Saudi Arabia and Russia, two of the world’s biggest oil producers, have agreed to support extending into July the 9.7 million barrels per day (bpd) in supply cuts backed in April by the OPEC+ group. But they failed to agree to holding the meeting to discuss it with the wider group. The alliance that’s …
Category archives: News
DCE in correction after recent rally
Chinese futures faced correction after recent rally as buying interests slowed, while steel demand came under threat from rainy season. Thus, the most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, dropped down by 2.12% day-on-day to RMB 737 per tonne on Thursday. Likewise, the steel rebar contract on the …
Capesize – Even Poor Summers give some Sunshine
2020 is taking the phrase annus horribilis to a new level for the Capesize 5tc market. The big sisters rarely have anything to celebrate in the first few months of the year, like a tourist spot emerging from lockdown, owners know that they to make hay when the sun is shining. Index values …
Continue reading “Capesize – Even Poor Summers give some Sunshine”
Iron Ore Futures Consolidate on Supply Outlook
Dalian Iron ore futures have failed for a third day to break the high RMB 775 high that formed on the 01/06/20, bringing a halt to the previous 4-day rally after repeated warnings from financial institutions that the current supply tightness will ease in the later months of the year. Vale intend to …
Continue reading “Iron Ore Futures Consolidate on Supply Outlook”
Capesize Q4 20
Iron ore keeps up top table pressure
Iron ore futures advanced on Wednesday as investors gauged over short-term iron ore supply. On one hand, Australian miners have been going flat out and the country may be shipping in record volumes. According to initial tally compiled by Bloomberg, shipments from Australia were up by 3.2 million tonnes in May year-on-year to 79.7 …
Oil market gripped by ‘rabid optimism’ for now at least
OPEC and its allies edged closer to a consensus on extending production cuts to prop up the oil market, even as wrangling continued for a third day about whether to bring forward their next meeting. Russia and several other OPEC+ nations favor extending the group’s current output curbs by one month. The cuts …
Continue reading “Oil market gripped by ‘rabid optimism’ for now at least”
Capesize firms on better fundamentals
Capesize rates firmed up with improvements seen in both the Pacific and Atlantic basins on better shipping demand. Higher bunker prices also lent support to the rising freight rates that pushed the Baltic Dry Index (BDI) higher to 546 points, up 5% day-on-day on Tuesday. Good fundamentals in Pacific market The Pacific …
DCE flattens after Vale’s supply assurance
Chinese futures came slightly flat today after a selloff in the morning session, before recovering loss grounds later at afternoon session. The most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, edged up slightly by 0.40% day-on-day to RMB 755 per tonne on Wednesday. Likewise, the steel rebar contract on …
Continue reading “DCE flattens after Vale’s supply assurance”
Copper Bulls Maintain Control
Having initially reacted negatively to the the Chinese stimulus two weeks ago the futures found buying support at the 55 day average. The bulls maintain control pushing the futures back to (and slightly above) the highs from the 21 – 05 – 20 Control, but not dominance, four days of upward price action is …