Commodity Market Report: Weekly Performance and Trends

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As of June 7, 2024, the commodity markets have shown varied performance, reflecting the ongoing global economic dynamics. Here’s a detailed analysis of the key commodities:

Crude Oil (USD/Bbl)
– **Current Price**: $76.1
– **Previous Price**: $75.5
– **Weekly Change**: +0.75%
– **Monthly Change**: -1.02%
– **Yearly Change**: +6.86%

Crude oil prices experienced a modest weekly gain of 0.75%, though they have faced a monthly decline of 1.02%. On a yearly basis, crude oil remains up by 6.86%.

 Brent Oil (USD/Bbl)
– **Current Price**: $80.2
– **Previous Price**: $79.9
– **Weekly Change**: +0.45%
– **Monthly Change**: -0.95%
– **Yearly Change**: +5.94%

Brent oil saw a slight weekly increase of 0.45%, but similar to crude, it has declined by 0.95% over the past month. However, it maintains a yearly gain of 5.94%.

#### Natural Gas (USD/MMBtu)
– **Current Price**: $2.9
– **Previous Price**: $2.8
– **Weekly Change**: +2.64%
– **Monthly Change**: +12.16%
– **Yearly Change**: +19.21%

Natural gas prices surged by 2.64% over the week and showed strong monthly growth of 12.16%, with an impressive yearly increase of 19.21%.

Gasoline (USD/Gal)
– **Current Price**: $2.4
– **Previous Price**: $2.4
– **Weekly Change**: -0.18%
– **Monthly Change**: -0.83%
– **Yearly Change**: -4.59%

Gasoline prices remained relatively stable with a marginal weekly decline of 0.18%, and a yearly decrease of 4.59%.

 Coal (USD/T)
– **Current Price**: $135.9
– **Previous Price**: $137.0
– **Weekly Change**: -0.80%
– **Monthly Change**: -5.10%
– **Yearly Change**: -0.07%

Coal prices fell by 0.80% over the week and have dropped significantly by 5.10% over the past month, remaining nearly flat on a yearly basis.

 Gold (USD/t.oz)
– **Current Price**: $2,318.0
– **Previous Price**: $2,376.9
– **Weekly Change**: -2.48%
– **Monthly Change**: -0.45%
– **Yearly Change**: +17.72%

Gold prices declined by 2.48% over the week but have sustained a yearly increase of 17.72%, highlighting its role as a safe-haven asset.

Silver (USD/t.oz)
– **Current Price**: $29.7
– **Previous Price**: $31.3
– **Weekly Change**: -5.22%
– **Monthly Change**: -2.34%
– **Yearly Change**: +22.52%

Silver experienced a significant weekly decline of 5.22%, though it maintains a strong yearly gain of 22.52%.

 Wheat (USD/Bu)
– **Current Price**: $624.9
– **Previous Price**: $639.5
– **Weekly Change**: -2.28%
– **Monthly Change**: -7.75%
– **Yearly Change**: -2.04%

Wheat prices decreased by 2.28% over the week and have seen a notable monthly drop of 7.75%, with a slight yearly decline of 2.04%.

 Palm Oil (MYR/T)
– **Current Price**: MYR 4,026.0
– **Previous Price**: MYR 3,961.0
– **Weekly Change**: +1.64%
– **Monthly Change**: -1.30%
– **Yearly Change**: +23.35%

Palm oil prices rose by 1.64% over the week and have achieved a substantial yearly increase of 23.35%.

Cocoa (USD/T)
– **Current Price**: $9,884.1
– **Previous Price**: $9,879.2
– **Weekly Change**: +0.05%
– **Monthly Change**: +6.25%
– **Yearly Change**: +213.69%

Cocoa prices remained stable with a minor weekly increase of 0.05%, but they have skyrocketed by 213.69% over the year, reflecting significant market demand.

Conclusion
The commodity market has exhibited mixed performance this past week, with notable gains in natural gas and palm oil, and declines in gold, silver, and wheat. As global economic conditions continue to evolve, these commodities will remain critical indicators of broader market trends.

Naija247news
Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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