Commodities News – Commodities are rebounding

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Throughout the previous days commodities have plummeted across the board mainly due to US dollar strength. The news from the International Energy Agency, that it will inject into the markets additional supply of oil to trim the high prices have weighed on the black gold which lost almost 2.5 Dollars since Friday to hit a low of 89.82 US Dollars per barrel. The last few hours oil has slightly appreciated as it is now trading at 90.55 US Dollars per barrel, having previously climbed up to 90.76 US Dollars per barrel. The gold has slipped spectacularly since Wednesday; however, the safe haven asset holds most of its gains as fears for default on the heavily indebted peripheral Euro zone economies still persist, increasing the appetite for less risky assets. The precious metal is now trading at 1500.69 USD an ounce, after falling to a six week low of 1490.93 USD per ounce. Similar course for silver which opened the European markets at a six week low of 33.51 USD an ounce, while now is trading half Dollar higher at 34.01 an ounce. Copper has suffered many loses today, after Chinese policymakers stated that they are ready to introduce a more tight monetary policy to constrain inflation within the central bank’s target. China is the world’s biggest copper importer.