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 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 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 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 […]
China’s 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 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, […]
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 […]
Oil Prices Slide Amid Weak PMI Readings and Supply Concerns
Oil prices faced a slight decline in Asian trade on Thursday, influenced by a series of weak Purchasing Managers’ Index (PMI) readings that raised concerns about sluggish economic growth. The market also grappled with increased U.S. oil production and exports. Indicating that supply might not be as constrained as initially anticipated. The Energy Information Administration […]
Indian Government Delays Import Curbs on Laptops and Computers until October 31
The Union commerce ministry has decided to defer the implementation of recently announced import restrictions on laptops, personal computers (PC), tablets, and related items until October 31. In a notification issued on August 4. The Directorate General of Foreign Trade (DGFT) stated that import consignments can be cleared without a license for restricted imports until […]
Ukraine Strike Russian Navy Ship Near Novorossiysk Oil Port
Drone Attack Damages Russian Navy Vessel Amid Rising Tensions In a significant escalation of hostilities, Ukrainian security services and navy reportedly carried out a drone strike on a Russian Navy ship outside the oil export port of Novorossiysk on the Black Sea. Ukraine claims that the Russian Navy landing ship, Olenegorsky Gornyak, was damaged in […]