Tag Archives: Commodities & Futures

OPEC strongly criticized the IEA’s forecast of peak fossil fuel demand before the decade’s end, labeling the IEA’s narrative as “extremely risky”, “impractical”, and “ideologically driven”. OPEC has revised its medium- and long-term projections for global oil demand upward. The oil-producing consortium stated that meeting this increased demand would necessitate a substantial $14 trillion investment in the crude sector. This development comes even in the face of a rapid expansion of...

Prices of cobalt are may remain low for a while as demand from EV and consumer electronics makers are likely to remain lower than supplies. Cobalt hydroxide prices have dropped in response to an increase in supplies from the Democratic Republic of Congo. Cobalt, used commonly to make batteries for electric vehicles (EVs), is produced in Congo as a byproduct of copper. The prices of cobalt hydroxide are calculated as a percentage of the benchmark metal price agreed between sellers and...

Similarly, the global rice market is currently under pressure as China, the world’s top rice producer, deals with severe rain and flood concerns in its grain-producing north-eastern area. Olive oil, a staple in kitchens around the world, has recently become the center of attention due to an unprecedented surge in price. As severe droughts plague major olive-producing countries in the Mediterranean region, supplies are dwindling. Drought’s Grip on Olive Production The United States...

Prices of oil in the US hit a 10-month high as oil shortages are expected until the end of the year following Russia and Saudi output cuts. In response to fears of weaker supply, the prices of oil rose on Thursday. The West Texas Intermediate (WTI) crude climbed 1.6% to $90.04 per barrel, its highest point since November last year. Brent crude also sold at a 10-month record of $93.23 after rising 1.5%. The impact of the increase in crude prices may be stiff on the economy as gasoline...

CoinspeakerGold Prices Expected to Hit $2,500 as Recession Fears Continue Analysts and stakeholders expect gold prices to rise as the year runs out because of macroeconomic factors and recession risks. Gold Prices Expected to Hit $2,500 as Recession Fears Continue

The debt ceiling bill’s approval provided even another reason for the positive rally in stock futures. In an exciting development, US stock futures have continued to soar as traders make meaning of the highly anticipated May jobs report and celebrated the passing of a debt ceiling bill by United States lawmakers. According to reports, futures on the Dow Jones Industrial Average (INDEXDJX: .DJI) rose by 180 points or 0.5%. Similarly, futures connected to both the S&P 500 (INDEXSP:...

Crop commodities, including orange juice, are bullish following several underperforming weeks and could hit record highs May-ending.  Orange Juice futures climbed 29% this year and is fully recovering following the volatility that succeeded its record highs. The world benchmark FCOJ (Frozen Concentrated Orange Juice Futures) contract remains firmly rooted among raw materials with double-digit gains for 2023. Amid this development, agriculture-focused financial services provider Rabobank...

Amid mounting debt-limit default risks, US investors have turned to Bitcoin as ‘digital gold’ to better hedge their savings.  Amid rising debt-limit default risks, Bitcoin (BTC) is the preferred safe-haven asset compared to other established global fiat currencies. A recent report stated that investors have turned to BTC to hedge their investments, compared to the US dollar, Japanese yen, or Swiss franc-yielding assets. In addition, Bitcoin’s growing popularity as a veritable option rivals...

Palantir also revealed that it closed the quarter with $1.62 billion in US Treasury securities. Software company Palantir Technologies (NYSE: PLTR) has sold all the gold bars it acquired in August 2021. The company invested $50.9 million to buy 100-ounce precious metal, which it said will be initially kept in a secure third-party facility in the northeastern United States. At a time when many companies put their money in Bitcoin and other digital assets, Palantir said the gold bars...

Despite the fall off of the US stock futures, there is no doubt that the fight against inflation is yielding a relatively positive fruit in the United States. The US stock futures are seeing a very concerning slump today following the release of the latest inflation figure for the month of April. According to the data from the Bureau of Labor Statistics (BLS), the Consumer Price Index (CPI) for the month of April increased by 0.4% when seasonally adjusted, and by 4.9% over the last 12...