Gold prices rise while Brent crude falls below $80/bbl due to decreased demand

From Investing.com: 2024-07-30 05:50:00

Energy – Brent Tumbles Below $80/bbl
Brent prices drop below $80/bbl for the first time since June due to bearish sentiment and weak Chinese demand. Speculative selling hits commodity complex. US DoE buys 4.65m barrels of crude for Strategic Petroleum Reserve. TTF futures rally on Asian weather forecasts. LNG flows to EU at lowest levels since 2021.

Metals – China’s Gold Demand Falls Amid Record Prices
China’s gold demand down 6% in H1 to 524 tonnes due to high prices. Jewellery purchases fall 27%, but bars and coins sales jump 46%. Central bank purchases paused, supporting prices. Concerns over potential strike at BHP’s Escondida mine in Chile.

Agriculture – Vietnam Coffee Shipments Fall
Vietnamese coffee exports drop 35.7% YoY in July to 70kt. Cumulative exports down 13.8% YoY to 964kt in first seven months. US grain export inspections strong, with 1,058.9kt of inspected. and export inspections also show positive trends.



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