CME Palladium making a dent, losing 1.66%
In today's trading session, markets are currently flat. Gold slipping 1.05% and closing at $1,659.4. Soybeans trades at $1,399.25 with no major change.
Current market events are being influenced by ambiguous macro data as data for United States Crude Oil Inventories published yesterday at 15:00 UTC came out at 9.88 million, beating projections of 1.75 million and showing improvement over the preceding figure of -1.36 million.
With markets currently trading sideways, some commodities are taking serious losses. Here is the list of top losers:
Cotton | Currently down 1.39% at $83.61
Cotton has been losing ground for 3 days, shedding a total of 5.91% of its value. Similar trend today: slightly weaker but mostly flat: ICE Cotton is currently trading at $83.61 per pound as it maintains an active range between $83.3 and $85.86.
NY Heating Oil | Currently down 1.48% at $4.03
While Heating Oil Futures is on a 4 day uptrend Now turning against its recent performance, after closing at $4.09 yesterday, NY Heating Oil opened today at $4.08, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, NY Heating Oil retains a distinct $4 to $4.1 daily range.
The Palladium future | Currently down 1.66% at $2,082
In the last 8 days, CME Palladium has lost a total of 10.31% of its value. Similar trend today: after closing at $2,117.2 yesterday, the Palladium future opened today at $2,114, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, the Palladium future retains a distinct $2,062 to $2,139.5 daily range.