Commodities Update 49

Commodities Update 49

12. heinäkuuta 2016

Important legal information

At the beginning of the week oil prices are weaker. Brent lost 1% and note closely over USD 46, which is the 2-month-low. A stronger US-Dollar and the expansion of oil drills led to falling prices. Baker Hughes installed ten new oil rigs last week, which increase the total number to 351. However, according to Commerzbank analysts the total oil production in the US is on a very low level. There are still 80% less active drills than in early 2015.

Gold goes down to around USD 1.355. The precious metal shortly noted at a 28-week-high of USD 1.375 last week. It crashed, due to the surprisingly positive US labor market report, which was published on Friday. Gold lost USD 20 per ounce, but could recover fast, because the unemployment rate increased to 4.9%. Furthermore, the gold price is pushed by coin sells. In the first half of the year, 501,000 ounce of gold coins were sold, which is 84% more than last year.

In the past copper reached the 2-month-high with over USD 4,900 per ton, but now copper notes at USD 4,700. The supply in LME reached the 5-month-high. Commerzbank analysts say that the price decrease is just temporarily and expect copper to note around USD 5,200 in the end of the year.

 

 

4.10.2022 6:20:21