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Commodities steaming ahead on Coffee rally
Like your coffee sweet? Well, the price of your morning espresso may soon leave a sour taste. The markets for both Sugar and Coffee are seeing a strong rally, very dry weather in Brazil raising fears that crops may be lost. Those price rises are the headlines during a week that's seen the strongest performance in commodities since August last year.
Now that Chinese New Year is over, Copper traders are back at their desks in China, along with dwindling LME stockpiles, expect the High Grade price to rise. HG Copper is up from a two month low at USD 3.175 per pound. Head of Commodity Strategy Ole Hansen suggests there could be move to USD 3.30 per pound.
Gold is still not offering glittering prizes. Still trading in that USD 1230 to 1280 range. However there's a lot of focus on the positive technical boost a close above 1272 would give.
Overall in commodities, all sectors, apart from livestock, showing a positive return especially grains and softs. Much of the performance is weather related: cold in North America, dry in South America.
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