Commodities: Oil, steel-related futures fall
Commodity markets were little changed overall despite a move lower in energy futures.
Bloomberg’s commodity index dipped 0.11% to 86.6021 as the US dollar spot index drifted down by 0.07% to 96.514.
West Texas Intermediate crude oil futures for next month delivery were down 1.59% to $45.22 per barrel as of 18:43 BST in NYMEX trading.
Producers upped their bearish positions in financial derivatives on the oil price for a third week running, increasing them by 8,556 futures and options or 1.6%, according to data from the US Commodity Futures Trading Commission, Bloomberg reported.
RBOB gasoline futures off by 2.05% to $1.3929 per gallon in parallel while NYMEX heating oil retreated by 1.51% to $1.3763 per gallon.
The price action was equally poor among industrial metals, although select precious metals were seeing some gains.
Three-month LME-traded copper futures sank 1.0% to end the day at $4,908.00 per metric tonne.
Shangai rebar and Dalian-traded iron ore futures fell by their daily 6% limit as investors cashed out following the previous week's gains.
Similarly-dated zinc and tin futures were also lower.
Three-month aluminium lost 17% to see the day out at $1,661.00 per metric tonne.
Among industrial metals, nickel was the sole riser, with three-month futures up by 1.3% to $10,450.00 a metric tonne.
Out on COMEX, August 2016 gold futures got a breather, rising 0.14% to $1,329.30/oz., while traders knocked 0.42% off of silver futures, with the latter at $20.08 an ounce.
Spot platinum advanced 0.29% to trade $1,095.11/oz..
Agricultural commodities put in a more ‘mixed’ performance, with cocoa futures on Euronext LIFFE rising by 0.9% to £2,471.00 per metric tonne.
Investors in white sugar futures were also treated to a small rush as they gained 0.7% to $535.00 per metric tonne.
To the downside, corn futures retreated 1.3% to €171.50 per tonne.