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The Afghan government's holdings in US institutions have been frozen by the Biden administration, preventing the Taliban from gaining access to billions of cash. A stash of gold bars deposited with the Federal Reserve Bank of New York is among the assets frozen. As of December 2020, the deposit contained around 22 tons of gold. Source: Quartz

Recycled PET is becoming increasingly popular in the fashion industry. Until 2019, the cost of recycled polyester made from rPET was €1,050 per tonne, or around €200 less than virgin PET. The price has now risen to €1,435. Food grade rPET, which is more expensive and often transparent, is used for packaging of consumable items and costs €1,800 a tonne. Source: Financial Times

Oil prices jumped back as a U.S. industry report pointed to another drop in domestic crude stockpiles, resolving concerns about falling demand due to the delta variant. West Texas Intermediate rose 0.3% after shedding almost 4% over a four-day losing run that was the longest since March. The American Petroleum Institute reported inventories fell 1.16 million barrels last week, including a draw at the key storage hub in Cushing, Oklahoma, according to people familiar with the data. We will know more about it later today as the government posts its official numbers. Source: Bloomberg, Yahoo Finance

Potash, a nutrient essential to producing food for growing populations, is seeing its price soar as a crop rally helped farmers boost their fertilizer purchases. BHP will spend $5.7 billion on a giant Canadian potash mine, giving a clear signal that it might be the new gold. Nutrien Ltd., the biggest fertilizer company, also said earlier this year it will raise potash production amid a tightening market. Source: Bloomberg

Chicago lumber futures dropped below $500 per thousand board feet in August, their lowest since early July 2020 and an over 70% slump from an all-time high of almost $1,700 hit on May 7th as demand from homebuilders and DIYers cooled down following the boom during Covid lockdowns. Still, lumber prices remain above pre-pandemic levels amid tightening labor market, wildfires in western Canada and the possibility of mills closing again due to the spread of the Delta coronavirus variant. British Columbia forestry titan Canfor Corporation curtailed production capacity as the fires disrupted transportations and supply chains. Source: Trading Economics