Commodity Snapshot
Gold prices maintained solid on Monday after climbing for eight straight sessions and posting their greatest weekly increase since October last year. Market emphasis now shifts to U.S. CPI data to determine the speed of the Federal Reserve rate drop. Gold (XAUUSD:CUR) rose 0.13% to $2,180.25 an ounce by 6 am ET.
The medium-term picture for bullion is good before that print, but Bloomberg believes that a tactical halt may be needed closer to hand. An in-line CPI result might drive consolidation since it would boost the US dollar and reduce gold’s appeal. Thus, retracement depth and length are crucial.”
Gold reached an all-time high of $2,185.19/oz, up 14% this year. Gold-backed ETF holdings fell by 6.2t last week, with strong central bank purchasers. UBS Global Wealth Management’s Chief Investment Officer Americas suggests gold as a portfolio hedge for 2024, waiting for small price dips to build exposure.
Natural gas and crude oil prices were trading in the green, while oil prices fell earlier due to persistent demand concerns in China. NS Trading president Hiroyuki Kikukawa said that concerns over weak demand in China outweighed the extension of supply cuts by OPEC+. Mixed US jobs data prompted some traders to adjust positions. However, losses will be capped by increased geopolitical risk, with the possibility of a ceasefire in the Hamas-Israel war and conflict expansion in Russia and its neighbors. Europe remains the most impacted region, as oil product shipments from Asia have fallen since January. OPEC+’s voluntary production cut agreement could tighten the market as demand recovers from its seasonal lull.
Stocks to watch: Nine Energy Service (NINE) +12%, CSI Compressco (CCLP) +8%, Ring Energy (REI) +8%, Origin Agritech (SEED) +11%, 5E Advanced Materials (FEAM) +11%, Ramaco Resources (METC) +8%, Taseko Mines (TGB) +6%, Amplify Energy (AMPY) -18%, Delek Logistics (DKL) -12%, Petroleo Brasileiro S.A. Petrobras ADR (PBR) -12%, Icahn Enterprises (IEP) -8%.
Recent Commodity Price Movements
Energy
Crude oil (CL1:COM) +0.16% to $78.14.
Natural Gas (NG1:COM) +0.71% to $1.82.
Metals
Palladium (XPDUSD:CUR) +1.28% to $1,032.84.
Platinum (XPTUSD:CUR) +1.40% to $925.45.
Copper (HG1:COM) +0.24% to $3.89.
Agriculture
Corn (C_1:COM) -0.87% to $422.56.
Wheat (W_1:COM) -0.31% to $526.86.
Cotton (CT1:COM) +1.00% to $96.23.
Must read book about investing – check here Commodity Snapshot Commodity Snapshot Commodity Snapshot
Natural gas and crude oil prices were trading in the green, while oil prices fell earlier due to persistent demand concerns in China. NS Trading president Hiroyuki Kikukawa said that concerns over weak demand in China outweighed the extension of supply cuts by OPEC+. Mixed US jobs data prompted some traders to adjust positions. However, losses will be capped by increased geopolitical risk, with the possibility of a ceasefire in the Hamas-Israel war and conflict expansion in Russia and its neighbors. Europe remains the most impacted region, as oil product shipments from Asia have fallen since January. OPEC+’s voluntary production cut agreement could tighten the market as demand recovers from its seasonal lull.
Natural gas and crude oil prices were trading in the green, while oil prices fell earlier due to persistent demand concerns in China. NS Trading president Hiroyuki Kikukawa said that concerns over weak demand in China outweighed the extension of supply cuts by OPEC+. Mixed US jobs data prompted some traders to adjust positions. However, losses will be capped by increased geopolitical risk, with the possibility of a ceasefire in the Hamas-Israel war and conflict expansion in Russia and its neighbors. Europe remains the most impacted region, as oil product shipments from Asia have fallen since January. OPEC+’s voluntary production cut agreement could tighten the market as demand recovers from its seasonal lull.
Commodity Snapshot Commodity Snapshot Commodity Snapshot Commodity Snapshot