Sun, August 14, 2022

Commodities

commodity trading

Commodity Market Overview: Will Oil Prices Keep Surging?

Commodities tumbled from record highs as investors reversed bullish bets on everything from corn to copper to oil amid recent signs of recession fears sweeping financial markets. Brent crude fell below $100 a barrel on Thursday for the first time since April, 29% below its recent high. Other markets were also hit hard, with the …

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Aluminum

Aluminum prices drop on demand headwinds

On Tuesday, aluminum prices declined as tightening COVID-19 restrictions in top metals consumer China stoked worries about demand. On the London Metal Exchange, futures tied to the commodity skidded 1.78% or 49.00 points to $2,709.00 per tonne. It trailed Monday’s slump of 3.13% to $2,758.00 per tonne, representing the lowest level since January 5. China …

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Natural gas

Natural gas prices record highest level since 2008

On Thursday, natural gas prices gained pace after touching the highest level in nearly 14 years. This movement came as Russia’s invasion of Ukraine wreaked havoc on global energy markets. Accordingly, Henry Hub prices rocketed to more than 9.00% at one point to a session high of $8.17 per million British thermal units. The contract …

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Oil

Oil leaps as EU confirm ban on Russian crude

On Wednesday, oil prices ticked higher as the European Union, the world’s largest trading bloc, stated plans to phase out imports of Russian crude. Brent oil futures increased 3.57% or 3.77 points to $108.75 per barrel. The international benchmark completely reversed a downturn of 1.58% to $105.88 per barrel yesterday. US West Texas Intermediate added …

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Copper

Copper dwindles to a 3-month low on demand jitters

On Tuesday, copper prices traded to a three-month low as the COVID-19 restrictions in top consumer China fueled worries about weaker growth, hitting metals demand. Its benchmark futures on the London Metal Exchange declined 2.58% or 252.00 points to $9,517.50 per ton. This downward movement marks the lowest level since January 31. The recent weak …

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oil

Oil rallies on chances of EU ban on Russian crude

On Friday, oil prices headed to a fifth monthly advance on the likelihood that Germany will join other European Union countries in banning Russian crude. Brent crude futures jumped 1.35% or 1.52 points to $108.77 per barrel. The international benchmark extended Thursday’s upturn of 2.16% to $107.22 per barrel. Then, US West Texas Intermediate oil …

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gas

Gazprom ceases gas supply to Poland and Bulgaria

On Wednesday, Russia’s Gazprom halted gas supplies to Poland and Bulgaria for failing to pay for gas in rubles. This move reflects Moscow’s toughest response to the crippling sanctions imposed by the West for the invasion of Ukraine. The world’s biggest natural gas company supplies around 40.00% of European energy products. It warned that it …

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Indonesia plans to widen palm oil export ban

Indonesia plans to widen palm oil export ban

Indonesia stated its plans to widen its ban on exports of refined palm olein if it faces domestic shortages of the derivatives. The world’s biggest palm oil exporter prepares to halt refined, bleached, and deodorized (RBD) palm olein shipments. Nevertheless, the country would allow crude palm oil exports or other derivatives from Thursday. Accordingly, RBD …

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Gold bars

Gold prices hover to 4-week low on rate hike worries

On Monday, gold prices slipped to their lowest in four weeks. The downturn came amid the prospects of aggressive policy tightening by the US Federal Reserve, denting the precious metal’s appeal. As of writing, bullion futures declined 1.92% or 36.70 points to $1,897.10 per troy ounce. The contract followed a drop of 0.71% to $1,934.30 …

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