Copper rises 2% 📈
Copper futures rose by 2%, closing at the $4 mark in early January, the highest price since June. The price surge is supported by expectations of stronger demand and looming supply concerns.
More market movers from category
Gold rose above $2,000 for the first time in one year. This is because of the ongoing fears about the crash of the banking system. Gold is up 10% so far in 2023.
WTI crude fell by more than 5% to $67.5. This is the lowest level since December 2021, marking the end of the commodity rally for now.
WTI crude drops amid high volatility
WTI crude fell by more than 5% to below $73, close to a level not seen since early December. The decline is likely caused by financial contagion fears following the Sillicon Valley Bank and Signature Bank collapses.
Commodities fall after Fed’s press
Silver tumbled from $21 to $20 in the midst of a global selloff. The commodity fell by almost 5% in a single day. Platinum also dropped by 4.7%, and gold declined by 1.8%.
US natural gas tumbled 10% when the market opened. This is after the commodity bottomed out and rose almost 50% in less than two weeks.
Platinum was on track to lose 20% in six weeks but refused to drop below $900. Instead, it jumped more than 4.5% to $950, slowly rising back to $1,000.
More market movers
Nasdaq to offer crypto services in Q2
Nasdaq is about to launch crypto custody services in the second quarter of this year. Nasdaq is reportedly moving forward to get all the necessary technical setup and regulatory approvals ready.
The EU stock market in red due to banks
The European stock market was brought down by the banking sector. DAX fell 2% due to ongoing fears that another bank will crash. Deutsche Bank is down 15%, while UBS along with Credit Suisse both lost around 6%. Other notable industry players like BNP Paribas and Commerzbank suffered losses as well.
Bitcoin reportedly entered a supercycle
Bitcoin appears to be entering a new bullish “supercycle,” according to Bloomberg senior analyst Mike McGlone. He claims Bitcoin is the best-performing asset in 2023, increasing its price “nearly 10 times” as much as gold.
The Japanese Yen has been strengthening against all other currencies on Friday. EUR/JPY fell the hardest, by 1.82%. Other currency pairs, like NZD/JPY and GBP/JPY, are also down 1.5% so far.
Hermes stock at new all-time high
Hermes International (RMS) jumped to a new all-time high of over 1,806 per stock. The company is up 24% so far in 2023 and up 49.5% in the last 12 months. Hermes is currently valued at 188 billion euros.
The Interior Minister of Montenegro claims Do Kwon has been arrested in Podgorica, the capital of Montenegro. The identity verification should be confirmed soon.