Copper leaves 7-month high, gold and steel fell

Commodity prices of raw materials almost went down in the last trading session due to the correcting trend after the recent price increase. Oil fluctuated slightly amid falling crude inventories and expectations of demand Oil prices in the last session only changed slightly after data from the US Government showed that crude oil inventories of the country fell and forecast demand will increase next year after the US and China solved the problems. trade disagreement. At the end of the session, Brent oil increased 7 US cents to US $ 66.17 / barrel, while US West Texas oil (WTI) fell 1 US cent to US $ 60.93 / barrel. The US Energy Information Administration (EIA) said crude oil inventories fell by 1.1 million barrels in the week to December 12, to 446.8 million barrels, less than analysts had forecast. reduced by 1.3 million barrels. Inventories of gasoline and distillates rose by 2.5 million barrels last week, to 237.3 million barrels and 1.5 million barrels to 125.1 million barrels. Gold fell due to USD strengthened, palladium retreated far from USD 2,000 mark Gold prices fell in the last session due to a stronger dollar by forecasting the US Federal Reserve (Fed) will not cut interest rates further in the near future. Spot gold fell 0.1% to 1,474.91 USD / ounce, while gold futures in February 2020 decreased 0.1% to 1,478.70 USD / ounce. Data from the US showed that the country’s industrial production in November 2019 increased more than expected. Therefore, FED will not need to cut interest rates this time. The gold market is very sensitive to the US interest rate policy, because the US decision will cause the US dollar to increase or decrease, thereby affecting the price of gold. In its latest report, Goldman Sachs has kept its gold price forecast for the next 3, 6 and 12 months at $ 1,600 / ounce on concern that recession and political instability will boost demand. The bridge invests in this metal. Palladium has fallen from a record high (nearly 2000 USD) of the previous session. At the close of the last session, palladium fell 1.5% to 1,925.48 USD / ounce. Some analysts said that from now until the end of 2019, this precious metal price will probably be less “hot”, but the tight supply situation will not be resolved soon. Copper dropped from a 7-month high Copper prices in the past session also turned down after reaching a 7-month high in the previous session after China published production data, which temporarily slowed buying speed. Copper futures for delivery after 3 months on London floor fell 0.5% to 6,172 USD / ton. The previous session, price reached 6.223 USD / ton – the highest since 8/5. The red metal has risen about 6% this month as the US-China deal reached Phase 1 and some more positive data than expected helped ease concerns about the global economic outlook. China, the largest consumer of metals in the world, has launched many stimulus measures, most recently the Central Bank (PBoC) on November 18 lowering interest rates of The repurchase rate for the seven-day term reversed from 2.55% to 2.5%, two weeks earlier, PBOC lowered the medium-term lending rate with the same reduction. Refined copper imports into the country in November 2019 increased by 19.6% over the same period last year, to 909,000 tons. Macquarie analyst Marcus Garvey predicts copper prices will average $ 5,825 a tonne next year.