Every week, the commodities overview allows you to review the news on the commodities markets in order to better understand variations in the prices of energy, metals and agricultural raw materials.
Energy : Despite headwinds, oil prices rebounded energetically last week, with traders placing the latest US inflation data front and center. The latter, weaker than expected, give the Fed greater room to maneuver in easing its monetary policy, which is excellent news for risky assets. Back to the headwinds: on the one hand, the International Energy Agency has once again revised downwards its forecasts for growth in global oil demand and on the other hand, weekly stocks recorded a surprise increase of 3.7 million barrels. In terms of prices, Brent is trading higher around USD 83.3 while WTI is trading around USD 78.80.
Metals : Consolidation continues within the industrial metals compartment. The latest Chinese statistics are not enough to arouse the interest of financiers in metals, explaining the lethargy of copper, which is trading in London at 9,794 USD (spot price). Same fate for nickel, which recorded a fourth consecutive week of decline at 17,645 USD. Gold, on the other hand, is doing well thanks to the combo of falling US inflation + falling US bond yields.
Agricultural products : The bushel of corn is picking up in Chicago, supported by concerns about rising temperatures in the United States. The corn contract (due July 2024) is trading at 456 cents. Still in Chicago, wheat is struggling to get back on track and is stabilizing around 613 cents (still maturing in July 2024).
