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On May 3, when asked when and how he would insure ships in the Strait of Hormuz, Berkshire Hathaways Vice Chairman for Insurance, Ajit Jain, gave a concise answer: "The short answer is—it depends on the price." Jain stated, "We do have a small stake in an established project to insure ships in the Strait of Hormuz. But no deals have been finalized yet." Jain also pointed out that U.S. Navy escort for the ships would be a key prerequisite for the projects coverage conditions. "If we can meet our own coverage conditions, we will insure this type of risk at a price level that we deem appropriate."On May 3, Qazem Gharibabadi, Irans Deputy Foreign Minister in charge of legal and international affairs, met with ambassadors from various countries stationed in Tehran on Saturday to discuss what he called Irans proposals to end the war and aggression launched by the US and Israel. Gharibabadi stated that Iran is fully prepared to defend itself against any attacks against its people, and that Tehran remains committed to diplomatic mediation based on national interests. He said that Iran has submitted a proposal through Pakistan as a mediator to permanently end this imposed war, and that the initiative now rests with the US, which must choose between a diplomatic path or a continued confrontational stance. He added that Iran is prepared for both scenarios to safeguard its national interests and security, while remaining pessimistic and distrustful of the US and its diplomatic sincerity.On May 3, local time, the Ukrainian presidential website announced that President Zelenskyy had signed a presidential decree approving the National Security and Defense Councils decision to impose targeted sanctions on five individuals. The sanctions were reportedly imposed because the actions of these individuals threatened Ukraines national interests, security, sovereignty, and territorial integrity. The five individuals targeted are a Ukrainian lawyer, a Ukrainian businessman, a Russian businessman, and two Russian sports promoters.Iraqs Deputy Oil Minister stated that two oil tankers are ready, with two more to be deployed depending on the situation in the Strait of Hormuz. Following the resolution of the Hormuz crisis, Iraq could restore its oil production and exports to normal levels within seven days.Iraqs Deputy Minister of Oil: Exports through Ceyhan amount to 200,000 barrels per day.

Copper Prices Rise on China Stimulus Hopes, While Gold Prices Remain Stable

Skylar Williams

Aug 17, 2022 11:40

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As the stock market recovered on Wednesday, demand for safe-haven assets declined, while copper prices rose on the possibility of fresh stimulus measures in China, the largest importer in the world.


Spot gold prices were relatively stable at $1,775.35 per ounce at 20:18 ET (00:18 GMT), while gold futures prices remained unchanged at $1,787.70 per ounce.


The yellow metal was pushed down by Wall Street's gain as a run of positive earnings announcements from Walmart (NYSE:WMT) Inc and Home Depot (NYSE:HD) boosted market sentiment.


Despite recent inflationary pressures, the steady performance of retailers indicates that consumer spending, a vital engine of the U.S. economy, has remained resilient.


This increased risk-taking and decreased demand for safe assets such as gold. Expectations of an ongoing increase in U.S. interest rates, which have attracted speculators to the dollar, have also weighed on gold.


The price of gold is anticipated to decline for a third consecutive session and is down more than 2% year-to-date. Other precious metals also traded sideways on Wednesday. Platinum and silver futures fell 0.1% each.


Copper prices sustained Tuesday's solid rise as traders awaited fresh economic development-promoting stimulus measures from China.


Copper futures rose 0.2% to $3.6315 per pound, extending Tuesday's 0.7% increase, following China's announcement of plans to increase infrastructure spending and release additional cash.


Tuesday, Chinese officials declared that the government will accelerate infrastructure construction through the use of special bonds and increased credit guarantees. In addition, the government intends to aid its suffering real estate market by issuing additional loans.


In an effort to boost economic growth in the face of COVID-19 lockdowns, the People's Bank of China surprisingly reduced interest rates this week.


The United States is the world's largest importer of copper, and the possibility of rising economic activity signals a growth in copper demand.


This approach supported the prices of other industrial metals as well. Zinc grew by 2.1%, while nickel rose by 2.5%.

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