ICDX gold prices rose 1.26% compared to the previous week with market focus on Federal Open Market Committee Minutes Meeting and US Purchasing Managers' Index (PMI) data. Stemming from the geopolitical turmoil of the Middle East, the first Israeli-Hamas ceasefire deal since seven weeks of fighting allowed for the exchange of hostages and prisoners.
ICDX tin prices rose 2.47% compared to the previous week, supported by positive industrial data sentiment from China.Data from China's National Bureau of Statistics shows that in October, the added value of industries above the specified size actually increased by 4.6% year-on-year. From a month-on-month perspective, in October, the added value of industries above the specified size increased by 0.39%. From January to October, industrial value added above specified measures increased by 4.1% compared to last year.
CPOTR price movements increased within a week to IDR 11,720/Kg, triggered by concerns about global supply disruptions due to the threat of El Nino in the Southeast Asia region and expectations of increased demand from India.
ICDX gold prices rose 1.63% compared to the previous week with the focus on the emergence of new geopolitical risks that increase demand for safe-haven assets. Boosting sentiment came from one of the main consumers of gold, China, which recorded consumption growth.
ICDX tin prices weakened 0.93% compared to the previous week, weighed down by US economic uncertainty regarding the sustainability of monetary policy. A University of Michigan survey showed consumers expect inflation a year ahead to grow at a pace of 3.8%, the highest since a June 2023 reading, while the previous month's data was revised higher to 3.2% from 3.1%. Philadelphia Fed President Patrick Harker noted that he supported the Fed's long-term expectations for monetary policy and also expressed uncertainty about how long interest rates should remain high.
The CPOTR price movement decreased within a week to the level of Rp. 10,765/Kg, this was still triggered by extreme hot weather which made the market worried about major impact of El Nino weather conditions on global vegetable oil supplies.
Previously market players saidPalm oil production has increased significantly this year, and is expected to continue to increase in the next nine to 12 months, before the potential for a strong El Nino begins to affect current production.El Nino is a warming of Pacific waters that usually causes drier conditions in Asia, limiting the yield of some crops such as palm oil, rice and wheat.The threat of El Nino could cause drought in palm oil plants in Southeast Asia, thereby potentially producing palm oil in Southeast Asia.