21/10/2024 Evening Reports
Big moves in the metals market! China’s economy is making waves in the metals market once again! Following aggressive rate cuts by Chinese banks to stimulate the struggling property sector, industrial metals are seeing a strong rally. Copper surged 0.8%, hitting $9,700 a ton, while zinc climbed 1%. Iron ore, another key industrial commodity, soared 1.7% on the Singapore Exchange, later stabilizing at $101.90.
The rate cuts come as part of Beijing’s broader effort to ensure China meets its ambitious 5% growth target for 2024. The property market, a vital source of demand for metals like copper, steel, and zinc, is a key focus of these efforts. By making borrowing cheaper, China aims to breathe life back into this crucial sector.
However, while the metals rally is exciting, some investors remain cautious. Questions loom about the long-term impact of these measures and whether they will provide sustained momentum for the market. Volatility has been high in recent weeks, with metals like iron ore and copper seeing rapid gains followed by dips as traders react to each new policy move.
Open A Live Account
CDO has wide range of tools, professional and friendly support for clients to achieve their financial markets trading goals. Open a live account now to enjoy this experience with virtual deposit.
Gold on Fire: Will It Keep Rising Amid Global Chaos?
Gold has exploded to record highs, fueled by a perfect storm of election uncertainty, escalating Middle East tensions, and the growing belief that central banks will unleash more rate cuts. As the U.S. presidential race heats up and geopolitical risks intensify, traders are pouring into gold as a safe-haven, betting on even bigger gains ahead. With the Fed likely to cut rates in November and more central banks expected to follow, gold is poised to soar even higher.
CDO TRADER
CDO TRADER, our cutting-edge trading platform, follows the technology from the forefront with new features added continuously. Moreover, CDO TRADER is now available for Android and iOS! So it allows you to trade on the go!
Oil Prices Rise: What Will Israel’s Next Move Against Iran Be?
Oil prices recovered after an 8% drop last week, with Brent surpassing $74 and West Texas Intermediate exceeding $70. This rise follows escalating Middle Eastern tensions, including a Hezbollah drone explosion near Israeli Prime Minister Netanyahu’s home and Israel’s military actions in Lebanon.
In China, the central bank cut lending rates to boost economic growth, while Saudi Aramco’s CEO remains optimistic about rising consumption.
Crude prices have been volatile, balancing Middle Eastern supply risks and weak demand signals from China. The International Energy Agency warns of a potential surplus next year as OPEC+ plans to restore production capacity starting in December.
Following Israel’s weekend attack, the rise in oil prices has caught attention. How do you think these tensions will impact global energy markets?
