Demand Is Decreasing For Platinum, RBOB Gasoline, Supply Concerns Around Wheat Are Easing
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Summary:
- India may reintroduce wheat exports.
- Fresh lockdowns in China are weighing on metal demand
Wheat prices drop as supply concerns ease
Chicago wheat futures prices have been falling over the past week in the wake of news of an improved outlook as Russia produced a record-high amount of wheat. A higher supply from the world's top exporter eased shortage concerns amidst the European and North American harvesting season. In addition, India's food ministry said it may reintroduce wheat exports to Indonesia, however that is dependent on availability.
Wheat Sep ‘22 Futures Price Chart
Platinum prices are declining with demand
Platinum futures are down almost 20% from their 8-month high hit in March, as a stronger US Dollar and an aggressive Federal Reserve weakened the demand for Metals which in turn has weighed on Metal prices. In addition, vehicle production is expected to drop in the wake of aggressive monetary policy tightening and increased fears of slowing economic growth. Also, the lockdowns in China are weighing on the demand from the top consumer.
Platinum Jul ‘22 Futures Price Chart
RBOB Gasoline
The price of gasoline has experienced volatility over the past week as concerns around supply continue to drive the price up whilst talks of President Joe Biden introducing a gas tax holiday are driving the prices down.
RBOB Gasoline Jul ‘22 Futures Price Chart
Sources: finance.yahoo.com, tradingeconomics.com
