Commodities: US dollar strength weighs on precious metals, agricultural futures
US dollar strength on the back of better than expected economic data released in the States weighed on the commodities complex on Friday.
Strong readings on industrial production and retail sales saw the US dollar spot index jump 0.52% to 96.58, sending Bloomberg´s commodity index into reverse by 0.48% to 86.70 by the end of trading.
Energy futures were the exception to the generally 'bearish' tone in the market, with Brent crude futures for September delivery up by 0.51% to $47.61 per barrel on the ICE.
Among the main contracts, only those for heating oil were to be seen lower, with the August 2017 contract closing 0.84% down at $1.3974 per gallon on NYMEX.
Precious metals were dragged lower by the strength in the greenback, with COMEX-traded August 2016 gold futures slipping 0.36% to $1,327.40/oz. while spot platinum retreated 1.02% to end the session at $1,091.90/oz..
COMEX silver on the other hand gained 0.64% to $20.30/oz..
September copper futures erased 0.43% to finish at $2.23 per pound on COMEX.
Out on the Chicago Board of Trade wheat futures were left nursing losses of 2.13% to $4.2475 per bushel while those for cocoa lost 2.91% to end the day at $3.065 per bushel.