Asia’s iron ore futures rose on Friday, underpinned by China’s revved-up campaign to curb steel output to meet its peak carbon emission target, but were set for their third straight weekly decline as price-control worries lingered. Iron ore for September delivery on China’s Dalian Commodity...
Chicago corn futures rose on Friday, with the market poised for a second weekly gain in a row as strong demand for the feed grain supported prices. Wheat eased, while soybeans edged higher. “The move in corn prices will depend on U.S. production and how much more corn China needs to buy,” a...
https://www.hellenicshippingnews.com/corn-rises-set-for-second-weekly-gain-on-strong-chinese-demand/
Under the Chinese government’s swift, resolute and concerted efforts to put down a sudden spike in steel prices, a bubble that began to suddenly inflate in early May started to deflate in recent days. While the bubble burst left many who rushed to the feast licking their wounds, industry insiders...
The global surge in commodity prices is adding another burden to China’s small businesses, many of which have barely put the coronavirus pandemic behind them. In a sign of how severe the problem is, Chinese Premier Li Keqiang and other leaders emphasized at a meeting Wednesday they would increase...
Gold has snuck back on to the radar screens of investors thanks to increased concern about inflation pressures, but the precious metal also appears to be getting a boost from renewed interest from the top two physical buyers, China and India. Spot gold failed to hold levels above $1,900 an ounce...
https://www.hellenicshippingnews.com/china-india-buying-adds-support-to-bullish-gold-narrative/
Steel companies are looking to restart expansion projects on the back of surging steel prices. In the next five years, about 29 million tonnes capacity is likely to be added, with most of it expected by FY2024. JSW Steel is looking to add 14.8 million tonnes across Dolvi (Maharashtra), Vijaynagar...
The US’ 10% tariff on aluminum imports from most countries accomplished its stated purpose of protecting the at-risk domestic aluminum industry in the interest of national security, market analysts and participants said May 26 after the release of a report from the Economic Policy Institute. EPI...
Malaysian palm oil futures fell more than 2% on Thursday as they tracked cheaper rivals on the Chicago Board of Trade (CBOT) and the Dalian Commodity Exchange. The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange fell 2.5% to 3,924 ringgit ($947.83)...
https://www.hellenicshippingnews.com/palm-oil-falls-over-2-on-weaker-rivals/
Copper prices advanced on Thursday, on supply threats in top producer Chile, while slower pace of earnings in top consumer China’s industrial firms eased concerns of policy tightening. Three-month copper on the London Metal Exchange CMCU3 rose 0.6% to $10,042 a tonne by 0614 GMT, while the...
https://www.hellenicshippingnews.com/copper-rises-on-supply-worries-in-chile/
Historically high steel prices showed the market was undergoing a “very strong, impressive short-term rebound” after a demand plunge in 2020 due to COVID-19, but it was too early to call this a supercycle, Alessandro Sciamarelli, director of market analysis and economic studies at the European Steel Association (Eurofer), told S&P Global Platts commodity journalists …
The post Steel likely to stabilize after short-term rebound: Eurofer’s Sciamarelli first appeared on Hellenic Shipping News...