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Please read our disclaimers: Gains amid hurricanes, geopolitical tensions Ole Hansen As elsewhere, the rapidly deteriorating relationship between North Korea and the rest of the world is having a tangible impact on commodities. Geopolitical uncertainty has been a boon for precious metals while oil has been buttressed by the damage caused by Hurricane Harvey.
Disclaimer The Saxo Bank Group entities each provide execution-only service and access to Tradingfloor. Buying was broad-based and led by WTI crude oil, natural gas and sugar with a few exceptions most noticeable being soybeans and corn.
Meanwhile oil has rebounded on a Saudi push to dispel rumours on Russian participation in production curbs. Saxo's expert team of strategists present their views on how the events of the coming week will impact commodity, equity and bond markets globally. The Bloomberg Energy Index reached a month high as the sector continues to attract attention and demand. The approach of winter saw natural gas break out of its months-long range, while crude oil rose for a fifth consecutive week with heightened geopolitical risks being the main driver of the latest gains.
View all 4 comments. Without much news to support the move this was what Is expected to show a bigger US corn yield leading to biggest stock since Soybeans yield and production probably declined while a global rush to unload wheat could trigger a reduction in world stocks. Soybeans also traded sharply lower while wheat recovered Hedge funds continued the rotation out of grains and metals into energy during the week to October The combined net-long across oil and products jumped to their highest since February, especially driven by strong oil demand.
Outside oil and products major reductions were seen in natgas, silver, corn and wheat while sugar and cattle were bought. Commodities powered to an eight-month high thanks to continued rallies by energy and industrial metals despite this being a week that was packed to the brim with risk events.
Still in place even with huge headwinds to evs and current priceaction? Corn, meanwhile, has managed to stay within its established range and is to a certain extent being supported by rising ethanol prices in response to rising oil prices. Buying of oil, gasoline and cattle was more than offset by continued selling of grains, metals and softs.
The buying was concentrated in natural gas, HG copper, and soybeans while sellers were seen in WTI crude oil, wheat and corn, as well as sugar. Check your inbox for a mail from us to fully activate your profile. Have us re-send your verification mail.More...