Commodities Update 51

Commodities Update 51

den 29 juli 2016

Important legal information

At the beginning of the week oil prices dropped. WTI slipped by more than 1 percent to USD 43.70 per barrel. Brent decreased on Monday by roughly 1 percent to USD 45. Brent dropped on a monthly basis by about 8 percent. Oil prices went down because the market is oversupplied. Moreover, refinery activity in the US recently went up. China had a surplus of gas in June 2016 leading the country to export the excess of gas. According to Commerzbank commodity analysts, China exported more than 1.1 million tonnes of gas in June 2016.

The demand toward gold increased mainly driven by China. According to recent data from Swiss customs, gold export jumped by about 50 percent to 75 tonnes in June. Moreover, China imported 248 tonnes Silver in June 2016 roughly 10 percent more than a year before. China imported around 1453 tonnes silver in the first half of 2016, a 6 percent increase compared to the first half of 2015.

At the beginning of the week, copper soared to almost USD 5,000 per tonnes. In June the metal was at a low of USD 4,500. Nickel reached USD 10,500 per tonnes and Tin noted at almost USD 2,300 per tonnes. Metal prices may be supported by the upcoming G-20 meeting, which might lower the uncertainty reigning on the world economy’s outlook. However, the future development remain to be seen.


2022-12-08 04:14:59