Commodity Roundup: Gold, copper slip from record highs, natgas on the move

seekingalpha05-21

Gold (XAUUSD:CUR) and copper prices eased slightly on Tuesday after hitting a record high as focus turned to the FOMC minutes ahead, while U.S. natural gas futures extended gains driven by decreased ...

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Gold prices fell -0.42% to $2,416.05 an ounce by 6 am ET after rallying to a new all-time high on Monday amid safe haven demand and increased interest rate cut hopes. The minutes of the May FOMC meeting to be released on Thursday are expected to further shed light on the U.S. central bank's thinking over inflation readings. Meanwhile, Fed speakers are out in force this week and the early messaging is clear: policy is restrictive, but inflation is moderating at a slower pace than previously forecast, ANZ Research said. Copper futures, too, eased after climbing past $11K/ton for the first time. \"The industry has warned for years that the development of new mines faces significant challenges. That was highlighted late last year, with two major mines shuttered due to escalating costs and restrictive government policies. However, the rally has been supercharged by rising investor appetite in recent weeks,\" ANZ analysts added. Meanwhile, the estimated value of open interest across global commodity markets increased for a consecutive week by $41 billion week-on-week, driven by price based gains across precious and base metals markets along with the energy sector - namely natural gas (as of 17 May), JPM Commodities Research said. The estimated value of open interest in precious metals markets continued its surge to record levels, reaching ~$215 billion, while the estimated open interest value of base metals markets climbed by nearly +5% to historic highs of ~$227 billion. The estimated value of open interest across energy markets increased by $15 billion, largely driven by the rally across Henry Hub and TTF Nat Gas futures (as of 17 May), JPM noted. ING analysts said on Tuesday, TTF continues its move higher, settling 3.25% higher yesterday, and leaving the market close to EUR32/MWh. \"Heavy maintenance at Norwegian facilities is providing support to the market, at a time when we are seeing robust Asian LNG demand.\" While price action in oil has been relatively boring, the natural gas market has been more buoyant, the brokerage added. The Bloomberg Commodity Spot Index — which tracks 24 energy, metal and agricultural contracts — climbed last week to the highest reading since January 2023.   Energy  Crude oil (CL1:COM) -0.85% to $78.63.  Natural Gas (NG1:COM) +0.41% to $2.76.   Metals  Palladium (XPDUSD:CUR) -1.12% to $1,019.00. Platinum (XPTUSD:CUR) -1.44% to $1,043.80. Gold (XAUUSD:CUR) -0.42% to $2,416.05.  Agriculture   Corn (C_1:COM) -1.07% to $455.58.  Wheat (W_1:COM) -0.56% to $684.91.  Soybeans (S_1:COM) -0.86% to $1,235.88.   Commodity ETFs  Gold ETFs:  SPDR Gold Shares ETF (GLD) VanEck Gold Miners ETF (GDX) VanEck Junior Gold Miners ETF (GDXJ) iShares Gold Trust ETF (IAU) Direxion Daily Gold Miners Index Bull 2X Shares ETF (NUGT) Sprott Physical Gold Trust (PHYS)  Other Metal ETFs:  iShares Silver Trust ETF (SLV) Sprott Physical Silver Trust (PSLV) Global X Silver Miners ETF (SIL) U.S. Copper Index Fund, LP ETF (CPER) abrdn Physical Palladium Shares ETF (PALL)  Oil ETFs:  U.S. Oil Fund, LP ETF (USO) Invesco DB Oil Fund ETF (DBO) U.S. 12 Month Oil Fund, LP ETF (USL) U.S. Brent Oil Fund, LP ETF (BNO) U.S. Natural Gas Fund, LP ETF (UNG) U.S. Gasoline Fund, LP ETF (UGA)  Agriculture ETFs:  Invesco DB Agriculture Fund ETF (DBA) Teucrium Soybean ETF (SOYB) Teucrium Wheat ETF (WEAT) Teucrium Corn Fund ETF (CORN)","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2437492033"}