Commodities Higher Led By Gold ( USO, UNG, GLD, SLV, DVN, ACI, IOC )

Commodities Mostly Up, Crude Oil Leads (USO, UNG, GLD, SLV, DVN, ACI, IOC)

Commodities were trading with mild gains on Monday with Gold prices rebounding after slumping over 3% during the past week on sign of improvement in the U.S. economy.

Gold for April added $8.30 to $1,664.70 an ounce on the Comex division of the New York Mercantile Exchange, after hitting session low of $1,650. May silver surged 1% at $32.92 per ounce. Copper for the same month gained 3 cents or 0.90% to $3.91 a pound. April platinum added $9.50 or 0.54 to $1,684.60 an ounce.

Gold have been seeing selling pressure recently as demand for the safe haven have reduced with large money managers winding off their net long positions, or bets gold will go higher, for the second week in a row , according to data released Friday by the Commodity Futures Trading Commission.

Also, last announced to increase import duties on gold for a second time, and the Bombay Bullion Association has uttered demand concerns for gold in India, recently surpassed by China as the world’s largest consumer of the metal.
In the energy space, crude oil continued to rise on increasing geopolitical concerns, which could disrupt supply going forward.

Crude oil futures for April delivery climbed 65 cents $107.71 on the New York Mercantile Exchange, hitting over one-week high. April gasoline futures surged a penny $3.37 a gallon. April natural gas futures climbed 4 cents to $2.36 per million British thermal units.

United States Oil Fund LP (ETF)(NYSEARCA:USO) was trading higher by 0.19 (0.46%) at $41.22, United States Natural Gas Fund, LP(NYSEARCA:UNG) added 0.18 (0.98%) to $18.58, SPDR Gold Trust (ETF)(NYSEARCA:GLD) rose 0.66 (0.41%) to $161.96 and iShares Silver Trust (ETF)(NYSEARCA:SLV) added 0.48 (1.52%) to $32.06.

Devon Energy Corporation(NYSE:DVN) added 2.10% as analyst at Goldman Sachs upped their investment rating on the stock to Buy from Hold and set a price target of $91, up from their previous target of $81.

Arch Coal Inc(NYSE:ACI) reversed early losses and was recently trading higher by 0.90% to $12.51. This morning, analyst at Goldman Sachs lowered their investment rating on the stock Sell from Neutral and set a price target of $10, down from their previous target of $14.

InterOil Corporation (USA)(NYSE:IOC) is up 1.16% to $59.23 after the company reported profit of $13.2 million or 27 cents a share on revenue of $289.6 million, compared to a year ago loss of $34.8 million or 76 cents a share on revenue of $194.4 million.