- Recession and new covid-19 cases in China driving platinum prices lower.
- Chicago wheat futures prices rose in the wake of an increase in buying.
Platinum Prices at 20 month lows
Platinum prices had fallen to their lowest price in almost 20 months in the wake of lower demand expectations outweighed lower supply fears. The contraction in the US economy was more than expected amidst the Federal Reserve's aggressive monetary policy which is aimed at curbing surging inflation has raised the concerns around an economic downturn. In addition, fresh new covi-19 cases in China’s eastern provinces weighed further on the outlook for demand and growth.
Platinum Oct ‘22 Futures Price Chart
Wheat prices lower than pre-Russian invasion levels
Chicago wheat futures prices rose in the wake of an increase in buying from bargain buyers in the wake of the prices plummeting in the second half of June. Meanwhile, investors expectations around a large sum of Ukrainian Wheat entering the market any time soon are growing pessimistic. Wheat prices are still below pre-Russian invasion levels, as strong crops world wide added to the price pressures for agricultural commodities amidst recession fears.
Wheat Sep ‘22 Futures Price Chart
RBOB Gasoline Prices tanked this week
Gasoline prices fell earlier this week in the wake of an increase in supply into the US underground reserves, this drove gas prices lower and oil giants’ profits higher as well.
RBOB Gasoline Aug ‘22 Futures Price Chart
Sources: finance.yahoo.com, tradingeconomics.com