{"id":83322,"date":"2023-04-17T11:29:14","date_gmt":"2023-04-17T11:29:14","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/all-news\/commodities-rallied-last-week"},"modified":"2023-04-17T11:54:07","modified_gmt":"2023-04-17T11:54:07","slug":"commodities-rallied-last-week","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/commodities-rallied-last-week","title":{"rendered":"Commodities rallied last week"},"content":{"rendered":"

Africa-Press – Tanzania. <\/strong><\/span>Commodities enjoyed strong hikes last week fueled by growing expectations that major central banks will soon end the tightening cycle.<\/p>\n

US Federal Reserve officials considered a smaller interest rate increase last month, according to the central bank’s minutes released last Wednesday.<\/p>\n

The Fed raised its benchmark interest rate on March 22 by 25 basis points, carrying the federal funds rate to between 4.75% and 5% — the highest since May 2006.<\/p>\n

The Fed expects the recent banking turmoil to push the nation\u2019s economy into “a mild recession” later this year.<\/p>\n

“Given their assessment of the potential economic effects of the recent banking-sector developments, the staff\u2019s projection at the time of the March meeting included a mild recession starting later this year, with a recovery over the subsequent two years,” the minutes said.<\/p>\n

Data released last week that came in below market forecast boosted expectations over central banks’ aggressive rate hike is coming to an end.<\/p>\n

The annual consumer inflation in the US came in at 5% in March, significantly easing from 6% in February, the latest data showed last week.<\/p>\n

US annual producer inflation dove to 2.7% in March, down from February’s upwardly revised figure of 4.9%.<\/p>\n

Weaker demand for the US dollar also cheered the commodity market.<\/p>\n

The dollar index, maintaining its downward trend for the fifth week in a row, closed the week at 101.6, after testing the one-year-low of 100.8.<\/p>\n

Despite seeing its highest level since March 9, 2022, gold fell 0.2% to end the week at $2,048.73 an ounce.<\/p>\n

The price of silver rose by 1.7%, palladium 2.5%, and platinum 3.7% last week.<\/p>\n

In the over-the-counter market, copper increased by 2.6%, lead 3%, aluminum 2%, nickel 6.9%, and zinc by 1.8%.<\/p>\n

Traded on the Chicago Mercantile Exchange, wheat prices rose by 2.5% and rice 4.5%, while corn decreased by 1.2% and soybeans by 1.7%.<\/p>\n

For More News And Analysis About Tanzania<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. Commodities enjoyed strong hikes last week fueled by growing expectations that major central banks will soon end the tightening cycle. US Federal Reserve officials considered a smaller interest rate increase last month, according to the central bank’s minutes released last Wednesday. The Fed raised its benchmark interest rate on March 22 by […]<\/p>\n","protected":false},"author":84,"featured_media":83321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6990,6991,9438,711],"class_list":["post-83322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press-2","tag-africa-press-tanzania","tag-commodities","tag-tanzania"],"yoast_head":"\nCommodities rallied last week - Tanzania<\/title>\n<meta name=\"description\" content=\"Commodities enjoyed strong hikes last week fueled by growing expectations that major central banks will soon end the tig ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/commodities-rallied-last-week\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commodities rallied last week\" \/>\n<meta property=\"og:description\" content=\"Commodities enjoyed strong hikes last week fueled by growing expectations that major central banks will soon end the tig ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/commodities-rallied-last-week\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-17T11:29:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-17T11:54:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2023\/04\/postQueueImg_1681714768.80.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/commodities-rallied-last-week#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/commodities-rallied-last-week\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Commodities rallied last week\",\"datePublished\":\"2023-04-17T11:29:14+00:00\",\"dateModified\":\"2023-04-17T11:54:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/commodities-rallied-last-week\"},\"wordCount\":301,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/commodities-rallied-last-week#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2023\/04\/postQueueImg_1681714768.80.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Tanzania\",\"Commodities\",\"tanzania\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/commodities-rallied-last-week#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/commodities-rallied-last-week\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/commodities-rallied-last-week\",\"name\":\"Commodities rallied last week - 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