Copper prices extended gains to a fresh five-week peak on Friday on hopes that U.S. jobs data will provide scope for interest rate cuts and demand will recover in top metals consumer China. Three-month copper on the London Metal Exchange CMCU3 was up 0.3% at $8,664 per metric ton by 1120 GMT after...
https://www.hellenicshippingnews.com/copper-extends-gains-on-hopes-for-rate-cuts-china-revival/
China’s central bank added gold to its reserves for a sixteenth straight month in February as reserve diversification and geopolitical concerns push central banks to increase their allocation towards safe assets. We believe this is likely to continue this year Metals: China buys more gold Last...
https://www.hellenicshippingnews.com/the-commodities-feed-china-buys-more-gold-in-february/
Malaysian palm oil futures fell on Thursday after hitting its highest closing price in more than seven months in the previous session, weighed down by a firmer ringgit, although strength in rival edible oils capped losses. The benchmark palm oil contract FCPOc3 for May delivery on the Bursa...
Brazil’s 2024/25 wheat crop is seen at 9.2 million tons, a 14% increase from the 8.1 million tons estimated for the previous year, consultancy firm StoneX said on Wednesday. It was the first estimate StoneX released for Brazil’s next wheat crop, which has yet been planted in the South American...
https://www.hellenicshippingnews.com/brazil-2024-25-wheat-crop-seen-growing-14-yoy-stonex/
Wetter weather should boost Australia’s winter wheat production to 28.4 million metric tons in the 2024/25 season from 26 million tons in the harvest that has just finished, the country’s agriculture ministry said on Tuesday. Barley and canola production will also increase, the ministry said....
The following are analysts’ estimates ahead of the March crop supply/demand report from the U.S. Department of Agriculture (USDA), which will estimate 2023-24 U.S. ending stocks for wheat, corn and soybeans. The USDA is scheduled to release the report on Friday, March 8, at 12 p.m. ET (1700 GMT)....
https://www.hellenicshippingnews.com/trade-estimates-for-usda-march-us-grain-end-stocks/
Copper prices came under pressure on Tuesday as a lack of big-ticket stimulus from top metals consumer China disappointed, with the market looking ahead to data which could shed light on U.S. monetary policy. Three-month copper on the London Metal Exchange (LME) CMCU3 dropped 0.24% at $8,522 per...
https://www.hellenicshippingnews.com/copper-under-pressure-as-lack-of-chinese-stimulus-disappoints/
Malaysia’s palm oil stocks are expected to drop below 2 million metric tons for the first time in six months at the end of February, with output likely to drop for a fourth consecutive month, a Reuters survey showed on Monday. Palm oil stocks are seen falling 5.7% from end-January to 1.91 million...
Dwindling surpluses due to tightening supplies and healthy demand from stainless steel mills and China’s electric vehicle battery sector mean nickel prices have, after a two-year slide, probably hit the floor. Nickel CMNI3 on the London Metal Exchange (LME) hit records above $100,000 a metric ton...
https://www.hellenicshippingnews.com/shrinking-surplus-suggests-end-to-two-year-nickel-price-slide/
European and U.S. buyers will compete aggressively for Middle Eastern aluminium if the European Union bans Russian metal in coming months, sparking price rises reminiscent of 2018 when sanctions were imposed on Rusal. A race for aluminium from Middle Eastern countries, including the United Arab...