Commodities Slip on Currency Highs ( USO, UNG, GLD, SLV, XOM, SDRL, FCX, SCCD)

Commodities Retreat On Strong Dollar, China (USO, UNG, GLD, SLV, XOM, SDRL, FCX, SCCO) Major commodities were trading lower after posting solid gain in the past three-trading sessions as dollar jumped on safe haven and lower than estimates export growth in China. On Friday, most commodities ended higher on upbeat jobs report, which eased fears of another quantitative action. Crude oil had been surging over the past few weeks amid growing concern about the development of nuclear arms by Iran and blockage of supplied to major European nations. Also, on Friday, Greece announced a successful bond exchange deal with its private bondholders, which secures the country to get its second bailout in order to overcome the potential bankruptcy. This morning, China’s central bank governor said Monday the yuan was nearing fair value against foreign currencies, while adding that it was too premature to refer if the nation’s trade deficit in February was the start of an important trend. Moreover, the dollar index made its 7-week high of 80.13 and now trading higher 0.10% at $80.07. Gold for April delivery fell $9.50, or 0.6%, to $1,702 an ounce on the Comex division of the New York Mercantile Exchange after surging over 15 in the past week. silver for May delivery slumped 34 cents, or 1%, to $33.87 an ounce. May copper fell 0.63%, to $3.83 a pound. April platinum futures​ gained 6.70, or 0.4%, to $1,691.00 an ounce, while palladium for June delivery fell $2.05, or 0.3%, to $707.90 an ounce. In the energy space, Crude oil corrected $1.61% to $105.75 on heavy volume and is expected to show solid support $105. Gas Oil Fut fell 1.45% to $1021 /MT, Heating Oil Futr fell 1.21% to $322.43 /gal and Natural Gas Futr lost another 2.60% to $2.264 /MMBtu. SPDR Gold Trust (ETF)(NYSEARCA:GLD) is down 0.88% to $164.94, iShares Silver Trust (ETF)(NYSEARCA:SLV))declined 1.41% to $34.75. United States Oil Fund LP (ETF)(NYSEARCA:USO) slumped 1.70% to $40.39 and United States Natural Gas Fund, LP(NYSEARCA:UNG) declined 2.23% to $17.96. Exxon Mobil Corporation(NYSE:XOM) shares rose 0.46% on reports that the company and Iraq have worked out an agreement that allows the energy concern to be paid in oil for work done on a large oil field project. SeaDrill Limited(NYSE:SDRL) fell 0.31% after the company said that it signed a $184 million deal with Saudi Aramco for the employment of a jack-up rig offshore Saudi Arabia. Freeport-McMoRan Copper & Gold Inc.(NYSE:FCX) lost 0.23% to $38.69 and Southern Copper Corporation(NYSE:SCCO) jumped 0.89%.