Commodities

And another solid week for crude oil with both West Texas Intermediate (WTI) and Brent ending higher while gold also appeared to get a boost from renewed optimism over prospects for a US-China trade deal.

The great $US18 billion Barrick bid for Newmont is over as fast as it emerged last week after the two companies agreed to do a deal on their gold mining and processing assets in the US state of Nevada.

There’s a bullish outlook for oil even though there are a growing number of potential factors that could undermine demand in coming years.

Comex gold futures rose by 1% on Friday for a slight gain for the week, boosted by losses in global stock markets on the heels of weak Chinese trade figures and US jobs data.

Oil futures closed lower on Friday in the wake of the weak February US employment report and trade data from China.

After falling sharply over the past six months, there is fresh hope that lithium prices could be set for a comeback as demand from the EV market surges.

Unless there’s a dramatic change of heart among the major player’s or a sharp change in stock market conditions, the proposed $US18 billion ’merger of equals’ takeover of Newmont Mining by Barrick Gold won’t happen.

The Australian gold mining industry has finally lifted output by enough to break a 21-year annual record.

Gold futures had their worst day since last August with a very sharp fall on Comex in New York to below the $US1,300 an ounce level.

Conflicting messages from the US oil industry ought to make investors sit up and take notice as the number of rigs in use falls sharply this year.

Gold’s price strength is set to continue, with prices likely to trade between $1300 and $1350 in the near-term, and potentially as high as $1400 during 2019.

Moody’s has cut the credit rating of Vale, the world’s biggest iron ore miner, to non-investment grade in the wake of the terrible January 25 mine disaster that has left around 300 people dead or missing.

A glance through the latest expert views and predictions about commodities. Better market conditions for steel and scrap, but price rises for cobalt and nickel are questioned, while copper looks poised.

As the trend in uranium prices remains upward, signs on the demand-side are somewhat at odds.

Global oil futures rose sharply last week to hit four-month highs on paradoxical signs of both global supply tightness, and expectations for more US production from the still growing fracking sector.

Gold futures had their highest finish in two weeks Friday, as progress as US-China trade negotiations continued, overshadowing strength in the dollar and a pick up in global share markets, especially in Europe and the US.

Another problem for iron ore markets and Vale with a fire at the company’s Malaysian operation set to close the facility for 10 to 15 days, meaning Chinese mills will be without Brazilian ore for two weeks.

In today’s note, I’m reviewing the WGC’s latest gold publication, which examines the yellow metal’s enduring role as a strategic asset.

The Lunar New Year holiday has had its usual distorting impact on Chinese trade data, especially commodity imports in January. Iron ore imports picked up, while LNG imports surged, hitting an all-time high last month.