Oil Prices Edge Up Amid Iranian Rescue Efforts and Market Optimism

oil-prices-edge-up-amid-iranian-rescue-efforts-and-market-optimism

Oil prices increased slightly in Asian trade on Monday as traders looked for more details on rescue efforts for Iran’s President following a helicopter crash. Crude prices were holding onto some of the gains they made the previous week due to growing demand for the commodity in China, a major importer, and the possibility of […]

Gold Prices Record High Amid Middle East Tensions and Metal Market Rally

gold-record-highs-amid-middle-east-tensions-metal-market-rally

Gold prices rose to a record high in Asian trade on Monday as raised geopolitical tensions in the Middle East boosted safe haven demand. While a broader rally in metal markets also impacted the yellow metal. Gold futures expiring in June reached a record high of $2,444.55 per ounce. While spot gold increased by almost […]

Copper Prices Hit Record Highs Amid Comex Short Squeeze and Supply Bets

copper-prices-hit-record-highs-amid-comex-short-squeeze-supply-bets

Copper prices soared to record highs in Asian trade on Monday, growing a recent rally fueled by a Comex short squeeze and raised bets on tighter markets this year. On the London Metal Exchange, one-month copper futures surged 0.9% to $5.1370 a pound, approaching record highs. While three-month copper futures increased 0.8 percent to a […]

Metal Scrap Crucial for Green Steel Production, Drives Demand in Mexico

metal-scrap-crucial-for-green-steel-production-drives-demand-in-mexico

Metal scrap has become a vital raw material due to climate change, not just in Mexico but worldwide for the manufacture of green steel. 11,376 establishments in Mexico are devote to the purchase or collection of the product. Some reports state that Mexico uses 12.5 million metric tonnes of ferrous scrap annually, of which slightly […]

India’s Domestic Steel Demand Set to Rise by 10% Over the Upcoming Years

india-domestic-steel-demand-set-to-rise-by-10-over-the-upcoming-years

Domestic steel demand is anticipated to increase by 10% over the coming years, boosted by the government’s infrastructure focus, Steel Secretary Nagendra Nath Sinha said on Wednesday. Speaking at the national capital’s “CII Conference on Future Ready or Green Manufacturing,” the official made the comments. He predicted double-digit growth in domestic steel demand as a […]

Russian Aluminium Diversion & Rent-Share Agreements Drive LME Stock Increase

russian-aluminium-diversion-rent-share-agreements-drive-lme-stock-increase

The London Metal Exchange-registered warehouses’ total aluminium stocks increased significantly, causing a 1.45% decrease in aluminium prices, which ultimately settled at 230.85. Daily LME data shows that accumulation of aluminium stocks surged by 88% to 903,850 metric tonnes, the highest level since January 2022. The increase was ascribed to rent-share agreements, in which dealers divert […]

China’s Positive Trade Data Sends Zinc Prices Soaring by 0.97%

china-positive-trade-data-sends-zinc-prices-soaring-by-0-97

The world’s largest producer and consumer of zinc, China, released positive trade data that sent zinc prices surging by 0.97% to settle at 261.3. China’s higher imports and exports in April gave the market confidence by indicating a rebound in both domestic and foreign demand. The decision by the massive Swedish mining company Boliden to […]

Copper Prices Rally Amidst Supply Concerns and Strong Demand Signals

copper-prices-rally-amidst-supply-concerns-strong-demand-signals

Copper prices rose by 1.15% to 869.75, as markets weighed supply shortages against strong near- and long-term demand indicators. Market sentiment was further supported by the change in China’s Politburo rhetoric. Which suggested deeper worries about the nation’s property crisis and sparked rumours of rate cuts and quantitative easing. The world’s largest copper producer, Chile, […]

Aluminium Stocks Soar: LME Data Shows 88% Surge, Reaches Highest Level Since 2022

aluminium-stocks-soar-lme-data-shows-88-surge

According to daily LME data released on Friday, the total amount of aluminium stocks in warehouses registered with the London Metal Exchange increased by 88% to 903,850 metric tonnes on Thursday, reaching its highest level since January 2022. Inventories have been the subject of “rent share deals,” in which traders remove aluminium made in Russia […]

Ukraine’s Ferrous Metal Exports Surge

Ukraine’s steel companies saw a 16.6% year-over-year increase in revenue from ferrous metal exports from January to April of this year, totaling $959.76 million. Interfax-Ukraine reports that the State Customs Service is in charge of this. In the four months that ended in April 2023. Ferrous metals brought in 7.14% of the total revenue from […]