Crude Oil, Gold, Steel And Other Commodities Are Rapidly Plummeting!

    The international oil price only increased by 40% from mid June to late September, but in just a few days, it plummeted by about 10%. The main reason for this abnormal situation is weak demand. Gasoline inventories increased by 6.5 million barrels to 227 million barrels, the highest since January 2022, far exceeding analysts' expectations for an increase of 200000 barrels.
    The decline in oil prices has also driven the stock prices of American energy companies to plummet one after another. Schlumberger fell 4.74%, ExxonMobil (XOM. US) fell 3.74%, ConocoPhillips fell 3.63%, and Chevron fell 2.33%. In terms of Hong Kong stocks, on October 5th, China National Petroleum Corporation fell 1.09%, China National Petroleum and Chemical Corporation fell 0.74%, and China National Offshore Oil Corporation fell 1.21%.
    During the same period, commodities such as gold, copper, and steel also experienced a sharp decline. As of October 3rd, COMEX gold futures prices have fallen for seven consecutive trading days and reached a new low in nearly seven months. The latest closing price of London spot gold (XAU) is approximately RMB 428.65 per gram, a decrease of over 5% compared to the closing price on September 22. On October 3rd, the quotation for the China Gold Au9999 gold bar series on JD.com has dropped to the lowest level in half a year, and the price of jewelry gold such as full gold 999 has dropped by about 30 yuan per gram.
    London Metal Exchange (LME) copper futures fell for the fourth consecutive trading day as concerns over demand and uncertainty over interest rates and global growth prompted investors to sell their positions. On October 5th at 17:00 London time, three-month copper fell $50.50, or 0.64%, to close at $7899 per ton, the lowest since May 24th, when it hit $7870 during the session.
    In the steel market, Wuxi Xinsanzhou in Jiangsu Province has lowered its prices by 20-30 yuan/ton, Shandong Luli Steel Plant has lowered its prices by 20 yuan/ton, Shandong Weifang Special Steel Group has lowered its prices by 20 yuan/ton, Anhui Lixin Special Steel has lowered its prices by 20 yuan/ton, Hebei Tangshan Songgang has lowered its prices by 10 yuan/ton, Hebei Tangshan Xinjing Steel has lowered its prices by 10 yuan/ton, Hebei Tangshan Donghai Special Steel has lowered its prices by 10 yuan/ton, Hebei Tangshan Donghua has lowered its prices by 10 yuan/ton, and Hebei Tangshan has lowered its prices by 20 yuan/ton, Inner Mongolia Wugang lowered its price by 25 yuan/ton, Guangdong Yangchun Industrial Briquette lowered its price by 30 yuan/ton, Liaoning Anshan Baode lowered its price by 20-50 yuan/ton, Jilin Xinda lowered its price by 30 yuan/ton, and Liaoning Dalian Special Steel lowered its price by 30 yuan/ton.