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Commodities rise en masse as sentiment brightens

News Date: 7/4/2016 02:34:52
Commodity prices rose across the board on Thursday, after The Fed minutes released yesterday showed the members' reluctance to hike interest rates at the bank's next meeting this month, as the U.S. economy remains beset by global risks, mainly China's slowdown and the wavering oil prices.

Oil price were the biggest winner in particular, surging over five percent yesterday, with Brent crude futures adding another 34 cents, or 0.85% to trade at $40.18 a barrel, back above the coveted $40 level, while U.S. crude advanced 40 cents, or 1.06% to hover around $38.15 a barrel.

Gold futures gained over six dollars, or half a percentage points to trade at $1,230 an ounce, while silver futures climbed eight cents, also half a point to $15.13 an ounce. Copper was also upbeat, rising 0.37% to move around $2.151 a pound.

The dollar kept bleeding as chances of hiking rates diminished, with the index losing 0.30% to trade at 94.22, while the euro slipped 0.21% against the greenback to 1.1425. The yen surged to a 17-month peak versus the dollar at 108.91, up a strong 0.80% on the day.

Investors wait for an array of data later today, with Canada's building permits expected to have risen 4.7% m/m in February, after slumping 9.8% in January, which would be positive for the loonie.

From the U.S., unemployment claims for last week are forecast to have fallen to 271 thousand from the previous reading's 276 thousand, which would be marginally positive for the economy and the battered dollar.

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