Commodity market sees massive surges during last week| MENAFN.COM

Tuesday, 28 March 2023 03:24 GMT

Commodity market sees massive surges during last week

(MENAFN) The commodity market last week was dominated by an upward trend after overcoming pricing challenges the week before.

The key drivers of the commodity market were reductions in production, an increase in the export of goods from the market and a decline in demand for US dollars.

As the global macroeconomic data released tempered fears of a recession, commodity prices increased.

One of the causes driving up demand in 2022 was a rise in China's production of electricity, natural gas, coal, and oil compared to the previous year.

Experts claim that the Federal Reserve's rate increases in the upcoming months are questionable. Additionally, it is expected that Friday's non-farm jobs report and remarks from Fed Chair Jerome Powell will have an impact on market expectations.

On the part of the European Central Bank, economists projected that interest rate increases would continue in March but stressed the importance of any signals the bank would give regarding when to stop raising interest rates.


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