How are everyone's resource stocks recently — Summary of key oil, gas, gold, and iron news (Oct. 19)

I read that many friends like resource stocks, but they don't focus on commodity news summaries. The serialization of commodity news makes it easier for everyone to invest in resource stocks. $SSIF DCE Iron Ore Futures Index ETF(03047.HK)$

Data shows that after the Chinese economy gained momentum in the third quarter, copper prices led the basic metals sector higher in early trading. GDP increased by 4.9% in the third quarter, higher than market expectations. This was driven by strong retail sales growth, which recorded its biggest increase since May. Industrial production was also strong in September, with an annual increase of 4.5%. The only negative impact was the deterioration in real estate investment, which fell 9.1% in January-September. However, infrastructure investment was strong in other regions, and fixed asset investment growth stabilized at 3.1%. Despite heightened geopolitical tension and reduced risk appetite, copper prices recovered most of their gains later in the session. The signs of weak demand have also exacerbated the downside. Copper stocks in LME warehouses increased by 11 tons to 191.7 tons, the highest level since October 2021. $Samsung S&P GSCI Crude Oil ER(03175.HK)$

The prospects for the war between Israel and Hamas to spread to other parts of the Middle East are heating up, and crude oil prices are rising. An explosion at a hospital in the city of Gaza heightened tension in the region. Leaders of Jordan, Egypt, and the Palestinian Authority have cancelled their summit with US President Joe Biden. Iran's foreign minister called on Muslim countries to immediately and completely boycott Israel, including imposing an oil embargo on the country. Although the move posed a lower risk, it marked a verbal escalation of the war. The price of Brandt crude oil rebounded above $90 per barrel, and the decline in US inventories made matters worse. Commercial inventories fell by 4,491 kbbl last week, according to EIA data. More importantly, gasoline and distillate inventories also fell by 2,370 kbbls and 3,185 kbbls, respectively. The supply of Cushing, the largest storage center, is close to minimum operating requirements.

Increased geopolitical tension is also driving up global gas prices. The European benchmark price rose nearly 4% due to fears that the escalation of the crisis could affect fuel flows. Although the risk of supply disruptions in Australia has abated somewhat, the union has cancelled a new strike on Chevron's LNG facility. The workers accepted the company's proposed settlement on wages and working conditions. This could disrupt about 7% of global LNG supplies. There was also some sell-off in Dutch instant-month futures at the end of the session, as mild weather and almost full inventories suggest that Europe should be on a relatively stable basis over the next few weeks. North Asian LNG prices rose after Chinese regulators required its largest state-owned gas supplier to fill up storage facilities before entering winter. The National Energy Administration also warned that demand for natural gas is increasing due to complex international supply conditions.

The price of gold rose to a three-month high as the intensification of the Middle East conflict boosted safe-haven buying $SPDR Gold Trust(02840.HK)$

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