How are everyone's resource stocks recently - oil, gas, gold, and iron key news summary (06/27)

I read that many friends like resource stocks, but they don't focus on the summary of commodity news. Serializing commodity news makes it more convenient for everyone to invest in resource stocks.

The mix of macroeconomics and geopolitics has created an uncertain backdrop for commodity markets. A weakening dollar helps support investors' appetite.

European gas soared in early trading due to increasingly serious geopolitical issues. Although Europe has drastically reduced its dependence on Russian pipeline gas, it remains an important supplier. Russia is also a major supplier of liquefied natural gas to the European Union (EU) and the world. However, as supply risks abated, benchmark futures declined intraday. The data shows that for the first time, the importance of the LNG market to Europe exceeds the volume of pipeline gas imports. The price of LNG in North Asia also rose in early trading, then fell back to the opening level.

As economic headwinds intensify, the basic metals market is in trouble. The German business outlook deteriorated to its lowest level this year, and the IFO Expectations Index fell to 83.6 in June. China's consumer-driven recovery is also showing signs of losing momentum. Recently, domestic travel spending during the Dragon Boat Festival was lower than pre-pandemic levels. Housing sales figures are also lower than those of previous years. This has put pressure on nickel prices, and the surge in supply has also exacerbated the situation. So far this year, production in Indonesia has increased by nearly 50%, and further expansion will drive the market to generate a sizeable surplus. The outlook for the copper market is even more encouraging, with investor Robert Friedland warning that the mining industry is trying to expand supply until demand accelerates. The CEO of Codelco, a Chilean state-owned company, recently resigned due to difficulties in increasing production. Output is at its lowest level in a quarter of a century. Heavy rain and flooding have caused the closure of several copper mines in Chile this week.

A weaker dollar helped push the price of gold higher. However, the prospect of further tightening of monetary policy has caused investors to give up their bets on the Fed cutting interest rates.