commodities

According to Reuters, the London Metal Exchange (LME), a subsidiary of the Hong Kong Stock Exchange, is exploring the tokenization of metal inventories stored in Hong Kong warehouses, making them digital assets that can be used for loan collateral and other financing activities, in line with Hong Kong's strategy to develop an international commodity trading center. LME confirmed that it is currently in the early stages of exploring the tokenization of metal inventories that have not been issued warehouse receipts.Unlike warehouse metal that already has standardized financing mechanisms, this type of inventory currently lacks mature financing channels. Insiders revealed that LME plans to hold a closed-door industry roundtable meeting in early November to discuss the plan. The Hong Kong Stock Exchange is also testing carbon credit tokenization to achieve near real-time trade settlement.

Data from shipping intelligence company Kpler shows that due to tanker attacks and stalled US-Iran negotiations, the traffic of vessels in the Strait of Hormuz significantly decreased over the past weekend.On Saturday, 5 bulk commodity carriers passed through, while no vessels passed on Sunday, a significant decrease compared to 31 vessels the previous weekend.

According to Jinshi, due to the continued strengthening of the US dollar, industrial metals are under overall pressure, with aluminum prices falling to their lowest level since mid-February. After a cumulative decline of 16% in June (the largest monthly drop since 2008), the downward trend in aluminum prices has continued. The US dollar index has risen for the second consecutive day, with a cumulative increase of 2.5% over the past two months, which has raised the cost of dollar-denominated commodities for most buyers.

According to CoinGlass data, the price of natural gas (NG) contracts is currently reported at $3.289, up 2.72% for the day. The total trading volume of NG contracts across the network has decreased by 22.55% in the last 24 hours, while the total open interest has increased by 5.46% to $987,000. Among them, the trading volume on the Gate platform is approximately $165,400, ranking second globally; the open interest reaches $601,300, ranking first globally.