Copper Prices Reach New Highs Amid Supply Concerns and US Import Surge
Copper prices have reached a new high due to concerns over potential supply disruptions, highlighting ongoing volatility in the commodity market.
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Commodity Market
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Gold Prices Drop Below $4,000 Amid Easing Tensions and Market Corrections
Gold prices have fallen below $4,000 an ounce as the market's 'froth' subsides, indicating a cooling in the recent rally and potential shifts in investor sentiment.
Freeport's Production Woes Drive Copper and Gold Price Surge
Copper prices surged after US miner Freeport announced it will not meet its contractual obligations with customers, signaling potential supply concerns and impacting the commodity market.
China's Metal Ge Supply Squeeze Sparks Price Surge and Strategic Concerns
China's restrictions on metal germanium are causing a 'desperate' supply squeeze in the market, impacting global supply chains and prices.
Trump's Copper Tariffs Spark Market Volatility Despite Exemptions
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"Cocoa Prices Surge to Record Highs, Threatening Chocolate Industry"
Cocoa prices have surpassed $10,000 a tonne due to severe shortages, leading to an "out of control" market. The surge in prices is attributed to supply chain disruptions and increased demand for chocolate products, prompting concerns about the sustainability of cocoa production.
"Natural Gas Prices Surge on Frigid Weather Forecast"
Natural gas exhibits bullish momentum, aiming for a price target of 3.04 as it signals a bullish trend continuation and surpasses the 50% retracement level at 2.94. The rally, reaching the average performance zone of past five rallies, indicates a potential completion as it approaches the resistance of the rising parallel trend channel. However, the current advancement has placed natural gas back above major moving averages, with the potential for further upside towards 3.15.
Gold and Silver Prices Under Pressure Amid Weak China Data and Lack of Momentum
Gold and silver prices are down following weaker-than-expected economic data from China, which has dampened bullish enthusiasm across the raw commodity market. China's October exports fell 6.4% year-on-year, while imports rose a less-than-expected 3.0%. The news, along with a surprise interest rate hike by Australia's central bank and comments from a Minneapolis Fed official, has contributed to a bearish sentiment in the metals market. The U.S. dollar index is higher, crude oil prices are lower, and U.S. economic data to be released includes retail sales, international trade, economic optimism, and consumer credit.