More Expensive Coffee!? Weather Conditions In South America Can Limit Crops. (WTI) Crude Oil Price Recovering, Palladium Prices Rise Amidst Concerns Around Supply
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Summary:
- With China likely to ease lockdowns and the Russian oil embargo, WTI Crude prices are rising.
- Coffee futures prices are rising again amidst concerns around supply.
- Concerns around supply heighten for Palladium.
WTI Crude Oil recovering
WTI Crude Oil futures have been recovering this week after the poor market performance last week. Going forward, it is likely that the market will see oil prices go up, therefore raising gas prices as well. Despite the lockdowns in China suppressing oil demand, the possibility of the lockdowns being lifted the market will see the demand rise. The Russian oil embargo is likely to get tighter, which is heightening investors' concerns around the supply of oil, which is also pushing up the price.
U.S President Joe Biden's attempt at reducing prices through releasing some of the U.S Crude Reserves into the market has not made a very noticeable impact so far, the release is expected to last until November.
WTI Crude Oil Futures Price Chart
Read next: (XAUUD) Gold Regains Investor Interest As The Dollar Weakens, NGAS Prices Going Up, Cotton Price Rising Along With Concerns Around Supply
Coffee futures recovering amidst supply concerns
Coffee futures prices are recovering in the wake of the poor market performance of last week. The prices are rising again over concerns around weather conditions in South America as the coffee farmers in Brazil are expecting frost in the coming days. The adverse weather conditions could affect the coffee crop and lead to a poor harvest in the future. There are also expectations on smaller supplies from Columbia. With concerns around coffee supplies across the board, the price of futures is rising.
Coffee Jul ‘22 Futures Price Chart
Concerns around Palladium supply are pushing up the futures prices
Palladium futures rose above $2000, it is possible that the market could continue to see this growth as the reduced supply from Russia continues and a deficit supply from South African suppliers heighten concerns. South African producers are facing operational challenges, causing their output to decrease.
Palladium Jun ‘22 Futures Price Chart
Read next: Commodities Prices Recovering After Poor Performance Early Last Week - Brent Crude Oil Prices, Silver Prices Fall As Investors Shy Away From Precious Metals & Corn
Sources: tradingeconomics.com, finance.yahoo.com
