Ethereum
Metals, Oil and Ethereum Prices: Commodity Check
While raw materials extend the price rise in recent weeks, Yahoo Finance Senior Markets Reporter Jared Blikre monitors action seen in key commodity futures including precious metals, silver (IF = F) and copper (HG=F) and crude oil (CL=F, BZ=F) — as well as Bitcoin cryptocurrencies (BTC-USD) and Ethereum (ETH-USD).
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This message was written by Luke Carberry Mogan.
Video transcription
We also want to take a closer look at commodities and cryptocurrencies. Yahoo Finance’s Jared B is keeping an eye on these moves.
Jared.
Yes, Shana.
We have gold, silver, and copper that are all near record highs, and I’m going to go through them in review.
Um, we haven’t seen much action the last few days.
We saw these new nominal highs, but not a huge surge.
So let me find some crude oil.
Looks like I’m going to do that first.
Here is the year so far.
Crude oil is hovering just below $80 a barrel.
You can see that here in May we do almost nothing.
Um, we may be expecting some headlines from OPEC and some headlines in the next week or two as to whether or not they’re going to cut production going forward or stay the course.
But, uh, we don’t have that news today and here we go.
Here is copper, up 1%.
And let me put a candlestick so you can see how close it is to its all-time high.
And in fact, this would be on track to hit a closing record.
Even though we didn’t have that first day, copper just really rose, not only due to a short squeeze, but due to the demand needs inherent in the AI trade
Now here’s the money.
It’s down 1% today and silver is plummeting.
If I put a five-year chart, you can see how it has now reached its highs from 2021 to 2022.
And before we go here, I have to touch on Crypto because Ethereum, look at that up 22%.
This is the best two-day race since January 2021.
It was all the way down.
That was the very beginning of this huge price hike here.
Are we expecting this again?
Well, the news comes as, uh, people are excited about these new Ethereum spots Ethereum, uh, ETF S. However, I would like to note that when we saw this in Bitcoin, this kind of, uh, top tick, this rally right there.
We saw a slight increase after that, but shortly after seeing Bitcoin’s highs disappear.
And here’s Bitcoin, um, we’ve seen a pullback from that.
So we will have to see if we can maintain the strength or, if so, actually sell the news event again for Ethereum.