China will propose substantial taxes on imports of light cycle oil (LCO), fused aromatics, and diluted bitumen from June 12, trying to curb imports charged to worsen a fuel surplus and pollute the environment. Authorities in south China have lately cracked down on illegal trade and sales of LCO, a blending fuel for diesel. The …
China closes tax loophole with import for key blending fuels Read More »
It’s been a decade after the last commodity market growth, triggered by China’s development as a world economic powerhouse, eventually ran out of steam. But a wide-ranging rally that has driven the price of critical raw materials including copper, lumber, and iron ore to all-time highs and increased agricultural commodities is feeding expectations that a …
A growing number of gas stations along the East Coast are without fuel as nervous drivers aggressively fill up their tanks following a ransomware attack that shut down the Colonial Pipeline, a crucial artery for gasoline. The panic-buying scares increase the supply shock. As of 9 pm ET Tuesday, 12.3% of gas stations in North …
As investors put bets on the economic recovery, there’s a new craze taking over markets. Around the world, there’s a race to buy metals. What’s happening? China’s benchmark iron ore futures surged an eye-popping 10% to a record high on Monday. In China, the demand picture is exceptionally light, Warren Patterson, head of commodities strategy …
A growing tide raises all boats, but some are larger than others. Industrial metals are burning white-hot in a fusion of post-epidemic manufacturing improvement and an emerging commodity supercycle narrative. Copper has secured all-time highs above $10,000 per tonne, with London Metal Exchange (LME) three-month metal closing trading at $10,350. Tin scored a 10-year high …
Gold prices on Friday flew near a 2-1/2-month high, supported by a pullback in the dollar. NSE 0.70 % and Treasury yields as investors carefully expect U.S. non-farm payroll data for additional cues on the health of the world’s largest economy. Spot gold was even at $1,814.33 per ounce by 0028 GMT, after running its …
Metals prices are coquetting with record levels, agricultural markets are trading at multi-year highs, and oil has staged an effective recovery. The post-coronavirus rally is bullish for commodities. Nevertheless, what is less clear is whether we can name this a super-cycle. We continue more comfortable terming it a cyclical uplift. Copper prices are in a …
Commodities buoyant while supply worries are still a concern Read More »
Commodities prices surged to new highs as indications of economic recovery raised hopes of renewed energy demand and a lower dollar stoked investor appetite for precious metals. The Bloomberg Commodity Spot Index, which follows price movements for 23 raw materials, increased 0.7% Monday. The index is at levels not witnessed after 2012. Oil, the most …
Several European energy companies, including Spain’s Repsol (REP.MC), strive to uncover parts of their renewables business to accumulate money to reduce debt and pay for the shift away from oil and gas. Eni announced in a statement it intended to list or sell a minority stake in the business that combines renewable energy and retail …
Italy`s Eni to divest retail-renewable energy stake Read More »
Work is supposed to begin later on Friday as weather conditions have improved, a maritime official informed Reuters. The number of ships stationed for the oil spill clean-up has also increased to 21. The official from China’s Maritime Safety Administration stated, three days after hundreds of oil spills emptied into the Yellow Sea following a …
Equipment set to remove oil from a tanker in China Read More »
OPEC+ ministers appear to have operated their meeting, listed for today early. OPEC later published a press statement that the group met on Tuesday. Nevertheless, the surprises end there, with the group choosing to boost oil output within May and July gradually. This easing will notice approximately 2.1MMbbls/d of supply taken back onto the market …
China’s rising imports of metals, grain, and other commodities increase a bulk-shipping sector at the focus of global industrial production. Daily freight rates for Capesize ships, the biggest bulk carriers, surged to an 18-month high this week at about $35,000. The Baltic Dry Index, which follows the price of moving commodities by sea, surged to …
China`s commodity imports push a boom in a dry-bulk shipping Read More »
Throughout the past Iranian week (closed on Friday), 740,132 plenty of commodities priced at $513 million were traded at Iran Mercantile Exchange (IME). The general public relations and international affairs Department of the exchange stated. In the past week, IME traded 378,696 loads of commodities priced at almost $305 million on its mineral and industrial …
More than 740k tons of commodities traded at IME in a week Read More »
Oil prices dropped nearly $1 on Monday. This is due to concerns that rising coronavirus cases in India will sink fuel demand in the world’s third-biggest oil importer. At the same time, an anticipated supply development from OPEC+ is also attached to the pressure. Brent crude held 89 cents, or 1.4%, beneath $65.22 a barrel …
Oil drops in India as fuel demand worries persist in Japan Read More »
The Biden administration expects to pay $174 billion to improve electric vehicles and charging stations. Nevertheless, its 2030 climate emissions decrease agreement announced on Thursday does not set a specific date to phase out gasoline-powered cars. These autos are appearing. We know it. It is the future. White House climate director Gina McCarthy talked of …
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