Aluminum goes over 3,000 USD

The price of aluminum on the London Metal Exchange (LME) rose above 3,000 USD per tonne for the first time in 13 years. Bloomberg said, that the main reason is concern about the continuity of supply in a situation where demand increases further,.

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Copper sinks below 8 000 dollars

Copper has just sunk below 8 000 dollars a ton, the lowest price in more than 18 months. It is likely that Copper, just like other industrial metals will fall in the price in the coming days and weeks mostly due to the fears of the incoming global financial recession.

Car plants at risk?

Herbert Diess, CEO of Volkswagen AG, warned that there is a possibility of energy supply halts for car plants in Germany. Diess stated that this is due to the shift from Russian energy imports, which are not happening fast enough and that building the necessary infrastructure will take time, yet believes the dependency on Russia will end.

Switzerland imported gold from Russia

Switzerland imported about 3 tons of gold from Russia in May. This is the first such import since the invasion started in February. It might suggest the softening stance towards the superpower, since the Russian bullion does not seem to be a tabooed commodity anymore.

US gasoline with record highs

According to AAA data, the price for a gallon of US gasoline has risen above 5 dollars per gallon for the first time in history. This only portrays that the problem with inflation is not only here, but that it is here to stay for some time, since rising fuel costs are central feature of rising inflation.

WTI rising yet again

West Texas Intermediate futures are fighting around a $120 a barrel mark to break above this level yet again. After three months since WTI hit $125 mark and then slowly retraced back to $90, WTI is trying to get back to these record high numbers. Some investors believe that due to the US summer driving season the price can even increase above $125.

Finland losing natural gas

Russia cut Finland out of its supply of natural gas due to the fact that Finland refused to pay for the commodity in Russian rubles. After Poland and Bulgaria, Finland became the third country that is affected with this type of a decision from Russia. The relations between the countries will probably only worsen since Finland plans to join NATO.

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S&P 500 with a horrific result

Bitcoin is not the only asset that is having bad time now. The same applies for one of the biggest US indices, S&P 500, which has just ended the first half of the year down 20.6 %. This is the worst start to a year since 1962.

Copper sinks below 8 000 dollars

Copper has just sunk below 8 000 dollars a ton, the lowest price in more than 18 months. It is likely that Copper, just like other industrial metals will fall in the price in the coming days and weeks mostly due to the fears of the incoming global financial recession.

The worst quarter in the history of BTC

Bitcoin has lost around 56 % of its price in the past three months, which means that it has closed the worst quarter in its history. Until now, the worst quarter was the Q1 of the year 2018, when BTC lost about 50% of its price after it reached ATH. Yet, many view this as an excellent opportunity for buying and DCA.

SEC rejected Grayscale’s Bitcoin ETF – lawsuit incoming

The US Securities and Exchange Commission has rejected yet another Bitcoin spot ETF. The proposed move from Grayscale to switch Grayscale Bitcoin Trust (GBTC) to Bitcoin ETF was rejected due to failure to meet the required standard to prevent fraud and manipulation. Grayscale decided to take this decision to the court and sued SEC immediately.

Worst first half of the year in 50 years

According to the recent numbers, the S&P 500 is on its way to close one of its worst first halves of the year in history. With about 20 % of the value of the index erased from January till June, S&P 500 is heading to the worst close of the first half of they year since 1970. Whether the loss can go even deeper depends solely on today's close.

Double digit inflation in Spain

The current inflation numbers in Spain showed that the inflation in the country jumped from 8.7 % to about 10.2 %. With double digit inflation in one of the biggest countries in the Europe, the European Central Bank will need to speed up its monetary tightening efforts and become more hawkish, if it wants to stop this metric from growing.

News

General Motors is facing a major chip shortage

GM was unable to deliver nearly 100,000 vehicles in the second quarter because it was short of chips and other parts.

EUR/USD drops after highest inflation reading ever

Today, the euro has been under pressure in a downtrend channel, as the market awaits the release of the ISM manufacturing PMI for June.

A distasteful month for commodities

The fear of recession and economic slowdown takes the commodities down. Metal, agriculture, and even the energy sector went down last month.

Harmony is offering one million to recover from the hack

Another massive hack in which Harmony lost a total of about $ 100 million. The company offers a reward for returning cryptocurrencies.