Dhaka, Bangladesh (BBN) – The slide in Conference Board’s index of US Consumer Confidence drove the commodity prices down. Crude prices initially spiked to a three-week high on economic recovery expectations.
Crude futures for September delivery in the New York Mercantile Exchange rose above USD 68 a barrel while the IPE Brent crossed USD 70 level. However, crude prices retreated below USD 65 level in the New York Mercantile Exchange following the US consumer confidence report.
Industry reports showing gains in US supplies of crude inventories drove the prices further down towards the end of the week.
Copper futures rose to the highest level since October 2008 before dropping to USD 5,410.25 per Ton on Thursday as gains due to economic recovery expectations were offset by a rebound in USD, according to reports.
Gold prices dropped on a strengthening dollar to USD 930.85 per ounce, a decline of 2.58 percent over last week.
BBN/SS/SI/AD-01August09-4:39 pm (BST)