FIS API Blog
Escalating concerns that the coronavirus pandemic may curb iron ore supply in Brazil are set to further support prices — already at an eight-month high — and are pushing back forecasts for the timing of a descent into the $70s. Citigroup Inc., which said in early May that a fall to $70 a ton was …
Continue reading “Iron Ore’s Strength Set to Linger Longer on Brazil Supply Woes”
The Chinese government abandoned its decades-long practice of setting an annual target for economic growth amid the storm of uncertainty unleashed by the coronavirus pandemic, and said it would continue to increase stimulus. Speaking at the National People’s Congress in Beijing on Friday morning, Premier Li Keqiang delivered an annual policy address that instead laid …
Continue reading “China Abandons Hard Growth Target, Shifts Stimulus Focus to Jobs”
Has copper made its move already? Listen to the mood music To view the full report please click on the link
Iron ore futures recovered from yesterday’s blip to trade above $95 as investors become increasingly concerned over the coronavirus crisis in Brazil. Brazil’s iron ore shipments had their slowest start to a year in the last five years. Brazilian miner Vale downgraded its production guidance early in the year, Morgan Financials Ltd noted that more …
Continue reading “Iron ore blips back on supply fears, stimulus hopes”
Chinese futures spiked up further, over tight supply concerns and expectation of more Chinese stimulus measures. The most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, jumped by 2.05% day-on-day to RMB 722 per tonne on Thursday. On the contrary, the steel rebar contract on the Shanghai Futures Exchange increased …
Continue reading “DCE on a bull run over anticipation of stimulus packages”
Capesize market continued the good run, thanks to the robust Pacific market with better freight rates. Reflecting the better physical market, the Capesize 5 time charter average increased by $489 to $3,951 on Wednesday. With Capesize market as the driving force, the Baltic Dry Index spiked again and gained over 5.30% on-day to 477 readings …
Continue reading “Robust Pacific drives Capesize rates higher”
Wheat futures climbed for a third day to the strongest level in more than a week on signs of lower winter crop yields in parts of the U.S. and as Russia’s production may come in smaller than thought. Drought conditions are limiting yield potential in southwestern and west-central Kansas, Aaron Harries, vice president of research and operations …
Continue reading “Wheat Highest in More Than a Week on Signs of Lower U.S. Yields”
