Energy : Despite Beijing's initiatives to boost its economy, which represent a major boost to demand for black gold, oil prices remain under pressure. The price of Brent crude oil is back close to the USD 70 mark, losing around 4.30% in five days. The same is true of US WTI, down 4.60% over the same period to USD 67.6. The problem is therefore to be found on the supply side, which is causing concern as OPEC+ producers are reportedly preparing the ground for an increase in production, which would put an end to their strategy of price control. In this context, even the growing tensions in the Middle East are taking a back seat.
Metals : A festive mood prevails in the industrial metals segment, which is taking full advantage of China's announcements of stimulus measures, particularly those aimed at improving its real estate sector. Copper rose sharply in London, back above USD 10,000 per tonne. The strongest advance was for zinc, up around 7% to USD 3038 (spot price). In precious metals, gold continued its rally to USD 2,660, setting new record highs.
Agricultural products: Wheat and corn prices gained a little height last week in Chicago, at 582 and 414 cents a bushel respectively (contracts expiring December 2024). Coffee continued its upward trend (+7% in five days) and reached a new annual high due to concerns over production in Brazil, the world's leading producer, which has been hit by severe drought and multiple fires.