EUR/USD 1.14444
0.598%
Gold 4125.29
2.338%
Oil 67.722
-0.447%
USD/JPY 160.933
-1.014%
GBP/USD 1.33578
0.629%
GBP/JPY 214.976
-0.379%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On July 2nd, Evercore ISI stated, "Employment data has returned to normal, and the Fed will remain focused on inflation." Economists believe the Fed will view the weak June employment data as a return to normal levels after several months of unexpectedly strong hiring growth. They stated, "Some believe this report significantly reduces the likelihood of a rate hike this year. We dont entirely agree with that view." Santander analyst Stephen Stanley echoed this sentiment. He stated, "Inflation data will determine the Feds course of action." He believes the June employment report may "slightly" alter the views of Fed officials, but he expects most policymakers to still view the labor market as stable. "There has been a considerable overreaction in financial markets, including downgrading the likelihood of a rate hike this year. I think the latter is an inappropriate reaction to this report."July 2nd - A source familiar with the matter stated that Kuwaits crude oil production rose to 1.65 million barrels per day in June, far exceeding the May average of 578,000 barrels per day. The source added that in the last 10 days of June, daily production reached as high as 1.9 million barrels.On Thursday, July 2nd, the German DAX 30 index closed up 529.08 points, or 2.11%, at 25,598.19; the UK FTSE 100 index closed up 181.73 points, or 1.73%, at 10,660.07; the French CAC 40 index closed up 137.57 points, or 1.65%, at 8,474.86; the Euro Stoxx 50 index closed up 84.55 points, or 1.35%, at 6,367.05; the Spanish IBEX 35 index closed up 277.54 points, or 1.43%, at 19,684.14; and the Italian FTSE MIB index closed up 847.94 points, or 1.64%, at 52,452.50.July 2nd, Futures News: According to foreign media reports: 1. Industry Expectations: Toby Rice, CEO of EQT Corp, a top US natural gas producer, stated that natural gas is expected to cross the threshold in the coming years, significantly outpacing oil by 2030, thus ending oils dominance since 1950. 2. Energy Consumption and Demand Comparison: A report from the US Energy Information Administration (EIA) shows that natural gas will account for 36% of US energy consumption in 2025, just slightly lower than oils 37%. The EIA projects that between 2025 and 2027, US oil demand will rise by 0.6%, while natural gas demand will grow significantly by 3.4%, further narrowing the gap. 3. Power Generation and Coal Replacement: EIA data shows that over 40% of the electricity in the US power grid comes from natural gas-fired power plants. From 2011 to 2020, over 100 coal-fired power plants were replaced or retrofitted with natural gas generators. 4. LNG and New Energy Data: Shell predicts that by 2035, US feedstock gas used in LNG plants will account for 23% of total US natural gas production. In addition, EIA data shows that from 2015 to 2025, the use of wind and solar energy will more than triple, while the use of natural gas will increase by 23%.US Treasury auction for the 8 weeks ending July 2 - bid-to-cover ratio 2.7, previous value 2.79.

Copper Is Bullish As Gold Hovers Around $1,880 Before U.S. CPI News

Skylar Williams

Jan 12, 2023 11:23

125.png


On Thursday, gold prices hovered near an eight-month high as markets prepared for U.S. inflation data expected to fall further, while copper prices rose to a seven-month high due to rising optimism about China.


The U.S. consumer price index inflation numbers released later in the day are expected to show that inflation declined more in December than in November, requiring the Federal Reserve to take fewer hawkish actions after a rapid interest rate increase through 2022.


As high interest rates on non-yielding assets ease, bullion prices should rise. Lower inflation may force the Fed to suspend rate hikes, according to markets.


At 19:06 E.T., spot gold was constant at $1,876.41, while gold futures were muted at $1,879.50. (00:06 GMT). After a strong start, both assets traded at eight-month highs.


Gold prices rose due to fears of a recession and bets that the currency had peaked.


Gold has risen since 2022, but U.S. interest rates are at their highest since the 2008 financial crisis. This and the volatility of U.S. interest rate peaks will limit gold's near-term price appreciation.


December inflation is expected to drop but remain over the Fed's yearly target. Fed policymakers worry that interest rates may stay high for a long time, pressuring metal prices.


On Thursday, industrial metals like copper fell below their mid-June highs. Due to confidence about China's economic revival, the red metal has risen almost 10% this year.


Early Asian copper prices fell 0.1% to $4.1730 per pound. As Peru, the second-largest copper producer in the world, confronts greater political instability, the metal is expected to benefit from tighter supply.


China, the world's largest copper importer, reopened its borders this week after three years. COVID-19 instances have skyrocketed, clouding the nation's economic outlook.

Suggestion