Crude oil prices slid more than $1 on Wednesday to their lowest in more than three months on concern over waning demand in the United States and China as per latest commodity market news. Crude production in the United States this year will rise by slightly less than previously expected but demand will fall, the U.S. Energy Information Administration (EIA) said on Tuesday.
The U.S. dollar extended its gain for a third day on Wednesday as it continued to recover from a sharp selloff last week on rising confidence that the Federal Reserve has ended its interest rate hiking cycle.
Bullions extended their fall following concerns about the potential continuation of monetary tightening by the Federal Reserve. Despite this, Wall Street managed to hold onto intraday gains as US Treasury yields remained subdued after Monday’s rise.
The dollar index which measures the currency against six major counterparts rose 0.02% at 105.505. MCX Gold future settled at 60009 down 0.56%. Silver at 71050 up 0.59%. Copper prices settled at 704.00 down 0.83%. Crude oil settled at 6274.00 down 3.58%. Natural gas settled 257.20 down 0.72% as per the reports from latest commodity market news.
Commodity Market News | Economic data and events scheduled
China
At 7.0 pm –
CPI y/y. Data is foreseen at -0.1% from previous 0.0%.
PPI y/y. Data is foreseen at -2.7% from previous -2.5%.
Above data could have a negative for the Yuan.
Japan
At 10.30am – Economy Watchers Sentiment. Data is foreseen at 50.10 from previous 49.90.
Above data could have a positive impact on Yen.
Eurozone
At 2.30pm – ECB Economic Bulletin.
2 DAY ECOFIN Meetings.
At 1.00pm- ECB President Lagarde Speaks.
Above data could have a volatile impact on the Eur.
UK
At 2.00pm- MPC Member Pill Speaks.
CANADA
At 10.30pm- Gov Council Member Rogers Speaks.
Above data could have a volatile impact on the dollar.
U.S.
At 7.00pm – Unemployment Claims. Data is foreseen at 218k from previous 217k.
Tentative – Mortgage Delinquencies. Previous was 3.37%.
At 11.31pm- 30-y Bond Auction.
Above data could have a volatile impact on the dollar.
Commodity Samachar
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