OPEC+ ponders when and how far to cut

OPEC’s Joint Ministerial Monitoring Committee (JMMC) will meet on Tuesday and Wednesday to recommend the next level of cuts after compliance in the group hit 107% in June, up from 77% in May.   Record high inventories in the US and a second wave contagion around the globe have added speculation that OPEC+ might yet …

Iron Ore DCE September Daily Technical Review Jul 13th

Verdict – Short-term neutral to bullish. DCE iron ore rebounded and saw massive short covering during Asian hours. Daily candle successfully created new high and led iron ore to bullish territory in mid-run. However from hourly chart, slow stochastic KD is narrowing above over-bought area. CCI is correcting to 100 area from the weekly high. …

Daily Ferrous Physical Review Jul 13th

Ferrous Market Updates –    Steelbank Inventory: rebar inventories 9.98 million tonnes, up 16.11% w-o-w. HRC 3.47 million tonnes, up 21.45%. –    Mysteel early July crude steel production expected 2.93 million tonnes/daily, down 0.64% from end-June. –    Brazil Miners Association president Flavio Penido said Brazil can run all iron ore miners and recover the production. Mining …

Oil Through the Looking Glass 10/7/20

*Singapore Holiday Adds to Quiet Friday* Singapore was on holiday today due to a snap election which left the market without its usual morning trading window and therefore volumes were diminished. Oil continued on from losses yesterday after the announcement of the Supreme Court decision in the release of President Trump’s finances. The market looks …