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Commodities Update — Gold edges lower; Corn jumps; Grain ships sail from Ukraine

RIYADH: Gold prices edged lower on Tuesday as investors awaited US inflation data due later in the week that could offer more clarity on the Federal Reserve’s rate-hike plans to combat rising pricing pressures.

Spot gold was down 0.2 percent at $1,785.23 per ounce, as of 0521 GMT. 

US gold futures eased 0.2 percent to $1,802.10.

Silver ticks up

Spot silver was up 0.1 percent at $20.66 per ounce, while platinum was steady at $939.50. 

Palladium slipped 1.6 percent to $2,195.42.

Grains climb

Chicago corn climbed more than 1 percent on Tuesday and soybeans rose after a weekly report from the US Department of Agriculture signaled that the condition of both crops deteriorated.

The most-active corn contract on the Chicago Board of Trade was up 1.5 percent at $6.16-1/2 a bushel, as of 0228 GMT, and soybeans added 0.8 percent to $14.10-3/4 a bushel.

Wheat rose 0.8 percent to $7.86-1/4 a bushel.

Two more grain ships sail from Ukraine, Turkey says

Two more grain-carrying ships sailed from Ukraine’s Chornomorsk port on Tuesday, Turkey’s defense ministry said, as part of a deal to unblock Ukrainian sea exports.

The UN and Turkey brokered the agreement last month after warnings that the halt in grain shipments caused by the conflict could lead to severe food shortages and even outbreaks of famine in parts of the world.

The Ocean Lion, which departed for South Korea, is carrying 64,720 tons of corn, it said, while the Rahmi Yagci is carrying 5,300 tons of sunflower meal to Istanbul.

The four ships that left Ukraine earlier are anchored near Istanbul and will be inspected on Tuesday, the defense ministry statement said.

London zinc falls as higher inventories fan demand concerns

Zinc prices in London slipped on Tuesday, as higher inventories in exchange warehouses raised concerns over tepid demand despite prospects of disrupted supply amid an energy crisis.

 

Three-month zinc on the London Metal Exchange was down 0.7 percent at $3,420.50 a ton, as of 0540 GMT, retreating from a six-week high scaled on Aug. 4, when major producer Glencore warned of output cuts due to high power prices.

On-warrant zinc stocks in LME warehouses rose to 40,950 tons, their highest since June 20 and the biggest daily jump since January 2021, with most immediately available stocks in Taiwan and Singapore warehouses, LME data showed.

The most-traded September zinc contract on the Shanghai Futures Exchange was almost flat at $3,583.38 a ton.

LME copper fell 0.8 percent to $7,923.50 a ton, lead declined 1.7 percent to $2,126.50 a ton, and tin lost 1 percent to $24,060 a ton. 

(With input from Reuters)

 

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