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Copper shines brighter than gold amid a caffeine high
Commodities are on track for a fifth consecutive week of gains as the broad based DJ-UBS index reached its highest level in 13 months. Once again the positive performance was driven by gains in agriculture, notably coffee which has shot up in price due to drought fears in major producing regions.
Copper climbed to a seven week high. The rally's been supported by signs of a pickup in demand in both the US and China. That comes at a time of rapidly declining stockpiles.
Gold continues to find little cheer, although the sharp 32 dollar bounce on Thursday is a clear sign that although long positions are being scaled back, the geopolitical worries related to Ukraine should persuade many people from going too short.
WTI crude is trading lower but still above the psychology important USD 100 level. Again, if tensions with Rsssia increase, we could see a bounce.
02:44 minutes
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