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Futures News, June 19th - According to foreign media reports, three-month copper on the London Metal Exchange (LME) edged lower on Friday as expectations that US interest rates will remain high for an extended period pressured the market, despite some support from progress on the Middle East peace agreement. LME three-month copper fell 0.54%. The likelihood of US interest rates remaining high for an extended period increased this week, with nearly half of Federal Reserve policymakers now believing a rate hike is necessary this year. Rate hikes would dampen the demand outlook for growth-dependent industrial metals. "The US interest rate outlook has a broad impact on global commodity markets, and rising rates increase costs for importers," wrote Daniel Hynes, senior commodities strategist at ANZ Bank, in a report. Initial progress on the peace agreement between Iran and the US, and the resumption of Middle East shipping, have lowered energy prices, but the sustainability of the ceasefire remains uncertain. On Friday, US Vice President Vance canceled his trip to Switzerland for peace talks with Iran. Aluminum prices stabilized after falling earlier this week, as the Middle East conflict disrupted aluminum supplies from the Gulf region, which accounts for about 9% of global aluminum smelting capacity.Sources say autonomous driving company Momenta plans to raise about $1 billion in its initial public offering in Hong Kong.Market news: Netflix (NFLX.O) is open to reaching more cooperation agreements with traditional television companies.June 19 - The Swiss Foreign Ministry announced that the planned US-Iran talks scheduled for Friday will not proceed as planned.On June 19, Minister of Commerce Wang Wentao met with Canadian Minister of Industry Jolly, Prime Ministers Secretary to Parliament Blois, and representatives from the business community in Beijing on June 18. The two sides exchanged in-depth views on China-Canada economic and trade relations, the development of Canadian-invested enterprises in China, and key economic and trade concerns. Wang Wentao stated that both sides should fully leverage the China-Canada Joint Economic and Trade Commission mechanism as the main channel for economic and trade cooperation, consolidate the momentum of cooperation in traditional industries, vigorously expand cooperation in emerging and future industries, and strengthen the bonds of common interests. China has always valued the opinions of foreign investors and is willing to work with Canada to extend the list of cooperation and shorten the list of issues through candid dialogue and pragmatic cooperation, thereby promoting the healthy, stable, and sustainable development of China-Canada economic and trade relations.

Oil Declines As Investors Watch EU Voting on Ban on Russian Oil

Charlie Brooks

May 09, 2022 09:44

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Oil prices declined in early Asian trade on Monday as investors awaited European Union discussions on a Russian oil embargo, which are anticipated to reduce world supplies.


Brent crude fell 67 cents, or 0.6 percent, to $111.72 a barrel at 0002 GMT, while U.S. West Texas Intermediate crude fell 75 cents, or 0.7 percent, to $109.02 per barrel.


Last week, both contracts increased for the second consecutive week due to supply concerns after the European Commission suggested a phased embargo on Russian oil as part of its toughest-to-date package of measures regarding the conflict in Ukraine. The plan calls for unanimity among EU members.


Bulgaria would veto EU oil sanctions on Russia if it does not receive an exemption from the proposed embargo, according to the country's Deputy Prime Minister.


EU sources said that the European Commission proposed adjustments to its planned embargo on Russian oil on Friday to give Hungary, Slovakia, and the Czech Republic additional time to switch their energy supplies.


"The negotiations will continue on Monday and Tuesday, and a summit of the leaders may be required to finalize them. Our perspective is unambiguous. If there is a derogation for some countries, we wish to receive one as well, "Vassilev stated on BNT national television.


The global financial markets are also pushed down by worries about interest rate hikes, a probable recession, and the impact of China's COVID-19 lockdowns on the second largest economy in the world.


Meanwhile, Saudi Arabia, the world's top oil exporter, reduced crude prices for Asia and Europe for June on Sunday.

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