Commodities Update 55

Commodities Update 55

06 September 2016

Important legal information

The oil price showed a heavy growth on Monday and the price of Brent had increased by 5 percent in the afternoon to USD 49 per barrel and WTI was trading at USD 46.60. Among the reasons behind the price gain were the news released on Monday morning about Saudi Arabia and Russia announcing a joint statement at the G-20 summit in China, with the aim of stabilizing crude prices. However, an agreement of a definitive production decrease was not met. Investors have hoped for a restriction of the worldwide overproduction for a long time and Bloomberg published figures of record-high OPEC oil production in August of 33,69 Million barrel a day, especially due to expansion in the golf-region countries.

 

The US jobs data report from Friday was weaker than expected and therefore very disappointing for many investors. The gold price increased by more than USD 20 per ounce. Calculated in Euro it notes at a two-week-high of EUR 1,190 per ounce. On Thursday the ECB could publish more monetary policy changes, which also could influence the gold price.

 

Concerns about storm damages dominate the American cotton market: The hurricane-season is on its high, just as harvest season is about to begin. Especially Texas, one of the most important regions for the cotton production, was hit by strong rain and flooding – crop failure is likely to happen. The cotton price increased by nearly four percent to more than 68 US-cents per pound in the last week.

 

30/11/2021 21:50:01