Oil and copper prices fall due to demand worries and geopolitical tensions

From Investing.com: 2024-07-23 07:28:00

Oil prices are under pressure due to demand concerns, but OPEC+ cuts should tighten the market. Hungary and Slovakia are urging the EU to resume Russian oil flows through Ukraine. A Russian refinery fire may disrupt operations, impacting refined product and crude oil prices. European energy prices weakened, storage is full, and LNG supply risks are easing.

Copper hits a three-month low on weak Chinese consumption and rising global inventories. China’s property slump and lack of stimulus disappoint metal markets. Refined copper exports from China doubled in June, signaling slowing domestic demand. Rising copper inventories globally highlight weak demand in China and beyond.

The EU cuts corn yield estimates due to weather conditions, although yields remain above the five-year average. US soybean shipments rose, while wheat and corn exports slowed last week. Weekly US export inspections show fluctuations in corn, wheat, and soybeans exports. This publication is for informational purposes only, not offering investment advice.



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