Commodities Update — Gold hits one-week high; Grains edge higher on weather woes; Copper at two-week peak

Follow-ups -eshrag News:

Mon, 2022-05-23 10:04

RIYADH: Gold prices touched a more than one-week high on Monday, as an easing dollar continued to support greenback-priced bullion, although higher US Treasury yields capped gains.

Spot gold rose 0.2 percent to $1,848.96 per ounce, by 0201 GMT. Prices hit their highest since May 12 at $1,853.55 earlier in the session.

US gold futures gained 0.4 percent to $1,847.90.

Silver up

Spot silver gained 0.4 percent to $21.84 per ounce, while platinum firmed 0.3 percent to $958.10. 

Palladium climbed 0.7 percent to $1,978.45. 

Grains edges up

US grains futures edged higher on Monday, lifted by a weaker dollar, and gains in crude oil as adverse weather conditions threatened production in key producing countries.

The most-active wheat contract on the Chicago Board of Trade was up 0.9 percent at $10.79-1/4 a bushel, as of 0343 GMT, after falling 0.74 percent last week.

Corn rose 0.32 percent to $7.81-1/4 a bushel and soybeans edged 0.41 percent higher to $17.12-1/4 a bushel.

Copper climbs

Copper prices rose to a more than two-week high on Monday, helped by a weaker US dollar and as support measures and plans to end COVID-19 lockdowns in top metals consumer China lifted hopes for a recovery in demand.

Benchmark three-month copper on the London Metal Exchange was up 0.5 percent at $9,471 a ton, as of 0418 GMT, after hitting its highest since May 5 at $9,532 in early Asian trade.

The most-active June copper contract on the Shanghai Futures Exchange rose 0.3 percent to $10,758.06 a ton by noon break, after touching its highest since May 6. 

(With input from Reuters) 

Main category: 
Business & Economy

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