Commodities continued the positive trade from the previous session on Monday.
Copper has been the highlight of the day. The metal’s prices hit the highest in more than nine years. Let’s have a look at the primary commodities and how they are behaving in today’s market.
WTI crude oil has gained 1.2% and is trading at $59.96 a barrel. Recovery in the black gold prices resulted from the restoration of the lost oil production in Texas.
Moreover, the resume of refinery operations will recover oil demand. Analysts expect crude oil prices to trade sideways to up for the day.
At the end of last week, gold prices cut some of the weekly losses and ended higher. Meanwhile, base metals kept increasing on a substantial demand outlook. Rally in base metals prices boosted silver prices on Monday.
Gold increased 0.3% $1,790.36 an ounce. Pandemic worries and a weaker dollar supported the bullion. Gold prices succeeded in holding support at $1,760 per ounce. Analysts expect bullion prices to trade sideways to up for the day.
MCX Silver March futures rebounded sharply. The white metal price held the support of the rising trend line and 50 day EMA.
Adrian Zuercher, the head of global asset allocation at UBS Wealth Management, said that the environment is still full of risk.
Everybody is anticipating more fiscal stimulus. It is not surprising commodity prices have increased, nominal yields are trending higher. Also, equities are trading high.
The bond selloff continued on Monday. Treasury yields increased, and sovereign debt in Australia and New Zealand dropped. Concerns about faster inflation hindered market optimism caused by the positive vaccine news. Ten-year Treasury yields increased the highest level in about a year. It hit a 12-month high of 1.38%, bringing the year-to-date gain to 46 basis points. Bond yields of longer duration seem to follow inflation expectations higher.
Asian stock market dropped lower. A surge in metals prices switched a focus on risks to the economic recovery.
After the US index slip on Friday, S&P 500 and European equity futures decreased.
This week, US lawmakers are forecast to make progress on a $1.9 trillion stimulus bill. In March, President Joe Biden’s administration may uncover a multi-trillion-dollar recovery package focused on infrastructure.
On Thursday, Reddit shares rose amid its collaboration with OpenAI to train ChatGPT on the…
On Thursday, OpenAI announced a collaboration enabling ChatGPT to train using data from Reddit discussions…
On Thursday, sugar prices extended their losses amid reports indicating lower futures driven by a…
On Wednesday, Nio stock declined after it entered fierce market competition with the debut of…
Robinhood has again become central in another meme stock surge. CEO Vlad Tenev shared that…
On Wednesday, Nio introduced the first offering of its new low-priced Onvo brand, the L60…
This website uses cookies.