From Investing.com: 2024-12-19 05:35:00

The Federal Reserve lowered rates by 25bp but scaled back rate cut expectations for 2025, impacting commodities. Oil prices fell due to a soft EIA inventory report, while gold dropped over Fed’s outlook on slower monetary easing.

US oil inventories saw a smaller draw than expected, with total commercial crude stocks at 421m barrels. Gasoline stocks rose, but distillate fuel oil fell. Refinery capacity decreased to 91.8%.

Global zinc market had a 19kt surplus in the first 10 months of the year. Refined zinc production fell 1.7% YoY, while consumption grew by 1.3%. Lead production dropped by 1.7%, with consumption down by 1.6%.

US cocoa prices hit new highs due to concerns of lower output in the Ivory Coast. Dry conditions in West Africa threaten cocoa trees, with no rainfall expected for the next 7-10 days. French soft wheat inventories are estimated at 2.87mt, down 9.9% from last year. Wheat export expectations were lowered for the season.



Read more at Investing.com: Crude and Metals Retreat as Fed Signals Slower Rate Cuts