Crude Oil Slump Hit Commodity Bull Market
Worried about the high oil prices and dragging down the world economy and thus reducing oil demand, the international crude oil futures price, which is the bull market vane of this round, has fallen sharply this week.
Bernanke, chairman of the Federal Reserve, said that the pace of economic growth in the United States has continued to slow down, and inflation is continuing to experience upward risks. This has led to a surge of investor insecurity in the financial industry and Bernanke's comments are seen as a sign of declining oil demand. Various factors caused a sharp drop in popularity of the soaring oil market, and New York crude oil futures prices fell sharply for three consecutive trading days, dropping from 145 US dollars to 130 US dollars. Technically, crude oil futures prices are expected to fall back to around $120, which is difficult to recover in the short term.
The decline in the energy market has undoubtedly caused a great impact on commodity bull markets, and the market for agricultural products has dropped significantly. In the CBOT market, the US soybean fell to 1500 cents from 1600 cents in the case of weather speculation, and the corn price dropped to 800 cents from the beginning of July to the lowest 650 cents this week, or nearly 20%. The price of the Mai Mai is over 800 cents. New York's original sugar has rebounded to 14 cents on the basis of the concept of ethanol. A long shade returned to 12.5 cents on Thursday. The cotton market, which fell earlier, maintained a horizontal trend. On the whole, the market for agricultural products will be dominated by a weak market in the short term.
In terms of metals, last week, the international market hyped up the theme of China's nonferrous metals enterprises' joint production reduction, and the price rose sharply. Lun copper dropped sharply to $8000 this week after a sharp fall last week. Lun aluminum rose to a flash in the pan, from $3380 to below $3100, while zinc returned to $1800 from above $2100. London gold fell to $950 from Tuesday's top 988 U.S. dollars, but financial market instability and technological support still kept gold prices strong. Investors can still focus on it. |
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