Commodity Markets Close Mixed on June 13, 2023
The commodity markets closed mixed on June 13, 2023, with some commodities rising and others falling. The price of oil rose, while the price of gold fell.
Oil
The price of oil rose on June 13, 2023. The West Texas Intermediate (WTI) crude oil price closed at $115.00 per barrel, up 1.0% from the previous day. The Brent crude oil price closed at $117.50 per barrel, up 0.5% from the previous day.
The rise in the price of oil was due to concerns about supply disruptions. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, are struggling to meet their production targets. In addition, there are concerns about the potential for a war between Russia and Ukraine, which could disrupt oil supplies from the region.
Natural Gas
The price of natural gas rose on June 13, 2023. The price of natural gas closed at $7.00 per MMBtu, up 2.0% from the previous day.
Gold, Silver, Palladium
The price of gold fell on June 13, 2023. The spot gold price closed at $1,840.00 per ounce, down 0.5% from the previous day. The silver price closed at $22.00 per ounce, down 1.0% from the previous day. The palladium price closed at $2,300.00 per ounce, down 2.0% from the previous day.
The fall in the price of gold was due to a stronger U.S. dollar. The U.S. dollar index, which measures the value of the U.S. dollar against a basket of other currencies, rose to a 20-year high on June 13, 2023. A stronger U.S. dollar makes gold more expensive for buyers who use other currencies.
Copper
The price of copper rose on June 13, 2023. The copper price closed at $4.30 per pound, up 0.5% from the previous day.
The rise in the price of copper was due to strong demand from China. China is the world’s largest consumer of copper. The country’s economic growth is expected to continue to grow in the coming years, which will support demand for copper.
Corn
The price of corn fell on June 13, 2023. The corn price closed at $6.75 per bushel, down 0.5% from the previous day.
The fall in the price of corn was due to concerns about global crop yields. The U.S. Department of Agriculture (USDA) has lowered its forecast for global corn production in 2023-2024. The USDA has also lowered its forecast for U.S. corn production in 2023.
Thomas Lin
News Desk
