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Brent crude prices ticked higher on Monday, starting the last week of the quarter on a positive note supported by tight supplies, and Russia’s move to temporarily ban gasoline and diesel exports.
“This is another bullish development as higher diesel and gasoline prices will increase demand for crude oil from refineries amid rising margins,” ANZ analysts Brian Martin & Daniel Hynes wrote in a note, adding European gas prices also got a boost from Moscow’s latest move.
Gold prices meanwhile ticked lower as the dollar held firm following the U.S. central bank’s hawkish signals last week, and palladium (XPDUSD:CUR) was on course for a third-straight session of losses.
UBS on Monday reiterated its cautious outlook for palladium, citing lower Chinese palladium imports as a result of likely destocking could be another factor weighing on prices, alongside the ongoing substitution from palladium to platinum in autocatalysts.
“Investors who want to trade in palladium need to take into account the metal’s low trading volume, and they must have a high risk tolerance,” said UBS strategist Giovanni Staunovo.
In industrial metals, copper too traded lower as higher for longer commitment to interest rates dampened investor sentiment with a stronger dollar further weighing on prices, ahead of a long market holiday in China.
Top consumer China, will be shut for public holidays during Sept. 29-Oct. 6.
In agricultural commodities, soybeans, wheat and cocoa ticked lower.
Recent Commodity Price Movements
Energy
- WTI Crude Oil (CL1:COM) +0.27% to $90.27.
- Natural Gas (NG1:COM) -1.07% to $2.61.
Metals
Agriculture
- Corn (C_1:COM) -0.51% to $474.84.
- Wheat (W_1:COM) -0.21% to $578.28.
- Soybeans (S_1:COM) -0.31% to $1,292.25.
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)
