Commodity Weekly Wrap: Crude oil heads for its first weekly loss in three; copper up 3% so far

Take a look at how bullion, industrial metals, and agri-commodities fared this week (May 29–June 2).

Truncated, Choppy Week for Global Commodities

Gold, silver, and base metals are poised to end the week in green.

Crude Oil and Global Agri Commodities Set to post weekly losses

Markets cheered the approval of the US debt ceiling bill to avoid a default.

Dollar mark its steepest drop in nearly 3 months near the 103.50 level

Some Fed officials called for the central bank to consider holding rates steady in June.

Crude oil slips

Headed for its first weekly loss in three

Brent and WTI crude are set to end in the red this week, down 3% so far.

The market got support from the passage of a bill suspending the US government's $31.4 billion debt ceiling.

Signals of a potential pause in rate hikes by the Federal Reserve.

Uncertainty ahead of the OPEC+ meeting over the weekend keeps gains in check.

HSBC and Goldman Sachs believe further output cuts are unlikely.

U.S. oil inventories jumped unexpectedly last week by 4.5 million barrels vs. expectations of a 1.1 million barrel drawdown.

Gold hovers near the key $2000-Mark

Gold prices surged to the $2,000 mark after two weeks.

Markets are closely watching nonfarm payrolls data for more cues on the U.S. economy.

Silver rebounds near $24

Silver set for first weekly gains in seven

Metal is up 3% so far this week, hovering near 2-week highs.

A steep correction in the dollar index and broader strength in industrial metals

Metals Recover

London copper prices recovered from six-month lows.

Set to end the week in green after six consecutive weekly losses

Red metal is up 3% so far this week.

Driven by improved production and demand in China.

Caixin Global Manufacturing PMI rose to 50.9 in May, vs. the contraction in activity seen in the official PMI this week

LME aluminium is up 2.2%, while zinc is likely to end flat for the week.

Total LME inventories of zinc are at a 1-year peak following growth since May 23.

ING expects copper prices to remain volatile, and to average $8,500 per tonne in 2023

COMMERZBANK:

Sees a copper price of $9,000 per tonne at the end of 2023 (formerly $10,000)

Sees aluminium reaching $2,600 per tonne by 2023's end (formerly $2,800).

Zinc price is seen at $2,500 by 2023-end (formerly $3,400)

Nickel Price to Reach $23,000 Per Tonne By 2023's End (previously $29,000)

Global agri-commodities witness heavy volatility

Grains, and oilseeds to end the week in the red, despite a smart recovery on Thursday.

Malaysian palm is set to decline this week, down 5.5% so far.

Early signs of hot, dry weather due to El Nino is threatening food producers across Asia.

American growers see heavier summer rains alleviating the impact of severe drought.

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