Commodities Update 41

Commodities Update 41

11. toukokuuta 2016

Important legal information

At the beginning of the week, WTI rose by 0,9 percent to USD 45. Brent noted unchanged at USD 45.50 per barrel. Because of wildfire in the state of Alberta in Canada, a province abundant in Oil sands, production drop by more than 1 million barrels per day. Canada is one of the main Oil supplier of the United States, US Oil supplies could drop in a week by about 7 million barrels, so Commerzbank’s commodities analysts. Therefore, Oil Investors are looking forward to the weekly US Petroleum Status Report on Wednesday.

On Friday gold fell to USD 1266. There are two main drivers for this recent drop: First of all, many investors took profits by selling their Gold. Secondly Greece’s reform of Tax- and Retirement System let expect new billion from the European Union. Last Friday gold was at USD 1300 supported by new Inflows in the main Gold-ETFs. Gold investors are looking forward to Thursday, as the World Gold Council will announce the outlook and trends on the gold Market in the first Quarter of 2016.

Copper suffers from dropping demand in China. At the beginning of the week, Copper was at the LE USD 4800 per ton. In comparison copper was over USD 5000 per ton at the beginning of May. China is a strong driver for Copper price, as the country accounts for roughly 45% of the worldwide demand. According to China’s custom, Copper Import dropped by 21% between March and April.

 

 

8.5.2021 15:52:31