Aluminium price on the top
Today, the price of aluminum reached its highest value in ten years. The main reason is the growing concern about the lack of supply of this metal to the markets due to the reduction of production in China. The price of aluminum on the London Metal Exchange (LME) reached USD 2,735.50
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WTI crude oil fell more than 3% below $74, the lowest price in one year. Widespread protests in China over its strict zero-Covid policy hurt investor confidence and the outlook for demand. Oil prices were also pushed down by reports that the US had granted Chevron Corp permission to restart oil production in Venezuela.
US natural gas jumped more than 10% above $7.5 on Wednesday to levels not seen since early October. Strong domestic and international demand in advance of the upcoming winter season is fueling the growth. Additionally, Europe is yearning for US exports due to Russia’s threat to further reduce supply.
Copper futures fell below $3.6 after almost reaching $4 on November 11th. Other metals also declined as signals of weak demand and a strengthening US dollar overshadowed impending supply deficit worries. Moreover, industrial production fell more than anticipated in October from the world’s largest consumer, China.
WTI crude oil fell to $79 on Friday, the lowest level in four weeks. Oil is down by more than 11% lower in one week as a deteriorating demand outlook eclipsed supply-side worries. Recurring Covid outbreaks in China crushed reopening expectations and cast doubt on the demand outlook in the top world’s crude importer.
WTI Crude oil fell 6% this week and 2.5% today. Oil dropped despite inventories falling by 5.4 million barrels compared with market expectations 0.44 million barrel decrease. Following a brief interruption, the Druzhba pipeline is operating normally, and the fear of COVID outbreaks in China may draw oil prices even lower.
After a recent rally from $920 to $1,050 in just one week, Platinum fell below $1,000. Platinum is down 2.5%, sliding with Silver and Gold as well as the US dollar gains.
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The Reserve Bank of India will start testing its central bank digital currency (CBDC) on December 1st. The testing will run in Mumbai, New Delhi, Bengaluru and Bhubaneswar. Some of the major banks, such as the State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank, will participate.
The Canadian dollar weakened above $1.35—a level not seen since early November after the GDP results. The Canadian economy increased by 2.9% annually in Q3 of 2022, beating expectations for a modest 1.5% growth.
Spain’s annual inflation fell to 6.8% in November 2022, moving further away from July’s 38-year high of 10.8%. Inflation remained below market expectations at 7.4%. The slowdown in the inflation rate was mainly led by declines in the cost of fuel and electricity.
After going down for eight months, the EU economic sentiment indicator went up by one point in November 2022 to reach 93.7. The result slightly exceeded forecasts of 93.5, but it remained close to its lowest level in two years. Rising interest rates, high inflation, and a worsening energy crisis during the winter all put a damper on sentiment.
BlockFi officially filed for bankruptcy on Monday. It has become the latest crypto company crippled by the collapse of FTX. It was functioning since 2017 with more than 450,000 clients.
Pinduoduo (PDD) stock jumped 15% in the pre-market after quarterly results. The company reported much higher earnings per share of 8.62 instead of 4.79. The forecasted revenue for Q3 was $30.71 billion, but the firm surprised the market with $35.5 billion revenue.