Are You Sending Money Abroad Or Looking To Exchange Currency?

Commodities: WTI futures buck selling pressure as EIA ups forecasts

Metals and soft commodities led to the downside on Thursday as the results of two surveys pointed to faster US factory sector activity ahead, triggering gains in the Greenback.
Readings on the Empire State and Philly Fed factory sector indices for the month of March validated the 14-year high reached last month on the key nation-wide ISM gauge, Pantheon Macroeconomics's Ian Shepherdson said.

"It was not a fluke. In short, the surveys signal that a robust manufacturing upswing continues unabated," he said.

In reaction, as of 2026 GMT the US dollar spot index was moving 0.50% higher to 90.15, with the Bloomberg commodity index predictably slipping lower by 0.41% to 87.32 alongside it.

Metals did especially poorly, with the May 2018 copper contract on COMEX off by 1.03% to $3.1260 a pound. Gold futures for next month delivery on COMEX also lost some of their shine, erasing 0.76% to $1,315.50/oz..

Commenting on the price action in London-traded base metals futures, analysts at Sucden Financial said: "Fairly routine trading day on the LME in thin volume, with prices once again under some pressure after soft closes last night. The USD also continued to strengthen which also weighed on prices and investors remain wary over Pres Trumps next move/announcement on trade tariffs, sapping overall risk appetite.

"Through the afternoon sessions LME metals recovered from the earlier lows but overall the complex still lacks clear directional momentum."

Among soft commodities, wheat fared worst, with the May 2018 CBoT contract retreating 2.05% to $4.7875 a bushel. CME live cattle futures were right behind, falling 0.84% to $1.1230 per pound.

Energy futures on the other hand were mostly higher, with West Texas Intermediate for prompt month delivery gaining 0.38% to $61.19 a barrel on NYMEX.

Helping to buoy WTI, the Paris-based International Energy Agency revised its forecast for global oil demand growth by 100,000 barrels a day to 99.3m b/d.

However, in its latest monthly oil market report the rich-world's energy watchdog warned that protectionist measures in the US might negatively impact the global economy, trade flows and hence demand for crude oil.

"A slowdown [in commerce] would have strong consequences, particularly for fuel used in the maritime sector and in the trucking industry."