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Commodity Currents: Friday Commodity Movers.

Stocks floated higher closing shy of 1400 supported by the tech heavy Nasdaq 100 closing in toward 2750 with the trend higher for now anyway. 10yr Treasuries traded to new contract highs during the night but sellers sold into gains on the open although prices held 132-00 so there might be more upside from here offering an opportunity to short as yields are well supported below 1.900%. Gold held 1652.00 earlier to float higher in a lackluster session but those are the easier markets to trade whereas Sliver for July delivery climbed over 31.255 with 31.68 next to cross benefited from Copper's steady march over 3.8000 as it easily moves higher toward 3.9000. Crude continues to drive higher successfully supported at 103.85 now challenging 105.00 but that level is expected to offer stiff resistance and have to see if buyers can resolve to push prices higher. Natural gas floats higher but I don't trust it as it looks like short covering and prefer to be a seller at higher levels still it did cross over 2.142 which should be significant but time will ultimately tell. Hogs churned lower as new contract lows loom if sellers push prices under 86.375 however Cattle reversed direction to end higher after new lows were rejected with buyer's near term objective to get a close over 114.00. Corn popped on the open to end with over a 3 percent gain closing at 630 putting 640 within reach following Wheat as it trades into resistance around 655 before pulling back. Not to be outdone, new contract highs in Soybeans trading 15.06 3/4 before pulling back off the best levels of the day with this move looking more then a little extended but no sign of a pull back either. Feeble bounce off 175.00 in Coffee but stalled under 177.30 at the moment as buyers remain elusive suggesting another low might be the outcome while new lows were rejected in Sugar but longs are in no hurry to buy either. Cocoa finally scored a close over the significant 100dma as well as pushing through 2,300 could be looking at another leg higher perhaps to 2,400. Orange Juice was higher after buyers supported around 140.00 taking prices over 145.00 looking for 150.00 which could result in more gains. Cotton continues to have trouble staying over its 100dma at 92.10 but still supported at 91.00 although buying conviction is lacking.


The risk of loss trading commodity futures contracts can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. Trading futures without protective stops or options is not recommended.