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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Daily summary: Commodities surges, Wall Street loses slightly before tomorrow CPI reading

18:57 9 April 2024


  • Gold is reaching new historic highs above $2350 per ounce, but the gains were capped at the end of the session. Gold is up 0.5%. Silver also continues to rise, but does not permanently break through $28 per ounce. Palladium is the strongest gainer today (2.3%)
  • US dollar index gains 0.5% and EURUSD loses 0.7% today. European session was dominated by sellers. The CAC40 lost 0.86%, and the German DAX posted a 1.32% drop
  • A Goldman Sachs report pointed to high valuations of European defense sector companies, which led the declines on the Old Continent today. Rheinmetall lost more than 7%, and the sell-off also reached the values of Hensoldt, SAAB, Leonardo, and Dassault Aviation
  • The U.S. Dow Jones, Nasdaq 100 and S&P 500 indexes lost between 0.4% and 0.15%, ahead of tomorrow's inflation data. The NFIB business sentiment index from the US came in marginally below forecasts (88.5 vs. 89.9 forecasts)
  • Once again, semiconductor manufacturers' stocks had a better session than the broad market. TSMC shares erased some of the gains driven by the prospect of $6.6 billion in direct funding from the US government; in connection with the planned construction of a semiconductor hub, in Arizona.
  • US copper producers as Freeport MacMoran gains over higher copper prices, as Trafigura expects higher copper demand due to AI and data centers trend
  • Oil finally retreats at the end of the day, which may suggest a local peak has been reached. However, it is worth noting that oil has been driven by geopolitical concerns lately. On the other hand, there is speculation about a ceasefire between Israel and Hamas
  • Wheat prices on the Chicago Stock Exchange are losing almost 1% today, ahead of an important USDA report to be released on Thursday at 7:00 p.m. More than 56% of the winter crop was rated as a very high or high quality crop, a multi-year record
  • Cocoa prices are seeing further increases despite an increase in the purchase price from farmers in West Africa, which was expected to improve supply and prompt farmers to sell outside the spot market. Also, the prospect of increased cocoa supply in Brazil has not stopped the rally back above $10,000 per tonne
  • Cryptocurrencies are trading under pressure. Bitcoin loses nearly 5% 11 days before halving and slipping below $70,000, leading to nearly $200 million in liquidation of bullish derivatives positions. Microstrategy loses almost 7%
  • Today we did not learn any major macroeconomic readings, but tomorrow we will learn the CPI inflation reading for March from the US. Core inflation is expected to rebound to 3.4% y/y, but core inflation is expected to fall to 3.7% y/y

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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