Commodity prices are under pressure as supply flows from the Middle East normalize. Meanwhile, gold has gained appeal as weak US labor data softens expectations for Federal Reserve policy tightening.
Key Takeaways
- 1.Oil prices are declining as flows through the Strait of Hormuz normalize, increasing supply.
- 2.Aluminium prices are falling as the geopolitical risk premium wanes due to production restarts at EGA's Al Taweelah smelter.
- 3.Gold prices rallied following weak US jobs data, which cooled market expectations for Federal Reserve rate hikes.
Table of Contents
- Energy - Brent curve reflects improving supply picture
- Metals – Aluminium under pressure after EGA update
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Authors
Warren PattersonEwa Manthey
Securities
ICE BrentHenry HubLME Aluminium
Themes
Central bank gold accumulationGeopolitical risk premium unwinding
Regions
Middle EastAsia PacificUnited StatesPolandChina
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