Metals News July 19, 2024
19 thg 7, 2024
Despite expectations for a Federal Reserve rate cut in September, the US dollar has gained strength, driving silver prices lower. Recent data from the Bureau of Labor Statistics shows a rise in unemployment claims to 243,000, marking the highest 4-week average in over two and a half years, signaling a weakening job market.
Silver September contract prices continue to decline. The settlement price on July 18 was 30,224 USD/troy ounce, down 0.5% compared to the previous session.
Platinum October contract price dropped sharply. The settlement price on July 18 was 986 USD/troy ounce, down 2.19% compared to the previous session.
Copper September contract price decreased for 4 consecutive sessions, the settlement price on July 18 was 4.28 USD/pound, down 2.93% compared to the previous trading session.
Source: Colleted from various source
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The overwhelming selling pressure dragged the MXV-Index down by an additional 0.59% to 2,102 points, extending the losing streak to three consecutive sessions. By the close of the market, nearly the entire price board for metals and agricultural products was covered in red.
The metal and agricultural markets are ablaze, causing the MXV-Index to continue its decline.
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Concerns over adverse weather in Brazil and Vietnam, which could severely impact supply, have led to continued increases in coffee prices.
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