CRUDE 111.83 -0.36%; COTTON 95.33 -0.49%

Brent crude rose in Asian trade supported by strong manufacturing PMIs yesterday in US and Iranian threats to disrupt the flow of oil in the Straits of Hormuz. Sentiment for commodities was also buoyed by stronger than expected employment data from Germany (despite the fact that employment data tends to be a backward looking indicator).

Cotton prices rose to a 3 week high on concerns, raised by the US DOE that Indian crop estimates were too optimistic given poor weather in the main cotton producing state.

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Commodity Risk Economic Calendar 3rd – 6th Jan 2012

(All times GMT):
Tuesday 3rd January
09:30 – UK Manufacturing PMI: The November manufacturing index totalled 47.6, a 0.2 point increase compared with October (the second consecutive month of manufacturing contraction), down from 62 as recently as February 2011. The December manufacturing index is forecast as 47.30.
15:00 – U.S. ISM Manufacturing PMI: The ISM index rose to 52.7 in November, up from 50.8 in October; the index has yet to fall below 50 during 2011 (indicating a contraction in activity). The December manufacturing index is forecast to increase to 47.9.
19:15 – FOMC Meeting Minutes: Report available here

Thursday 5th January
13:15 – ADP estimate of US non-farm payroll: The ADP report will provide an estimate for the U.S non-farm private employment change during the month of December with a higher than expected reading being bullish for the USD (5 of the last 6 readings have been higher than the consensus forecast); The December estimate is forecast at 375k.
15:30 – EIA Crude Oil Market Report: the EIA (Energy Information Administration) will publish its weekly report on the U.S oil and petroleum market for the week ending on December 30th; in the previous report crude inventories fell by 3.9mmbbl to 327.5mmbl. The Latest report will be available here.
20:30 Cotton On-Call: Call cotton refers to physical cotton traded whose price has yet to be fixed. The latest report available here.

Friday 6th January
13:30 – US Non-farm Employment Change: November data showed a net 120k increase in employment up from 80k in October. December data is forecast to increase by 150k.
20:30 Commitment of Traders report: provides a breakdown of the previous Tuesday’s open interest. Report will be available here.

For more detailed information please see the Live Economic Calendar

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CRUDE 108.86 +1.52%; COTTON 92.19 +0.91%

Brent Crude increased on the latest commitment of futures traders report that showed that bets on increasing oil prices rose by over 7% in the week to 27 Dec and encouraging headline results in Asian purchasing managers indices, released yesterday.

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