The focus seems to be shifting back to the Federal Reserve as we are quickly heading toward December. Estimates that an eventual rate increase will push the US currency higher are putting additional bearish pressure on commodities. All of the components, which are included in our daily review, dropped by more than 1.3% on Friday of the previous week.
Today we have a limited look at commodity markets, owing to trading breaks yesterday for some of the components. Fossil fuels including natural gas and oil were the main downside movers on Thursday.
Positive trend of the yellow metal we had observed on Tuesday was reversed back to the south yesterday. Markets were reminded about negative implications for gold due to expected monetary policy changes from the Federal Reserve in December. Therefore, a sell-off resumed despite possible political tensions between Russia and Turkey, which triggered gold's purchases 48 hours ago.
Except for natural gas and corn, commodities traded strongly to the north during the session on Tuesday. The market was driven by oil prices, which surged by almost 3% in the past 24 hours, owing to comments from Saudi Arabian officials who stated that the country is prepared to work with both OPEC and non-OPEC producers, in order to stabilise
Commodities began the new week with modest value changes, but no unanimity in terms of the direction of development. Natural gas remained the only major dissenter of the day, being that it surged by 3% after crashing by more than 5% on Friday of the previous week. Precious metals hovered in red amid estimates the US Dollar will continue to
Except for natural gas, commodity trading was broadly silent on Friday as no sharp changes were posted by any of the components. Oil prices traded moderately upwards, with Brent and Crude adding 1.1% and 0.4%, correspondingly. Many economists see this rebound as a temporary event, while many downside factors remain in place and will continue to weigh on oil prices
Precious metals rallied in the past 24 hours after a long losing streak that reduced prices to this year's lows. Gold recovered by more than one full percentage point, while silver gained 0.6% yesterday. Such movements are explained by expectations that the Federal Reserve is planning to raise interest rates gradually in the medium term, while December rate hike by
American Dollar weakened across the board on Wednesday, despite quite hawkish minutes of the FOMC committees' meeting. Members noticed that conditions are likely to be met, in order to begin the process of monetary policy normalisation at their next meeting in the middle of December.
Some of the commodities continued to trade in red on Tuesday, while others resumed the downward tendency after a temporary bullish development in the beginning of this week. Precious metals including silver and gold were down by 0.4% and 1.2%, respectively.
Contrary to Friday, commodities traded predominantly in green or posted a very negligible decline in the beginning of the new working week. Crude oil won the prize of being the best performer of Monday session as it surged by 2.5% to trade at $40.73, even though daily lows were surpassing an important psychological mark of $40 per barrel
Commodities extended their loss on Friday and only natural gas rallied significantly by 4.5%. Precious metals were undecided in pricing somewhat mixed Euro zone GDP data. On the other hand, US fundamentals registered a considerable disappointment. Still, gold fell by 0.12% and silver was down by 0.3% on a daily basis.
Four commodities, which are included in our review, were literally unchanged in their value on Thursday. Gold and natural gas were down by 0.1 and 0.13%%, while corn and silver lost 0.14% and 0.21%, respectively. The only noticeable changes were posted by oil prices, which continued to slide down by more than 2.5% yesterday.
Commodities were mainly losing value throughout the trading session on Wednesday. Corn was the only component to increase by 0.9%, while the slowest decline of 0.3% was posted by gold. The latter was tumbling along with silver (-0.7%), but these changes are considered as normal daily price swings when the session is not rich on any fundamental drivers.
There were three distinct gainers and the same number of losers among major commodities on Tuesday. Natural gas has partly recovered the previous day's losses, by going upwards by 0.9%. Along with natural gas, oil prices climbed by 0.5-0.8% before the release of US reserves during the previous week
From the list of all major commodities, only gold managed to gain some value on Monday and advanced by 0.2%. This growth followed substantial losses that the precious metal has suffered from in the past eight trading days. Gold has also languished near the lowest level in three months on Tuesday due to expectations the Fed was on track to
Buoyant US Dollar dragged commodity prices lower on Friday of the previous week. The only reason of USD appreciation was employment report published by US Labour Department, which revealed job gains of 271,000 in October. Gold and silver automatically lost more than one full percentage point, namely 1.3% and 1.4%, respectively.
Commodities were losing value in the majority of cases yesterday. There was only one positive performer, which showed a surprising 4.5% growth. Natural gas storage in the US increased much less than expected for the week ended Oct 30, according to report from US Energy Information Administration.
The vast majority of commodities performed in red on Wednesday, while only natural gas added 0.4% and corn was completely unchanged in its price. Precious metals spent another trading session deeply in negative territory amid worries among traders that the Federal Reserve will decide to hike interest rates in December due to encouraging employment growth in October of this year.
Market participants begin to price in the upcoming employment data from the US, which is likely to show the pace of job creation above 150,000 in October. Many analysts name this threshold as the benchmark for the Fed to raise interest rates in December. Therefore, precious metals deteriorated yesterday on the back of rising American Dollar. Gold and silver traded
All commodities traded in red on Monday, with losses ranging from 0.7% for the yellow metal to 2.8% for natural gas. Gold remained under heavy bearish pressure yesterday, reflecting continuous risks that the Federal Reserve will decide to hike rates by the end of this year.
Bond markets continue to price in the possibility of a December rate increase from the Federal Reserve, which provided bearish impetus for precious metals on Friday. Gold and silver declined by around 0.3% on Friday of previous week. The Fed effect left these commodities with a sharp overall downward weekly change in value. In the meantime, a wave of closures
Corn was the best performer among all major commodities this Thursday amid speculations over weather conditions in South America, which influence the eventual crop of this commodity. Oil prices were undecided yesterday, being that Crude added 0.3% and Brent slipped by 0.5%. Overall, trading volumes and volatility stayed weak, following uplifted turbulence after publication of US oil stockpiles a day
Except oil, other commodities were mainly trending downwards on Wednesday. The yellow metal was down by almost one full percentage point, even despite initial gains for this commodity. While silver preserved an increase of 0.4%, the rally was hammered by more hawkish than expected stance from the Federal Reserve yesterday. Now a December rate increase is back on the table,
Investors estimate another surge in US oil stockpiles for the week ended October 23. This projection was pushing oil prices lower yesterday when they declined by more than 1.5%. Corn prices fell by 1.2% and helped the benchmark S&P GSCI Index to register an almost one percentage point slump during the observed trading session.