Commodity prices, which fell for two consecutive months, showed signs of stabilising.
Oil prices retreated again this week as monetary policy and economic growth expectations continued to weigh on the market amid tight supply and demand, and crude oil awaited further guidance signals. On the gas market, Russia has restored 40 percent of nord Stream 1’s supply to Europe, but the dispute over sanctions and turbine overhauls remains unresolved.
Commodity prices, which have been falling for more than two months, showed signs of stabilising this week, with copper, aluminium, nickel and iron ore all rising this week.
The performance of steel enterprises in the first half of the year is generally poor, the imbalance between supply and demand of the steel market has caused concern from all walks of life, industry insiders point out that the steel industry is facing the most difficult period since the supply-side reform.
Gold fell below $1,700 an ounce in New York
New York gold futures fell as low as $1,678.4 an ounce on July 21, the lowest since August 2021. New York gold futures for August delivery rose 0.82% to settle at $1,727.4 an ounce as of July 23 Beijing time.
Precious metal prices may rebound in the near term, but it is difficult to change the wide volatility and weak situation.
Copper prices stabilized and recovered
Copper prices stabilized and recovered slightly this week. By the end of July 23, London copper closed at 7380.15 USD/ton, Shanghai copper rose to 57,400 RMB/ton, both slightly higher than the beginning of the week.
Relatively cautious sentiment ahead of the Fed decision and aggressive rate hikes in non-dollar areas could ease the pressure on copper prices. On the consumer side, as copper prices continue to fall, some downstream enterprises’ purchasing enthusiasm has picked up slightly, boosting the market premium quotation.