commodity
Silver price is doing well this year even as other industrial metals like iron ore and copper crash. It has jumped by 25.50% this year, beating gold, which has risen by 22.5% and currently sits at a record high. In contrast, copper, a common barometer of the health of the global economy, is in a bear market after falling by over 20% from its highest point this year. Iron ore, which is used to make steel, has plunged by over 32% from the year-to-date high. While aluminum has risen recently, it remains 10% below the highest level this year. Other metals like nickel, lithium, and cobalt have also...
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Gold prices edged lower on Monday, stabilising just above the $2,500 mark following a record-breaking rally. The precious metal, which has seen a remarkable 20% rise this year, experienced a slight pullback as traders took profits after last week’s surge to an all-time high. The spot price of gold dropped by 0.2%, settling at $2,502.78 per ounce as of 0317 GMT. In contrast, US gold futures managed a modest 0.2% increase, reaching $2,541.80 per ounce. The recent surge in gold prices was largely driven by expectations of an imminent interest rate cut by the US Federal Reserve. The anticipation o...
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Gold prices soared to an unprecedented high of $2,490 per ounce on Friday, driven by heightened demand for safe-haven assets amid escalating geopolitical tensions and uncertain economic indicators. This record-breaking surge underscores gold’s role as a secure investment during periods of global instability. Source: Trading Economics Geopolitical turbulence fuels gold’s record highAs global tensions rise, investors have flocked to gold, viewing it as a safe haven amid mounting geopolitical uncertainties. The threat of retaliation from Iran following recent events in Israel and the escalating c...
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Gasoline futures in the United States have risen above $2.4 a gallon, rebounding from a recent low and closely tracking changes in crude oil prices. This increase coincides with supply concerns that have made refinery inputs more expensive. Let’s go deeper into the elements driving this growing trend in the energy sector. The surge in gasoline futures is directly linked to the rebound of crude oil prices. The Energy Information Administration (EIA) announced a larger-than-expected drop in US crude oil stocks for the sixth straight week. This continuous decline has raised the risk premium on en...
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Deere (NYSE: DE) stock price has been in a strong bearish trend in the past few months as it continued to underperform other industrial companies like Caterpillar and General Electric Aviation. It slumped to a low of $345 on Monday, its lowest point since May 2023. It has dropped by over 22% from its highest point in 2023. Deere has solid fundamentalsJohn Deere is a big industrial giant that dominates the agricultural machinery industry. Its main products are tractors, combines, harvesters, and lawnmowers, among other products. Some of its top competitors are companies like Caterpillar, Hitach...
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In a bold move to enhance its global standing, Venezuela has proposed leveraging its vast oil reserves to gain membership in the BRICS group, comprising Brazil, Russia, India, China, and South Africa. This push for inclusion comes amid significant political unrest and economic challenges within the country. President Nicolás Maduro publicly affirmed Venezuela’s ambition to join BRICS during a recent broadcast of his radio show, “Con Maduro de Repente.” ‘Venezuela is being reborn both internally and externally’Maduro described the move as a pivotal step towards connecting Venezuela with a new w...
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Arabica coffee futures have surged by 5%, reaching $2.44 per pound, as concerns over supply intensify following reports of mild frost in key coffee-producing regions of Brazil. Although the current frost is not immediately harmful to crops, it has heightened market caution, reflecting the potential impact on Brazil’s coffee output and the broader coffee industry. This development underscores the fragility of coffee production in the face of unpredictable weather patterns. Brazil contributes 40% of the global supplyArabica coffee, the preferred variety for futures contracts traded on the Interc...
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Barrick Gold Corp (NYSE: GOLD) has outperformed market expectations with its Q2 2024 earnings, reflecting strong operational performance amidst a booming gold market. As gold prices hover near historic highs, Barrick’s strategic initiatives and robust financials position the company to capitalize on ongoing market opportunities. Q2 earnings in detailIn Q2 2024, Barrick reported non-GAAP earnings per share (EPS) of $0.32, surpassing analyst estimates by $0.05. The company achieved revenues of $3.16 billion, marking an 11.7% year-over-year increase. This growth was driven by a combination of two...
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Silver prices remained relatively subdued on Friday, heading for yet another significant weekly decline. Investors are closely watching economic indicators to gain insights into potential US interest rate cuts in September, while also keeping an eye on next week’s inflation data. Despite recent setbacks, silver has shown some resilience by maintaining support above its 200-day moving average, although traders remain cautious about the potential for further downside movement. Silver’s trading range: Navigating key support and resistance levelsLast week’s trading activity in silver (XAG/USD) has...
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Chile’s only steel mill, Huachipato, is set to shut down indefinitely by September, marking a significant setback for the country’s industrial sector. The mill, operated by CAP, has struggled to compete with an influx of cheap Chinese steel imports, leading to more than $500 million in losses over the past two years. Despite government efforts, including the imposition of tariffs on Chinese steel, the mill’s closure underscores the challenges faced by domestic industries in the face of global competition. The impact of Chinese imports on Chile’s steel industryThe Huachipato mill, located in Ch...
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