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 : Oil prices recovered last week, supported by growing geopolitical tensions between Russia and Ukraine. Ukraine has fired US and British-made long-range missiles towards Russia for the first time. In response, Russia struck Ukraine with a new type of intercontinental missile designed to carry a nuclear warhead. Despite these geopolitical concerns, the oil market remains well supplied and fundamentals are rather depressed. Brent is trading at $72.50 while WTI is trading around $69.40.
Metals : With the exception of copper, metal prices rose this week. China has decided to end tax cuts on exports of semi-finished aluminum products from December 1, a move that is boosting interest in aluminum. However, the market remains awaiting further stimulus measures from China. Operators are hoping for additional support for the manufacturing sector and domestic consumption. In the meantime, a tonne of copper is trading at USD 8,968 in London (spot price) and aluminum is increasing at USD 2,630. As for precious metals, gold has resumed its upward trajectory with 5 consecutive sessions of increase! The barbarian relic is trading around 2650 USD.
Agricultural products : Cocoa prices still experience great volatility. After an increase of 20% last week, the price of cocoa continues this momentum with a further increase of 7% this week. These large movements have become frequent in this market, due to concerns about harvest prospects in key producing countries in West Africa.
