Commodity Market Update: June 21, 2024


In the latest developments from the global commodity markets, various key commodities have witnessed diverse price movements as of June 21, 2024.

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Crude Oil and Brent

  • Crude Oil edged slightly higher to $81.4 per barrel, marking a modest increase of 0.26% from the previous week. Over the past month, crude oil prices have climbed by 4.32%, reflecting robust demand amid geopolitical tensions and supply concerns.
  • Brent crude followed suit, rising by 0.35% to reach $85.9 per barrel. This upward movement is part of a broader trend that has seen Brent prices increase by 4.90% over the past month, bolstered by global economic recovery efforts.

Natural Gas and Gasoline

  • Natural Gas prices showed resilience, inching up 0.17% to $2.7 per million British thermal units (MMBtu). Despite a weekly decline of 5.08%, natural gas has managed a slight gain of 1.51% year-on-year.
  • Gasoline prices climbed by 1.09% to $2.5 per gallon, driven by increased demand as economies continue to reopen. Gasoline prices have risen by 5.12% over the past year.

Coal, Gold, and Silver

  • Coal prices dipped marginally by 0.92% to $134.8 per ton. Despite this weekly decline, coal has seen a notable year-on-year increase of 8.54%, supported by industrial demand.
  • Gold prices fell by 1.08% to $2,335.4 per ounce, influenced by a mixed investor sentiment amidst inflation concerns. However, gold remains up by 21.84% compared to last year.
  • Silver prices experienced a weekly decline of 3.13% to $29.8 per ounce, yet the metal has shown resilience with a robust yearly gain of 33.73%.

Agricultural Commodities

  • Wheat prices decreased by 3.20% to $567.3 per bushel amid favorable growing conditions and increased harvests. Wheat prices have declined by 24.64% over the past year.
  • Palm Oil prices inched up by 0.13% to MYR 3,962.0 per ton, reflecting stable demand from the food and biofuel sectors. Palm oil prices have risen by 11.23% annually.
  • Cocoa prices surged by 5.21% to $9,260.3 per ton, driven by supply constraints and rising chocolate consumption. Cocoa prices have soared by 194.17% over the past year.

The commodity market continues to navigate through dynamic shifts influenced by global economic conditions, geopolitical events, and supply-demand dynamics. Investors are advised to monitor these developments closely as they assess market opportunities and risks.

Godwin Okafor, The Naija247news
Godwin Okafor, The Naija247news
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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