2023-10-13 16:23:05
PLOIESTI
London (awp/afp) – The price of gold recovered this week, with investors falling back on this safe haven in view of the geopolitical instability caused by the conflict between Israel and Hamas.
Gold ended two consecutive weekly declines by even rising above the threshold of 1,900 dollars per ounce on Friday.
This recovery “was favored by increased geopolitical risks arising from the ongoing conflict in the Middle East”, which led investors to turn to the precious metal as a safe haven, says Han Tan of Exinity.
Gold, however, suffered “a slight setback” with the rise in American yields, another asset considered as a safe haven and less volatile that competes with it, tempers the analyst.
For its part, an ounce of gold traded for $1,921.23, compared to $1,833.01 the previous week.
For its part, palladium ended the week in decline, even reaching a new low in almost five years on Monday, at $1,119.61 per ounce.
This metal is weighed down by “the slowdown in the economy and the construction of the transition to electric vehicles,” explains Ben Laidler, analyst at eToro.
Around 3:30 p.m. GMT (5:30 p.m. in Paris), an ounce of palladium was trading for $1,129.98, compared to $1,162.78 seven days earlier at the end of trading.
Copper bends
Copper prices fell slightly this week on the London Metal Exchange (LME), with stocks on the London Metal Exchange at a two-year high indicating sluggish global demand.
Copper found itself under pressure again, due to a “rise in stocks in LME warehouses to a two-year high”, explains Ole Hansen, analyst at Saxobank.
According to Thu Lan Nguyen, an analyst at Commerzbank, these data indicate “low demand not only in China” in the real estate sector, “but worldwide.”
During the LME Metal Seminar 2023 conference on Monday, Saad Rahim, economist at Trafigura, however affirmed that copper demand was resilient in China in the areas of automobiles and infrastructure, which partly offset the weakness in construction in crisis.
Widely used in industry, particularly for the manufacture of electrical circuits, copper is known to reflect the state of health of the global economy. China is also a major consumer of industrial metals for its factories. Copper is therefore very sensitive to Chinese activity and the country’s demand outlook.
On the LME, a tonne of copper for delivery in three months traded at $7.948 on Friday, compared to $8,046 the previous Friday at the close.
The coffee is warming up
The price of coffee recovered over the week, the market remaining marked by the lack of supply from the major producing countries, even if the harvests should improve.
“The lack of supply from Asia, mainly Vietnam but also Indonesia, remains a main characteristic of the market,” notes Jack Scoville, analyst at Price Futures Group.
Coffee exports from the main producer of robusta coffee, Vietnam, “fell 8.3% year-on-year in the first nine months of 2023”, says the analyst citing government data.
Supply from “Brazil and other Latin American countries is expected to increase, but prices are considered a bit cheap to generate much selling interest from producers,” the analyst continues.
The International Coffee Organization (ICO) had warned in its September report that the global coffee market “is likely to experience another year of deficit”, saying that coffee consumption is expected to increase further in the 2022 coffee year/ 23.
On ICE Futures US in New York, the pound of Arabica for delivery in December was worth 154.45 cents, compared to 146.05 cents seven days earlier.
On the London Liffe, a tonne of robusta for delivery in January was worth 2,284 dollars on Friday compared to 2,280 dollars a week earlier at the close.
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