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Oil markets experienced volatility, with Brent initially rising on hopes of easing US-China trade tensions before retreating as the Federal Reserve maintained interest rates. The EIA reported a smaller decline in US crude inventories compared to API data, though levels remain at their lowest since March. Notably, jet fuel demand surged to its highest since December 2019, contributing to an all-time seasonal high in the four-week average.
Gold prices are under pressure, falling nearly 1% as market focus shifts to US trade negotiations with 17 key partners, excluding China. Despite a decline in US Treasury yields and a weaker dollar, ongoing uncertainty in trade talks and economic instability are expected to sustain safe-haven demand for gold, which remains up over 25% this year due to market volatility and increased investment in gold ETFs and central bank purchases.
China has reduced or eliminated export tax rebates on select aluminium and copper products, as well as refined oil and batteries, leading to a surge in aluminium futures prices in London. This move, which affects rebates on various aluminium products and other commodities, is seen as a strategic response to ongoing trade tensions, particularly following the recent US presidential elections. Shares of major metal producers in India are closely monitoring the situation as international soyoil prices also rise.
Ewa Manthey
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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