From Investing.com: 2024-11-27 03:50:00

Israel and Hezbollah have agreed to a 60-day ceasefire, prompting the oil market to assess the impact on the region’s conflicts. ICE trading remains flat as the market awaits further developments. The American Petroleum Institute reported a drop in US crude oil inventory, while OPEC+ may delay production increases. Oil prices struggle around $75/bbl amid demand concerns.

LME data indicates a significant increase in canceled warrants for zinc, hinting at continued withdrawal of warehouse stocks. The World Platinum Investment Council forecasts a narrowing global platinum deficit in 2024 and 2025 due to supply improvements and lower industrial demand. Speculators reduced bullish bets in copper, aluminum, and zinc, reflecting market sentiment.

EU soft wheat exports have decreased for the 2024/25 season due to competition from Russia and poor harvest in France. EU corn imports have increased as domestic supply weakens. Thailand’s Cane and Sugar Board anticipates the start of the crush season, with sugar production expected to rise significantly. ING’s publication provides information on the commodities market without offering specific investment advice.



Read more at Investing.com: Crude Oil: Israel-Hezbollah Ceasefire Calm Oil Markets Amid Global Supply Concerns