Aluminium Gains As The Market Factored In Seasonally Stronger Demand.
Aluminium prices edged up by 0.17% in the previous session, closing at 204.3, as the market anticipated seasonally stronger demand. However, gains were tempered by robust supplies from China, the world’s top producer of aluminium. Despite concerns over growing inventory levels in China, analysts suggest that the increase could be part of a seasonal pattern in preparation for heightened consumption expected in the second quarter of the year. Inventory data reveals a significant uptick in aluminium stocks, with a staggering 85% increase so far this year in warehouses monitored by the Shanghai Futures Exchange.
Crude Oil Rose After US Data Showed An Unexpected Decrease In Crude Stocks.
Crude oil prices surged by 2.05% in the previous session, settling at 6579, following unexpected declines in U.S. crude inventories as reported by the EIA Petroleum Status Report. The data revealed a reduction of 1.536 million barrels in crude stocks for the week ending March 8, 2024, contrary to market expectations of a 1.338 million barrel increase. This marked the first decline in seven weeks and contributed to a bullish sentiment in the oil market. Additionally, gasoline stocks witnessed a significant drop of 5.662 million barrels, the most in nearly a year, surpassing forecasts, while distillate stockpiles saw an unexpected increase of 888 thousand barrels.
Gold Prices Edged Higher As Investors Still Banked On A Fed Rate Cut In June.
Gold prices surged by 0.64% in the previous trading session, settling at 65897, as investors absorbed hotter-than-expected U.S. inflation data while still anticipating a Federal Reserve interest rate cut in June. The rise in U.S. consumer prices in February, surpassing expectations, underscored concerns about persistent inflationary pressures, albeit not derailing expectations of impending rate cuts by the Fed. Despite the robust inflation figures, Fed policymakers are still projected to initiate rate cuts by June, with market sentiment indicating a 65% likelihood of such a move, albeit slightly lower than before the data release.
Copper prices soared after Chinese smelters, agreed on a joint production cut.
Copper prices surged by 2.3% in the previous session, closing at 752.9, following a significant development in the Chinese copper industry. Chinese smelters, responsible for processing half of the world’s mined copper, announced a joint production cut agreement. This decision was prompted by a need to address a shortage of raw materials and cope with dwindling profits, particularly as copper concentrate fees hit their lowest levels in over a decade. Although the agreement didn’t specify volumes or timing for the production cuts, it signals a proactive move by smelters to manage their operations in a challenging market environment.
Gold prices consolidate before more rate cues, copper rally cools.
Gold prices fell slightly in Asian trade, but kept recent record highs in sight as markets awaited more cues on U.S. interest rates from upcoming producer price index and retail sales data.
Among industrial metals, copper prices also retreated in Asian trade, but remained closed to 11-month highs after reports of production cuts by Chinese smelters pointed to tighter markets.
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Gold Prices Edged Higher As Investors Still Banked On A Fed Rate Cut In June.
Gold prices surged by 0.64% in the previous trading session, settling at 65897, as investors absorbed hotter-than-expected U.S. inflation data while still anticipating a Federal Reserve interest rate cut in June. The rise in U.S. consumer prices in February, surpassing expectations, underscored concerns about persistent inflationary pressures, albeit not derailing expectations of impending rate cuts by the Fed. Despite the robust inflation figures, Fed policymakers are still projected to initiate rate cuts by June, with market sentiment indicating a 65% likelihood of such a move, albeit slightly lower than before the data release.
Copper prices soared after Chinese smelters, agreed on a joint production cut.
Copper prices surged by 2.3% in the previous session, closing at 752.9, following a significant development in the Chinese copper industry. Chinese smelters, responsible for processing half of the world’s mined copper, announced a joint production cut agreement. This decision was prompted by a need to address a shortage of raw materials and cope with dwindling profits, particularly as copper concentrate fees hit their lowest levels in over a decade. Although the agreement didn’t specify volumes or timing for the production cuts, it signals a proactive move by smelters to manage their operations in a challenging market environment.
Aluminium Gains As The Market Factored In Seasonally Stronger Demand.
Aluminium prices edged up by 0.17% in the previous session, closing at 204.3, as the market anticipated seasonally stronger demand. However, gains were tempered by robust supplies from China, the world’s top producer of aluminium. Despite concerns over growing inventory levels in China, analysts suggest that the increase could be part of a seasonal pattern in preparation for heightened consumption expected in the second quarter of the year. Inventory data reveals a significant uptick in aluminium stocks, with a staggering 85% increase so far this year in warehouses monitored by the Shanghai Futures Exchange
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Crude Oil Rose After US Data Showed An Unexpected Decrease In Crude Stocks.
Crude oil prices surged by 2.05% in the previous session, settling at 6579, following unexpected declines in U.S. crude inventories as reported by the EIA Petroleum Status Report. The data revealed a reduction of 1.536 million barrels in crude stocks for the week ending March 8, 2024, contrary to market expectations of a 1.338 million barrel increase. This marked the first decline in seven weeks and contributed to a bullish sentiment in the oil market. Additionally, gasoline stocks witnessed a significant drop of 5.662 million barrels, the most in nearly a year, surpassing forecasts, while distillate stockpiles saw an unexpected increase of 888 thousand barrels.
