OctaFX | OctaFX Forex Broker
Open trading account
Back

Yesterday was a weak day for commodities - DB

FXStreet (Barcelona) - Jim Reid, Market Strategist at Deutsche Bank highlights that commodity markets were noticeably weaker in yesterday’s session.

Key Quotes

“Moving on to markets it was a notably weaker session for Commodities yesterday. WTI and Brent shed 1.8% and 1.3% respectively to US$77.4/bbl and US$82.3/bbl. Gold (-2.3%) also paid back some of Friday’s gains to close at US$1151/oz.”

“On the subject of Gold, there is a Swiss referendum scheduled at the end of the month in which voters will be asked whether or not the Swiss National Bank should increase its Gold reserves to 20% from 8% currently.”

“Early opinion polls are generally mixed on the subject but it does come at a delicate time for policy making for the SNB. The Swiss Franc has rallied to within 0.2% of its 1.20 level versus the Euro after having appreciated about 2% YTD against the neighboring currency.”

Comex Copper trades below USD 3.00

Copper, on the Comex division of the New York Mercantile Exchange, declined for the second consecutive session as the investors started moving back into the US Dollar.
Read more Previous

LME Inventory update

The daily inventory data released by the London Metal Exchange (LME) today showed a decline in the inventory levels of Aluminium, Lead, Zinc, Nickel. Meanwhile, the data showed a rise in the inventory levels of Copper.
Read more Next
Start livechat