Rally in commodities
Gold rose to its all-time high with the expectation that the Fed will start monetary easing this year and the geopolitical risk created by Reisi’s helicopter crash.
Gold rose to its all-time high with the expectation that the Fed will start monetary easing this year and the geopolitical risk created by Reisi’s helicopter crash.
In Asian transactions, one ounce of gold rose by up to 1.1 percent and reached a new record at $2,440.
Nicholas Frappell, global head of corporate markets at Sydney-based ABC Refinary, pointed out the news flow originating from Iran and commented, “Given the low liquidity levels in Asia, investors are probably reluctant to reduce their positions.”
Comex futures also showed that hedge funds’ optimistic gold positions reached a three-week high on Friday. On the other hand, copper prices, which have been rising in recent months due to the expectation of limited supply, have reached their new peak.
In the LME futures market, copper rose up to 4.1 percent and broke a record at $ 11,104.5.
While short sales on the Comex Exchange accelerate copper shipments to the USA, this situation tightens copper supply in other regions, according to Jinrui Futures Analyst Gong Ming.
Gong Ming commented, “With the increase in exports, we may see a decrease in inventory in the Chinese copper market.