AI Summary
The transcript is a segment from CNBC's Power Breakfast show where commodities analyst Manisha Gupta provides a quick update on the state of commodity markets. The focus is on strong performance in the metals sector, driven by a weaker dollar and supply constraints, contrasted with steady oil and slightly consolidating gold prices.
Copper prices surged nearly 5% in Asian markets due to weak inventories, supply disruptions, and China's economic stimulus efforts. Prices are up nearly 9% for 2023.
Aluminum is trading at a seven-month high, with global inventories at their lowest since 2002. Prices have also gained nearly 9% in 2023.
While steel prices have come off slightly, iron ore prices on the Dalian exchange are still holding at 14-month highs, indicating continued strength in the ferrous metals space.
Crude oil prices remain steady at around $85 per barrel. Gold, after hitting record highs for two days, appears to be consolidating, with international prices holding above $1,900 and pivoting around $1,910 per ounce.
Full Transcript
[00:00] Welcome back. You're still tuned in to Power Breakfast on CNBC TV Aideen. We spoke about economies, we spoke about markets. It's time to take a check on the commodity markets as well. Manisha Gupta is joining us as always.
[00:12] Manisha, good morning. What are the commodity market cues today? Hi, morning Sonal. Well, the metals for one are trading on a firmer note. The dollar index continues to be on the weaker side. China continues to take steps to boost economy.
[00:24] And then we are dealing with weak inventory, supply disruptions. is the reason that you have seen the copper prices surge by nearly 5% in the Asian markets right now. So with that, we are up by nearly 9% for 2023 till time.
[00:38] Same the case being with other metals too. Aluminum comes next on the list. It's trading at a seven-month high. The global inventories here have declined to the lowest since 2002. And the prices have here also gained up by nearly 9% in 2023.
[00:52] You have the steel prices, which have come off slightly. but the iron ore prices on the Dalian exchange are still holding at 14-month highs. So within the metal space, we've seen strong gains continuing. As far as the other commodities are concerned,
[01:04] well, you have the crude oil prices trading steady around $85 a barrel, and gold prices, after hitting two days of record highs, today looks like it's getting into consolidation. The international markets also, while they're holding above $1,900 per ounce,
[01:17] but we have come off those $1,930 highs as well. So somewhere pivoting around $1,910 in the international market. Okay, so that's the update from the Commodity
