London Stocks Close Sharply Higher

FTSE 100 ends 1.6% higher at 5350.05, as investors put worries about Greece to one side and take the opportunity to pick up beaten-down stocks. “Today it was the turn of the bulls to take control, even though there’s still a distinct feel of risk-aversion in the air,” says Capital Spreads. Continue Reading…

July soybeans were trading 15 cents higher near 7:30 cst and traded as much as 20 higher overnight. China futures closed up 0.6% and Palm oil futures in Malaysia closed 1.7% higher. Chinese shares were under pressure again overnight with more evidence of an extending slowing pattern in Chinese manufacturing seen in the headlines. Continue Reading…

Like gold, silver seems to have latched onto a fresh bullish theme as prices this morning are rising in the face of soft global economic data and adverse currency market action. Therefore, it is possible that silver is embracing fresh easing hopes, especially after seeing yet another Chinese stimulus effort overnight that was focused on low income rental housing construction. Continue Reading…

July cocoa is seeing mild pressure this morning but appears to be finding some benefit from improving macroeconomic sentiment early in today’s session. Although this week’s downside breakout has taken prices far below their recent trading range, July cocoa appears to found some near-term support at the $2,100 level. Continue Reading…

July natural gas prices broke out to a new three-day high this morning but have been unable to overcome last week’s high of $2.838. Yesterday’s positive price action in natural gas came on heavy trading volume, yet the market remains trapped inside a near-term congestion zone. Continue Reading…

July wheat was trading 5 3/4 cents higher near 7:30 am cst. Outside market forces look supportive today with a recovery in gold and crude oil and more stable equity markets. The market was blasted with negative sentiment yesterday led by uncertainties for European and Chinese economies. Continue Reading…

A significant lack of new buying interest has been the key issue for the cotton market in the past few days and some stability to the US stock market plus ideas that the global economy may slow but should not melt down with actions by central governments has helped to provide at least some support to commodity markets in general. Continue Reading…

The crude oil market has been able to rally in the face of disappointing economic data flow overnight, and that offers the bull camp the near term advantage. The latest read on Chinese PMI showed further contraction in their manufacturing sector and German business conditions deteriorated to show their first monthly decline in seven months. Continue Reading…

A slight retrenchment in Treasury prices isn’t that surprising in the face of a slight tempering of anxiety toward the Euro zone situation. However, some players think that a sweep of weak Euro zone data last night will eventually erode confidence in the Euro zone and in turn that could increase overall anxiety. Continue Reading…

Surprisingly gold clawed out some modest gains overnight and it managed that action in the face of weak data from several different regions. In fact, the UK data confirmed a return to recession, Chinese manufacturing data posted a 7 straight month of contraction and the Euro zone also chimed in with soft May Manufacturing PMI readings. Continue Reading…