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25 Nov 2013
Commodities roundup: Brent falls on Iran accord
FXstreet.com (London) - Brent crude is heading for its biggest fall in three weeks following agreements over Iran.
Brent contracts had been subdued at the start of the month by US Secretary of State John Kerry playing down the chances of an accord over Iran’s nuclear weapons programme.
The deal was reached yesterday, offering Iran USD7 billion in relief from sanctions in exchange for curbs on its nuclear programme.
The news of the agreement helped push down Brent contracts, but it could pave the way for further easing of sanctions which still include banking and financial measures that hinder crude exports.
Bent contracts for January delivery have fallen 1.72 percent to USD109.14/barrel while WTI contracts have fallen 1.42 percent to USD93.49/barrel.
Metals have declined on increased bets of an early tapering of the Fed’s USD85bn-a-month asset purchase programme.
Gold continues its year-long slide, down 1 percent so far today to USD1,231.36/oz, while COMEX silver is down 0.68 percent to USD19.77/oz for March contracts.
Copper has crept back up to undo losses fuelled by Fed cut expectations and declining stockpiles. COMEX copper for March delivery is up 0.06 percent to USD322.05/lb.
Brent contracts had been subdued at the start of the month by US Secretary of State John Kerry playing down the chances of an accord over Iran’s nuclear weapons programme.
The deal was reached yesterday, offering Iran USD7 billion in relief from sanctions in exchange for curbs on its nuclear programme.
The news of the agreement helped push down Brent contracts, but it could pave the way for further easing of sanctions which still include banking and financial measures that hinder crude exports.
Bent contracts for January delivery have fallen 1.72 percent to USD109.14/barrel while WTI contracts have fallen 1.42 percent to USD93.49/barrel.
Metals have declined on increased bets of an early tapering of the Fed’s USD85bn-a-month asset purchase programme.
Gold continues its year-long slide, down 1 percent so far today to USD1,231.36/oz, while COMEX silver is down 0.68 percent to USD19.77/oz for March contracts.
Copper has crept back up to undo losses fuelled by Fed cut expectations and declining stockpiles. COMEX copper for March delivery is up 0.06 percent to USD322.05/lb.