International commodity futures price fluctuations intensify

Xinhua News Agency, New York, July 5th. Summary: The price of international commodity futures fluctuations intensify

Xinhua News Agency reporter Liu Yan

Due to the intensification of the market's decline in major economies such as the United States, the price of commodity futures, which is closely related to the economic situation, has dropped significantly on the 5th.

On the same day, the risk aversion funds pushed the US dollar index to rise by 1.3%to a new high of nearly 20 years, driving the price of international crude oil futures to a weight of more than 8%, the main gold and silver futures prices fell more than 2%. The contract declined exceeded 4.5%, and the price of natural gas futures fell more than 3.5%.

On the same day, the price of light crude oil futures delivered in August of the New York Commodity Exchange fell $ 8.93, closed at $ 99.50 per barrel, a decrease of 8.24%; 102.77 US dollars per barrel, a decrease of 9.45%; the price of Natural Gas Futures, which was delivered in August, received $ 5.73 per million British thermal units, a decrease of 3.61%.

The Chicago Futures Exchange's December contract closed at $ 5.785 per puppet ear, a decrease of 4.77%; the Wheat September contract closed at 8.07 US dollars per puppet ear, a decrease of 4.61%; the November contract received at $ 13.16 per puppet ear, a drop of 5.68%.

This is the location of the Chicago Futures Exchange Building in the center of Chicago, which was taken in May 2019. (Photo by Wang Ping, a reporter from Xinhua News Agency)

The price of gold as an asset of insurance assets has also fallen significantly. The price of gold futures delivered in August of New York Commodity Exchange fell 2.09%to close at $ 1763.9 per ounce, which was the lowest closing price since this year. 2.78%.

On the same day, the yields of 2 -year and 10 -year Treasury bonds in the United States fell, and the 10 -year Treasury yield was lower than the 2 -year Treasury bond yield. This is the backlog of US key government bond yields since mid -June, reflecting the market's concerns about the prospects of the US economic recession.

The US "Political News" website on the 4th article said that with the "fighting" upgrade of the Fed's most serious inflation in the past 40 years, from Washington to Wall Street, the "whisper" that will appear to be economic depression has become "roar".

Robert Dengtter, a Nomura securities economist, predicts that from the fourth quarter of this year to next year, about 2%of the US economy will shrink.

Citi Group released a report on the 5th that if the global economy has declined and the oil exporting country does not pass the supply of supply, the price of Brent crude oil futures may fall to $ 65 per barrel by the end of this year, and by the end of 2023, at the end of 2023 Downs to $ 45 per barrel.

Citi Group believes that in the case of economic recession, the unemployment rate will increase, family and enterprises will go bankrupt, large commodity prices will decrease, and oil companies may reduce supply.

On April 8, a woman cheered at a gas station in London, England. (Photo by Li Ying, a reporter from Xinhua News Agency)

While the market focuses on the prospects of demand, the supply side does not significantly improve signs. Analysts believe that oil prices will still receive support from the supply side, and there may still be rising.

Manish Raj, Chief Financial Officer of Verandra Energy Corporation, said that oil prices have fallen too fast and brings buying opportunities for spot oil dealers.

Michael Lynch, president of the US Energy Economic Strategy Research Consulting company, predicts that unless the supply of crude oil in Libya, Iran or Venezuela will become strong, New York crude oil futures prices will not fall to less than $ 90 per barrel in the next few months.

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