Commodities Corner: Majors Weaker Despite Positive Data
Prices for major commodities fell across the board as investor sentiment soured last week despite solid data from both China and the US.
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Commodities / Currencies / Economics / Fixed Interest / Funds / Interest Rates / Markets / Shane Oliver
US Political Protests, Inflation and Rising Bond Yields
AMP Capital’s Dr Shane Oliver breaks down markets across the spectrum and around the globe in his weekly Insights column.
Read MoreShort-Term Gain, Longer-Term Pain for Santos, Woodside
Despite data that shows signs of improvement, both Santos and Woodside will be looking at (not unexpected) sharp falls in earnings for the full year when they are revealed in February.
Read MoreStorm Front Threatens Pilbara Region
The eyes of the global iron ore and steel industries will be on the waters of northwestern Australia from now until the weekend with a possible cyclone on track to hit the Pilbara iron ore mining and shipping areas.
Read MoreOil Consumption Predicted to Fall in 2021
The International Energy Agency (IEA) January oil report forecasted a downgrade in 2021 oil consumption but still sees a second half recovery strengthening.
Read MoreBHP Riding High on Commodities Strength
Shares in BHP remained at their current near record levels yesterday after it released an encouraging six-month sales and production report that saw the company ride the boom in commodity prices nicely.
Read MoreCost Cutting on the Cards as Rio Announces Flat Projections
2021 is going to be a year of marking time for Rio Tinto with targets for the coming year little changed from 2020, which likely means they will be looking to cost cutting and price gains to drive earnings growth.
Read MoreRecord Chinese Steel Production Leads Iron Ore Higher
Iron ore prices rose Monday in the wake of the release of official figures showing China produced a record amount of steel in 2020, after importing a record amount of iron ore as well.
Read MoreAll Eyes on BHP, Rio Production Numbers
A big week for the local market – not for the earnings results – but for the production and sales data from two of the world’s mining majors and iron ore giants – Rio Tinto and BHP.
Read MoreCommodities Corner: Sharp Sell-off in Majors, Iron Ore Edges Higher
After three weeks of gains, there was a reminder Friday that oil prices can fall and fall sharply, and it was a similar story for gold, copper and silver, but iron ore prices edged higher on Friday.
Read MoreChina Knocks Back Aussie Coal
China has shown its contempt for Australia by refusing to import the millions of tonnes of Australian coal on more than 80 ships off Chinese ports, even though the country was forced to triple coal imports in December to try and boost output of electricity in the middle of a harsh winter.
Read MoreWhitehaven Talks Up Guidance Despite China Ban
According to Whitehaven Coal, Australian coal is finding its way into China despite the continuing ban by the Chinese government. Whitehaven shares rose 3.1% to end at $1.805 after being up more than 6% at one stage.
Read MoreChina Iron Ore Imports Hit Record High
China’s iron ore imports hit a record high of 1.17 billion tonnes in 2020, capping the year with a solid performance in December. The country’s imports of 1.17 billion tonnes of iron ore beat 2019’s 1.069 billion tonnes and the previous record of 1.075 billion tonnes in 2017.
Read MoreImpeachment News, Beige Book Weigh on Markets
While the second impeachment of Donald Trump held all the attention in markets on Wednesday, the real threat to the US economy was exposed in the latest Beige Book of economic anecdotes collected by the US Federal Reserve ahead of its first meeting of the year on January 26 and 27.
Read MorePromised Production Cuts Help Push Oil Prices Higher
Saudi Arabia’s oil deal last week to keep the OPEC plus production cap in place for at least the first quarter of this year also played well for the world’s energy majors and not so major.
Read More2021 – A List of Lists Regarding the Macro Investment Outlook
2020 turned out far better for diversified investors than had been feared when the pandemic hit, with average balanced growth superannuation funds looking like they have returned around 3%. This followed around 15% last year. But can returns hold up?
Read MorePort Hedland Ore Shipments End Year Strongly
Iron ore shipments to China from Australia’s Port Hedland ended the year on the up after a sag in November. Shipments rose by 16% in December from a month earlier, despite a short weather-related shutdown.
Read MoreGold the Odd Man Out in Strong Commodities Markets
Commodities ended a strong week on an upbeat note with gains across the board except for gold which was hammered lower in a move that will hit ASX trading this week.
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Strong start to the year for commodities
Commodity prices have started 2021 the way they ended 2020 – on the up, with iron ore, copper and gold all enjoying solid rises, though oil eased.
