1. Hello Guest Click here to check FX Binary Point Financial Directory

Action in commodities - ANZ

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Analysts at ANZ noted that energy was weaker.

    Key Quotes:

    "Oil prices closed lower after the EIA released higher-than-expected US crude stocks – US crude stockpiles rose 6.6m barrels. Rumours as to whether Iranian Oil Minister Bijan Namdar Zangeneh will attend the 17 April talks in Qatar also contributed to intraday volatility.

    "Precious metals were weak. The global ‘risk on’ rally led to a stronger US dollar and equities, but weaker gold prices. Some positive news for physical gold demand came from India, where jewellers have decided to temporarily call off their strike until 24 April.

    Bulks were strong. Iron ore spot prices rose above USD60/tonne, getting support from stronger steel prices. Higher steel prices have pushed China’s blast furnace profitability to a one-year high, driving strong demand for seaborne iron ore lump.

    Industrial metal prices were stronger. The base complex rose after Chinese trade data showed commodity demand is recovering in China. China’s copper imports were strong, gaining 36% m/m in March to a record 570,000t.

    Agriculture prices rose. Prices gained in corn, wheat, and soybeans. Soybean registered gains after the USDA raised its forecast for Chinese soybean imports. Chinese customs data showed soybean imports reached 6.1mt in March, the highest ever for the month."
    For more information, read our latest forex news.

Share This Page