Benefiting from the weakening of the U.S. dollar, the decline in U.S. debt rates, increased demand from China, as well as the origin of the epidemic and forced to cut supply, the global everything continues to rise together, all kinds of commodities have different degrees of growth, only oil prices are alone. Analysis pointed out that, because the epidemic disrupted the supply chain, triggering a dramatic change in demand, to the United States, for example, after the economic recovery, not only lack of steel, chips, wood, chlorine and tanker drivers, all in short supply, commodity prices are expected to be difficult to easily fall.
Among them, gold and silver prices rose to a 10-week high, is expected to continue the April uptrend. Spot gold rose through the $1,800 per ounce mark on Thursday (6), having seen $1,818.11, up 1.7%, the highest since Feb. 16; spot silver had also jumped 3.7% to $27.64 per ounce, the strongest since late February; both still hovering at high levels on Friday (7). As gold prices broke through resistance, the market estimates that it may rise to the $1,830-$1,850 level. If it can stabilize, it may break into new all-time highs again.
In fact, with the reopening of major industrial economies, commodities rose very comprehensively, tin prices climbed to more than $30,000 per ton, the first time since 2011; copper prices hit a record high of $10,232 per ton; iron ore prices have previously risen through a new high of $200 per ton. U.S. hot-rolled steel coil prices rose to an unprecedented $1,500 or so, nearly three times the 20-year average price, saving the industry, such as U.S. Steel (US Steel) shares fell to a new low only last March due to bankruptcy doubts, the past 12 months has been a cumulative double, forcing U.S. banks to “bubble” to describe the current Steel market.
In addition to the “hard stuff”, food prices have also risen. The Food and Agriculture Organization of the United Nations (FAO) announced the latest April food price index rose above the 120-point mark at 120.9 points, soaring more than 30% year-on-year, the highest since May 2014, and rose for 11 months in a row. all food categories in April rose, with sugar prices rose the most, soaring 3.9% in a single month, compared with the same period last year, a surge of nearly 60%, mainly because the market is worried about the production of large countries Brazil production decline and France’s Frost damage. Looking ahead, Rabobank predicts that China’s feed grain imports will more than triple this season and the uptrend will continue for 10 years.
Among many commodities, oil prices were the only ones to fall, mainly due to the worsening epidemic in India and a two-week decline in U.S. gasoline sales. New York futures oil continued to fall on Friday, down 0.17% at $64.60 a barrel, while Brent futures oil was at $68.04, down a slight 0.07%.
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