The price of ICDX tin at the end of June moved down from last week to the level of $27,850 per tonne. Tin's deteriorating performance was caused by fears of a global recession triggered by aggressive interest rate hikes by the Fed and followed by central banks in other countries. negative for the tin market. The increase in interest rates is seen by investors as being able to put a brake on the pace of world economic growth, and it is feared that it will cut global demand for tin.
Oil prices for the week ending June 24 closed nearly 3 percent. Some of the negatives that hinder prices include the European Union (EU) plan to implement further sanctions on Russia, where this topic will also be the main topic of discussion at the G7 meeting which will take place from 26 - 28 June 2022.
The USD/MYR pair is an attractive alternative currency option to trade. This is because Malaysia is one of the countries in Southeast Asia with a strong economy due to its abundant natural resources, such as CPO, crude oil, and rubber.
CPOTR price fell 9.18% to Rp 18440/Kg at the close of trading last week. Prices for CPO decreased for a full week in the third week of June, triggered by the sentiment that more Indonesian CPO exporters were getting export approvals, in addition, the Indonesian government issued an export acceleration policy that took effect on June 13, 2022. This makes the supply of CPO from Indonesia to the global market is increasing.
The movement of ICDX oil prices was observed to have strengthened almost 3% in a week, supported by tight supply amid rising demand. On the supply side, the impact of the EU embargo has the potential to reduce Russian oil production to further decline when the ban begins. From the demand side, the optimism that China's economy would recover also boosted the demand for fuel from the world's biggest oil importer.