Oil Drags Commodities Lower After Trump’s Positive Virus Test, , on October 2, 2020 at 10:23 am

Financial News
By
On October 2, 2020
In Financial News
Tags:

(Bloomberg) — Oil and copper dropped while gold edged higher after President Donald Trump said that he tested positive for Covid-19 with just one month left until the U.S. presidential election.Brent crude slipped as much as 4.8%, slumping sharply for a second day. The global crude benchmark helped drag raw materials lower, with copper touching a seven-week low and crop futures falling. A Bloomberg gauge of commodity spot prices had already fallen about 4% from an early September peak amid a pickup in virus cases around the world, and Trump’s positive result fuels more uncertainty over the election.“The market will be trading nervous today,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S. “The immediate result was a flight to safety with the dollar, gold and bonds all receiving a bid while stocks, oil and copper sold off.”Brent fell below $40 a barrel, to the lowest since mid-June. U.S. benchmark West Texas Intermediate also slumped about 5%, marking a second day of heavy losses. Crude volatility climbed to its highest level since June.Trump contracting the virus has sharpened focus on how the outcome of the election could impact oil markets, said Bjarne Schieldrop, chief commodities strategist at SEB AB. A win for Democrat Joe Biden could lead to a renewed nuclear deal with Iran and restrictions on fracking, Schieldrop said, potentially curbing future U.S. crude output.Crude demand has been struggling to recover amid a resurgent coronavirus, while supply from the Organization of Petroleum Exporting Countries and its allies continues to rise. Russia raised its crude and condensate production last month, while Saudi Arabia’s oil exports jumped to a four-month high in September. Although, total output from the oil-producer group was steady last month as the United Arab Emirates pulled production back sharply in atonement for recent months of oversupply.Metals and CropsSpot gold was steady at $1,907.33 an ounce, paring an earlier jump after Trump’s announcement. Silver was little changed.Bullion has rallied this year as central banks pumped vast amounts of stimulus into economies to curb the damage from the pandemic. While prices have fallen from August’s record high, the precious metal is still being supported by low interest rates, a resurgence in Covid-19 cases in some parts of the world, and the heightened uncertainty heading into the U.S. elections.Copper fell 0.8% to $6,334.50 a ton on the London Metal Exchange, after earlier touching the lowest since mid-August. Prices have come under pressure in recent weeks as rebounding exchange stockpiles soothed concerns that robust Chinese demand is fueling a supply shortage.In grains markets, corn and wheat retreated about 1% in Chicago, and soybeans also fell. Still, corn futures are heading for their biggest , WTy advance since August after crop stockpile data this week from the U.S. Department of Agriculture trailed analyst estimates.Investors are also awaiting the monthly non-farm payrolls data due Friday. Bloomberg Economics analysts don’t expect the September report — the last national tally released before Americans head to the polls — to be consequential enough to tilt the election outcome.“Trump and the coronavirus news, along with the setback to the talks on the U.S. stimulus package, are just triggers and they’re serving as a reminder that the global economy is in trouble at least for the next six months,” said Vandana Hari, founder of Vanda Insights in Singapore.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.,

Oil Drags Commodities Lower After Trump’s Positive Virus Test(Bloomberg) — Oil and copper dropped while gold edged higher after President Donald Trump said that he tested positive for Covid-19 with just one month left until the U.S. presidential election.Brent crude slipped as much as 4.8%, slumping sharply for a second day. The global crude benchmark helped drag raw materials lower, with copper touching a seven-week low and crop futures falling. A Bloomberg gauge of commodity spot prices had already fallen about 4% from an early September peak amid a pickup in virus cases around the world, and Trump’s positive result fuels more uncertainty over the election.“The market will be trading nervous today,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S. “The immediate result was a flight to safety with the dollar, gold and bonds all receiving a bid while stocks, oil and copper sold off.”Brent fell below $40 a barrel, to the lowest since mid-June. U.S. benchmark West Texas Intermediate also slumped about 5%, marking a second day of heavy losses. Crude volatility climbed to its highest level since June.Trump contracting the virus has sharpened focus on how the outcome of the election could impact oil markets, said Bjarne Schieldrop, chief commodities strategist at SEB AB. A win for Democrat Joe Biden could lead to a renewed nuclear deal with Iran and restrictions on fracking, Schieldrop said, potentially curbing future U.S. crude output.Crude demand has been struggling to recover amid a resurgent coronavirus, while supply from the Organization of Petroleum Exporting Countries and its allies continues to rise. Russia raised its crude and condensate production last month, while Saudi Arabia’s oil exports jumped to a four-month high in September. Although, total output from the oil-producer group was steady last month as the United Arab Emirates pulled production back sharply in atonement for recent months of oversupply.Metals and CropsSpot gold was steady at $1,907.33 an ounce, paring an earlier jump after Trump’s announcement. Silver was little changed.Bullion has rallied this year as central banks pumped vast amounts of stimulus into economies to curb the damage from the pandemic. While prices have fallen from August’s record high, the precious metal is still being supported by low interest rates, a resurgence in Covid-19 cases in some parts of the world, and the heightened uncertainty heading into the U.S. elections.Copper fell 0.8% to $6,334.50 a ton on the London Metal Exchange, after earlier touching the lowest since mid-August. Prices have come under pressure in recent weeks as rebounding exchange stockpiles soothed concerns that robust Chinese demand is fueling a supply shortage.In grains markets, corn and wheat retreated about 1% in Chicago, and soybeans also fell. Still, corn futures are heading for their biggest , WTy advance since August after crop stockpile data this week from the U.S. Department of Agriculture trailed analyst estimates.Investors are also awaiting the monthly non-farm payrolls data due Friday. Bloomberg Economics analysts don’t expect the September report — the last national tally released before Americans head to the polls — to be consequential enough to tilt the election outcome.“Trump and the coronavirus news, along with the setback to the talks on the U.S. stimulus package, are just triggers and they’re serving as a reminder that the global economy is in trouble at least for the next six months,” said Vandana Hari, founder of Vanda Insights in Singapore.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

,

Instant Quote

Enter the Stock Symbol.

