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Commodity Markets Act Confused Ahead of G20 Summit

June 27, 2019 at 19:01 by Vladimir Vyun

Markets looked confused today, failing to find a clear trend. Crude oil was swinging between gains and losses. Most precious metals demonstrated losses, but palladium posted a sharp rally. Copper was falling initially but now is bouncing.

The reason for such erratic behavior was the lack of clarity about the outcome of the Group of Twenty summit, specifically trade talks between the United States and China. On one hand, traders felt optimistic about the talks. On the other, optimism was evaporating after officials from both countries made comments, demonstrating tough stance, which led to worries that both sides are perhaps not particularly keen on compromise.

Some analysts explained the losses of gold also by profit-taking after the impressive rally. Additionally, comments from Federal Reserve officials revealed that US policy makers were not as dovish as markets were thinking, adding to pressure on bullion.

August futures for delivery of WTI crude oil dropped 0.27% to $59.22 per barrel as of 18:49 GMT on NYMEX today after showing a mild fall just minutes ago. Contract for Brent crude declined 0.20% to $66.36 per barrel on ICE after trading flat few moments ago. Gold fell 0.35% to $1,410.40 per troy ounce on COMEX. Silver for delivery in September slid 0.59% to $15.29 per ounce. Spot price for platinum dropped 0.46% to $812.52 per ounce. But at the same time, palladium traded 1.61% higher at $1,548.26 per ounce. Copper rose 0.13% to $2.7190 per pound.

If you have any questions and comments on the commodities today, use the form below to reply.

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