Commodities are the raw materials that may be either consumed or used to create other products. The main reason to consider investing in it is its low correlation with stock market returns. It is very useful to read and have insights into the latest commodities investment news to have maximum benefits. Some of the leading portals for getting all the insights into commodity news like Investable Universe keep on updating commodity news to help investors make maximum profits
Below is the latest news to help you have insights into it.
Oil ends at a nearly 6-week high due to production cuts
- The future of oil rose Monday, marking its highest settlement in almost six weeks as new Saudi minister prince Abdulaziz Bin Salman has repeated his commitment to curb productions as cited by various news portals like the Investable universe.
- The intermediate crude of West Texas for October delivery CLV19, +0.40% rose $ 1.33, or 2.4% to settle at $57.85 a barrel on the New York Mercantile Exchange while November Brent crude BRNX19,+0.27%, added $1.05, or 1.7%, to $62.59 a barrel on ICE Futures Europe.
US crude outpaced gains for the international oil benchmark in 2019
- U.S. benchmark oil has outpaced and outperformed international oil benchmark in 2019 which led to prices in recent days to the narrowest spread.
- The spread between front-month West Texas Intermediate crude oil CLV19, +0.17%, and Brent BRNX19, +0.06% narrowed to $ 3.53 a barrel and WTI settled at $ 56.30 a barrel while Brent ended at $60.95
Natural Gas Futures jumped to nearly 3.6%
- Gas producers gained profits today as October natural gas futures surged 3.6% to $ 2.585/MMBtu which is their highest settlement since May.
- According to analysts forecasts for warmer than normal temperatures in many parts of the United States has led to an increase in demand prospects for the fuel.
- The main gainers in the group are CHK +20%, GBOR +17.5%, SWN +16.6%.
Franco-Nevada picked Brink to become CEO
- Franco-Nevada details succession plans, which include the promotion of Paul Brink to president and CEO.
- Mosaic to buy $250 in shares, curtailment of 500K tons of phosphate output.
- Mosaic would initiate $250M in stock buybacks under its repurchase existing authorization, and have announced plans to idle nearly 500K metric tons of phosphates production.
- There is an expectation of strong fall fertilizer application in North America.
- Company says its Brazil-based business unit has implemented actions that will exceed the target of $ 275M in 2019.
Pure Gold moves onto the engineering stage
- Pure gold mining started to secure contractors to build Madsen Red Lake Mine.
- According to the company at a price level of nearly C$2,000/ounce, Madsen Red Lake could produce C$800M
- The mine will be an 800 t/d underground operation with a life of 12 years.
- The mine has a history of the production of 2.6M ounces of gold and current suggested resource of 2.06M ounces of gold at 8.9 g/t gold.
McEwen cuts Gold Bar
- McEwen Mining(NYSE: MUX) -2.2% pre-market as production delayed force guidance cuts at its Gold Bar.
- MUX reduced 2019 production guidance for the gold bar to 30K-33K gold oz.
- According to MUX it now expects to generate 131K-138K gold oz because of combined operations in Argentina and Mexico
Conclusion: Commodities are the raw materials that may be either consumed or used to create other products. The main reason to consider investing in it is its low correlation with stock market returns. It is very useful to read and have insights into latest commodities investment news to have maximum benefits. It is particularly advisable to go through good portals like Investable universe before investing in commodities to have maximum profits