Metal Investments

Where now for Commodities?

13. May 2008

Tuesday, 13:50pm GMT


  • Oil prices slipped today from record heights on profit-taking as the International Energy Agency cut its forecast for growth in global demand. Oil prices have more than doubled in the past year and rocketed almost 25 percent since the start of 2008, when they blasted through the 100-dollar barrier. On Tuesday, New York's main oil futures contract, light sweet crude for June delivery, fell 56 cents to 123.67 dollars per barrel.

  • LME base metals futures rose today on the impact of a massive earthquake that shook Sichuan province. In Shanghai the July copper contract rose to $8,931. LME 3 month Copper price is at $8270 at 14.00 pm GMT. China's central bank increased bank deposit ratios to 16.5 percent after inflation numbers showed consumer prices rose 8.5 percent from a year earlier in April. Copper stocks are up 1250 tons to 121,775 tons.

  • Aluminium is up to $2948 with LME down down by 1825 to 1,033,800 tons.

  • Gold is at $872.35 almost unchanged from yesterday.

  • At 14:0 pm GMT, the FTSE 100 index was at 6217.