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Commodities

Copper price today rises on the Asian exchanges

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copper price today

Copper prices today rose on Thursday, following the rise in stock exchanges in the Asia-Pacific region, reaching a six-week high, trading data show.

The cost of September futures on copper on the Comex exchange is growing by 0.76% – copper price per pound reached $3,663.

At the end of Wednesday on the London Metal Exchange (LME) the cost of a ton of copper with delivery in three months increased by 1.28% – to 8085.5 dollars, aluminum – declined by 0.04% to 2489.5 dollars, and zinc – rose by 2.04% to 3608.5 dollars per ton.

On Thursday the main Asia-Pacific stock indexes were rising within the range of 1-2% after the release of the data on a slowdown in inflation in the USA. The APR countries are the major copper consumers and this optimism positively reflects on the value of the industrial metal. Thus, the cost of copper reached a maximum of six weeks.

Also, positive statistics from the U.S. weakened fears of an aggressive increase in interest rates, which could harm economic growth and demand for the metal.

Meanwhile, investors fear for the fate of Meta financial stock. Meta admits that the trend “will not straighten out before the end of the year. The company estimates that costs will rise at least $10 billion in 2023 from $85-87 billion in 2022. However, Meta co-founder and CEO Mark Zuckerberg remains optimistic and says the company is “well-positioned to resume revenue growth” despite “near-term revenue challenges.” According to Forbes, Zuckerberg’s fortune is down $2.7 billion as a result of this stock decline.

Earlier we reported that Analyst Goldman Sachs cuts silver and gold price forecasts.



Commodities

Oil ends lower, posts weekly decline as US rate cut hopes dim

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Oil ends lower, posts weekly decline as US rate cut hopes dim
© Reuters. FILE PHOTO: A view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo

By Nicole Jao

NEW YORK (Reuters) -Oil prices fell nearly 3% lower on Friday and posted a weekly decline after a U.S. central bank policymaker indicated interest rate cuts could be delayed by at least two more months.

futures settled down $2.05, or 2.5%, at $81.62 a barrel, while U.S. West Texas Intermediate crude futures (WTI) were down $2.12, or 2.7%, to $76.49.

For the week, Brent declined about 2% and WTI fell more than 3%. However, indications of healthy fuel demand and supply concerns could revive prices in the coming days.

Federal Reserve policymakers should delay U.S. interest rate cuts by at least another couple of months, Fed Governor Christopher Waller said on Thursday, which could slow economic growth and curb oil demand.

The Fed has held its policy rate steady in a 5.25% to 5.5% range since last July. Minutes of its meeting last month show most central bankers were worried about moving too quickly to ease policy.

“The entire energy complex is reacting, because if inflation begins to come back it will slow demand for energy products,” said Tim Snyder, economist at Matador Economics.

“That is not something the market wants to digest right now, especially as it is trying to figure out a direction,” he added.

Some analysts, however, say demand has remained largely healthy despite the impact of high interest rates, including in the United States.

JPMorgan’s demand indicators are showing oil demand rising by 1.7 million barrels per day (bpd) month over month through Feb. 21, its analysts said in a note.

“This compares to a 1.6 million bpd increase observed during the prior week, likely benefiting from increased travel demand in China and Europe,” the analysts said.

Meanwhile, Gaza truce talks were underway in Paris in what appears to be the most serious push in weeks to halt the conflict in Palestine and see Israeli and foreign hostages released.

Ceasefire talks could prompt the market to anticipate an easing of geopolitical tensions, Tim Evans, an independent oil market analyst, said in a note.

Still, tensions in the Red Sea continued, with attacks by Iran-backed Houthi militants near Yemen on Thursday forcing more shipping vessels to divert from the trade route.

U.S. energy firms this week added the most oil rigs since November, and the most in a month since October 2022, energy services firm Baker Hughes said.

The oil rig count, an early indicator of future output, rose by six to 503 this week, and increased by four this month.

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Commodities

Angry French farmers storm into agriculture fair in Paris

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Angry French farmers storm into agriculture fair in Paris
© Reuters. Protesters wearing shirts with the logos of the FNSEA and Jeunes Agriculteurs farmers’ unions gather to protest at the opening of the 60th International Agriculture Fair (Salon de l’Agriculture) at the Porte Versailles exhibition centre in Paris, France,

2/2

By Stephanie Lecocq and Manuel Ausloos

PARIS (Reuters) -A group of French farmers stormed into a major Paris farm fair on Saturday ahead of a planned visit by President Emmanuel Macron amid anger over costs, red tape and green regulations.

