Commodity Markets Open Higher on June 15, 2023
Commodity markets opened higher on June 15, 2023, with oil, gold, corn, natural gas, platinum, palladium, silver and soybeans all up from yesterday’s close.
Brent Crude Oil rose by 1% to 73.93 per barrel, WTI Oil prices rose by 1% to $68.90 per barrel, as concerns about supply disruptions in the Middle East and North Africa offset concerns about a slowdown in global economic growth.
Gold prices rose by 0.5% to $1,850 per ounce, as investors sought safe haven assets amid the ongoing geopolitical uncertainty.
Corn prices rose by 2% to $6.14 per bushel, as dry weather in the Midwest U.S. raised concerns about the upcoming harvest.
Natural gas prices rose by .50% to $2.36 per million British thermal units, as demand for air conditioning in the U.S. and Europe increased amid hot weather.
Platinum prices rose by 0.5% to $986 per ounce, as demand from the jewelry and auto industries remained strong.
Palladium prices rose by 1% to $1,410 per ounce, as demand from the auto industry remained strong.
Silver prices rose by 0.5% to $23.25 per ounce, as industrial demand remained strong.
Soybean prices rose by 1% to $14.02, as dry weather in South America raised concerns about the upcoming harvest.
The following factors are impacting commodity markets on June 15, 2023:
- Geopolitical uncertainty: The ongoing conflict between Russia and Ukraine is raising concerns about supply disruptions in the global energy and agricultural markets.
- Weather conditions: Dry weather in the Midwest U.S. and South America is raising concerns about the upcoming harvests for corn, soybeans, and wheat.
- Strong demand: Demand for commodities from the energy, industrial, and agricultural sectors remains strong.
The outlook for commodity markets in the near term is mixed. The ongoing geopolitical uncertainty and dry weather conditions could continue to put upward pressure on prices, but a slowdown in global economic growth could weigh on demand.
Robert Samms
Commodities Desk
**Prices in this article may have changed so please rely on current market prices for real-time data**
