Commodity has rebounded after a rare general decline last week. On June 28, domestic commodity futures closed generally higher, with Shanghai tin rising by more than 8% and coking coal rising by more than 7%.
Last week, commodities rarely fell. International crude oil futures plunged from high to , while ferrous metal futures declined weakly. Both industrial products and agricultural products have basically declined, with agricultural products falling the most.
The outbreak of the Russia-Ukraine conflict triggered a surge in commodity prices. In recent times, however, commodity prices have fallen sharply amid a sell-off triggered by slowing demand and growing concerns about a global recession. Li Haiyan, an analyst at
Business Society, analyzed that from the performance of coke varieties, futures fluctuated and fell, while spot prices remained stable and strong. The sales situation of coking enterprises has been good recently, and the market is expected to remain stable and relatively strong in the short term.
Kong Lingqi, an agricultural product researcher at Haitong Futures Investment Consulting Department, analyzed that the US inflation data is high, the Fed's interest rate hike boots have landed, and expectations of radical interest rate hikes in the later period continue to heat up, and the market's focus has shifted from betting on the pace of interest rate hikes to economic recession. As expected, sentiment turned pessimistic, domestic commodity futures collectively weakened, and the oil and fat sector generally fell.
Some traders also analyzed that the recent weakening of crude oil prices indicates that this round of commodity prices has peaked and fallen. Huashang Daily reporter Huang Tao
