London Stocks Reverse Losses To End Higher

FTSE 100 closes up 0.6% at 5575.52, reversing earlier losses as US markets turn higher, after the University of Michigan consumer sentiment index for May comes in better than expected. Continue Reading…

July soybeans were trading 16 cents lower late in the overnight session. China futures closed down 0.5% overnight on talk of the government soon releasing soybeans from reserves of up to 3 million tonnes. Palm oil futures in Malaysia closed down 2.2% to a new 9-week low. Continue Reading…

Like gold, the silver market is once again facing a patently negative global macro economic environment. With both Chinese and Indian economic news overnight disappointing, it is clear that the deflationary crowd remains in the driver’s seat. Continue Reading…

June natural gas prices came under pressure during the early morning hours and appear to be in the process of consolidating recent gains. The market climbed to its best level since March 26th yesterday, helped by EIA storage data that showed an injection at the lower end of expectations. Continue Reading…

July cocoa has been under considerable pressure this morning, although prices were able to put together a moderate rebound from their early lows. Outside market factors continue to be the main source of pressure for cocoa, as slumping equity and commodity prices are reflecting the “risk off” attitude throughout global markets. Continue Reading…

July wheat was trading 4 1/2 cents lower late in the overnight session. Outside market forces look bearish again today with lower equity, energy and metals trade overnight. There were 89 deliveries this morning against the May wheat with the total for the month at 410. Continue Reading…

June crude oil began the overnight trade with a gap lower open and drive to the bottom-end of this week’s trading range. Risk-appetites came under pressure Thursday evening following comments that JP Morgan had incurred a $2.0 billion hedge-related trading loss. Continue Reading…

The bearish news from the USDA plus a bearish weather forecast for West Texas plus a negative tilt to the global demand outlook are all factors to trigger the steep losses in the cotton market. In the first supply/demand outlook for the 2012/13 season, the USDA pegged cotton production at 17 million bales from 15.57 million last summer. Continue Reading…

Not surprisingly US Treasuries have returned to the vicinity of the recent highs and most of that upward action was probably the result of fresh news of slowing in China and India overnight but it is also likely that the news of a large trading loss at JP Morgan provided some of the lift in Treasury prices overnight. Continue Reading…

The overnight news mostly favors the bear camp in gold as Chinese economic readings overnight rekindled talk of a hard landing. Furthermore, the markets were also presented with disappointing Indian economic readings and by a surprise $2 billion trading loss for JP Morgan. Continue Reading…