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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
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