Browsing: Commodity Rates

Wind Energy Index decreased 24.34 USD or 8.36% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Wind Energy Index reached an all time high of 426.59 in January of 2021. Wind Energy Index is expected to trade at 259.77 USD by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 248.48 in 12 months time.

Steel rebar futures rose toward the CNY 3,900 per tonne mark, rebounding from the two-week low of CNY 3,850 touched on January 18th as markets continued to assess the impact that economic support from Beijing may have on demand for ferrous metals. Increasing anticipation that Beijing will deliver a large rescue package reduced pessimism over contracting demand for steel-heavy construction and manufacturing. Macroeconomic headwinds partially driven by plummeting property buying have driven major Chinese producers to largely cut back on steel production, with output from the country sinking by 15% on the year and 11% on the month to a six-year low of 67.44 million tonnes in December. Limiting the rebound, the lack of bidding contributed to an over five-fold…

Silver prices increased to nearly $23 per ounce, as investors continued to assess the chances of a first Fed rate cut in May after fresh US data. Retail sales in the US fell by a larger-than-anticipated 0.8% in January, marking the largest decrease since March 2023. Also, the jobless initial claims dropped unexpectedly to a four-week low, easing the blow from strong non-farm payrolls report released earlier. Meanwhile, Chicago Fed President Austan Goolsbee said that the central bank should be wary of waiting too long before cutting interest rates. Simultaneously, Fed Vice Chair for Supervision Michael Barr stated the latest inflation data indicates a bumpy path towards the 2% inflation target. Silver decreased 0.67 USD/t. oz or 2.82% since the…

US natural gas futures edged up to $1.6/MMBtu on Friday due to expectations of reduced output in 2024 following a significant price drop. Considering the full week, US natgas prices tumbled nearly 13% and touched their lowest since June 2020 at $1.59/MMBtu, after the EIA reported a smaller-than-expected storage draw. Government figures showed US utilities pulled 49 billion cubic feet of natural gas from storage, less than market expectations of a 67 bcf draw as warmer-than-normal weather kept heating demand low. The report also showed gas in storage is 15.9% above the seasonal norm. At the same time, the ongoing shutdown of a liquefaction unit at Freeport LNG’s export plant in Texas means more gas will remain in the country.…

Nuclear Energy Index increased 62.60 USD or 3.16% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Nuclear Energy Index reached an all time high of 2191.28 in February of 2024. Nuclear Energy Index is expected to trade at 2089.51 USD by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2175.28 in 12 months time.

Palladium rose above $900 per ounce amid bargain buying since the metal’s price has been trending lower over the past several months. Slight support for the commodity also came after Eurozone avoided recession in Q4 of 2023 and its industrial production rebounded in December. Still, palladium stayed close to 5-1/2-year bottom, with the market set to record a surplus of 300,000 ounces this year, in contrast to a 200,000-ounce deficit in 2023 due to weak demand, particularly from Germany and China, and steady supply. Major producers in the four key mining hubs – South Africa (80,000 metric tons), Russia (74,000 metric tons), Canada (17,000 metric tons) and the US (14,000 metric tons) have all decided to maintain their output guidance…

Platinum prices have stabilized near the $900 per troy ounce threshold, reflecting a gradual slowdown in the substitution of platinum for palladium in auto catalyst production. This shift is attributable to the converging prices of these sister metals, a trend expected to persist throughout the current year. The World Platinum Investment Council (WPIC) reported that in 2023, approximately 620,000 ounces of palladium were supplanted by platinum, compared to 385,000 ounces in 2022, contributing to a significant 39% decline in palladium prices last year. Moreover, apprehensions regarding demand growth stemming from China’s tepid economic recovery have further dampened market sentiment. Platinum decreased 82.06 USD/t oz. or 8.31% since the beginning of 2024, according to trading on a contract for difference (CFD)…

Rubber decreased 1.10 US Cents/kg or 0.70% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Rubber reached an all time high of 526.40 in February of 2011. Rubber is expected to trade at 153.67 US Cents/kg by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 159.74 in 12 months time.

Gasoline futures in the United States fell to $2.31 per gallon, easing from the over-four-month-high of $2.4 touched on February 13th amid a drawback in demand and cheaper prices for crude oil inputs. Data from the EIA showed that crude oil inventories in the US surged by over 12 million barrels in the week ending February 9th, well above estimates of 2.6 million barrels to record the sharpest increase in three months. While the report pointed to a sharper-than-expected drop in gasoline inventories, a fresh drop in gasoline product supplied tempered the demand outlook in the US. Still, continuous concerns over geopolitical tensions in the Middle East and their impact in supply and longer shipping routes kept the decline in…

Gold climbed above $2,020 an ounce on Monday, rising for the third straight session as the dollar retreated on growing uncertainties about Federal Reserve monetary policy. Last week, data showed that US consumer and producer prices increased more than expected in January, while US retail sales declined faster than expected last month. Traders have now pushed back bets for the first interest rate cut from the Federal Reserve to June from March. Markets also see less than 100 basis points of total easing this year, down significantly from about 150 bps of cuts seen at the start of the year. Gold was also lifted by safe-haven demand as geopolitical tensions in the Middle East remained high. Gold decreased 41.06 USD/t…