Good morning, Resource Investors.

Likely resolution with the situation in Greece is propping up the euro at the expense of the U.S. dollar which, in turn, is carrying gold to recent highs. The April futures contract rose 1.7% on Tuesday to $1,137.40 an ounce, the highest level in six weeks. The rise also follows an increase in net long positions held by large investors, as measured by the Commitments of Traders report.

In the base metals market, copper has been rocked by the earthquake in Chile, the world's largest producer of the metal. Concerns are that supplies will be curtailed by damage to the country's infrastructure. Copper added another 6 cents on Tuesday, with the May futures contract closing at $3.41 a pound.

In the crude oil market, the Department of Energy reported that stockpiles rose by 3 million barrels last week vs. an expected rise of 1.9 million barrels. However, that bearish news was muted by falling gasoline supplies, which dropped 400,000 barrels more than expected. While these numbers remain high overall, many traders remained focused on the potential for economic recovery to spur demand. Crude oil futures for April delivery closed Tuesday's pit-traded session at $79.68 a barrel.

For more on the reasons behind these moves, see these headlines, where you can catch up on what happened in the resource markets this past week -- and prepare for the next.

James Holter
Resource Investor

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