Rises in commodity market give way to decline

By Gokhan Ergocun

ISTANBUL (AA) - Recent price increases in the commodity market deteriorated into a downward trend last week amid high sales.

Last week, modest guides by the Fed and easing coronavirus restrictions in China reflected positively on the market.

The price of gold, meanwhile, decreased by 0.2%, silver by 0.9%, and palladium by 4.4%, while platinum's price rose by 7.5%.

Hawkish stances by central banks globally has put pressure on the metal prices, especially gold, analysts said.

Analysts also said that, as part of the effects of the Russia-Ukraine war, automobile manufacturers in particular have started to use platinum instead of palladium, causing that metal's price to increase.

The price of copper dropped by 0.2%, as did aluminum by 2.8%, and nickel by 3%.

Meanwhile, both lead and zinc rose in price.

Brent oil increased by 4.6%, while natural gas prices increased by 2.2% in New York Stock Exchange.

Last week, EU members agreed on fresh sanctions banning 90% of oil imports from Russia in a decision that has impacted oil prices.

In the agriculture market, the price of wheat dropped by 10.2%, corn by 6.4%, rice and cotton both by 3.9%, soy beans by 2%, and sugar by 1.3%, while coffee and cocoa prices rose by 1.3% and 0.3%.