Facing dozens of police officers inside the trade fair, the farmers were shouting and booing, calling for the resignation of Macron and using expletives aimed at the French leader.

“This is our home!”, they shouted, as lines of French CRS riot police sought to contain the demonstration. There were some clashes with demonstrators and the police arrested at least one of them, a Reuters witness saw.

Pascal Beteille, one of the demonstrators said he did not expect anything from Macron’s visit.

“This is our home and he’s welcoming us with CRS,” he told Reuters.

Macron, who met French farmers’ union leaders over breakfast, was scheduled to walk within the alleys of the trade fair afterwards.

“I’m saying this for all farmers: you’re not helping any of your colleagues by smashing up stands, you’re not helping any of your colleagues by making the show impossible, and in a way scaring families away from coming,” Macron told reporters after his meeting with union leaders.

The protests delayed the opening of the show to the public by at least an hour.

The French president said he would convene farmers’ union representatives and other stakeholders of the sector at the Elysee palace in three weeks after he canceled a debate he wanted to hold at the fair with farmers, food processors and retailers.

He denied a reports that he planned to invite controversial environmentalist group Soulevements de la Terre to that debate, which had further stirred anger among French farmers.

An impromptu heated discussion between Macron and demonstrators was being broadcast live on French news channels.

The Paris farm show – a major event in France, attracting around 600,000 visitors over nine days – is a political fixture, where presidents and their opponents are expected to engage with the public under intense media scrutiny.

Farmers’ protests which have spread across Europe, have stoked concerns in France and beyond about their political fallout, given they represent a growing constituency for the far right, expected to make gains in European Parliament elections in June.

French farmers earlier this month largely suspended protests after Prime Minister Gabriel Attal promised new measures worth 400 million euros ($433 million).

But protests resumed this week to put pressure on the government to provide more help and deliver on promises, ahead of the Paris farm show.

($1 = 0.9244 euros)

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Commodities

Oil ends lower, posts weekly decline as US rate cut hopes dim

letizo News

Published

on

Oil ends lower, posts weekly decline as US rate cut hopes dim
© Reuters. FILE PHOTO: A view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo

By Nicole Jao

NEW YORK (Reuters) -Oil prices fell nearly 3% lower on Friday and posted a weekly decline after a U.S. central bank policymaker indicated interest rate cuts could be delayed by at least two more months.

futures settled down $2.05, or 2.5%, at $81.62 a barrel, while U.S. West Texas Intermediate crude futures (WTI) were down $2.12, or 2.7%, to $76.49.

For the week, Brent declined about 2% and WTI fell more than 3%. However, indications of healthy fuel demand and supply concerns could revive prices in the coming days.

Federal Reserve policymakers should delay U.S. interest rate cuts by at least another couple of months, Fed Governor Christopher Waller said on Thursday, which could slow economic growth and curb oil demand.

The Fed has held its policy rate steady in a 5.25% to 5.5% range since last July. Minutes of its meeting last month show most central bankers were worried about moving too quickly to ease policy.

“The entire energy complex is reacting, because if inflation begins to come back it will slow demand for energy products,” said Tim Snyder, economist at Matador Economics.

“That is not something the market wants to digest right now, especially as it is trying to figure out a direction,” he added.

Some analysts, however, say demand has remained largely healthy despite the impact of high interest rates, including in the United States.

JPMorgan’s demand indicators are showing oil demand rising by 1.7 million barrels per day (bpd) month over month through Feb. 21, its analysts said in a note.

“This compares to a 1.6 million bpd increase observed during the prior week, likely benefiting from increased travel demand in China and Europe,” the analysts said.

Meanwhile, Gaza truce talks were underway in Paris in what appears to be the most serious push in weeks to halt the conflict in Palestine and see Israeli and foreign hostages released.

Ceasefire talks could prompt the market to anticipate an easing of geopolitical tensions, Tim Evans, an independent oil market analyst, said in a note.

Still, tensions in the Red Sea continued, with attacks by Iran-backed Houthi militants near Yemen on Thursday forcing more shipping vessels to divert from the trade route.

U.S. energy firms this week added the most oil rigs since November, and the most in a month since October 2022, energy services firm Baker Hughes said.

The oil rig count, an early indicator of future output, rose by six to 503 this week, and increased by four this month.

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