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by Jrg Bernhard
This was mainly achieved through a massive expansion of short positions. Overall, large (non-commercial) speculators reduced their net long position (optimistic market expectation) from 175,300 to 154,600 contracts (-11.8%) in the week ending 14 June, while small speculators (not subject to complaint) recorded a decrease from 24,600 to 24,000 futures (-2.4%). Incidentally, the optimism of speculative market participants was even less pronounced three years ago.
On Monday morning, the gold price showed slightly higher prices. By 7:40 am (CEST), the most actively traded gold futures (August) were up 4.30 to $ 1,844.90 per troy ounce.
Rohl: China buys Russian oil on a large scale
After the price of oil dropped more than 9% in the last week, it showed up at the beginning of the week with quotations held. Interest rate hikes in the US, Britain and Switzerland have given new impetus to fears of a recession as Russia’s war against Ukraine and continuing unrest in Libya continue to weigh on the current supply situation. In May, China increased its imports of Russian crude oil from 1.59 million barrels per day (April) to 1.98 million barrels per day, 55% higher than the previous year’s figure. The Russians now supply more oil than Saudi Arabia’s previous main supplier.
On Monday morning, the price of oil presented itself with stable prices. Around 7:40 am ET, the later dated WTI future was up 0.04 to $ 109.60, while its Brent counterpart was up 0.01 to $ 113.13.
Financeen.net editorial staff
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