In the commodity market last week, US President Donald Trump announced a mixed course due to automobile tariffs and geopolitical developments around the world, while eyes were turned into US Department of Agriculture (USDA) data to be announced in the USA.
Trump signed a decree to implement 25 percent customs duties on imported cars and trucks in order to increase domestic production last week.
Speaking at the signing ceremony held at the White House, Trump described it as “the beginning of the day of liberation of America”.
However, concerns about tariffs, the US Federal Bank (FED) increased uncertainties for the steps taken in the future, while Chicago FED President Austan Goolsbee made statements last week, said the next interest rate reduction may be delayed due to economic uncertainty.
Bank of America increased its gold estimation for 2025
Last week, geopolitical developments were the focus of investors. While the contacts made between the US and Russia on the termination of the Russian-Ukraine War, albeit optimism, while Israel’s continuing to increase its aggression in the Middle East, it increased its demand for safe port.
With reciprocity -based tariffs to be announced, possible retaliation statements from the US trade partners are expected to be effective on asset prices.
Bank of America, 2025 for the gold price forecast for 2 thousand 750 dollars to 3 thousand 063 dollars, increasing the uncertainties in the US trade policy and Trump’s “aggressive” approach carried out with tariffs may affect prices, he said.
President Trump’s aggressive tariff policies concerns about the concerns, increasing uncertainty with geopolitical risks and the purchases of the central banks and the price of ounce of gold last week, 3 thousand 86.79 dollars recorded records, the week completed the week at 2 thousand 85 dollars.
Trump’s 25 percent customs duty statement to imported cars was effective on platinum and paladium prices commonly used in catalytic converters in diesel and gasoline vehicles.
With the effect of these developments, prices on ounces increased 2 percent under last week, 0.8 percent in platinum, 3.3 percent in silver and 1.3 percent in palladium.
Copper reassured the record after 10 months
In some metals, a mixed course was watched last week with tariff concerns.
Trumps plan to bring copper tariffs, supply shortage, China’s supportive steps and the decrease in the demand for dollars, the price of copper to $ 5.33 by transporting records after 10 months, while the record levels decreased from record levels, the week completed the week at $ 5.08.
With these developments, the prices in the market in some metals increased by 0.1 percent in copper on the basis of libre last week and 2.5 percent in nickel, 3 percent in zinc, 0.8 percent in bullet and 2.3 percent in aluminum.
Tariff threat to countries that buy oil or natural gas from Venezuela
Last week, oil prices were raised last week with the fact that the decrease in the decline in crude oil stocks increased and the US’s efforts to limit Iran’s oil exports to Venezuela, and the investors’ appropriate approach to the Russian-Ukraine peace talks.
Trump said that all countries that buy oil or natural gas from Venezuela will have to pay 25 percent of tariffs in trade in the United States. Trump said in his share of Truth Social on his social media account that Venezuela secretly sent tens of thousands of criminals to the United States in a deliberate and fraudulent way, and that Venezuela was also hostile to the USA and freedoms.
The course of the Russian-Ukraine peace talks under the mediation of the USA continues to remain in the focus of investors.
Analysts said that if the negotiations are successful, Russian oil supply may increase if the talks are successful, and that it could put pressure on oil prices.
The US Energy Information Administration (EIA) announced that commercial crude oil stocks decreased by 3.3 million barrels in the country to 433.6 million barrels.
This decline pointed out that experts have increased the demand in the country by exceeding the expectations of an increase of approximately 1 million 500 thousand barrels. Increased demand in the US, the world’s most consuming country in the world, had an impact on prices.
With these developments, the price of Brent oil increased by 0.9 percent last week, while the price of natural gas traded on the New York Commodity Exchange in terms of the British Thermal Unit (MMBTU) also gained 2.7 percent.
Russia-Ukraine Armistice negotiations suppressed wheat prices
Last week, a mixed course was followed in the agricultural commodity, while the uncertainties in the Black Sea, possible changes in US energy and trade policies, and critical weather conditions continued to influence prices.
After the EIA announced that the production of ethanol has fallen recently and the stocks have increased, downward pressure on corn prices occurred.
However, Russia-Ukraine cease-fire talks created the expectation of increasing wheat supply by enabling cereal exports through the Black Sea and opened the door to pressure on prices.
Soybean prices have gained value by increasing the competitiveness in the global market with the increase in the reference price of the raw palm oil in April and the rise of palm oil futures in Malaysia in April.
Analysts, USDA, to be announced today, the main stock levels of the United States in the USA in detail “cereal stocks” and the farmers in the upcoming October season, which includes which products they plan to plant in the foreseeted “sowing reports” prices, including the predictions, said.
With these developments, prices per clan on Chicago Commodity Exchange increased by 1.2 percent in soybean and by 0.7 percent in rice, 5.3 percent in wheat and 2.4 percent in corn.
On the other hand, in the US commodity Exchange Intercontinental Exchange, prices on libre prices, 3.4 percent in sugar, 3 percent of coffee decreased, increased by 2.5 percent in cotton. Cocony per ton price also completed the week with an increase of 3.6 percent.
