How have everyone's resource stocks been lately? Key news summaries on oil, gas, gold, and iron (July 18th).
Many friends like resource stocks, but there is no summary of the news on csi commodity equity index. The serial news of csi commodity equity index will make everyone more proficient in investing in resource stocks.
Due to the bleak outlook for csi commodity equity index demand, soft economic data has exacerbated concerns about weak demand, leading to a sharp decline in base metals. China's GDP growth in the second quarter of 2023 was 6.3% year-on-year, below expectations, posing challenges for economic growth in the second half of the year. What is even more concerning in the metal market is real estate investment, which saw a 7.9% year-on-year decline in the first half of 2023. This decline was higher than the 7.2% from January to May, sparking a wave of selling in the entire industry. Iron ore futures also face pressure from issues in the real estate industry. Data released over the weekend showed a decline in new home prices in 70 Chinese cities last month, indicating weakening market sentiment. However, there have also been some positive signs. Industrial output grew by 4.4% in June, higher than May's 3.5%. Fixed asset investment in the first half of the year increased by 3.8%, exceeding market expectations. Low inventories could also limit any downward space for selling. LME aluminum inventories fell to their lowest level since April 11, with a significant reduction in Asia. Copper inventories this month fell by nearly 25%, slightly higher than the 2018 low point. $SSIF DCE Iron Ore Futures Index ETF (03047.HK)$ $CHALCO (02600.HK)$ $RUSAL (00486.HK)$ $JIANGXI COPPER (00358.HK)$
Due to traders awaiting more USA economic data to guide the Federal Reserve's next interest rate moves, gold prices remained basically unchanged. Strength in the dollar and rising bond yields dampened demand for investors in the morning. However, with expectations of further economic weakness, the Federal Reserve has space to pause further rate hikes, allowing the stock to recover those losses by the close. $SD GOLD (01787.HK)$ $Value Gold ETF (03081.HK)$
Due to weak economic data in China, crude oil prices also declined. The protests last week impacted production in Libya's El Feel oil field, and Libya's production recovery intensified this trend. These actions come as signs of an impending market tightening, with both Saudi Arabia and Russia reducing exports. Ship tracking data shows that Russian crude oil shipments decreased by 25% in the four weeks ending July 9. As supplies tighten, Saudi Arabia recently raised its official selling price. With a 1mb/d production cut, exports in the first half of July decreased by 400kb/d. $Samsung S&P GSCI Crude Oil ER (03175.HK)$ $Global X S&P Crude Oil Futures Enhanced ER ETF (03097.HK)$
Due to the prospect of increased supply, Europe's natural gas market began to face pressure this week. With major maintenance work on Norwegian business completed, flow in the coming days should improve, crucial for maintaining market balance in the absence of Russian supply. The International Energy Agency warns that if Russia cuts the remaining flow, Europe may still face a very difficult winter. Even if gas storage is close to 100% by October, it does not guarantee the market will not tighten further. As buyers continue to shun the spot market, North Asian liquefied natural gas prices have seen a slight increase. However, demand for long-term contracts remains strong. India's Ministry of External Affairs signed a long-term contract with TotalEnergies for the sale of bacteria liquefied natural gas. $United States Natural Gas (UNG.US)$
Due to the prospect of increased supply, Europe's natural gas market began to face pressure this week. With major maintenance work on Norwegian business completed, flow in the coming days should improve, crucial for maintaining market balance in the absence of Russian supply. The International Energy Agency warns that if Russia cuts the remaining flow, Europe may still face a very difficult winter. Even if gas storage is close to 100% by October, it does not guarantee the market will not tighten further. As buyers continue to shun the spot market, North Asian liquefied natural gas prices have seen a slight increase. However, demand for long-term contracts remains strong. India's Ministry of External Affairs signed a long-term contract with TotalEnergies for the sale of bacteria liquefied natural gas. $United States Natural Gas (UNG.US)$
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3047 is a team specializing in the research of commodities and smart beta. We like to exchange investment strategies.
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