Persistent dry weather in Brazil’s center south, the main sugar cane-growing region of the world’s top producer, will probably cut output for this year’s crop by 7.1 percent, according to Usina Alta Mogiana SA.
Gold traded below a four-month high in New York as investors weighed the crisis in Ukraine and the outlook for the U.S. economy before employment data due tomorrow. Palladium was near the highest price since April.
Gold gained for the second time in three days as weaker U.S. economic growth and Russia-Ukraine tension underpin demand for haven assets. Palladium advanced to the highest since April amid supply concerns.
The chief executive officer of Sharps Pixley Ltd., who has traded gold for 30 years, challenged a study that says the market’s price-setting mechanism is susceptible to manipulation, compromising the $19.6 trillion of the precious metal that trades annually.
Arabica coffee, this year’s best performing commodity, may climb to the highest in almost three years as dry weather over the next two months threatens to cut production in top grower Brazil, J. Ganes Consulting said.
BullionVault, an online service for investors to buy and sell physical gold and silver, said its Gold Investor Index climbed to a three-month high in February as prices posted the first back-to-back monthly gain since August.