesday, even though Standard & Poor’s gave a positive feedback about the largest economy during the U.S. trading session on Monday.

Futures for yellow metal dropped by 0.16% on the Comex division of the New York Mercantile Exchange as it traded at USD 1,383.85 per ounce in Asia, having finished the session on Monday at USD 1,385.25 a troy ounce in the U.S. session. Financial analysts had expected Gold futures to find strength at USD 1,375.35 a troy ounce and face resistance at USD 1,423.25.

Silver slumped by 0.43% on Comex division as it traded at USD 21.830 per ounce for July delivery. Copper fell by 0.02% for July delivery as it traded at USD 3.239 per ounce.

Earlier on Monday, natural gas futures fell by 0.55% in the New York Mercantile Exchange, trading at USD 3.807 per million British thermal units for July delivery. This prompted many traders to lock in on gains and sell the commodity for earning profits.