Quick Look Copper reached an eleven-month high in London, fueled by US equity market rallies and positive global economic outlooks. Central bank meetings worldwide this week put a spotlight on monetary policies and interest-rate directions. Supply tightness and lower production in Chinese smelters raise alarms for the copper market. The U.S. dollar index’s stability could …
Quick Look Magid Shenouda, the global head of trading, exits Mercuria. Nick O’Kane from Macquarie to join Mercuria in a senior role. Mercuria’s founders, Dunand and Jaeggi, have not made any succession plans. The company’s net income soared to £3,000,000,000 in 2022 amidst market volatility. Mercuria invests in green technologies, signalling a future focus shift. …
Mercuria Update: Strategic Changes and Future Directions Read More »
Quick Look Cotton prices decreased by 0.81%, closing at 61,480. Increased production forecasts by CCPC and Cotton Australia add to supply. Lower demand from mills and concerns over domestic prices impacting exports. Technical analysis suggests support at 61,200, with resistance at 61,900. Yesterday witnessed a notable dip in cotton prices, marking a decline of 0.81% …
Quick look Malaysian palm oil futures hit over a year high, driven by robust rival edible and crude oil prices. Benchmark palm oil contract for May delivery surged 2.41% to 4,296 ringgit ($916.97). Dalian’s soy and palm oil contracts rose 2.06% and 3.34%, respectively. Unexpected drop in U.S. crude stockpiles and tensions in Ukraine boost …
Surge in Palm Oil: Year-High Amid Global Oil Price Rally Read More »
Quick look Significant price increases for May ICE NY cocoa and May ICE London cocoa, with rallies driven by supply concerns from West Africa. A notable decline in Ivory Coast’s cocoa production, amid other challenges, spurs bullish market sentiment. The International Cocoa Organization anticipates a widening global cocoa deficit for 2023/24, exacerbating supply pressures. High …
Market Stir: Navigating the Swift Rise of Cocoa Costs Read More »
Quick look May NY World Sugar #11 and London ICE white sugar saw fluctuations, with recent closings indicating market volatility. A significant rally in sugar prices was observed, attributed to short-covering and various supportive factors. Brazil’s surging sugar production contrasts with reduced output in India and Thailand, influencing global supply dynamics. The International Sugar Organization …
Global Sugar Market Dynamics: A Comprehensive Analysis Read More »
OPEC+ have decided to increase their production target by 400,000 barrels per day starting next month. Given the pressure from the United States to increase supply and the absence of new major COVID-19 restrictions, economists were expecting this move. Led by the major OPEC+ country Saudi Arabia and non-OPEC+ leader Russia, the Energy Union is lifting a …
OPEC+ Will Raise Its Output Target from February Read More »
As Libya tightened supplies before the OPEC+ meeting, Monday, oil prices rose in early Asian trading. Meanwhile, COVID-19 continues to spread, and concerns about declining fuel demand have also limited the growth of black liquid. As of 8:59 pm Eastern Time, Brent crude oil futures rose 0.40% to US$78.17, and WTI futures rose 0.55% to US$75.62. Less …
Libya Tightens Oil Supplies, Causing Oil Prices to Go Up Read More »
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