Commodities Update 33

Commodities Update 33

01 March 2016

Important legal information

Regarding the G20 meeting in Shanghai expectations in the markets were not fulfilled. Brent jumped on USD 37 while WTI increased up to USD 34.70. Finally the oil price fell again and finished the last week with a negative performance. However, the new week started with a slight increase, which resulted at USD 36 in Brent and USD 33.50 in WTI.

According to Baker Hughes the drillings in the USA are on the lowest level since December 2009. Since the beginning of 2015 the number of drillings decreased continuously. About 13 more drillings were closed in the USA in the last week.

The gold price seems to reach a plateau after the steady increase since the beginning of the new year. After its peak in the middle of February of USD 1.263, the gold price is currently around USD 1.230. Further inflows in gold ETFs could show the persistent interest in the precious metal.

The International Cocoa Organization (ICCO) calculates with a deficit of 113.000 tons in 2015/16. The reason is a decreased production and an increasing demand. The demand could incline by 79.000 tons on 4.225 million tons, according to ICCO. Declines are expected in Côte d’Ivoire, the most important exporter, as well as in Indonesia, Ecuador and Brazil.



04/10/2022 18:53:15