Commodities Update 40

Commodities Update 40

4. toukokuuta 2016

Important legal information

After hitting a year high on Friday, the oil price dropped slightly at the beginning of this week: WTI fell 0,3 percent to USD 46 and Brent fell 0,8 percent to USD 47. Oil prices had a very strong evolution in April: WTI climbed approximately 20 percent and Brent gained about 21,5 percent. This is the strongest evolution since 2009. Oil prices fell on Monday because according to Reuters the Output with 32,64 million barrels per day remained high last Month because Iran and Irak raised their production.

On Monday gold was at USD 1,303 per Ounce and therefore reached a 15 month high. In Euro, gold hit EUR 1130 per ounce a 7 week high. The gold price buoyed by a weak USD, as the metal becomes cheaper to other currency holders. The FED has decide to keep the interest rates low, and signaled it would be slow to raise rates again because of uncertainty about the global economic situation. According to Commerzbank’s commodity experts, gold like other commodities was last week mainly driven by speculation and a strong adjustment may happen.

Platinum pricing on Friday was more than USD 1080 per ounce reaching a 9 month high. On a 3 month basis, platinum climbed approximately 26 percent. In April buoyed by the FED’s monetary policy, platinum gained about 13 percent. The precious metal gained year to date disproportionately, as comparison the Bloomberg commodity index raised only 18% in the same time.

 

 

8.5.2021 16:23:52