Every week, the commodities overview gives you the opportunity to review the latest news on the commodities markets, to better understand the variations in energy, metals and agricultural commodity prices.
Energy: Despite headwinds, oil prices rebounded on the energy front last week, with traders focusing on the latest US inflation data. These weaker-than-expected data give the Fed more room to maneuver in its monetary policy easing, which is excellent news for risky assets. Back to the headwinds: on the one hand, the International Energy Agency once again revised downwards its forecasts for global oil demand growth, and on the other, weekly inventories registered a surprise rise of 3.7 million barrels. In terms of prices, Brent crude is trading up at around USD 83.3, while WTI is trading at around USD 78.80.
Metals: Consolidation continues in the industrial metals segment. The latest Chinese statistics have done little to arouse financial interest in metals, explaining the lethargy of copper, which is trading in London at USD 9794 (spot price). The same fate befell nickel, which recorded a fourth consecutive week of decline to USD 17645. Gold, on the other hand, is holding its own thanks to a combination of falling US inflation and falling US bond yields.
Agricultural products: The bushel of corn rallied in Chicago, supported by concerns about rising temperatures in the United States. The corn contract (expiring July 2024) is trading at 456 cents. Also in Chicago, wheat is struggling to get back on track, stabilizing at around 613 cents (still due July 2024).
