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As U.S. Secretary of State Antony Blinken readies himself to calm the Israel-Gaza conflict, oil prices experienced a slight incline on Friday, following previous setbacks. These movements coincide with keen anticipation for the forthcoming U.S. December employment data.
Crude oil has demonstrated resilience amid the Israel-Hamas conflict, although persistent concerns about demand endure, reflected in data indicating an unsteady appetite for oil products. Citi’s oil price targets hold at $76, $69, $70, and $68 for WTI (CL1:COM), and $80, $73, $74, and $72 for Ice Brent (CO1:COM).
Conversely, gold (XAUUSD:CUR) alongside fellow precious metals such as silver, platinum, and palladium confronted adversity as the dollar surged. The dollar index (DXY) soared on Friday, posturing for its most significant weekly upturn since May. This bolstered by traders’ tempered expectations of early-year interest rate cuts.
Fresh dynamics in the commodities realm extend to base metals, where copper prices experienced a dip due to the dollar’s strength, resulting in inflated costs for non-dollar currency holders. Furthermore, analysts at Goldman Sachs are encouraged by a favorable cyclical climate and foresee an uptick in commodity prices. Notably, China’s resurgent appetite for metals like copper (HG1:COM) and aluminum (DJCIIA) reflects a robust inclination toward the green metals economy, encompassing electric vehicles, renewables, and grid energy.
Nickel’s prolonged decline, with prices down over 3% since the year’s inception, accords with its status as last year’s worst-performing metal on the LME, falling by a staggering 45%, as detailed by ING Commodities.
Elsewhere, soybean futures encountered a downturn, whereas wheat and cocoa witnessed a market upswing.
Current Commodity Price Adjustments
Energy
Metals
Agriculture
- Corn (C_1:COM) -0.02% to $466.42.
- Wheat (W_1:COM) +0.62% to $617.33.
- Soybeans (S_1:COM) -0.22% to $1,259.25.
Commodity ETFs
Gold ETFs:
- SPDR Gold Shares ETF (GLD)
- VanEck Gold Miners ETF (GDX)
- VanEck Junior Gold Miners ETF (GDXJ)
- iShares Gold Trust ETF (IAU)
- Direxion Daily Gold Miners Index Bull 2X Shares ETF (NUGT)
- Sprott Physical Gold Trust (PHYS)
Other Metal ETFs:
- iShares Silver Trust ETF (SLV)
- Sprott Physical Silver Trust (PSLV)
- Global X Silver Miners ETF (SIL)
- U.S. Copper Index Fund, LP ETF (CPER)
- abrdn Physical Palladium Shares ETF (PALL)
Oil ETFs:
- U.S. Oil Fund, LP ETF (USO)
- Invesco DB Oil Fund ETF (DBO)
- U.S. 12 Month Oil Fund, LP ETF (USL)
- U.S. Brent Oil Fund, LP ETF (BNO)
- U.S. Natural Gas Fund, LP ETF (UNG)
- U.S. Gasoline Fund, LP ETF (UGA)
Agriculture ETFs:
- Invesco DB Agriculture Fund ETF (DBA)
- Teucrium Soybean ETF (SOYB)
- Teucrium Wheat ETF (WEAT)
- Teucrium Corn Fund ETF (CORN)
