Thu, March 28, 2024

Commodities

Coffee

EU Rules And Drought Drop Coffee to $188, Down 7.7%

Quick Look: The coffee market consolidates amid regulations, environmental worries, and supply uncertainties, reflecting recent price declines. EU rules target deforestation, affecting coffee imports, prompting potential circumvention, signaling trading sustainability shifts. Droughts in Vietnam and Brazil hinder production, despite Brazil’s rise, affecting global coffee supply. Bullish patterns hint at price rebound during consolidation, while legislation …

EU Rules And Drought Drop Coffee to $188, Down 7.7% Read More »

Close up industrial view of oil refining. canola

Managed Money Traders Cut Canola Shorts by 11k

Quick Look: The Canola market sees a notable shift in trader activity based on the mid-March report. Managed money net short position in oil futures drops, indicating changing sentiment. Canola market’s open interest increases, signalling more engagement and optimism. Prices spike mid-March due to short covering and bullish signals; overbought conditions emerge. The Canola market …

Managed Money Traders Cut Canola Shorts by 11k Read More »

Wibest Broker- Oil Inventory Report: The picture shows an administrator conducting a check up on the wires in an Energy Plant. Iberdrola

Iberdrola and Amazon’s Clean Power Deal on Wind Energy

Quick Look: Iberdrola and Amazon expanded their clean power partnership with a significant renewable energy agreement. Amazon commits to procuring 159 megawatts (M.W.), bolstering its goal of achieving 100% renewable energy by 2025. Digital partnership enhancements include advancements in cloud computing, artificial intelligence, and smart grid technologies. Iberdrola and Amazon have announced the expansion of …

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Corn prices decline as traders assess Ukraine crisis

Corn Gains Amid Global Agri Shifts: Up 3.5¢

Quick Look: Corn trading sees gains, closing near daily highs with rising export inspections. Brazil’s corn harvest progresses well, with second crop planting nearly complete. Ukraine’s grain shipments experience a dip, reflecting geopolitical tensions and logistical challenges. In the latest trading session, corn markets experienced notable gains, underscoring a period of resilience and optimism among …

Corn Gains Amid Global Agri Shifts: Up 3.5¢ Read More »

Palladium

Palladium Dips to $1,058.88: 4.11% Overnight Drop

Quick Look Today’s opening price for palladium is $1,058.88 per ounce, marking a 4.11% decline from the previous day. The price has fallen 3.70% since the beginning of the year, reaching a 52-week low of $854.70 on February 13, 2024. Palladium’s peak in March 2022 reached $3,440 per ounce, influenced by geopolitical tensions. Palladium prices …

Palladium Dips to $1,058.88: 4.11% Overnight Drop Read More »

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 …

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

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 …

Canola Market Dynamics: 60,000+ Contracts Traded Read More »

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. …

Wheat Sales to China Halted: Prices Tumble to 2020 Low Read More »

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 …

Frontier Lithium & Mitsubishi Venture: Shares Jump 15% Read More »