In the commodity market, sales pressure increased with the concerns about the new variant that emerged in the new type of coronavirus (Kovid-19) epidemic last week, while the most depreciation was seen in palladium with 15.2 percent.
While the concerns that the rise in inflation will remain on the agenda for a long time and that the central banks may tighten their monetary policies before expected, occupied the agenda of the investors, the detection of many mutated Omicron variants of Kovid-19 in the Republic of South Africa and Botswana brought decreases in the commodity market.
While the details of the severity of the Omikron variant and to what extent it may affect the economic recovery are not yet known, analysts stated that the developments on the subject will continue to be effective in investor pricing.
Analysts pointed out that the new variant could be effective in reshaping the expectations regarding the course of monetary policies, and in this context, the employment and inflation data to be announced in the USA and the Euro Zone will be closely monitored in the new week. ) President Christine Lagarde's guidance will also be critical for the course of the markets, he said.
With these developments, the fall in metal prices stood out last week, while palladium depreciated by 15.2 percent. After palladium, the commodity that recorded the most decline was Brent oil with 8 percent, followed by platinum with 7.6 percent, silver with 5.9 percent, gold with 2.9 percent, aluminum with 1.6 percent and 0 percent. Copper followed with .9.
The decrease in the gold price was due to the decreasing uncertainties after Jerome Powell's re-nomination as the Fed Chairman and the tendency of investors to leave safe havens. The ongoing decrease in demand in the global automotive market due to concerns about economic activity also brought along the volatility in palladium and platinum prices.
The sharp decline in the barrel price of Brent oil, on the other hand, was the result of the flight bans of some countries after the Omikron variant and the concerns about possible closures. On the other hand, last week, US President Joe Biden announced that 50 million barrels of crude oil from the strategic oil reserve will be made available to find a solution to the increase in fuel prices, thus reducing fuel prices in the country.
Nickel price hits 7.5-year high
The increases in zinc and nickel prices in the commodity market last week drew attention. After seeing the highest level in November with 1.56 dollars, the price of zinc finished the week at 1.5 level with an increase of 2 percent. The price of nickel, on the other hand, tested its highest level since May 2014 at $9.7, gaining 1.8 percent on a weekly basis.
In the increase in zinc prices; Glencore, one of the world's leading raw material trading companies, announced that it would end production in Italy. The supply tightness and demand from China, which wants to revive its economy, also supported zinc prices.
Natural gas prices finished the week with a 5 percent increase. The fact that the demand for liquefied natural gas (LNG) exports in the USA is approaching record levels has come to the fore as the main reason for this increase in natural gas prices.
Peaks were seen in coffee and wheat in agricultural commodities
While the increase in volatility in agricultural commodities drew attention last week, the price of cocoa decreased by 7.5 percent, the price of cotton by 3.9 percent, the price of sugar by 3 percent and the price of soybean by 0.8 percent. On the other hand, wheat finished the week with an increase of 1.3 percent, in which it saw its highest level since November 2012 with $ 8.75, while coffee, which tested the peak of about 10 years with $ 2.48, gained 3.5 percent.
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