Commodities Update — Gold edges up; Grains firm; Copper rebounds

Follow-ups -eshrag News:

Tue, 2022-05-10 11:07

RIYADH: Gold prices edged higher Tuesday as a decline in US Treasury yields countered pressure on greenback-priced bullion from sustained strength in the dollar.

Spot gold was up 0.2 percent at $1,856.75 per ounce, as of 0213 GMT. US gold futures were down 0.3 percent at $1,853.90. 

Silver, Palladium gain

Spot silver gained 0.4 percent to $21.87 per ounce, while platinum dipped 0.1 percent to $954.98. 

Palladium rose 0.5 percent to $2,107.80.

Corn, soybean up

Chicago wheat futures were little changed Tuesday with improved ratings of the US winter crop keeping a lid on prices, while soybeans and corn ticked higher.

The most-active Chicago Board of Trade soybean contract was up 0.7 percent at $15.96 a bushel, as of 0332 GMT, after falling on Monday to $15.78, its lowest since April 4.

Wheat rose quarter of a cent to $10.93 a bushel, while corn inched up 0.4 percent to $7.74-3/4 a bushel.

Copper rises

London copper prices rose Tuesday, helped by a slight pullback in the US dollar, although worries over COVID-19 lockdowns in top metals consumer China and weaker global economic growth kept gains in check.

Benchmark three-month copper on the London Metal Exchange was up 1.2 percent at $9,348 a ton as of 0458 GMT, after falling to its lowest since Dec.15 on Monday.

The most-active June copper contract on the Shanghai Futures Exchange eased 0.1 percent to $10,686.25 by the noon break.

(With input from Reuters)

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Business & Economy

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