Summary:
- China’s disappointing economic data weighs on investor sentiment.
- Silver's price is affected by the broader market attitude.
- Corn prices are rising after poor performance early last week.
Brent Crude Oil prices recover slightly.
The price of Brent Crude Oil fell almost 1% on Monday. Investors took gains from the price rally late last week after the markets poor performance earlier in the week. China’s release of economic data has weighed on investor sentiment, the results were disappointing as a result of covid restrictions, this points to a possible slowdown of demand from the world's top crude importer. In conjunction, the EU is still set on implementing the oil embargo on Russia, despite the dissatisfaction of the embargo from some member countries, hence causing concerns around supply of oil going forward.
Brent Crude Oil Futures Price Chart
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Silver getting caught up in the broader market sell-off attitude
The price of silver has been seeing a lot of volatility, the commodity has been caught up in the broader investors' sell-off of precious metals and equities. Because silver is a non-yielding investment in a time of rising interest rates, investors are turning to other assets where they earn a higher return.
Silver Jul ‘22 Futures Price Chart
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Corn futures recovered after poor performance early last week.
The concerns around supply of corn may show signs of easing as weather conditions across the U.S become more favourable for the corn crop. The price of corn futures are up almost 3.3% on Monday, indicating that there are still concerns around supply of corn. Exports from the Ukraine have decreased significantly since the same time last year.
Corn Jul ‘22 Futures Price Chart
Sources: finance.yahoo.com, tradingeconomics.com
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