ASIA-PAC COMMODITIES UPDATE: Commodities under pressure from the Dollar and China’s COVID woes
Analysis details (02:04)
WTI and Brent futures are on a softer footing amid the firmer Dollar, soured risk tone, and an uptick in China’s COVID cases, with the latter seeing the biggest one-day increase in COVID cases since April. WTI Jan resides just above the USD 84/bbl level, down from an intraday high of some USD 85/bbl, whilst Brent Jan trades around USD 92.00/bbl vs a peak of USD 92.73/bbl. Elsewhere, spot gold is modestly softer as the DXY picks up, with prices falling under yesterday’s 1,769.21/oz low. Base metals in China opened softer with nickel dropping more than 4% at the open, whilst lead, copper, zinc, aluminium and iron ore saw shallower losses amid the firmer Dollar and China’s COVID situation.
17 Nov 2022 - 02:04- Research Sheet- Source: Newsquawk
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