London Metal Exchange Dynamics: Record Discounts Signal Copper Buying Opportunity for Asian Markets
Oversupply on the London Metal Exchange (LME) has made record discounts against longer-dated agreements, providing an opportunity for Asian buyers to purchase the metal (copper) cheaply, traders said. The discount, or contango, for the cash copper over the benchmark three-month agreement on the London Metal Exchange hit a record high of $108 a metric tonne
China’s Oil and Gas Production Surpasses 390 Million Metric Tons
The National Energy Administration said in a statement issued late on January 9 that China’s total production of oil and gas reached a record high of more than 390 million mt of oil equivalent in 2023, indicating an average yearly increase of 11.7 million mt of oil equivalent. In order to increase energy security and
Chilean Copper Output Decline Sparks Price Increase: 0.35% Rise to 716.4
Copper prices rose 0.35% to settle at 716.4, owing primarily to a decrease in copper output in Chile. The South American country reported 444,905 tonnes of copper produced in November, a 3.1% YoY decrease. This comes after a 4.4% YoY decline in output (copper) from 485,400 tonnes in October 2022 to approximately 464,300 tonnes in
JSW Steel Production Increases by 8% Quarterly and 12% Yearly
JSW Steel reports that its consolidated production of crude steel reached 6.87 million tonnes in Q3 FY24, up 8% from the previous quarter and 12% from the year before. The third quarter saw a 94% capacity utilisation rate at Indian operations, primarily due to an increase in infrastructure projects that increased demand for metals. The
Global Steel Capacity Set to Hit 2.5 Billion Tonnes by 2023
The world’s overcapacity for steel is predicted to reach a level last seen in 2014, the onset of the previous steel crisis. The Organisation for Economic Cooperation and Development (OECD) reported this in January. The study predicted that global steelmaking capacity would reach nearly 2.5 billion tonnes by the end of 2023. Surpassing the most
Indian Rupee Surges Amid Strong Foreign Inflows and Ambitious Economic Growth Plans
– The Indian Rupee (INR) is trading positively as a result of strong foreign inflows. – According to Prime Minister Narendra Modi, India’s economy will rise to rank among the top three in the world. – The United States Consumer Price Index (CPI) inflation report will be the main event on Thursday. – The World
Gold Prices Stable Amid Fed Rate Cut Speculations
Wednesday’s Asian trading saw minimal movement in gold prices, which were mostly unchanged from the previous week as investors questioned their bets on an early Federal Reserve interest rates cut. The main focus was on the impending consumer price index (CPI) statistics from the United States. Which may show that inflation in the country stayed stable
US crude oil inventories dropped by 5.215 million barrels this week
The American Petroleum Institute (API) reports that crude oil inventories in the US decreased this week by 5.215 million barrels for the week ending January 5, defying analysts’ predictions of a draw of 1.2 million barrels. The previous week saw a 7.418 million barrel draw in crude inventories, according to the American Petroleum Institute API.
Copper prices decrease 1.28% amidst US dollar high
LME copper prices saw an overnight decrease of 1.28%, closing at $8329/mt after opening at $8462.5/mt. The price range saw highs of $8483/mt and lows of 8324/mt. There were 26,000 lots traded, and there were 278,000 lots in open interest. The prices of the most active SHFE 2402 copper contract. Which had a high of
Critical Juncture for 16 Proposed Critical Mineral Mines in British Columbia
The Mining Association of British Columbia (MABC) has commissioned an independent economic impact analysis that reveals 16 proposed critical mineral mines in the province are at a critical juncture. These mines hold the potential to generate C$11 billion in tax revenues, C$36 billion in near-term investment, and 300,000 person-years of employment. BC is considered a