MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Oil Set for Lowest Close Since May, On Track to Enter Bear Market

COMMODITIES
  • Both energy and metals markets tumbled Thursday, with demand concerns from China, a solid showing from the greenback and volatile equities all contributing to a down day for commodities.
  • Iron ore was an early focus, with the Dalian-listed metal dropping as much as 12% from the week's highs on reports that China are looking to curb steel production on pollutant concerns, severely denting demand for iron ore - a key input.
  • This weakness bled into the likes of copper and crude oil, putting WTI futures on track for the lowest close since May. The WTI benchmark is now over 18% off the July highs, meaning further weakness could tip oil into bear market territory.
  • Gold and silver initially held up well against weaker equity market, but eventually succumbed to pressure from the firm greenback. This kept gold inside a range, with the 50-dma at 1795.6 still key resistance.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.