Commodities Update — Gold edges up; Grains firm; Copper rebounds

  • 5/10/2022
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RIYADH: Gold prices edged higher Tuesday as a decline in US Treasury yields countered pressure on greenback-priced bullion from sustained strength in the dollar. Spot gold was up 0.2 percent at $1,856.75 per ounce, as of 0213 GMT. US gold futures were down 0.3 percent at $1,853.90. Silver, Palladium gain Spot silver gained 0.4 percent to $21.87 per ounce, while platinum dipped 0.1 percent to $954.98. Palladium rose 0.5 percent to $2,107.80. Corn, soybean up Chicago wheat futures were little changed Tuesday with improved ratings of the US winter crop keeping a lid on prices, while soybeans and corn ticked higher. The most-active Chicago Board of Trade soybean contract was up 0.7 percent at $15.96 a bushel, as of 0332 GMT, after falling on Monday to $15.78, its lowest since April 4. Wheat rose quarter of a cent to $10.93 a bushel, while corn inched up 0.4 percent to $7.74-3/4 a bushel. Copper rises London copper prices rose Tuesday, helped by a slight pullback in the US dollar, although worries over COVID-19 lockdowns in top metals consumer China and weaker global economic growth kept gains in check. Benchmark three-month copper on the London Metal Exchange was up 1.2 percent at $9,348 a ton as of 0458 GMT, after falling to its lowest since Dec.15 on Monday. The most-active June copper contract on the Shanghai Futures Exchange eased 0.1 percent to $10,686.25 by the noon break. (With input from Reuters)

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