Commodities Update 58

Commodities Update 58

26 October 2016

Important legal information

The oil prices weakened a little on Monday. The WTI reduces more than one percent to USD 50 per barrel, whereas the Brent notes at over USD 51. This is due to the by market participants anticipated disagreements between OPEC members concerning the oil extraction. Apparently Iraq plans to elude a cutback on oil production and will file a derogation at the OPEC conference at the end of November. It should be rather unlikely to get approval from the other OPEC-states, because consequently Saudi Arabia and their allies in the gulf region would have to carry the majority of the costs.

At the beginning of the week gold traded steady at USD 1265 and remains close to the important MA200. Remarkably gold remains stable despite the firm US Dollar, which has been revalued because of rising interest expectations.

The weak Chinese industry demand is affecting platinum prices. Even though gold and silver stay quite steady, platinum seems to be very volatile at the moment. The troy ounce notes at USD 945. Over the last three month this accounts for a minus of 15 percent. In the last few weeks speculative investors preferred to take netto-long positions, which is why the pressure to sell is expected to reduce.

 

29/11/2022 14:30:41