Select the Exchange.

Select the Type of Security.

Please enter your First Name.

Please enter your Last Name.

Please enter your phone number.

Please enter your Email Address.

Please enter or select the Total Number of Shares you own.

Please enter or select the Desired Loan Amount you are seeking.

Please select the Loan Purpose.

Please select if you are an Officer/Director.

High West Capital Partners, LLC may only offer certain information to persons who are “Accredited Investors” and/or “Qualified Clients” as those terms are defined under applicable Federal Securities Laws. In order to be an “Accredited Investor” and/or a “Qualified Client”, you must meet the criteria identified in ONE OR MORE of the following categories/paragraphs numbered 1-20 below.

High West Capital Partners, LLC cannot provide you with any information regarding its Loan Programs or Investment Products unless you meet one or more of the following criteria. Furthermore, Foreign nationals who may be exempt from qualifying as a U.S. Accredited Investor are still required to meet the established criteria, in accordance with High West Capital Partners, LLC’s internal lending policies. High West Capital Partners, LLC will not provide information or lend to any individual and/or entity that does not meet one or more of the following criteria:

1) Individual with Net Worth in excess of $1.0 million. A natural person (not an entity) whose net worth, or joint net worth with his or her spouse, at the time of purchase exceeds $1,000,000 USD. (In calculating net worth, you may include your equity in personal property and real estate, including your principal residence, cash, short-term investments, stock and securities. Your inclusion of equity in personal property and real estate should be based on the fair market value of such property less debt secured by such property.)

2) Individual with $200,000 individual Annual Income. A natural person (not an entity) who had individual income of more than $200,000 in each of the preceding two calendar years, and has a reasonable expectation of reaching the same income level in the current year.

3) Individual with $300,000 Joint Annual Income. A natural person (not an entity) who had joint income with his or her spouse in excess of $300,000 in each of the preceding two calendar years, and has a reasonable expectation of reaching the same income level in the current year.

4) Corporations or Partnerships. A corporation, partnership, or similar entity that has in excess of $5 million of assets and was not formed for the specific purpose of acquiring an interest in the Corporation or Partnership.

5) Revocable Trust. A trust that is revocable by its grantors and each of whose grantors is an Accredited Investor as defined in one or more of the other categories/paragraphs numbered herein.

6) Irrevocable Trust. A trust (other than an ERISA plan) that (a)is not revocable by its grantors, (b) has in excess of $5 million of assets, (c) was not formed for the specific purpose of acquiring an interest, and (d) is directed by a person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of an investment in the Trust.

7) IRA or Similar Benefit Plan. An IRA, Keogh or similar benefit plan that covers only a single natural person who is an Accredited Investor, as defined in one or more of the other categories/paragraphs numbered herein.

8) Participant-Directed Employee Benefit Plan Account. A participant-directed employee benefit plan investing at the direction of, and for the account of, a participant who is an Accredited Investor, as that term is defined in one or more of the other categories/paragraphs numbered herein.

9) Other ERISA Plan. An employee benefit plan within the meaning of Title I of the ERISA Act other than a participant-directed plan with total assets in excess of $5 million or for which investment decisions (including the decision to purchase an interest) are made by a bank, registered investment adviser, savings and loan association, or insurance company.

10) Government Benefit Plan. A plan established and maintained by a state, municipality, or any agency of a state or municipality, for the benefit of its employees, with total assets in excess of $5 million.

11) Non-Profit Entity. An organization described in Section 501(c)(3) of the Internal Revenue Code, as amended, with total assets in excess of $5 million (including endowment, annuity and life income funds), as shown by the organization’s most recent audited financial statements.

12) A bank, as defined in Section 3(a)(2) of the Securities Act (whether acting for its own account or in a fiduciary capacity).

13) A savings and loan association or similar institution, as defined in Section 3(a)(5)(A) of the Securities Act (whether acting for its own account or in a fiduciary capacity).

14) A broker-dealer registered under the Exchange Act.

15) An insurance company, as defined in Section 2(13) of the Securities Act.

16) A “business development company,” as defined in Section 2(a)(48) of the Investment Company Act.

17) A small business investment company licensed under Section 301 (c) or (d) of the Small Business Investment Act of 1958.

18) A “private business development company” as defined in Section 202(a)(22) of the Advisers Act.

19) Executive Officer or Director. A natural person who is an executive officer, director or general partner of the Partnership or the General Partner, and is an Accredited Investor as that term is defined in one or more of the categories/paragraphs numbered herein.

20) Entity Owned Entirely By Accredited Investors. A corporation, partnership, private investment company or similar entity each of whose equity owners is a natural person who is an Accredited Investor, as that term is defined in one or more of the categories/paragraphs numbered herein.

Please read the notice above and check the box below to continue.

Singapore

168 Robinson Road,
Capital Tower, Singapore 068912
+65 3105 1295

Taiwan

5th Floor, No. 1-8, Section 5, Zhongxiao East Road, Taipei

Hong Kong

R91, 3rd Floor,
Eton Tower, 8 Hysan Ave.
Causeway Bay, Hong Kong
+852 3002 4462

Australia

44 Martin Place, Sydney 2000 Australia
+02 8319 3232

Indonesia

Millennium Centennial Center, 38th Floor, Jl. Jend. Sudirman Kav. 25
Jakarta 12920, Indonesia

Market Coverage