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.

Comments

Post has no comment yet.

Want add your comment? Sign up or Sign in

More market movers from category

Saudi Aramco with huge quarterly profits

Net income of Saudi Aramco saw surge in profits to $48.4 billion in Q2, which is up from $25.5 billion YoY. The free cash flow rose by 53% as well to $34.6 billion. Aramco has posted the highest profits since it went public in 2019, all connected to rise in oil prices and increasing demand.

Gold with fourth weekly green close?

Gold seems to be in a relatively positive situation. As of now, it looks like the yellow metal will be able to close its fourth week in green, which would be the longest winning streak in more than 12 months. This might be due to cooling inflation, which could lead to less-aggressive-than-anticipated rate hikes by the Fed.

Palm oil gains above 4,000

After falling by 50% in three months from MYR 7,000, Malaysian palm oil futures increased their gains above MYR 4,000 per tonne. Indications of more robust export demand from Malaysia helped to boost the price.

Soybean futures at record high

Chicago soybean futures were trading above the $17-per-bushel mark, closing near record level of $17.8 from September 2012. This is reportedly due to the higher than usual temperatures across the US, highlighting the dangers of drought stress to crops.

WTI crude oil rose above $92

WTI crude oil rose above $92 per barrel, off its daily lows of $88. This happened after Russia blocked oil exports via the southern portion of the Druzhba pipeline. There are alleging problems with transit costs which add to worries about a tight market.

Lumber futures up by 8.37%

Lumber futures are up by 8.37%, trading near levels not seen since September 2021. Lumber trades at $518 as the home industry slows down amid astronomical mortgage rates. The number of new homes sold in the US fell to its lowest level since April 2020 as rapidly rising loan rates and rising material costs continued to strain prospective buyers.

More market movers

UK inflation hit a new 40-year high

In July 2022, the annual inflation rate in the UK reached 10.1 percent, a new 40-year high that was far higher than analysts had predicted. Additionally, there is growing evidence that the Bank of England will continue its aggressive tightening policy to limit rising prices.

BTC mining companies lost over $1 billion

In the second quarter, the three biggest US publicly traded Bitcoin mining companies (Core Scientific, Marathon Digital Holdings, and Riot Blockchain) suffered losses of more than $1 billion. This comes as a result of the massive decline in crypto prices.

Michael Burry sold his entire portfolio

Michael Burry, a well-known hedge fund manager who predicted the 2008 crash, sold most of his stocks beside one. He invested in the private prison operator GEO Group, buying over 500,000 shares of the company.

Alphabet enters blockchain & crypto space

Alphabet, the parent company of Google, is slowly entering the blockchain space. Over $1.5 billion has reportedly been invested by Alphabet in four blockchain and cryptocurrency companies. Alphabet has made investments in Voltage, the Digital Currency Group, Dapper Labs, Fireblocks, and more.

Walmart stock is up by 5%

Walmart stock is up by more than 5% due to the company's business stabilization after surging inflation. Walmart's CFO, John David Rainey, sees changes in consumer behavior due to high inflation. He thinks these problems will persist throughout 2022 but is optimistic about the year 2023.

PayPal integrated more crypto services

PayPal has finished integrating cryptocurrency services completely. The platform now allows users to buy, sell, and transfer BTC, BCH, ETH, and LTC via PayPal. Users can also choose cryptocurrency at checkout for qualified purchases.

News

Norway’s state fund reports a loss of $173,1 billion

Norway’s state fund reports a loss of $173,1 billion

The Government Pension Fund of Norway has the largest half-year loss in its 26-year history, losing $173,1 billion from January to June.
BHP achieved record free cash flow of $24.3 billion

BHP achieved record free cash flow of $24.3 billion

Australian mining company BHP Group experienced strong profit growth at almost all levels in the past financial year.
Weekly macro report – the battle is not over

Weekly macro report – the battle is not over

In our macro report, we analyze current inflation expectations and their implications. We also analyzed the previous rally and found the key driver.
Bitcoin at crossroads: Where does it go from here?

Bitcoin at crossroads: Where does it go from here?

The bear market stopped for a while, and BTC was able to jump from $17.5k to $25k. Now BTC is at crossroads, and the next move is questionable.