In the latest trading news for commodities, crude oil has continued its rally as tensions continue to mount in the Middle East. With no end in sight in the conflict in Syria and as rumours of chemical weapons crimes continue to mount, trading analysts are beginning to speculate whether western powers may eventually be forced to intervene.
Although the geopolitical situation in the Middle East has caused oil to post gains of 6% in the last three trading sessions, any substantial rise has been dampened by the United States’ domestic market.
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In the latest commodity trading news, all eyes seem to be focused on gold’s potential to rally once again after taking a massive pounding over the last ten days.
Early during Monday trading, prices rebounded back above the important resistance level of $1,400 and although this rise is still seen as a far cry from the $1,900 witnessed a few years ago, many commodity trading experts see this movement as a welcome shine that gold may be regaining some of its previous lustre.
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In the latest roundup of commodity trading news, oil and gold have once again attracted the attention of many traditional and online traders. One newsworthy story is the rebounding of global oil prices after last week’s sharp knee-jerk reaction over the release of rather poor United States employment data.
Despite the fact that crude futures dropped sharply last Wednesday and Thursday, we have seen many investors buy on the dip and therefore prices have become more buoyant during the first half of this week. Whether this upward momentum continues is uncertain, for one of the factors affecting the weaker prices previously seen is the fact that a strong supply of crude in the States has helped push prices downward.
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This past week has seen many economic changes throughout the commodities trading markets.
As eyes have been focused primarily on Italy and the supposed political coalition that will form, many investors have been eagerly anticipating the latest round of bond auctions from this austerity-engulfed country.
Not withstanding these headline developments, much of the online commodity trading has been focused on gold and oil.
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This past week has seen mixed results in commodities trading, with many online traders keeping careful watch on the relatively positive market sentiment emerging from China, Europe and the United States.
Much of this data serves to temporarily paint a rather bullish picture for economic growth in the short and medium-term.
Highlights included China’s manufacturing index hitting a two year high, the European purchasing manager’s index reaching a ten month apex and United States’ jobless figures emerging significantly lower than expected for the second week in a row.
Naturally, these statistics have been directly reflected in commodities trading.
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While many currency traders have kept a watchful eye on the economic data coming from the Eurozone, commodities traders have been carefully considering their positions in regards to the current domestic fiscal situation in the United States.
This has been especially important for gold investors as they scruinised the Federal government’s stance on the debatable spending and budgetary concerns so recently highlighted by the so-called “fiscal cliff”.
This week’s modest increase in gold prices seems to reflect a more pronounced risk appetite for online commodity traders. Should the fiscal problems in the United States be alleviated, it is likely that a fresh influx of capital will be injected into industry which will include precious metals.
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Recent events in the commodity markets have given traders both food for thought as well as perhaps a chance to capitalise on recent movements in certain benchmark materials. Of primary note in recent days has been the recent sell-off of gold.
After a recent liquidation, many investment houses including Barclay’s have determined that this sell-of was indeed overstretched. Therefore, the bulls are eying the precious metal once again. If we then combine this with safe haven buying in reference to a weak Eurozone economy and the ongoing deliberations taking place over the United State’s fiscal situation, many online traders are viewing gold as having reached a relatively strong level of support.
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HSBC’s purchasing managers’ index (PMI) for China has rebounded into positive territory in November, for the first time in over a year. This month’s PMI is reported at 50.4, indicating growing manufacturing output which should be bullish for industrial commodity markets.
Chinese authorities continue to ease bank lending reserve regulations, and investment and domestic consumer demand are expected to rise, potentially halting recent declines in China’s growth rate. Whether this is sufficient to counteract falling exports to the still-fragile Eurozone and USA remains to be seen.
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Hot on the heels of President Barack Obama’s re-election to a second term in the White House, oil prices shot up to their highest level in the previous fortnight. During the final weeks of the presidential election campaign, oil commodity traders had seen a decline in prices but after the defeat of Republican challenger Mitt Romney had become clear trading figures rose.
This news appears to indicate that traders are speculating that Obama’s victory points to a continuation of the policy of monetary stimulus in the U.S. that can augment some dollar denominated commodities.
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The World Banks’ economic forecast for Asia, released last Monday, slashed its predictions for growth in the region, dropping from 7.6% to 7.2% for 2012 – a whole percentage point below the previous year.
The Bank cited weak demand for Asian exports as European economies still struggle to return to growth in the shadow of austerity and the Euro debt crisis. The figures were re-iterated at the IMF and World Bank Group annual meetings in Tokyo on Friday, where IMF chief Christine Lagarde warned of the ‘narrow path’ between austerity and growth.
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In the latest trading news for commodities, crude oil has continued its rally as tensions continue to mount in the Middle East. With no end in sight in the conflict in Syria and as rumours of chemical weapons crimes continue to mount, trading analysts are beginning to speculate whether western powers may eventually be forced to intervene.
