The first glimmer of hope in oil industry
Observing news today one can easily get disappointed. However, things are getting better.
Copper declines as Indonesia's Grasberg mine resumes output
On Tuesday, copper prices tumbled in Asia, as a strike at a major Indonesian mine has ended.
Reuters informed that Freeport McMoRan's Indonesian unit has already resumed its copper production at its Grasberg mine. Currently, traders are paying attention to a weeks-long strike in Chile at the Escondida copper mine owned by Australia's BHP Billiton.
In New York, May delivery copper futures dipped 1.02%, trading at $2.628 a pound on the news.
Additionally, April delivery gold futures sagged 0.46%, trading at $1,228,35 a troy ounce.
Overnight, gold dipped, backed by a tumble in the greenback, which is on track for the fourth session of drops, after G20 financial leaders didn’t manage to make a case for open and free global trade. Besides this, more dovish than expected Fed comments as for rate lifts kept backing the number one precious metal.
By the way, a tumble in the greenback also backed gold, as this commodity is dollar denominated.
Similar
Gold price has dropped
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Analysts: how about $20 for Brent oil?
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
Latest news
South Africa got ‘junk’ status from Moody’s
Moody’s downgraded the country to ‘junk’ status on Friday.
The US has joined the rest of the world in recession
The US economy has been hit hard by the coronavirus outbreak.
USD: waiting for the reaction of the US purchasing managers
The United States will publish ISM manufacturing PMI on April 1, at 17:00 MT time.
Deposit with your local payment systems
