Metals News September 11, 2024
11 thg 9, 2024
The Dollar Index slightly increased by 0.08% on Tuesday, supported by reduced speculation of a 50 basis point rate cut by the Fed. The SWAP market is pricing in a 34% probability of a 50 basis point rate cut at next week's FOMC meeting, down from 50% following last Friday's U.S. employment report. Additionally, the rise of the dollar is capped by lower liquidity demand due to the strong surge in stocks.
The December Silver Futures price slightly declined. The settlement price on September 10 was 28.614 USD/troy ounce, down 0.13% compared to the previous session.
The October Platinum Futures price slightly decreased. The settlement price on September 10 was 944.3 USD/troy ounce, down 0.27% compared to the previous session.
The October Copper Futures price dropped. The settlement price on September 10 was 4.056 USD/pound, down 1.1% compared to the previous session.
Source: Compiled
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The August report from the USDA was fairly neutral for corn and wheat, while it showed a negative outlook for soybeans. Grain prices adjusted due to favorable weather conditions in the U.S. Midwest and lower demand for corn, soybeans, and wheat compared to the tightening pace of U.S. ending stocks.
Commodity Market Overview August
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The September soybean futures contract closed higher than the previous session and approached the $15.25 per bushel mark, with a trading range from $14.83 to $15.37 per bushel.
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