Premier Li Keqiang delivered his speech to the National People’s Congress against a risk-averse backdrop of Beijing’s tightening grip on Hong Kong and increasingly testy relations with Washington. Li reported that China has dropped its numerical growth target — a move perceived as negative for metals like steel — but plans to boost fiscal support …
Category archives: Products
Iron Ore’s Strength Set to Linger Longer on Brazil Supply Woes
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 …
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China Abandons Hard Growth Target, Shifts Stimulus Focus to Jobs
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 …
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Has copper made its move already? Listen to the mood music
Has copper made its move already? Listen to the mood music To view the full report please click on the link
Iron ore blips back on supply fears, stimulus hopes
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 …
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Supramax June 20 Morning Technical Comment – 240 Min
Capesize June 20 Morning Technical Comment – 240 Min
DCE on a bull run over anticipation of stimulus packages
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 …
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Robust Pacific drives Capesize rates higher
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 …
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