Summary;
- US oil benchmark rose 8%.
- Coffee futures rising.
- Palladium futures nearing 6 month lows.
WTI Crude Oil prices falling
WTI crude prices dropped during Wednesday's trading day after rallying for 3 days straight, the fall in prices comes in the wake of industry data that pointed to a rise in U.S crude inventories and a looming recession which could cut demand for the commodity. Oil prices are under pressure as concerns around a global recession that could come in the wake of the global fight against a continuing increase in inflation. At the same time, the US oil benchmark rose by 8% in the three trading sessions before, supported by continuous supply tightness and a weaker dollar.
WTI Crude Sep Futures Price Chart
Coffee futures prices supported
Arabica coffee futures prices rose on Wednesday after rebounding from their 8 month lows seen on July 14th. Market participants remain concerned around supplies from top-producer Brazil, the prices of coffee continue to be supported as concerns around drier weather conditions affecting coffee crop prospects continue.
Coffee Sep ‘22 Futures Price Chart
Palladium futures near 6 month lows
Palladium futures prices remained close to 6 month lows on Wednesday's trading day and fears of falling demand outweighed tighter supplies. The demand for palladium is expected to decline as the combination of recurrent covid lockdowns in China and rising interest rates being used to curb surging inflation increased the risk of a global economic recession. There are, however, still concerns around lower supplies of the metal leaving Russia as the war in the Ukraine shows no sign of slowing.
Palladium Sep ‘22 Futures Price Chart
Sources: finance.yahoo.com, tradingeconomics.com
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