Egypt’s state grains buyer the General Authority for Supply Commodities (GASC) has sold around 300,000 tonnes of wheat via the new Egyptian Mercantile Exchange since its November launch, the exchange head Ibrahim Ashmawy said on Monday. The wheat was mostly of Russian origin with some German wheat...
The London Metal Exchange’s (LME) global warehouse network held 654,345 tonnes of metal at the end of December, less than half the tonnage registered at the close of 2021. It’s the lowest end-year inventory in the system this century and reflects two years of steady withdrawals which have left...
https://www.hellenicshippingnews.com/base-metals-start-the-new-year-with-depleted-inventory/
Speculators backed off Chicago corn and soybean futures last week ahead of the U.S. government’s annual data blitz, which stood to threaten investors’ long-standing bullish views given the historically high prices. In the week ended Jan. 10, money managers reduced their net long position in CBOT...
https://www.hellenicshippingnews.com/funds-lower-risk-in-cbot-corn-soy-ahead-of-pivotal-u-s-data/
Copper prices held steady on Tuesday as weak economic data from China, the metal’s biggest global consumer, punctured a speculator-driven rally. Benchmark copper on the London Metal Exchange (LME) was up 0.2% at $9,123.50 a tonne in official open-outcry trading, having touched a high of $9,257 last...
https://www.hellenicshippingnews.com/copper-rally-punctured-by-weak-chinese-growth-data/
Spot prices of #304 stainless steel grew slightly last week. On the supply side, shipments from steel mills were low, but the market got a certain amount of warrant sources. On the demand side, most of the processing factories ramped up the production to deliver the previously received orders and...
Chicago soybean futures lost ground on Tuesday, with prices dropping for the first time in four sessions, as expectations of an all-time high Brazilian crop and concerns over economic growth in top consumer China weighed on the market. Wheat fell, while corn slid from a two-week high. The...
Copper prices fell on Tuesday as a sharp slowdown of economic growth in top metal consumer China reminded traders of the reality of weak physical demand and a global economic downtrend. Three-month copper on the London Metal Exchange CMCU3 fell 0.4% to $9,072 a tonne by 0558 GMT, on track for a...
https://www.hellenicshippingnews.com/copper-dips-as-weak-china-growth-highlights-demand-challenge/
Alumina markets globally are likely to be supported in the first quarter by ongoing supply disruptions in Australia and high energy prices amid the Russia-Ukraine war, while a recovery in aluminum demand remains uncertain and depends on the degree to which China is able to resume and sustain...
China’s commodity trade data for 2022 shows that prices and volumes weren’t driven by the world’s biggest buyer of natural resources. The question now is whether 2023 will see China reassert its dominance as the main driver of commodity markets. The market narrative for China’s appetite for...
https://www.hellenicshippingnews.com/china-didnt-drive-commodity-markets-in-2022-it-may-in-2023/
Copper prices came under pressure on Monday as focus shifted back to weakening demand, particularly in top consumer China, while negative sentiment was reinforced by a firmer dollar. Benchmark copper CMCU3 on the London Metal Exchange (LME) was down 0.2% at $9,169 a tonne at 1106 GMT. Copper...
https://www.hellenicshippingnews.com/copper-rally-falters-as-focus-shifts-back-to-weak-demand/