The crude oil price is trading at a 2-month high, holding to almost USD 118 per barrel with a 5 percent gain this week.
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Metals have come under pressure as China has cut rates and has taken 33 measures to support the economy, but it does not seem to have worked because the markets are expecting an extraordinary stimulus to get the country out of the COVID-19 restrictions and because of the Russia-Ukraine war.
The metals also are reacting to the US home sales in the month of April, which are at a 2-year low, while the home prices have gained up by 20 percent year on year and that's at a record.
Aluminium output in China has grown but the demand has stalled. So aluminium prices continue to decline. Copper prices did gain yesterday, May 26, but not holding.
The imports in China have been weak, the demand on the ground also continues to decline and inventories have been gaining for the last 2-weeks and that seems to be putting pressure.
Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.
