James Cordier News
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Gold futures fell as lawmakers in Cyprus debated measures needed for a bailout, crimping demand for the precious metal as a store of value. Silver dropped the most in three weeks.
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Platinum futures rose to the highest in almost 17 weeks as output declined at Anglo American Platinum Ltd., the world’s biggest producer. Palladium extended a rally to the highest since September 2011, and gold gained.
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Gold futures rose in New York after the Bank of Japan announced stimulus measures, increasing demand for the precious metal as a store of value.
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Coffee traders should sell “grossly overpriced” options on New York futures to take advantage of a recent rally, said James Cordier , a portfolio manager at OptionSellers.com in Tampa, Florida.
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Commodities capped the biggest five- session slide since July 2009 on concern that China will seek to slow its economic growth, curbing raw-material demand in the country that is leading the global recovery.
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Arabica-coffee futures fell the most in seven weeks as speculators and producers stepped up sales. Cocoa also declined.
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Record coffee harvests in Brazil, the biggest grower, are compounding a global glut of arabica used by Starbucks Corp. and Dunkin’ Donuts Inc.
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Commodities posted the biggest rally in almost eight months on speculation that increased factory output from China to the U.S. heralds rising raw-material demand.
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Gasoline futures fluctuated after an earlier decline as U.S. equities fluctuated and the dollar gave up some of its gains against the euro, increasing the investment appeal of dollar-denominated commodities.
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Gasoline declined to a nine-week low after the Energy Department said crude-oil inventories advanced and refinery rates increased.
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