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Nvidia (NVDA.O) CEO Jensen Huang: Chip manufacturing will become more automated.Futures News, June 5th: Since May, silver prices have risen and then fallen, with the price trending downwards within a narrow range. As of June 4th, the domestic spot price of #1 silver was 17,711 yuan/kg, a cumulative decrease of 4.41% compared to the beginning of May. In early May, the US and Iran signaled a willingness to negotiate, coupled with Perus energy emergency decree, which raised concerns about mine output, causing silver prices to fluctuate upwards. However, with major consumer India raising import tariffs on silver, the resignation of dovish Fed member Milan, and the stalemate between the US and Iran on key issues, the market traded on interest rate hike expectations, putting downward pressure on silver. Looking ahead, the macroeconomic logic remains focused on the Feds interest rate decision and the US-Iran negotiations. Domestic inventory levels are currently high, and slightly weak consumption has failed to provide fundamental support. In the short term, attention will be focused on the US May non-farm payroll report and CPI data. It is expected that silver prices will lack a clear direction in the short term.June 5th - Thailands inflation unexpectedly slowed in May, remaining within the central banks target range, reducing pressure to implement interest rate interventions. Data released by the Commerce Ministry on Friday showed that the Consumer Price Index (CPI) rose 2.79% year-on-year in May, a slowdown from 2.89% in April. The Bank of Thailand has consistently viewed price increases as temporary and has indicated its willingness to ignore any short-term inflation spikes, stating that tightening monetary policy has had little effect on addressing supply-driven shocks. Governor Vitai Ratanakorn stated this week that the current policy rate "remains appropriate for now." The Commerce Ministry expects the inflation rate to reach 3% in June and remain above 3% in the second half of the year.June 5th - At todays Tencent Cloud AI Industry Application Conference, Gao Hang, General Manager of Tencent Cloud and head of TokenHub, revealed that Tencent Clouds large-scale model service platform TokenHub has maintained a doubling growth rate every month for the past three months since its launch, and the daily token consumption has now exceeded 5 trillion.On June 5th, according to Tianyancha App, Anhui Deyi Energy Technology Co., Ltd. recently underwent industrial and commercial changes. The original shareholders, Wuhu Ekotech Powertrain Co., Ltd. and Wuhu Zhenyong Enterprise Management Center (Limited Partnership), withdrew, and Wuhu Qida Power Battery System Co., Ltd., a subsidiary of Chery Automobile, became a new shareholder. At the same time, the registered capital increased from RMB 1.8 billion to RMB 2.3 billion, an increase of approximately 28%.

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

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After reverting from the weekly high, WTI crude oil traders seek clear direction around $87.50 during Wednesday's Asian session. However, the present hesitation in the price of black gold may be attributable to the mixed concerns regarding the demand-supply matrix.

 

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a monthly report that oil consumption will climb by 3,1 million barrels per day (bpd) in 2022 and by 2,7 million barrels per day (bpd) in 2023, which is unchanged from last month. Despite obstacles such as rising prices, the news also highlighted indications that major economies were performing better than projected.

 

The news that the United States intends to replenish its emergency oil reserves, as well as the German and European move to control Russian oil and gas prices, could also be favorable for energy prices. In addition, rumors that the Western oil deal with Iran is a long way off are bolstering fears of a supply bottleneck and should have helped energy bulls.

 

Tuesday's US inflation statistics revived concerns about the Federal Reserve's fast rate hike and exacerbated recession concerns. Also acting as downward drivers for WTI crude oil are expectations of economic slowdown due to China and Russia-related concerns.

 

In spite of this, the US Consumer Price Index (CPI) for August increased by 8.3% year-over-year, surpassing market expectations by 0.1%. However, the monthly data increased to 0.1%, exceeding the -0.1% projected and the 0.0% shown in previous assessments. The core CPI, or CPI excluding food and energy, likewise exceeded the 6.1% consensus and 5.9% prior to printing at 6.3% for the month in question.

 

It should be mentioned that the weekly prints of the American Petroleum Institute's (API) industry inventory report also contributed to the commodity's downfall. The API Weekly Crude Oil Stock climbed to 6,035 million during the week ending September 9, up from 3,645,000 the previous week.

 

In the future, the price of black gold may stay under pressure due to a stronger US dollar and economic troubles. Before today's official weekly inventory data from the U.S. Energy Information Administration, however, the supply crisis concerns could test the bears (EIA). Thursday's US Retail Sales for the month of August and Friday's preliminary reading of the September Michigan Consumer Sentiment Index will also warrant close attention.

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