Momentum 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 MoreThanks to China’s rebounding economy, commodities ended 2020 on an upswing with standout performances by iron ore and copper. But what about 2021?
Read MoreA 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 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 MoreGood 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 and Vale have just restarted their Samarco pellet joint venture, five years after a tailing dam collapsed sparked a major tragedy in 2015.
Read MoreThe 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 MoreGlobal 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 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 MoreStrong demand from Chinese steel mills and renewed supply concerns about Brazil saw iron ore prices urge to new highs on Monday.
Read MoreIron 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 MoreAustralian monthly crude steel output for November was solid, but with more concern about the emerging weakness as production volumes slow.
Read MoreChina 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 MoreThe 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 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 MoreGlobal 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 MoreAnother 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 MoreAhead of the Herd’s Rick Mills discusses the economic implications of a colossal infrastructure funding gap.
Read MoreAnother 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 MoreWhen 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’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.
Read MoreGlobal iron ore prices rose again on Monday, hitting new multi-year highs, despite another fall in import volumes into China in November.
Read MoreBrent oil futures ended just short of the key $US50 a barrel level and US West Texas Intermediate topped $US46 a barrel as the great late 2020 energy rebound continued on Friday.
Read MoreIron ore prices are up 56% in the year to date – compared with around 24% for copper – its 2020’s best performing commodity and incoming supplies remain tight while steel output continues to rise on strong infrastructure demand.
Read MoreOil prices have firmed on reports that OPEC and Russia have agreed to a modest output increase from January of 500,000 barrels a day – but so far there’s no long term agreement on production cap policy for the rest of next year, so the market is setting itself up for another bout of instability.
Read MoreAs predicted in yesterday’s edition, Wednesday’s surge in world iron ore prices to seven-year highs saw the prices of Australia’s major miners jump sharply on Thursday.
Read MoreIron ore prices have hit new seven-year highs on emerging fears of a shortage in early 2020. The fears were sparked by the surprise move by big Brazilian exporter, Vale, to trim its 2020 production estimate for a third time this year and set a smaller than expected first estimate for 2021 output.
Read MoreWhat a difference a day makes. Monday saw gold slide on a relaxation of fear in markets and oil rise on expectations of a postponement of a two million barrel a day rise in production by OPEC and its allies at a meeting Tuesday. 24 hours later, no deal, more talks Thursday, oil drops around 2% and gold goes for a scoot.
Read MoreA robust outlook for oil prices is emerging after a volatile and difficult 2020, as high levels of inventory are wound back and producers adjust to the absence of supply investment
Read MoreContrasting Novembers for oil and gold – while both eased on the last day of the month, that was in no way indicative of how the two key commodities traded through the month.
Read MoreForget gold’s sell-off, there’s a metals boom emerging, led by copper with other key metals starting to join in. The surge is part of a run-up in many commodity prices (again, except for gold) led by China’s outperforming economy.
Read MoreGold and oil continue to be as different as chalk and cheese – oil’s rebound continues but the confidence and momentum driving that rally is hurting gold and on Friday sent the futures price under $US1,800 an ounce for the first time in three months.
Read MoreWorld oil prices climbed to their highest levels in more than eight months on Wednesday, as traders ignored a worsening in the US jobs market and a rise in oil rigs in use across America’s oil-producing regions for a 10th week.
Read MoreOil prices rose on Friday and notched up a third consecutive weekly rise, buoyed by successful COVID-19 vaccine trials, while traders ignored the spread infection numbers in the US, Europe, and parts of Asia and renewed lockdowns in several countries to limit the spread of the coronavirus.
Read MoreGold futures rose on Friday but ended with a loss for the week. Meanwhile, iron ore prices ended the week around 2020 highs at $US128.83 a tonne for 62% fines delivered to northern China. That’s up around 5.2% for the week.
Read MoreChina’s crude steel output fell for the second month in a row in October, down 0.4% from September, as production was curtailed by environmental restrictions on sintering in some cities and an easing in expected demand over the northern winter.
Read MoreOil remains in the gun. Friday saw oil futures prices fall about 2%, pressed by growing output from Libya, and fears that rising coronavirus infections may hold back the global economy and put more downward pressure on demand for oil and its products.
Read MoreGoldman Sachs remains upbeat about gold in 2021. The investment bank is maintaining its price target of $US2,300 as the global economy returns to balance between positive news of potential vaccines for COVID-19 and the still prevalent risks of further economic damage from more waves of the virus.
Read MoreGold fell by the most in seven years and oil surged by more than 10% at one stage in the wake of the news of the Pfizer COVID-19 vaccine. Iron ore also rose, silver fell but copper was easier.
Read MoreOil prices fell below $US40 a barrel on Friday as rising global coronavirus cases stoked fears about weak demand. Meanwhile gold had its best week in months as investors traded off the uncertainty caused by the pandemic and the uncertain US election outcome.
Read MoreChina’s major commodity imports were again solid in October. Oil fell sharply as deliveries again slowed from the great buying spree earlier this year when prices plunged to all-time lows; copper imports however soared, LNG imports rose, and while iron ore shipments eased a touch but were still well above 100 million tonnes for yet another month.
Read More