Copper prices in London hit a two-year high and surpassed a strong resistance level of $10,000 a metric ton on Friday after Shanghai prices hit a record high on fund buying. Three-month copper CMCU3 on the London Metal Exchange was up 1.4% at $10,006 a ton by 0958 GMT after peaking at $10,033.50...
https://www.hellenicshippingnews.com/copper-breaks-above-10000-for-the-first-time-in-two-years/
Anglo American’s management does not consider a proposed $39 billion takeover offer from BHP Group as attractive, two sources told Reuters, as some investors and analysts dismissed it as opportunistic. BHP on Thursday offered Anglo’s shareholders 25.08 pounds ($31.39) per share, or $38.8 billion, a...
https://www.hellenicshippingnews.com/anglo-american-does-not-find-bhp-39-billion-offer-attractive/
Chicago wheat futures eased on Friday but the market wason track for their biggest weekly gain in two years, as dry weather in parts of Russia and the United States threatened to curb supplies. Corn firmed, with the market set for its biggest weekly rise in 11 months. Soybeans were little changed,...
Global refined lead and zinc markets are likely to see a surplus in 2024, the International Lead and Zinc Study Group (ILZSG) said. The global refined zinc market will see a surplus of 56,000 metric tons in 2024 compared with a previous forecast of 367,000 tons. Prices for zinc CMZN3, used to...
https://www.hellenicshippingnews.com/global-lead-zinc-market-to-be-in-surplus-for-2024-ilzsg/
Anglo American rejected rival miner BHP Group (NYSE:BHP)’s 31.1 billion pound ($39 billion) takeover proposal on Friday, saying the bid significantly undervalued the London-listed miner and its future prospects. “The BHP proposal is opportunistic and fails to value Anglo American (JO:AGLJ)’s...
https://www.hellenicshippingnews.com/anglo-american-rejects-bhps-39-billion-takeover-proposal/
China’s electricity consumption increased by 209 billion kilowatt-hours, or 10%, in the first three months of 2024 compared with the same period in 2023, when the country was emerging from the exit wave of the coronavirus. Consumption growth was concentrated in manufacturing (+112 billion kWh) as...
https://www.hellenicshippingnews.com/chinas-rising-hydro-and-solar-set-to-cap-coal-use-in-2024/
BHP Group’s proposed $39 billion buyout of Anglo American AAL.L is a big bet on copper that could spark a scramble for mining assets as a bullish demand outlook and tight supply for a mineral crucial to the energy transition sends prices to multi-year highs. Combined, the companies would churn out...
https://www.hellenicshippingnews.com/bhps-proposed-bid-for-anglo-american-is-a-big-bet-on-copper/
Copper prices extended gains on Thursday as funds chased the market higher after a takeover bid by BHP for Anglo American, which analysts said was focused on copper. Three-month copper CMCU3 on the London Metal Exchange (LME) gained 1.5% to $9,916 a metric ton in official open-outcry trading,...
https://www.hellenicshippingnews.com/copper-climbs-on-fund-buying-after-bhp-swoops-for-anglo/
UBS noted that the price of iron ore has seen a week-over-week increase to approximately $118 per ton. This upward movement comes despite indicators suggesting a softness in the fundamental aspects of the market. Iron ore port inventories have remained broadly flat, diverging from the usual...
Brazilian farmers in Mato Grosso state have cut the area planted with second corn this season by 10% as low prices push them to cultivate alternative crops, a trend they say is likely to continue. Brazil’s second corn must be sowed immediately after the soybean harvest to avoid the dry and colder...