Cotton Prices Reach Highest Prices In Almost 11 Years, Copper Prices Facing Negative Outlook and EU Announces 6 Month Plan To Phase Out Russian Crude Oil Imports| FXMAG.COM

Summary:

The factors affecting the cotton price.
The price of copper has been affected largely by the current market environment.
EU to cut off Russian energy demand.

The Cotton supply is under pressure, driving prices upwards

Over the past week, cotton prices have seen a surge in prices. The futures for this commodity reached their highest prices since 2011. The price surge is related mainly to adverse weather conditions, droughts in the U.S. being a major factor. The lockdown in China has not decreased demand from the U.S. to China. The demand for cotton has also been impacted by rising energy prices as the price of materials derived from oil has risen.

Cotton Prices Reach Highest Prices In Almost 11 Years, Copper Prices Facing Negative Outlook and EU Announces 6 Month Plan To Phase Out Russian Crude Oil Imports - 1

Jul ‘22 Cotton Futures Price Chart

Copper prices continue to fall amidst market conditions

Copper has lost major ground on the commodity market in the past week, this comes as a result of the extended lockdowns in China, the interest rate hike announcements and a continually strengthening US Dollar. On Monday Copper closed at close to neutral for the first time since May 2020. The continuing adverse market conditions will continue to cause Copper prices to struggle.

Cotton Prices Reach Highest Prices In Almost 11 Years, Copper Prices Facing Negative Outlook and EU Announces 6 Month Plan To Phase Out Russian Crude Oil Imports - 2

Jul ‘22 Copper Futures Price Chart

Natural Gas Prices Soar

The price of Natural Gas has rallied over the past week. On Wednesday the EU announced their plans to phase out importing Russian Crude Oil and other energy imports within 6 months. The Natural Gas Prices are soaring amidst fears that it will be difficult to replace the Russian supply effectively.

Cotton Prices Reach Highest Prices In Almost 11 Years, Copper Prices Facing Negative Outlook and EU Announces 6 Month Plan To Phase Out Russian Crude Oil Imports - 3