Last week, aluminum gained 3.1 percent, zinc 2%, lead 1.9 percent, palladium 1.6 percent, gold and silver 0.9 percent, copper 0.5 percent.
While aluminum prices were on an upward trend as a result of the decrease in aluminum production in China and the risks of supply shortages due to power cuts, supply concerns after Nyrstar, headquartered in Belgium, planned to close its operations in France, also caused zinc prices to rise.
Signs that global automotive production may increase had a positive impact on palladium prices. Analysts stated that this year, after the significant declines in palladium prices, there was a buying opportunity for investors.
Analysts said that inflation concerns supported the price of an ounce of gold, despite the "hawking" of central banks around the world.
Copper prices rose after the US Federal Reserve (Fed) Chairman Jerome Powell noted that the economy no longer needs an increasing amount of policy support due to the rapidly strengthening labor market.
Energy commodities fell
Energy commodities saw decreases last week. Brent oil fell 3.1 percent and natural gas 6.8 percent.
The barrel price of Brent oil slumped amid growing concerns as the Omicron variant continued to spread. The predictions that the global oil supply will exceed the demand next year were also effective in the decline in prices.
Natural gas prices rose after German Foreign Minister Annalena Baerbock stated that "North Stream 2 Natural Gas Pipeline stretching from Russia to Europe may not be able to obtain an operating license at the moment," despite Gazprom's belated launch of the Yamal-Europe Pipeline. regressed with his reservation.
A fluctuating course was observed in agricultural commodities
A fluctuating course was observed in agricultural commodities last week. While the increase in production estimates caused prices to fall, concerns about deliveries were among the factors that increased prices.
Wheat fell 1.3 percent and sugar 2.9 percent last week, while cotton rose 1.1 percent, coffee 0.8 percent and corn 0.4 percent.
Zafer Ergezen, a futures and commodity markets expert, stated that the increase in production estimates caused sales pressure on wheat prices, and that the high dollar index compared to previous months caused an increase in sales pressure across commodities.
Noting that the concerns about corn production continue due to the dry weather in Argentina and Brazil, Ergezen noted that the increase in weekly corn exports increased the demand expectations in the market, however, the high production forecasts continued, which led to the limited increase.
Ergezen stated that the decrease in production estimates caused an increase in cotton prices.
Noting that sugar closed the last week with a decline, Ergezen explained that many economies went into closure due to the Omicron variant, which brought along demand concerns.
Ergezen stated that coffee completed the week with a rise, adding that the drought and cold in Brazil brought along concerns that coffee production would decrease.
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