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993 days ago

Lumber rose and now it keeps falling

Lumber futures are now down more than 70% from their May peak. It is a real capitulation. Source: TradingView

#Commodities
Lumber rose and now it keeps falling

994 days ago

Steel continues resurfacing rising to an 8-week high

Shanghai steel futures recovered to above 5,000 yuan a tonne, the highest since May 21st after latest data showed China’s crude steel output rose by 11.8% from a year earlier in the first half of the year. China pledged to limit crude steel output in 2021 at no higher than the 1.065 billion tonnes it made last year but at the half-way stage of the year, the country has already produced 563.33 million tonnes of the metal. Considering only June, production went up 1.5% year-on-year but declined 5.6% from a record level in May as government environmental controls ahead of the Communist Party's centenary celebrations in July constrained production. The steel market has been under pressure due to China's efforts to limit soaring commodity prices after cost of steel rallied to an all-time high of 5,975 yuan per tonne on May 11th. Source: Trading Economics

#Commodities

994 days ago

Copper jumps after Chinese economic data but a slowing form a sign of a sluggish recovery?

Copper prices rise after Chinese GDP and industrial production showed continued resilience in the world's second-largest economy. Three-month copper on the LME rises 1% to $9,430 a metric ton. China's economy grew by 7.9% in 2Q in line with economists' forecasts. Industrial production rose 8.3% in June, 0.5% more than expected. The data come after China lowered reserve requirements for banks. Source: William Horner @WSJ

#Commodities

994 days ago

The unexpected rise of U.S. gasoline inventories made oil prolong its losses

Last week, the stockpiles of U.S. gasoline rose by more than 1 million barrels which led futures' prices to slide below $73 a barrel. OPEC+ and the UAE's impasse concerning production levels is nearly at an end as both might have found a compromise. Source: Bloomberg

#Commodities

994 days ago

The epic rise and fall of lumber prices

Lumber went from $300 to above $1,600 and is now falling under $600. Guess Powell was correct about temporary inflation? Source: FactSet

#Commodities
The epic rise and fall of lumber prices
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