Despite dollar strength oil futures gain, while Iraq cuts the price
16 Oct 2014
The commodity space saw some buying interest on the first day of the week despite renewed strength in the US dollar.
Gold futures for December delivery were thus to be seen $5.20 higher by the end of trading at $1,230 per ounce on COMEX.
Front month West Texas crude futures gained 54 cents to close at $85.74 per barrel over on the NYMEX despite news that Iraq had also decided to lower the price of its November crude shipments.
Three-month copper futures closed up by 0.98% at $6,710 per metric ton in LME trading. Corn futures for December delivery rose 1% to $3.5 per bushel on the Chicago Board of Trade on worries that recent rainfall may delay the US harvest.