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Metals, oil, and ethereum price: Commodities Check

While commodities extend price rallies in recent weeks, Yahoo Finance Senior Markets Reporter Jared Blikre monitors the action seen in key commodities futures — including precious metals silver (SI=F) and copper (HG=F) and crude oil (CL=F, BZ=F) — as well as cryptocurrencies bitcoin (BTC-USD) and ethereum (ETH-USD).

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Luke Carberry Mogan.

Video Transcript

We also want to take a closer look at commodities and crypto Yahoo Finance's Jared B standing by the closer look at those moves.

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Jared.

Yes, Shana.

We have gold, silver and copper all near the record highs, and I'll cycle through them.

Um, we haven't seen a lot of action over the last few days.

We've seen these new nominal highs, but not a huge surge.

And so let me find here's crude oil.

Looks like I'm going to be doing this first.

Here's the year to date.

Crude oil hovering just under $80 per barrel.

You can see in the month of May here just barely doing anything.

Uh, we are looking for maybe some OPEC plus headlines in the next week or two, with regard to whether or not they're going to cut production in the future or hold the line.

But, uh, we don't have that news today and here we go.

Here's copper, that is up 1%.

And, uh, let me put a candlestick on so you can see how close to its record high it is.

And in fact, this would be on track for a record closing high.

Even though we don't have that intra day one but copper just really surging, not only because there was a short squeeze, but because of the inherent demand needs of the A. I trade.

Now, here's silver.

That's down 1% today and silver has been on an absolute tear.

If I put a five year chart, you can see how it is now taken out its highs from 2021 2022.

And before I go here, I got to touch Crypto because Ethereum, look at this up 22%.

It is having the best two day run since January of 2021.

That was way down here.

That was the very beginning of this huge price rise here.

Are we expecting that again?

Well, the news comes as, uh, people are excited about these new Ethereum spot Ethereum, uh, ETF S. However, I would note that when we saw that in Bitcoin that kind of, uh, top tick that rally right there.

We saw a bit of a surge after that, Uh, but not long after we saw the, uh, highs in Bitcoin taken out.

And here's Bitcoin uh, we did see a back off of that.

So we'll have to see if we can continue the strength or, if it is, in fact, another sell the news event for Ethereum.