International oil prices surged two days in a row… WTI, highest since January last year
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(New York = Yonhap News) Correspondent Kang Gun-taek = The international silver price, which surged due to the intensive purchase of US ants (individual investors) who led the game stop situation, fell sharply in one day.
On the 2nd (local time) on the New York Merchandise Exchange, silver for March delivery closed at $26.402, down 10.3% ($3.02) per ounce from the previous day.
It has soared more than 9% the day before, and it has been one day since February 2013, the highest in eight years.
Individual investors gathered around the online community Reddit’s forum’Wall Streetbets’ campaigned to intensively buy silver-related products, claiming that large banks and the government are suppressing the silver market.
It is analyzed that the rapid decline was due to the 18% increase in margin for silver futures contracts by CME Group, which operates the exchange.
“It’s not uncommon for exchanges to adopt these measures when price fluctuations are extreme,” said David Madden, market analyst at CME Group.
The US Commodity Futures Trading Commission (CFTC) acting as acting chairman Rostine Benham made a statement and warned that “the situation is closely monitored” seems to have had an impact.
The New York Merchandise Exchange’s April deliveries also closed at $1,833.40, a drop of 1.6% ($30.50) per ounce on the same day.
International oil prices soared for two consecutive days.
West Texas crude oil (WTI) for March delivery on the New York Commercial Exchange (NYMEX) closed at $54.76, an increase of 2.3% ($1.21) per barrel, the highest since January 23rd last year.
The April Brent crude on the London ICE Futures Exchange is trading at $57.48, up 2% ($1.13) per barrel.
Reuters reported that the increase in oil production in major countries was less than expected, which supported the rise in oil prices.
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2021/02/03 05:52 sent