Golden Ten Data Compilation: Daily Global Commodity Market News Express (August 20)

Energy: 1. Engineers revealed that the daily production of the Shalara oil field in Libya will increase to 85,000 barrels. 2. HSBC: The average silver price forecast for 2024 and 2025 has been raised to $27.40 and $28.50 per ounce, respectively. 3. Bank of America: The oversupply of crude oil is expected to weigh on oil prices in 2025. The average price of Brent crude oil next year is expected to be $80 per barrel, lower than this year's $86 per barrel. 4. Goldman Sachs: We still expect that after the existing natural gas transit protocol between Ukraine and Russia expires on January 25 next year, natural gas transmission through Ukraine will stop. We believe that the risk of winter Dutch TTF natural gas prices is still biased towards an increase compared to our forecast of 35 euros per megawatt-hour. Precious Metals and Mining: 1. Last Friday, the spot gold price exceeded $2,500 per ounce, which means that, calculated by the usual weight of about 400 ounces, the price of gold bars has historically exceeded $1 million for the first time. 2. Citigroup: Despite the dumping last week, due to the deterioration of the fundamentals, we have lowered the 0-3 month target price of iron ore from $95 per ton to $85 per ton. The iron ore price may further decline to $80 per ton. We have lowered the iron ore price forecast for 2025 to $95 per ton (previously expected to be $100 per ton) and maintain a structurally bearish view on the long-term trend of iron ore. Middle East Crisis: 1. Middle East situation - Blinken said Netanyahu has accepted the latest ceasefire protocol, and Hamas responded, "No protocol will be reached unless Hamas's conditions are met and the contents of previous United Nations resolutions are complied with"; Foreign media revealed that Netanyahu appeased the United States and agreed to the ceasefire protocol, but pressured his subordinates to negotiate aggressively; Hamas claimed responsibility for the truck explosion in Tel Aviv on Sunday.