Commodities Update — Gold prices flat; grains up on strong demand; copper falls

  • 7/11/2022
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RIYADH: Gold prices were flat on Monday as a rising US dollar put pressure on demand for greenback-priced bullion and pinned it near the nine-month lows seen last week. Spot gold held its ground at $1,741.84 per ounce at 0531 GMT. US gold futures dipped 0.1 percent to $1,740.10. Silver, Palladium fall Spot silver fell 0.2 percent to $19.26 per ounce, while platinum slipped 1.2 percent to $886.22. Palladium dropped 3.5 percent to $2,106.89 after rising nearly 10 percent on Friday. Grains surge Chicago corn futures climbed more than 4 percent on Monday, extending the previous session’s rally on concerns over global supplies and strong demand, while wheat rose to its highest since late June. Soybeans jumped more than 1 percent, rising for a fourth consecutive session. The most-active corn contract on the Chicago Board of Trade rose 4.2 percent to $6.49-1/2 a bushel at 0430 GMT and wheat added 2.5 percent to $9.14 a bushel after hitting its highest since June 30 at $9.40 a bushel. Soybeans gained 1.4 percent to $14.15-1/2 a bushel. Copper down Copper prices fell on Monday as new COVID-19 restrictions in top consumer China and fears of rapid interest rate hikes leading to a global economic slowdown dent demand for metals. Three-month copper on the London Metal Exchange dropped 2.5 percent to $7,614.50 a ton by 0544 GMT. The most-traded August copper contract on the Shanghai Futures Exchange was down 2.8 percent at $8,652.99 a ton. (With input from Reuters)

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