Copper with a significant loss

One of the worst weeks for some of the major commodities is currently about to end. Copper, for instance, has lost about 3 % to approximately 7 000 dollars a ton. This means that in just about 4 months since its ATH, the price of copper has retracted by more than 35 %, due to worries connected to the possibility of a recession in Europe.

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Newcastle coal drops sharply 📉

After Newcastle coal grew above the $420 level from March to $450 in September, it fell by 8% in one day below the $400 per tonne mark. Coal is falling as China pledged to raise coal production capacity by 300 million tonnes. This is about the equivalent of China’s yearly imports.

Silver skyrockets 🚀

Silver futures are up 8% and hit $20.3 per ounce on the first trading day of Q4 of 2022. Silver is up by almost 15% in just one week.

EU gas prices tumble 9%

Gas prices in Europe are down 9% for the day at €171, far lower than the record highs of €340 in August. Europe managed to replace certain Russian supplies with LNG imports and was able to refill its storage facilities ahead of winter. The amount of gas reserves across Europe is currently at about 87%.

UK natural gas jumps sky-high

UK natural gas reached their highest level in two weeks on Friday, rising by almost 50% to 380. The surge was fueled by increased demand from gas-fired power facilities as a result of slower wind speeds.  As of September 28th, gas storage facilities in the UK were 94.65% full.

WTI Crude oil recovers losses

Worries about limited global supply helped WTI crude futures rise 2% to $80, pulling away from 9-month lows at $76 earlier this week. Hurricane Ian caused a reduction in US crude output of around 190,000 barrels per day, or 11% of the Gulf’s total.

Nord Stream damaged & gas rises

Leaders in Europe thought the two explosions that destroyed the pipelines used to transport Russian natural gas to Europe were intentional. However, some officials accused the Kremlin of being behind the explosions, saying they were meant to be a warning to Europe. Meanwhile, EU gas is up 13% on Wednesday.

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Elon Musk buys Twitter for $44b 🔥

Elon Musk has decided to carry out his $44 billion plan to purchase Twitter. The announcement caused Twitter’s shares to soar, increasing by more than 22% in a single day. In addition, Carl Icahn reportedly bought a stake in Twitter worth more than $500 million and made a large profit from this news.

RBNZ hiked interest rates but NZD falls

The Reserve Bank of New Zealand announced its fifth consecutive 50 bps rate hike. This move was strongly anticipated, and the New Zealand dollar stayed close to $0.57 during the day. To lower the high inflation, the RBNZ has raised the cash rate to a seven-year high of 3.5% and hinted another tightening.

European PMI declines

Purchasing Managers Index (PMI) declines more than expected in Spain, Germany, Italy, and France. As a result, the whole European PMI falls directly due to the aggressive monetary policy adopted by central banks.

EUR/USD reclaims parity

Amid a massive bounce of stocks and commodities, Eurodollar reached parity for the first time in two weeks. The Euro gained 5% against the US dollar in this period.

US stocks surge sharply 🔥

Right after the American stock market opened, S&P 500 and Nasdaq rose 2.7% and 3%. This growth may be explained by expectations that weaker-than-expected US economic statistics will soften the Federal Reserve’s extreme hawkish tone.

Newcastle coal drops sharply 📉

After Newcastle coal grew above the $420 level from March to $450 in September, it fell by 8% in one day below the $400 per tonne mark. Coal is falling as China pledged to raise coal production capacity by 300 million tonnes. This is about the equivalent of China’s yearly imports.

News

Correlation of Bitcoin and gold reached 12-months high
BTC
-0.95%

Correlation of Bitcoin and gold reached 12-months high

Bitcoin, like any other asset, is correlated to other asset classes, and lately, it has been correlated with gold more than usual.
NZD/USD fails to strengthen despite 50bps rate hike
2.22%

NZD/USD fails to strengthen despite 50bps rate hike

It looks like the bearish sentiment might resume, despite another hawkish RBNZ decision.

Azerbaijan urges to increase gas pipeline capacity to Europe

Azerbaijan has begun talks with partners to double the capacity of its gas pipelines to Europe. Could this be a lifeline for Europe?

Mastercard with new crypto fraud protection

Crypto Secure will enable card issuers to identify and block suspicious transactions with crypto exchanges.