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On March 12th, Eli Lee, Chief Investment Strategist at Bank of Singapore, stated in a report that disruptions to oil shipments through the Strait of Hormuz, damage to Middle Eastern infrastructure, and increased volatility in crude oil prices could translate into greater risks to equity valuations. This prompted Bank of Singapore to downgrade its asset allocation for Asian (excluding Japan) equities from "overweight" to "neutral." Within the region, Lee remains optimistic about mainland China, Hong Kong, and the Singapore primary market. Lee specifically pointed out that China has accumulated one of the worlds largest strategic oil reserves, enabling it to buffer against the impact of disruptions to exports through the Strait of Hormuz. He added that oil and gas account for only about 4% of Chinas electricity mix, far below the 40%-50% average in many Asian countries and regions.The SC crude oil futures contract surged 16.00% intraday, currently trading at 753.60 yuan per barrel.The main fuel oil contract surged 14.00% intraday, currently trading at 4858.00 yuan/ton.On March 12, INGs commodities strategy team stated in a report that the IEAs plan to release 400 million barrels of oil reserves is insufficient to offset supply losses in the Persian Gulf region. As part of a coordinated effort, the United States will begin releasing 172 million barrels of its strategic petroleum reserves next week. ING estimates this will take approximately 120 days to complete, equivalent to a daily release of about 1.4 million barrels by the US. ING added, "If we assume other countries follow a similar timeline, the daily release would be approximately 3.3 million barrels, far below the current supply losses we are seeing in the Persian Gulf."March 12th - The China Federation of Logistics and Purchasing officially released the "China Logistics Technology Development Report (2025)" today. According to the report, 2025 will see frequent hot topics in my countrys logistics technology development, with new logistics equipment achieving large-scale application. In particular, the deep integration of "artificial intelligence+" into logistics will improve operational efficiency and effectively help reduce overall social logistics costs. In 2025, the ratio of total social logistics costs to GDP will drop to 13.9%, the lowest level on record, meaning that the logistics costs required to achieve a unit of GDP are decreasing. Embossed robots are beginning to enter warehouses and factories, completing a significant leap from "automated guided vehicles" to intelligent agents that can "perceive, think, and operate."

Silver Price Analysis: A positive expanding pattern helps XAG / USD move higher

Alina Haynes

Mar 01, 2023 11:47

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Silver is making a recovery after hitting new YTD lows at $20.43 per troy ounce and is rising toward the $20.80 region as Wall Street ends. At the moment of writing, the white metal is up 1.30% and is currently selling at $20.89.

 

Fundamental factors like a strong US Dollar (USD), up 0.32% per the US Dollar Index, and increasing UST yields put a stop to silver's rise. Despite this, Silver reached a daily high of $21.00 before partially reversing its gains.

 

Technically speaking, XAG / USD is developing a bullish engulfing candle pattern, which would accentuate a rise above $21.00, but it is still a long way from altering Silver's preference.

 

Tuesday's advances were supported by the Relative Strength Index (RSI), which emerged from depressed conditions at 30, and the Rate of Change (RoC), which shows that prior selling pressure is abating.

 

For a positive resumption, the XAG / USD must overcome the psychological $21.00 threshold. Once completed, that would open the door to challenging the 20 and 200-day Exponential Moving Averages (EMAs) at $21.82 and $21.89 a silver ounce, respectively, before testing the 100-day EMA at $22.09.

 

On the other hand, the XAG / USD next support would be $20.43, which, once crossed, would keep buyers in control and expose the white metal to new YTD lows. Prior to trying the daily low of $18.84 on November 3, the psychological $20.00 level would be the next floor.

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