Weekly news summary for March 4 to March 10
Friday, Mar. 4: Commodities On Track for Best Week Since the 1960s
Prices of commodities stayed on track to their largest weekly surge since the 1960s, as the outlook of more severe sanctions on Russian exports continued to push buyers to find and consider other options.
US West Texas Intermediate (WTI) crude futures added 2.2% to $110 a barrel, and Brent crude soared 2% to $112 to record a weekly rise of over 20%, while wheat prices extended gains after an Estonian cargo ship sunk off the Ukrainian coast and Nickel Futures hit an 11-year high of $29,823 a ton.
Monday, Mar. 7: Bitcoin Falls Below $38,000 as Global Markets Drop
Cryptocurrency prices were down on Monday, with Bitcoin falling below $38,000, as equity markets worldwide declined on the possibility that rising prices in commodities prompted by intense fighting between Russia and Ukraine may have a broader and more extended impact than initially expected.
Bitcoin lost 2.8% to $37,808 and has shed almost 17% this year and over 30% from its record high of $69,000 reached in November 2021, while the Ether dropped 7% to hit its lowest level since Feb. 24 and Dogecoin slipped 3.6% to $0.12.
Tuesday, Mar. 8: Nickel Hits $100k a ton on Russia Supply Concerns
Nickel prices posted more than a twofold increase on Tuesday to trade over $100,000 per ton for the first time, as investors assess the current situation of major supplier Russia, which is dealing with broad sanctions that may affect its nickel supply that is mainly used in electric vehicle (EV) batteries.
The three-month contract nickel surged close to 111% to a record of $101,365 per ton, leading the London Metal Exchange (LME) to halt nickel trading on Tuesday, stating that it would consider whether to call off or tweak the trades made during the frenzied period.
Wednesday, Mar. 9: European Stocks Recover from Recent Market Selloff
European stock markets recovered on Wednesday from significant losses incurred in a recent selloff as investors take on weakened stocks, following a decline driven by concerns over mounting Western sanctions on Russia after it invaded Ukraine.
The pan-European STOXX 600 index climbed 3.1%, on track to regain all its losses since Monday, while Germany’s DAX was up 4.9%, set to post its largest percentage gain since November 2020 after it closed below 20% its record peak to enter a bear market on Monday due to fears over Russian oil imports ban.
Thursday, Mar. 10: Gold Falls as UAE Remarks Lead Oil Prices Down
Gold continued to drop on Thursday after recording its largest daily decline since January 2021 as investors pulled back from the safe-haven precious metal, as US Treasury yields surged, and oil prices took a double-digit drop after the United Arab Emirates (UAE) expressed support to a production hike.
Gold futures lost 0.15% to $1,985, having shed around 3% in the previous session to mark its biggest daily slump since January last year, and ended a rally that brought it close to a record high reached in August 2020.