commodity
Demand for copper in a diverse set of industries has been on the rise this year as the global economy continues to thrive. In fact, price of the industrial metal hit an all-time high on Tuesday. Here are the top three stocks that could benefit the most from record copper price. BHP Group Ltd (NYSE: BHP)BHP is fine pick to play continued demand and subsequently elevated price of copper as it operates one mine in Australia and several more in South America. The New York listed firm is worth owning also because it has a 45% stake in Resolution Copper – one of the largest undeveloped copper projec...
Invezz
Platinum price has been in a strong uptrend this year, joining other industrial metals like copper and zinc. It has also joined other precious metals like silver and gold, which have been in a strong bull run. It soared to a high of $1,095 on Monday, its highest level since March 11th. Platinum has also outperformed palladium, which has risen by just 20% from its lowest point in 2023. Demand and supply mismatchPlatinum has done well this year, helped by strong demand and slow supply growth. A recent report by the World Platinum Council showed that automotive demand for platinum surged to its h...
Invezz
Crude oil prices saw an uptick on Monday due to political instability in major oil-producing countries. This follows the tragic death of Iranian President Ebrahim Raisi in a helicopter crash and the cancellation of a planned trip to Japan by Saudi Arabia’s Crown Prince Mohammed bin Salman due to health concerns regarding his father, King Salman. Brent and WTI crude prices climbBrent crude increased by 41 cents, or 0.5%, reaching $84.39 per barrel by 0632 GMT. Earlier, it hit $84.43, marking its highest point since May 10. Similarly, U.S. West Texas Intermediate (WTI) crude for June rose by 23 ...
Invezz
This morning, the gold price hit a new record high during the Asian trading session. The precious metal rose to a spot price of almost $2450 in the early hours of Monday. The XAU USD price went from $2425.51 to almost $2441 in under 15 minutes at 1am, Coordinated Universal Time (UTC). Why has gold hit a new high?The XAU USD price is known to be linked to geopolitical tensions, with rising conflict on the world stage often meaning that investors retreat to the ‘safe harbor’ gold is perceived as. Tensions certainly arose over the weekend when it was reported that the helicopter carrying Iranian ...
Invezz
The iShares Silver ETF (SLV) surged above a key resistance level as the price of silver soared to $30 for the first time in over 11 years. It has jumped by more than 72% from its lowest level in 2022, making it one of the best-performing metals in the industry. Silver and gold have jumped sharply because of the rising expectation that the Federal Reserve will start cutting interest rates in the second half of the year. Most leading indicators like housing starts, building permits, retail sales, and consumer confidence have shown that the economy is slowing. Wage growth has slowed, which could ...
Invezz
As gold prices reach unprecedented levels in 2024, topping $2,400 an ounce last month, Goldman Sachs forecasts a potential rise to over $3,000 by year’s end, driven by robust demand and global economic uncertainties. The surge in gold prices has been significantly driven by the active participation of central banks and consumer demand in Asia, despite economic recovery challenges and currency depreciation. The People’s Bank of China (PBOC) has increased its gold reserves for 17 consecutive months, adding 160,000 ounces in March alone. This aggressive acquisition is mirrored by other nations li...
Invezz
The International Energy Agency (IEA) has revised its global oil demand forecast for 2024, reducing it by 140,000 barrels per day (bpd) to 1.1 million bpd, according to the agency’s May outlook released on Wednesday. The IEA attributed this downward adjustment to sluggish industrial activity and a milder winter, which have dampened gasoil consumption, especially in Europe. In Europe, the decreasing number of diesel cars has further reduced consumption. For 2025, oil demand is projected to slightly exceed this year’s levels, reaching 1.2 million bpd. IEA expects global oil production to growOn ...
Invezz
The US dollar index (DXY) and the price of gold retreated slightly after the Federal Reserve interest rate decision. The dollar moved from last month’s high of $106.50 to $105.70. It remains about 5% above its lowest point this year. US nonfarm payrolls aheadGold, on the other hand, has retreated from last month’s high of $2,432 to $2,320. Like the US dollar, gold remains significantly higher than the year-to-date low of $1,985. The main catalyst for the price of gold and the US dollar index was the Federal Reserve decision on Wednesday. In it, the bank decided to leave interest rates unchange...
Invezz
Memphis (AFP) - In the middle of the shrunken Mississippi, a barge drags a giant metal-edged suction head along the riverbed to remove sediment from shipping lanes. The crew of the dustpan dredge Hurley has been working around-the-clock for months to deepen the channels so boats and barges can pass through. "We've worked almost nonstop since last fall, everywhere from New Orleans up to St. Louis" in Missouri, said the vessel's captain Adrian Pirani, standing on the bridge. For the second straight year, water levels in North America's biggest river have dropped to record lows amid a lengthy d...
AFP
“The breath taking rise of commodities is causing a whirlwind of anxiety on financial markets and exchanges, as traders speculate about the knock on effects of the Ukraine conflict. Nickel prices seriously hit nerves today, with trading suspended on the London Metal Exchange, after a record breaking spike in prices. The three month contract crossed the $100,000-a-tonne mark for the first time ever, doubling in value in just hours. The huge volatility and rapid moves in price during trading in Asia prompted the drastic decision. It seems the meme stock frenzy has now metamorphosed into commodit...
ValueWalk
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