Summary:

• Crude Oil prices rise for sixth consecutive month.
• Coffee prices rise amidst supply concerns.
• Palladium prices fall along with demand

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WTI Crude oil prices rise

WTI Crude Oil enters the month of June going on their sixth consecutive month seeing price gains. The most recent gain comes in the wake of China’s easing of Covid-19 lockdown restrictions and the European Union's decision to partially ban Russian crude oil imports. The European Union has finally reached an agreement on the banning of Russian oil imports, the current decision ended with pipeline imports being allowed but seaborne imports being banned. This will cause some issues around supply, however, this most recent ban could pave the way for other crude oil producers to pump more crude into the markets.

WTI Crude Oil Price Chart

Coffee futures prices rising

Coffee futures are trading at their highest price since mid April amidst a strong outlook for dryer conditions for the top producer in Brazil. The market has fears around a lower production in Brazil due to the continuation of La Niña, which reduces rainfall in Central-America. In addition, Colombian coffee exports slipped by 18% year to year. There were also signs pointing towards smaller global coffee supplies falling by 0.1%.

Coffee Jul ‘22 Futures Price Chart

Palladium Futures

Palladium prices have fallen by almost 40% below their all time high of $3180 the reduction in price comes from a fall in concerns around supply and demand remains low. Global palladium demand is expected to increase by only 3% in 2022 as covid lockdowns and continuing supply chain bottlenecks will likely delay a recover in the chip supply until 2023 at the very least, undermining car production around the world.

Palladium Sep ‘22 Futures Price Chart

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Sources: finance.yahoo.com, tradingeconomics.com