990 days ago
Despite China's measures to cool markets the price of iron-ore continues to steadily rise. Strong global demand across construction and infrastructure industries isn’t helping Beijing’s campaign. Stainless-steel producers—many of which are based in China—are still setting some of their highest prices since 2016 for sales to Europe, and much of their output is being snapped up domestically. Source: WSJ
990 days ago
The crude oil barrel dropped below $70, and is now down more than 9% from its peak of early July. Source: TradingView
990 days ago
After several weeks of not finding a compromise, OPEC and its allies have reached a deal to raise oil production in response to soaring prices. They managed to set a target aiming to restore all the output cut during the first stage of the pandemic. Source: Financial Times
993 days ago
A major heatwave in China's biggest industrial provinces has pushed the local electricity consumption to unprecedented levels, and coal futures soared along with it. Coal futures rallied 30% this year and briefly topped 900 yuan a ton in early trading on Friday. Source: Bloomberg
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993 days ago
Copper prices soaring could be due to a cyclical boom rather than a structural change, explained by a strong Chinese demand and recovery from Western nation. Copper prices are still on an upward surge but this could be linked to a short supply of the commodity more than anything else. But the world needs more copper because EVs contain five times more copper than a car fitted for an internal combustion engine. What's next? “Mining companies are likely to continue to prioritise capital returns and balance sheet strength over investment in long-lead-time, capital-intensive growth projects,” says Christopher LaFemina, an analyst at Jefferies. Source: Financial Times
