Commoditites Update 32

Commoditites Update 32

16 February 2016

Important legal information


Despite weak Chinese economy data the oil price lightly increased its price level compared to the previous week. WTI raised 2.1 percent to USD 32, while Brent raised 3 percent to USD 33.5. The reason for increasing oil prices could be the statement of Saudi Arabia’s foreign minister, who mentioned a probable cutback in the oil production, according to Commerzbank’s analysts. Furthermore negotiations between Russia and the OPEC, where Russia scanned the chance for prospective cutbacks, are off the table.

In contradiction the gold price increased since new year. The bear stock markets supported further purchases in gold and raised the gold price up to USD 1.260 per troy ounce. LBBW’s analysts expect prospective declines in the gold price with regard to the latest chart analysis. Currently gold notes USD 50 below its 12-month-high of last Thursday.


The Chinese import of soybeans reduced by 38 percent in January compared to the previous month. Commerzbank’s analysts expect a further decline in February from 5.66 million tons to 4 million tons. However, the analysts mention that declines of imports are not unusual. Delays of the harvests in Brazil as well as preparations for the Chinese New Year caused a declined import amount of soybeans. Moreover Russia imposed an embargo on corn and soybeans from the USA, justified by impurities, which negatively influenced the prices.

 

 

16/04/2021 05:17:11