London Stocks End Firmly Lower; Banks Slide

FTSE 100 closes 1.3% lower at 5267.62, with banking stocks leading declines after Moody’s downgrade of 16 Spanish lenders, including Santander which operates in the UK. Lloyds Banking Group ends down 6.2%, Royal Bank of Scotland off 5%. Continue Reading…

July soybeans were trading 6 cents lower late in the overnight session. China futures closed down 0.4% overnight and down for the 6th session in a row. Palm oil futures in Malaysia closed slightly higher. Continue Reading…

For the time being, the silver market has de-linked somewhat from its industrial commodity standing and instead the silver market has hitched its wagon to gold and the prospect of additional US easing. However, silver is also drafting some spillover safe haven buying from gold, but safe haven buying of silver has historically been suspect. Continue Reading…

July cocoa has found mild strength this morning and is holding above this week’s lows around the $2,200 level. Recent negative developments in the Euro zone continue to pressure cocoa prices, as current and upcoming European cocoa demand is likely to decline if that region’s debt problems continue to rattle global financial markets. Continue Reading…

June natural gas prices showed bullish reversal action after yesterday’s early selloff to $2.50. That upside action has carried over into this morning’s action, and that helped June natural gas register a higher high this morning. Yesterday’s EIA storage report showed a larger than expected weekly injection of 61 bcf. Continue Reading…

July wheat was trading 5 3/4 cents higher late in the overnight session. Outside market forces look slightly positive this morning with a recovery in the US equity market and some strength in gold. Continue Reading…

July cotton saw an early bounce yesterday with some impressive weekly export sales news but a bearish tilt to outside market forces and a continued negative supply/demand outlook helped to pressure. Beginning and ending world stocks are expected to be a record high so the downside potential is uncertain. Continue Reading…

The crude oil market broke down below yesterdays inside day trading range in overnight action and fell to a new low for the move. The market has been able to rebound during the
initial morning hours, helped by a bounce in European equity markets and pullback in the USD. Continue Reading…

After a very sharp and surprising run up in Treasury prices this week, it is difficult to discount the prospect that US Treasuries have become short term technically overdone. However, significant fears of a possible break up of the Euro zone and the prospect of significant global knock on slowing as a result of that break down, have clearly put the fundamental condition in favor of the bull camp in Treasuries. Continue Reading…

Most gold traders think that gold was lifted sharply yesterday because of fresh assumptions of quantitative easing from the US, while others think the bounce was simply a technical balancing move. Continue Reading…