Wheat Prices Supported By Increased Importer Demand, Weaker Demand Is Plunging Platinum Prices, RBOB Gasoline

Russian Wheat Continues To Be Offered At About The Cheapest Prices | The ECB Will Be Data-Dependent

Summary:

  • Platinum prices plunged amidst prospects of a weaker demand for the metal
  • Wheat prices touched four-month lows on June 27th but have since recovered somewhat.
  • Prospects of a recession could cause a decrease in oil demand are driving oil prices down.

Platinum prices plunged on Thursday

Platinum prices plunged amidst prospects of a weaker demand for the metal outweighed the fear of tighter supplies. As major central banks all over the world continue to raise interest rates in an attempt to control inflation despite the possibility of a recession, a slowdown in economic activity (including vehicle production) is inevitable. As the war in the Ukraine shows no signs of slowing, global platinum supplies are expected to remain subdued.

Wheat Prices Supported By Increased Importer Demand, Weaker Demand Is Plunging Platinum Prices, RBOB Gasoline - 1 Platinum Oct ‘22 Futures Price Chart

Wheat prices supported by increased importer demand

Wheat prices touched four-month lows on June 27th but have since recovered somewhat, supported by increased demand from importers. In the wake of a muted demand period, state tenders from Bangladesh, Jordan and signs of future tenders from Egypt all contributed to lifting buying expectations. However, currently there is a record supply of wheat from Russia and a strong harvest that was stronger than expected in North America. Investors continue to monitor the possibility of seaborne exports from Ukraine, after Italian Prime Minister Draghi hinted that trade corridors may open soon.

Wheat Prices Supported By Increased Importer Demand, Weaker Demand Is Plunging Platinum Prices, RBOB Gasoline - 2 Wheat Sep ‘22 Futures Price Chart

RBOB Gasoline

Oil futures prices fell on Thursday in the wake of a weekly increase in U.S gasoline and distillate supplies raising worries over the demand outlook, and major oil producers are expected to remain on track to boost production in August. The market uncertainty over future OPEC+ output and recession fears which could cause a decrease in oil demand are driving oil prices down.

Wheat Prices Supported By Increased Importer Demand, Weaker Demand Is Plunging Platinum Prices, RBOB Gasoline - 3 RBOB Gasoline Jul ‘22 Futures Price Chart

Sources: finance.yahoo.com. tradingeconomics.com

Russian Wheat Continues To Be Offered At About The Cheapest Prices | The ECB Will Be Data-Dependent

Rebecca Duthie

Remote Editor and writer Intern
FXMAG.COM

Rebecca has a bachelors degree in Investment Management, a Post Graduate Diploma in Financial Planning and is currently enrolled in a Masters program in International Management with a Specialization in International Finance.