US Pres. Biden’s State of the Union might boost metals prices – Capital Economics
|"Abnormally cold temperatures in the US, particularly Texas, have forced a significant share of US oil wells and refineries offline this week," note Capital Economics analysts.
Key quotes
"Oil prices initially surged on the back of this disruption, but they have since retraced most of their gains. In fact, they may even edge lower in the coming weeks if refinery activity takes longer to come back online than production."
"Next week, most investor attention will probably be focused on US President Joe Biden’s State of the Union Address where he is expected to unveil details of a green-intensive infrastructure package dubbed the American Recovery Plan. While Biden’s proposal may provide an initial boost to metals prices, there is no guarantee that Congress will pass the legalisation and, in any case, the money would be spread out over a long period of time."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.