How are everyone's resource stocks recently - oil, gas, gold, and iron key news summary (July 18)
Seeing how many friends like resource stocks, but don't focus on commodity news at the bottom line, we've loaded up on commodity news to make it easier for everyone to invest in resource stocks.
Basic metals plummeted as the outlook for commodity demand was bleak and weak economic data heightened concerns about sluggish demand. China's GDP grew 6.3% year on year in the second quarter, falling short of expectations, posing challenges to economic growth in the second half of the year. More worrying in the metals market is real estate investment, which fell 7.9% year over year in the first half of 2023. This drop was higher than 7.2% in January-May. This sparked a wave of sell-offs across the industry. Iron ore futures are also under pressure from problems in the real estate industry. Data released over the weekend showed that prices for new homes in 70 cities in China fell last month, and market popularity has weakened. There are, however, some positive signs. Industrial output increased by 4.4% in June, up from 3.5% in May. Fixed asset investment increased 3.8% in the first half of the year, better than market expectations. Low inventories may also limit the downside of any sell-off. LME aluminum inventories fell to their lowest level since April 11, with a sharp decline in Asia. Copper inventories fell nearly 25% this month, slightly above the 18-year low. $SSIF DCE Iron Ore Futures Index ETF(03047.HK$ $CHALCO(02600.HK$ $RUSAL(00486.HK$ $JIANGXI COPPER(00358.HK$
As traders wait for more US economic data to guide the Fed's next interest rate trend, there has been almost no change in the price of gold. The strengthening of the US dollar and rising bond yields weighed down the demand of investors in early trading. However, due to the anticipated weakening of economic data and room for the Federal Reserve to suspend further interest rate hikes, the stock recovered these losses at the close of the session. $SD GOLD(01787.HK$ $Value Gold ETF(03081.HK$
Crude oil prices also fell due to weak Chinese economic data. Last week's protests affected production at the Erfil oil field in Libya, and the resumption of production in Libya has intensified this trend. The move comes at a time when the market is finally tightening, with both Saudi Arabia and Russia cutting exports. Ship-tracking data showed that in the four weeks ending July 9, Russian crude oil shipments fell 25%. Due to tight supply, Saudi Arabia recently raised official sales prices. Due to a 1mb/d reduction in production, exports fell by 400kb/d in the first half of July. $Samsung S&P GSCI Crude Oil ER(03175.HK$ $Global X S&P Crude Oil Futures Enhanced ER ETF(03097.HK$
European gas began to be under pressure this week due to the prospect of increased supply. After the main maintenance work of the Norwegian business is completed, traffic should improve over the next few days, which is critical to maintaining market balance in the face of lack of supply from Russia. The International Energy Agency has warned that if Russia cuts remaining flows, Europe may still have a very difficult winter. Even if gas storage is close to 100% by October, there's no guarantee that the market won't be further strained. LNG prices rose slightly in North Asia as buyers continued to avoid the spot market. However, demand for long-term contracts remains strong. India's Ministry of Foreign Affairs has signed a long-term bacterial liquefied natural gas sales agreement with TotalEnergies. $United States Natural Gas(UNG.US$
European gas began to be under pressure this week due to the prospect of increased supply. After the main maintenance work of the Norwegian business is completed, traffic should improve over the next few days, which is critical to maintaining market balance in the face of lack of supply from Russia. The International Energy Agency has warned that if Russia cuts remaining flows, Europe may still have a very difficult winter. Even if gas storage is close to 100% by October, there's no guarantee that the market won't be further strained. LNG prices rose slightly in North Asia as buyers continued to avoid the spot market. However, demand for long-term contracts remains strong. India's Ministry of Foreign Affairs has signed a long-term bacterial liquefied natural gas sales agreement with TotalEnergies. $United States Natural Gas(UNG.US$
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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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