Written Commentary
Ag Market View for Dec 13.24
December 13, 2024
GOLD
December gold futures are higher today as markets reassessed the escalating tensions between Ukraine and Russia. These developments had previously driven traders toward safe-haven assets. However, concerns were somewhat alleviated after Russian Foreign Minister Sergei Lavrov stated that Russia would take all measures to prevent nuclear war, and the U.S. reaffirmed that its nuclear policy remained unchanged.
SILVER
Yesterday, December silver futures advanced to the highest level in seven days. However, there has been little follow-through with prices lower today. There has been some flight to quality long liquidation on Wednesday as concerns over the escalating Ukraine-Russia conflict began to ease.
COPPER
December copper futures are higher and advanced to the highest level in six days, marking a third consecutive day of gains. Copper futures are higher today despite a stronger U.S. dollar. Traders continue to monitor geopolitical developments after Russia lowered the threshold for a potential nuclear strike amid its ongoing conflict with Ukraine. However, concerns over escalating tensions eased yesterday when Russian Foreign Minister Sergei Lavrov made comments that to some degree deescalated the situation.
The People’s Bank of China kept its key lending rates unchanged, as anticipated, providing no new signals that could influence demand in the world’s largest copper consumer.
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