Director of PT TRFX Garuda Futures Ibrahim Ascustombi said: Russian invasion ke Ukraine brings its own blessings to producing countries commodity. The countries are China, Indonesia, Australia and Malaysia.
These countries benefit from soaring commodity prices. According to him, the price increase was not caused by Russia invading Ukraine, but excessive sanctions carried out by the US, European Union, and Britain against Russia, including Belarus.
He said the increase in commodity prices was used as bait for speculators to bring down countries which incidentally imposed economic sanctions on Russia and Belarus.
“After the economic sanctions were implemented, speculators in various countries carried out unlimited buying actions, causing an unnatural spike in commodity prices,” said Ibrahim in an official statement, Monday (7/3).
He said that without the intervention of a third party, commodity prices are unlikely to experience a significant spike.
Moreover, Russia’s ally, namely China, which is likely to follow in Russia’s footsteps, will invade Taiwan.
In addition, North Korea has also been preparing to invade South Korea. “This is all the impact of the US, NATO and Britain who are too rash in providing economic sanctions,” Ibrahim continued.
In addition, with price spikes continuing to rise, the US central bank (The Fed) in its March 15, 2022 meeting is likely to hold interest rates until the war has completely stopped.
Ibrahim said the impact of the sanctions had made the prices of commodities, such as crude oil, gold, natural gas, coal, nickel, increase unnaturally.
The price of gold in a matter of March 2022 could touch US $ 2,150 per troy ounce, WTI crude oil could touch US $ 200 per barrel, and coal US $ 600 per tonne.
Then, natural gas at US$ 5,500, crude palm oil (CPO) at RM 7,500 per ton, the dollar index at US$ 105, and bitcoin at US$ 45,000 per coin.
(mrh/bir)
–
