Gold Silver Reports (GSR) – China, the biggest consumer of everything from copper to coal, has warned that the proliferation of tariffs could cause a global recession.
Crude Oil
Futures in New York have plunged 4.2 percent to $70.70 a barrel this week. Short-term bearish signals for oil prices on the supply side include Libya restarting a key oil field that had been shut since February, tempering the International Energy Agency’s warning that spare capacity may be stretched to the limit.
Copper
Often regarded as an economic bellwether, the metal has taken a beating in the past month. Prices are poised for a fifth weekly loss, the longest such slump since 2015.
Traders will be watching today’s U.S. commitment of traders report for signs that speculators are continuing to cut their positions. Last week, the net-long position was the least bullish in three months.
Soybeans
Soybean prices lost 6.5 percent this week. China’s imports of the oilseed are likely to decline for the first time in 15 years.
Soybeans have been hardest hit, with pricing falling to the lowest in almost a decade as China’s duties on U.S. supplies took effect. Metal and energy markets were also caught by fears that the trade spat will set off a global economic slowdown. Earlier this week, copper prices sank to almost a one-year low. – Neal Bhai Reports (NBR)
