LiveWire

Gold went for the biggest monthly drop in more than four years once the Fed announced that they would speed up their policy tightening. The ounce went under $1,800 as U.S. stocks and a strong dollar weighted on the precious yellow metal.

Glencore will buy out two rivals expanding its production of the most-polluting fuel as prices soar, despite global efforts to reduce usage. Glasenberg, a former coal trader, the company has been a staunch defender of the fuel, saying it’s essential to providing affordable and reliable power in developing countries. Glencore said it’s the best positioned to responsibly manage their decline. Glencore agreed to buy stakes owned by BHP Group and Anglo American Plc in the Cerrejon thermal coal mine for about $588 million

When asked about their eating habits, 64% of US adults admitted not following ANY nutrition rules. Food is food, no restrictions. As for the rest. 17% said they were eating no carb or low carb diets, 8% were lactose-free, 7% gluten-free, vegetarians and pescatarian each represented 4% of the survey. Only 2% were vegan. 

Wood extended its losses to trade below $800 per thousand board feet, the lowest levels since January and moving further away from an all time high of almost $1,700 seen in May. Demand continues to slow while sawmills invest to increase output. Vaccinated Americans started to travel, book holidays, and engage in activities that were restricted by the pandemic, instead of spending on home renovations and DIY work. Also, higher building costs and a declining availability of wood are starting to weigh on the market and slowing the strong pace of homebuilding. Although supply-chain disruptions persist and very few new mills are built, the rapid decline in lumber prices from mid-May suggests a bubble has burst. Still, the housing deficit in the US hints construction will remain a bright spot in the coming years, with prices of lumber remaining above pre-pandemic levels for some time.

Oil is seeing its 5th weekly advance, its longest streak since December. Stockpiles are shrinking and OPEC+ is likely considering to pump more oil. Front month futures are up 2% in New York and the global oil benchmark is at the highest since October 2018. Some are flagging the possibility of the benchmark Brent crude hitting $100.