Read MoreMomentum the key for commodities in 2021
Thanks to China’s rebounding economy, commodities ended 2020 on an upswing with standout performances by iron ore and copper. But what about 2021?
Read MoreOil output set to jump in January
A Jan. 4 meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, is set to boost output by 500,000 barrels per day in January.
Read MoreOil: 2020 a struggle, where to in 2021?
Oil prices might have finished 2020 on the up, but for the year as a whole it was a losing year – down more than 20% as the coronavirus depressed economic activity. What might 2021 hold for the sector?
Read MoreMixed messages from Exxon muddy the oil sector
Good and bad news from Exxon with an improved revenue profile offset by huge write-downs. What will 2021 hold for the oil sector?
Read MoreBHP, Vale reopen Samarco joint venture
BHP and Vale have just restarted their Samarco pellet joint venture, five years after a tailing dam collapsed sparked a major tragedy in 2015.
Read MoreGlobal steel production up in November
The World Steel Association reported a 6.6% rise in global output in November with China, Germany and Ukraine posting the largest increases. Australian production was unchanged at a reported 450,000 tonnes.
Read MoreAsian trade, rising output lead iron ore down for second straight day
Global iron ore prices dipped for a second day after futures prices in China and Singapore saw another day of big falls and data showed a strong jump in output
Read MoreIron ore falls more than 6% on changes to trading rules
Iron ore prices fell more than 6% Tuesday after China’s Dalian Commodity Exchange tightened trading rules that restrict the opening of positions to 2,000 long or short futures contracts a day for non-brokerage members or clients.
Read MoreGolden Run For Iron Ore Price Rolls On
Strong demand from Chinese steel mills and renewed supply concerns about Brazil saw iron ore prices urge to new highs on Monday.
Read MoreIron Ore and Copper Top 2020 Commodity Charts
Iron ore is now trading at levels last seen in October 2011, near the heights of the biggest price boom of all while the benchmark three-month London Metal Exchange copper price has touched $US8,028 a tonne, its highest since February 2013.
Read MoreChina Steel Production Weakening Into Year-End
Australian monthly crude steel output for November was solid, but with more concern about the emerging weakness as production volumes slow.
Read MoreBeijing Blocks Australian Coal Imports
China has formally blocked Australia’s multi-billion dollar coal trade after months of unofficial restrictions and contrived barriers were formalised into an outright ban by the country’s economic cabinet.
Read MoreIron Ore Price Rips Higher Even As Cyclone Threat Dissipates
The iron ore price so far in December is up 21.65% and looks very much in a boom and that will, if past history is any guide, end in tears and a big slide. The sharp rise in prices has triggered a moan from China’s steel industry.
Read MoreOil Slips As Lockdowns Threaten Demand While Gold Sees Modest Gains
Oil prices fell on Friday, as traders focused on demand worries due to new coronavirus-related restrictions on business in New York and the continuing escalation in infection numbers and deaths. Meanwhile, gold prices rose Friday to end higher for the week as a firmer US dollar had little impact.
Read MoreCyclone Threat Whips Up Iron Ore Price Further
Global iron ore prices surged to new multi-year highs well above $US150 a tonne on Thursday after a tropical low in the Indian Ocean triggered moves to clear Port Hedland of vessels and send them to sea.
Read MoreIron Ore Runs Hot As Miners Rally To Records
Another surge in iron ore prices Wednesday saw new multi-year highs reached. Global iron ore prices topped $US150 a tonne for 62% Fe fines for the first time in nearly 8 years on Wednesday, while the price of 65% high-grade ore went well over $US162 a tonne.
Read MoreA Massive Global Infrastructure Funding Gap
Ahead of the Herd’s Rick Mills discusses the economic implications of a colossal infrastructure funding gap.
Read MoreIron Ore Powers On Even As Port Hedland Throughput Slips
Another rise in iron ore prices Tuesday saw the price of 62% Fe fines reach closer to $US150 a tonne as data emerged showing a second big slump in Australian exports to China this year in November.
Read MoreWoodside Petroleum CEO Calls Time
When Woodside Petroleum CEO Peter Coleman was named to the job in May 2011, the price of US West Texas Intermediate crude (one of the two global marker crudes) was a smidge over $US100 a barrel and the Woodside share price was around $45.
Read MoreChina Commodity Imports: Copper, Iron Ore Ease While LNG Lifts
China’s imports of key (and sensitive) commodities were again at solid levels in November, though iron ore and copper fell from October levels, they were still higher than a year ago.
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