Commodities: Oil and copper futures slide lower
Oil and copper moved lower on Thursday on the heels of weaker than expected figures on gross domestic product out of France and Germany, which set off a bit of a landslide in market commentary highlighting the need for the European Central Bank to step up its easing measures.
As well, reports that France and the UK might act to arm Iraq's kurds may also have added to the downward pressures on prices, as traders factor in less of a risk of disruptions to oil supplies.
Front month West Texas crude futures were lower by $1.72 to $95.58/barrel on the NYMEX.
Those weak European economic figures again weighed on industrial metals. Three-month copper futures came off by another 0.87% to $6,825/metric tonne on the LME.
Corn futures for December delivery continued their recent rally, gaining 1% to finish the day at $3.735 a bushel on the Chicago Board of Trade (CBoT).
Wheat futures for December delivery rose 1.3% to $5.5275 a bushel.
Gold futures for delivery in December edged slightly higher by $2.3 to $1,315.70/oz. on COMEX, despite what equity markets interpreted as dovish markets from Russian President Vladimir Putin.
Shrinking sales of gold jewellery across Asia and the Middle East dragged overall demand for the precious metal 16% lower in the second quarter compared to unprecedented conditions in 2013, the World Gold Council said in a report.
Nevertheless, come Friday morning there were reports that several dozen Russian armoured personnel carriers had crossed into Ukraine.
It was widely reported how Paulson & Co., the largest investor in the SPDR Gold Trust (GLD), maintained his stake at 10.23m shares in the second quarter, according to SEC filings.
AB