3047HK Iron Ore ETF wrote a post · Nov 3, 2023 15:04

How have everyone's resource stocks been lately - oil, gas, gold, and iron? Key news highlights (November 3rd).

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. $SSIF DCE Iron Ore Futures Index ETF (03047.HK)$

The risk sentiment of the entire market boosted the sentiment of commodities. This is due to the weakness of the US dollar, which has supported investor appetite. As market risk preferences generally rebounded, crude oil prices rose. Previously, the Federal Reserve hinted at no more rate hikes. The weakness of the US dollar intensified the risk sentiment, making commodities more attractive to most consumers. $Global X S&P Crude Oil Futures Enhanced ER ETF (03097.HK)$

European natural gas followed the rise in crude oil, while traders weighed winter risks against relatively weak demand. The United States imposed sanctions on the second Arctic liquefied natural gas project in Russia, which is scheduled to start production later this year. Following interruptions in Egyptian exports in recent weeks, this has cast a shadow over the global liquefied natural gas supply outlook for the next few months. However, with the arrival of the heating season, the region is in a prime position and storage facilities are essentially full. As buyers restrict winter purchases, prices for liquefied natural gas in North Asia have fallen.

Copper, along with other base metals, has risen amid the general risk sentiment in the market. For the past 18 months, aggressive monetary tightening has been a resistance in this industry. The possibility of no further tightening should boost market sentiment. Aluminum prices have remained relatively unchanged as the market considers reports of further production cuts at Yunnan smelters. The Shanghai Nonferrous Metal Market stated that an aluminum smelter in Xinjiang Autonomous Region has not been affected by power outages and is operating at full capacity. However, the tight energy market may face the threat of disruptions. Prices are also threatening the closure of mines in the entire industry. Earlier this week, Nyrstar announced the closure of two zinc mines in the United States due to price crashes, which was followed by a rise in zinc prices.

Due to the demand in the electric vehicle and battery market, battery metals continue to face pressure. However, in order to fully capitalize on the electric vehicle boom, China's battery supply has eventually exceeded demand in a ratio of two to one. This is happening amidst high inflation and an uncertain economic backdrop that is impacting consumer demand. While electric vehicle sales growth remains strong, it has been declining. This has led to battery manufacturers reducing production and decreasing metal inventories. Metals such as lithium, cobalt, and nickel may still be experiencing oversupply in the short term. This may result in sustained low prices. Nevertheless, we still see a strong long-term outlook. $GANFENGLITHIUM (01772.HK)$

Investors have reduced their bets on further interest rate hikes by the Federal Reserve, and this has kept the price of gold stable. The weakening of the U.S. dollar has also supported precious metals.

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3047HK Iron Ore ETF

3047 is a team specializing in the research of commodities and smart beta. We like to exchange investment strategies.

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