The price of the ICDX oil contract closed lower at $70.00 per barrel for the week ended May 26, amidst sentiment circulating in the market putting pressure on prices, such as China's declining economic data, cuts in China's GDP projections by several large banks, to cut plans The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia this month agreed on a new oil production deal and the group's biggest producer Saudi Arabia also pledged to cut production in July.
The ICDX tin price movement strengthened by 0.35% in a week to a level of 28,520 influenced by Wa State, Myanmar released a comprehensive implementation plan for the suspension of mining activities.
CPOTR price movement increased by 10.68% in a week to a level of IDR 11,300/kg due to rising prices of soybean oil and crude oil, which also strengthened CPO prices.
ICDX gold price was hit by -0.03% compared to the previous week influenced by US employment resilience data enabling policy interest rates to remain high. Market caution awaits the results of the Fed meeting scheduled for June 13-14 regarding the sustainability of interest rate policy.
ICDX tin price movement weakened by 0.59% in a week to a level of 26,950 influenced by the Fed's hawkish statement which made the US dollar index strengthen.
The price of the ICDX oil contract closed lower at $72.13 a barrel for the week ended May 26, amid concerns over talks of the US debt ceiling and the possibility of further hikes in US interest rates.
CPOTR price movement decreased by 6.82% in the week to a level of IDR 11,685/Kg after buyers in southern India replaced palm oil with sunflower oil, which is traded at a big discount compared to tropical oil and Malaysia said they are not hiring workers from Bangladesh.
ICDX gold price weaken by -0.51% compared to the previous week, influenced by still hot inflation data which triggered policy makers to be on the hawkish side related to interest rates. The dollar strengthened by 1.30% in the week weighing on the gold price movement.