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The latest commodities coverage from the TrustFinance editorial desk.
Wheat futures contracts were mixed on Wednesday as traders assessed conflicting geopolitical signals, including Ukrainian strikes on a key Russian port and renewed calls for diplomatic talks.
Switzerland has officially banned the purchase and import of gold from Sudan, mirroring European Union sanctions aimed at cutting off funding for the nation's internal military conflict. The measures, which also restrict the sale of mining equipment, take effect on September 10.
European natural gas benchmarks surged past €80 per megawatt-hour for the first time since early 2023 amid rising military tensions in the Strait of Hormuz, a critical energy chokepoint.
Wheat prices retreated from recent highs as traders weighed reports of potential U.S.-mediated talks between Russia and Ukraine against ongoing supply risks from Black Sea port attacks.
Refining profits for European gasoline fell sharply on Wednesday as surging crude oil prices, driven by Middle East tensions, squeezed margins. The move comes amid a new forecast for significantly weakening oil demand from China.
Gold prices fell on Thursday, weighed down by a rebound in the U.S. dollar and higher Treasury yields as investors awaited key inflation data for clues on future Federal Reserve policy.
Oil prices jumped over 3% on Thursday after the U.S. and Iran engaged in their largest exchange of attacks on shipping to date, stoking fears of prolonged supply disruptions from the critical Middle East waterway.
Copper futures have experienced a steep decline, testing a crucial Fibonacci support level as technical indicators signal the market is approaching oversold territory. The short-term trend remains bearish, with sellers firmly in control following a break below key moving averages.
Silver is facing a crucial test at its 200-period moving average as technical indicators point to sustained selling pressure. A breakdown below this key support level could signal a deeper correction for the precious metal.
