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1065 days ago

Divergence over the future of copper supply introduces uncertainty over price targets

The ICSG predicts consumption of the metal will be little changed this year while mine supplies rise. The group estimates that the global refined copper surplus will reach 110,000 tons in 2022 from about 80,000 tons in 2021. That compares with a 2020 deficit of about 600,000 tons. While GS believes prices will rise, the International Copper Study group said supply will exceed demand hence countering expectations for tightening supplies.

#Commodities

1065 days ago

Are we about to see Brent pass the $70 line ?

Brent soared more than a third this year partly due to a broad rally across raw materials that has seen the commodity Spot Index surge to its highest level in almost ten years. Investors are betting that rising vaccine-aided demand and greater mobility in key economies will drain crude stockpiles and support higher prices. That’s meant oil has extended gains in recent weeks even amid the serious virus flare-ups in Asia. 

#Commodities

1065 days ago

The Baltic Dry Index, once widely seen as a proxy for global growth and commodity demand, has risen more than 650% from its Covid low to the  highest level in almost 11 years!

Source: Bloomberg, Jeroen Blokland 

#Commodities
Baltic Dry Index

1066 days ago

Oil prices reach a 7-week high thanks to bets on improving demand

Oil slowly climbed back up to $66 a barrel as traders expect economic activity to pick up in the Europe and in the US. 

#Commodities
Oil prices reach a 7-week high thanks to bets on improving demand

1066 days ago

Oil leads YTD returns on recovery trade expectations and rising oil prices

Meanwhile oil prices maintained their existing YTD lead, with WTI (+7.5%) and Brent (+5.8%) both moving higher, to take their YTD gains to +31.0% and +29.8% respectively. As with copper, hopes for a strong recovery after the pandemic have supported gains, with oil set to be in demand as economies open up once again.

#Commodities
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