Commodities: Silver shines brightest after Fed decision

A downdraft in the US greenback following the Fed’s lowered interest rate projections overnight saw the Bloomberg Commodity index snap 2.02% higher to 163.75 as of 18:24GMT.

Bloomberg’s spot dollar index was down by 1.16% to 94.781.

Precious metals spearheaded gains, with silver futures for delivery in May 2015 up 5.13% to $16.00 per troy ounce on COMEX.

Front month Brent crude futures were higher by 2.467% to $41.35 per barrel on the ICE, alongside a 3.946% rise in West Texas Intermediate.

Natural gas futures for April delivery were also sporting strong gains on the NYMEX and were moving up by 2.46% to $1.91/MMBtu at last count.

Three-month copper futures traded on the LME clambered back atop the $5,000 mark, advancing 2.1% to $5,044 per metric tonne by the close of the session.

Zinc three-month futures registered the largest gains among metals traded on the LME, gaining 3.6% to $1,817.00 per metric tonne.

Out at the Chicago Board of Trade it was a different story, with agriculture futures mostly under the cosh.

May 2016 cocoa futures were a notable exception, advancing 2.50% to $3,116.00 per metric tonne.

Wheat futures were weakest, with the benchmark contract falling 2.12% to $460.75 per bushel.