Tue, March 19, 2024

Commodities

Copper

Copper Hits $9,000: 5.5% Weekly Surge Amidst Supply Woes

Quick Look Copper prices exceeded $9,000 a ton, reaching an 11-month peak. A weekly surge was observed at 5.5%, highlighting a significant market movement. Supply challenges, including mine closures and output worries, increase prices. Citi predicts more upside for copper, citing demand improvements and market dynamics. Risks include market volatility and the uncertain pace of …

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Farmers and trade war - canola

Canola Market Dynamics: 60,000+ Contracts Traded

Quick Look Minor downtrends in canola prices were observed across several future contracts during Wednesday’s session. The market highlighted its liquidity with over 60,000 contracts traded Positive influences include global oil price rises, countered by pressures from lower soymeal and European rapeseed prices. The year-over-year increase in canola crush statistics points to growing production. Adjustments …

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Cocoa

Cocoa Prices Skyrocket 150%: Industry at a Crossroads

Quick Look Cocoa prices hit a record high of $6,884 per metric ton, a 150% increase from last year. Hershey’s experiences a sales dip and profit squeeze due to rising cocoa costs and consumer resistance to price hikes. Industry-wide markup declines signal a shift in pricing power back to consumers. Global cocoa production faces a …

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wheat

Wheat Sales to China Halted: Prices Tumble to 2020 Low

Quick Look The latest cancellation involves 264,000 metric tons of U.S. soft red winter wheat, marking the third in recent days. Wheat prices have been falling, with soft red winter grain futures reaching a low not seen since August 2020. Strong competition, especially from Russia, and improved U.S. crop conditions contribute to the market dynamics. …

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India coal

India’s Power Shift: Coal Imports & 255 GW Demand Surge

Quick Look: Within the first 11 months of the current financial year, India’s thermal coal imports exceeded the previous year’s shipments. A power demand peak of 255 GW will occur between April and June 2024, indicating a growth of 6-7% year-over-year. Recommendations for coal-based power plants include design modifications and boiler retrofitting to decrease reliance …

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zinc and copper

Zinc Peaks 5-Week High; Copper Hits February’s Best

Quick Look Zinc futures soared to a 5-week high amid output cuts at a South Korean smelter. Combined zinc inventories have reached peak levels since May 2021, hinting at supply pressures. SHFE copper prices escalate, signalling a stronger import appetite in China. Mixed movements in other metals, with notable increases in nickel and tin prices. …

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Cocoa

Cocoa Crisis: Prices Swing Amid 374K MT Deficit Forecast

Quick Look May London Cocoa hits 5,620 pounds a ton, then drops 1.1%. May New York Cocoa falls 1.2% from a record high. Industry braces for a fourth consecutive cocoa supply deficit. Lindt & Spruengli to hike prices amid rising costs. ICCO forecasts a widening deficit; global cocoa output to decline. Venezuelan cocoa finds new …

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The government aspires to make Portugal Europe's top producer of prime lithium for electric car batteries.

Frontier Lithium & Mitsubishi Venture: Shares Jump 15%

Quick Look Frontier Lithium partners with Mitsubishi, shares soar by 15%. Mitsubishi acquires a 7.5% stake in Frontier with an option to increase to 25%. PAK Lithium Project in Ontario, a key focus of the joint venture. Rio Tinto eyes Canadian lithium amidst volatile market conditions. US energy storage sees a 59% increase in new …

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Gold

Gold Hits $2,081, Eyes Record Highs Amid Fed Speculations

Quick Look Gold (XAU) prices slightly declined to $2,081.11 per ounce, staying close to a two-month peak. Last week’s approximately $50 surge hinted at softer inflation and potential interest rate cuts. The market anticipates a Federal Reserve rate cut in June, with probabilities increasing to 74%. Gold’s outlook remains bullish, with a keen eye on …

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natural gas

Record Low Gas Prices Amidst Surging Production

Quick Look Natural gas production has significantly surpassed storage capacity growth over the last decade. Historical lows in prices were observed, with Henry Hub’s daily price averaging $1.50/MMBtu in early February 2024. Record gas production in 2023, amidst one of the warmest winters, led to the lowest prices in decades. Significant market volatility was noted, …

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Gold and Metal

Nickel Prices Surge 8.7% Amidst Global Supply Fears

Quick Look LME Nickel prices increased by 0.5% to $17,685 per metric ton, with an 8.7% monthly gain. SHFE May Nickel Contract rose 1.6% to 137,530 yuan ($19,115.46), marking a 7.6% monthly increase. Supply concerns in Indonesia and Russia, alongside speculation of sanctions, have contributed to price volatility. Comparative analysis shows mixed performance across base …

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Copper

Metals: Copper Hits Lowest Charges Since 2013

Quick Look Copper treatment charges in China hit a low of US$19.8/ton, the lowest since 2013, indicating smelting overcapacity. China’s refined metal output reached a record high in December, driven by demand from the green energy sector. Annual contracts for copper treatment are set at US$80/ton for 2024, marking a 9% year-on-year decline. LME copper …

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Wibest – Grain Market: Soybeans

Essential Food Prices Surge Ahead of Ramadan in Indonesia

Quick Look Bangladesh sees price increases in essentials despite government efforts to reduce import duties. Prime Minister of Bangladesh blames hoarding for price hikes; market trends show significant increases in onion, sugar, and beef prices. Indonesia’s Bulog confirms ample rice stocks; government launches Cheap Food Movement to combat rising rice prices. Both countries face challenges …

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global commodities

Oil Dips to $76.27 Amid Dollar Strength and Rate Fears

Quick Look Brent crude futures dipped to $81.48 a barrel, while U.S. WTI crude dropped to $76.27. A stronger dollar contributed to the fall in oil prices, making oil more costly for other currency holders. Market sentiment is affected by expectations of sustained high U.S. interest rates, impacting fuel demand growth. Geopolitical tensions and supply …

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