Zinc Prices Inch Up 0.25% Amidst Supply-side Challenges
Zinc prices increased by 0.25% to 217.55 yesterday, mainly due to supply-side developments. Short-term supply outlooks have tightened as a result of the plant fire and Western sanctions that delayed the start of production at Russia’s new Ozernoye mine. The mine was supposed to begin production in 2023. But it didn’t begin until at least
Aluminium Prices Drop 1.04% Amid Mixed Factors: China’s Market Calming Efforts vs. Strong Dollar
Aluminium prices fell -1.04% yesterday, setting at 199.6, as mixed factors influenced market sentiment. Some support was given by China’s attempts to calm its markets and lower its stock of metals. But gains were constrained by a strong dollar. China official PMI data showed a contraction in factory activity for the fourth consecutive month, despite
Copper Prices Slip 0.84% as China Enacts Stimulus Measures; Eyes on Lunar New Year Demand
Copper prices fell -0.84% yesterday, setting at 715.95, amid anticipation of stronger policy measures from China to support markets. In an effort to boost the economy’s liquidity, China’s central bank conducted 14-day reverse repos worth 100 billion yuan and lowered the reserve requirement ratio for financial institutions. The goal of these actions is to support
Crude Oil Rises by 0.85% on Middle Eastern Supply Concerns Amid Escalating Geopolitical Tensions
Crude oil prices saw a 0.85% increase yesterday, closing at 6081, mostly due to worries about possible Middle Eastern supply and trade disruptions. Geopolitical unrest increased as the United States declared it would take additional military action against groups that received support from Iran. Escalating tensions in the area. Concerns about supply disruptions and lingering
Aluminium Prices Dip by -1.04% Amid Lingering Concerns Over China’s Economic Growth
Aluminium prices saw a -1.04% decrease yesterday, closing at 199.6, as worries about China’s economic growth continued. The 4th consecutive month of factory activity contraction was revealed by China official PMI data, raising doubts about the country’s prospects for economic growth. There were no obvious signs of a turning point in China’s economic performance, disappointing
Copper Faces -0.84% Decline Amidst Worries Over Chinese Demand and Global Manufacturing Unease
Copper prices fell -0.84% yesterday, settling at 715.95, on worries about Chinese demand, uneven global manufacturing activity, and expectations of sustained higher US interest rates. The negative perception of copper was influenced by enduring concerns about China’s real estate market and doubts about the direction of Federal Reserve policy. Copper inventories in warehouses tracked by
Silver Prices Drop 1.4% to $712.08 on Surging US Job Numbers, Defying Market Predictions
Silver prices decline 1.4%, setting at 71208, owing to strong US economic data. The U.S. economy added an astounding 353K jobs in January, above the 180K increase that the market had predicted. And the jobless rate held steady at 3.7%, defying anticipations that it would rise to 3.8%. Expectations for rate cuts in March were
Zinc Prices Dip 0.84% to $219.05 Amidst Surging Stockpiles and Concerns Over Chinese Manufacturing Decline
Zinc prices fell 0.84%, settling at 219.05, owing primarily to a 23.10% rise in stockpiles in Shanghai Futures Exchange-monitored warehouses. Zinc prices were further pressured by the build-up of stockpiles. Data showing a decline in Chinese manufacturing activity, and a stronger US dollar. Market sentiment was further deflated by Federal Reserve Chair Jerome Powell’s declaration.
Aluminium Prices Slip 0.4% to $201.7 Amid Growing Concerns Over China’s Economic Slowdown
Aluminium prices fell 0.4%, setting at 201.7, amid concerns about China’s economic activity. The official PMI data for China indicated a fourth consecutive month of declining factory activity. Indicating continued difficulties for the second-largest economy in the world. Investors have been let down by the absence of obvious indicators of a turning point in China’s
Global Copper Prices Tumble 0.65% to $722.05 Amidst Growing Concerns Over Chinese Demand and US Interest Rates
Copper prices fell -0.65%, settling at 722.05, due to a number of factors, including concerns about Chinese demand, patchy worldwide manufacturing activity, and anticipation of continued higher US interest rates. Concerns about the direction of the United States Federal Reserve policy and China’s real estate market continue to weigh on the industrial metal’s overall demand.