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Monthly archives: September 2020
Capesize rates slide on lower physical market
Capesize freight rates slipped on the lower physical market and as more buyers were trying to close short positions for profit-taking. The Capesize 5 time charter average then dropped by $496 day-on-day to $16,252 on Friday, as the physical market continued to lose values. The Baltic Dry Index (BDI) then dropped further by 2.37% or …
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Oil and Ore Intraday Morning Technical 7/9/20
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DCE inches up despite lower China’s monthly imports
Iron ore futures rose slightly on Monday, despite China’s economic data showing a dip in iron ore imports during August. The most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange inched up slightly by 0.29% day-on-day to RMB 851.50 per tonne after a late rebound session following the selloff at day opening. …
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Steel & Scrap Morning Report 7/9/20
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Oil Through the Looking Glass 7/9/20
*Power Outage After Hurricane Laura Prevents Return to Normal Operations* An ongoing power outage due to the aftermath of the Hurricane that tore through the Gulf coast has led to disruptions in repairs to a few US oil platforms, with the Westbury site being one. The US Energy Department said that the site sustained considerable …
Fertilizer Financial Markets Commentary/Curves
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Morning Oil Note 7/9/20
Good morning all. Brent futures fell -1.2% to $42.13 a barrel to lowest levels since July 30 whereas WTI futures were down -1.51% to $39.17 per barrel, lowest since July 10. As the US enjoys Labor Day, parts of the states are preparing to welcome record heatwaves with California grid operators issuing a “stage 2” …
Iron Ore DCE January Daily Technical Review Sep 7th
Verdict – Short-term neutral. DCE iron ore Jan contract tested 874.0 area for the third time during current three weeks and rejected to close with a long upper shadow, indicating the short-run push ended. From short-run, a breakdown on 808.0 area would indicate entering mid-run correction and create a roof area. However a return to …
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China Demand Creates a Soybean Breakout
Soft commodities, particularly grains, and beans, have seen strong moves in the last 2 weeks on the back of China’s purchasing of U.S agricultural Crops. Typhoons Maysak has brought flooding to parts of China’s North East, their top producing corn and soybean region. This has prompted speculative traders to bet on China continuing to …