Morning Oil Report 26/11/20

Good morning all,   Brent futures were flat at $48.60 a barrel by 0730 GMT, after rising around 1.6% in the previous session, in which Brent Crude futures reached highs of $49.09 per barrel   EIA Report   Crude: -0,754 Cushing: -1,721 Distillate: -1,441 Gasoline: 2,179 Production: 100   ExxonMobil have released a revision of …

DCE lifts by high steel demand

Iron ore futures surged since opening session and closed higher at the afternoon session, amid market optimism for better steel demand. Thus, the most-traded iron ore for January 2021 delivery on China’s Dalian Commodity Exchange went up by 2.11% or RMB 18.50 day-on-day to RMB 897/mt on Thursday. The steel rebar contract on the Shanghai …

Capesize rates move higher on firm Pacific market

Capesize freight rates rose higher after a flurry of fixtures were being done in the Pacific market, lifting market sentiment after previous correction. The Capesize 5 time charter average then inched up by $190 day-on-day to $12,186 on Wednesday, due to significant gains at the physical market. The Baltic Dry Index (BDI) followed the rally …

Iron Ore DCE January Daily Technical Review Nov 26th

Verdict – Short-term neutral. DCE iron ore Jan contract attracted 469 million yuan money inflow during the day, while rebar jan evaporated 328 million yuan. Iron ore May contract rebound 1% more than Jan contract due to rolling. However DCE Jan contract still double the positions of May contract. The completion of rolling is expected …

Daily FerrousPhysical Review Nov26th

Ferrous Market –    MySteel Rebar Inventory: Rebar production 3.60 million tonnes, up 0.03% w-o-w.Mills inventory 2.33 million tonnes, up 0.15% w-o-w. Circulation inventory 4.5 million tonnes, down 7.68% w-o-w. –    Mongolia built a “green area” at the port to help the virus tests on coal truck drivers. Thus port operation became more efficient, however current …