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1039 days ago

Shanghai steel futures bounce back from a 2 month low

''Shanghai steel futures bounced back to 4,800 yuan a tonne from a near 2-1/2-month low of 4659 hit on May 27th, after China vowed again to curb production based on carbon emissions, pollutant discharges and energy consumption. Steel prices tumbled more than 20% on worries over China's price-control after rallying to an all-time high of 5,975 yuan per tonne on May 11th, buoyed by high cost of steelmaking ingredient iron ore and as China’s steel capital Tangshan instructed most mills to cut production by 30%-50% until the end of the year to reduce carbon emissions.''

#Commodities

1039 days ago

Gold reports largest monthly gain since July

Reasons for a gold rise could be related to inflation risks in focus ahead of key US jobs data due later on Friday this week. Bullion erased 2021 losses this month alone. Holdings in bullion-backed ETF climbed for the first time in four months but gains remained far short of those seen during last year's rally. 

#Commodities

1039 days ago

Green energy drives copper prices to record highs

China is world's largest copper buyer consuming 50% of the all global output. Some analysts suggest that Copper could only keep rising as countries continue push for decarbonisation. Copper is also indispensable for infrastructure builders--something of note considering the Biden infrastructure deals. 

#Commodities

1039 days ago

Price at the pump: Americans set for 5-dollar gas

"Californian drivers can soon look forward to paying more than $5 a gallon at the pump as the state’s green mandates ratchet up and gasoline refineries shut down or convert to renewable fuels," a WSJ op-ed concludes. 

#Commodities
Price at the pump: Americans set for 5-dollar gas

1039 days ago

COT Report: Gold positioning "is a bullish setup" - Shedlock

Managed money started unwinding contracts (long liquidation) in February 2020 yet the price of gold, albeit with one dip, exploded higher. 

#Commodities
COT Report: Gold positioning
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