Eugen Weinberg News
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Copper advanced in London on speculation mining disruptions will erode oversupply.
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Brent’s premium to West Texas Intermediate crude narrowed to less than $10 a barrel for the first time in 15 months as demand faltered and North Sea supply recovered after oilfield maintenance.
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West Texas Intermediate crude fell for a second day, erasing its advance this week. The U.S. benchmark’s discount to London-traded Brent neared its narrowest in more than 14 months.
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Commodity prices may fall for months on weaker demand and lower market expectations before they recover, Commerzbank AG analyst Eugen Weinberg said.
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West Texas Intermediate traded near its lowest level this year. The Energy Department will probably report U.S. crude stockpiles rose to a seven-month high, according to a Bloomberg survey.
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Silver may surge to as much as $23 an ounce next year, the highest price since 1980, as investors seek a cheap alternative to gold and a global economic recovery boosts industrial demand, according to Commerzbank AG.
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Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfort, says low oil prices are not sustainable in the longer term, but will continue through the summer. Weinberg talks with Bloomberg's Ken Prewitt on Bloomberg Radio's "Bloomberg - The First Word."
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The only three analysts to correctly predict gold’s biggest quarterly slump in four years are now split, reflecting investors’ diverging views on the probability of central banks doing more to shore up growth.
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Oil fell to a seven-week low in New York amid estimates that U.S. crude inventories rose. Futures slid with stocks and the euro as Italy’s inconclusive elections spurred concern that Europe’s debt crisis may worsen.
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U.S. stocks gained for a second day, with the Standard & Poor’s 500 Index returning to a five-year high, and commodities advanced following faster-than-forecast growth in Chinese exports. The euro and Spanish bonds rallied.
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