Commodities News

WTI Crude gains for a fourth day on supply deficit worries

Futures on US West Texas Intermediate Crude Oil gained for a fourth straight trading day on Tuesday, after weak US shale production added to supply deficit concerns. Both WTI Futures and Brent Futures have surged for three successive weeks, while trading in proximity to ten-month highs. According to the US Energy Information Administration, US oil […] Read more

Copper Futures head for weekly gain on China demand optimism

Copper Futures touched highs unseen since September 5th on Friday and looked set to register a 2.6% weekly gain on optimism over China’s economic recovery. The latest set of macro data revealed industrial activity strength in the largest copper-importing nation worldwide, which could drive demand for the industrial metal. China’s industrial output expanded 4.5% year-on-year […] Read more

IEA expects sharp oil market tightening in fourth quarter

The oil production cut extension by Saudi Arabia and Russia to the end of the year will lead to a considerable market shortfall through the fourth quarter, the International Energy Agency (IEA) said in its monthly report. Both WTI Crude Oil and Brent Oil Futures registered highs unseen since November 2022 this week, after Saudi […] Read more

Copper Futures gain over 1% on upbeat China inflation data

Copper Futures surged more than 1% on Monday, underpinned by an upbeat set of macro data coming out of China, the largest copper importer worldwide. Data by the National Bureau of Statistics of China showed over the weekend that the country had registered positive inflation in August, following the first deflation reading in more than […] Read more

WTI Crude slips as winter demand concerns counter tighter supply

Having registered a seven-day streak of gains, futures on US West Texas Intermediate Crude Oil retreated on Thursday, as demand concerns related to possible winter period slowdown countered prospects of tighter supply from extended output cuts. WTI Futures had risen earlier this week after Saudi Arabia and Russia extended voluntary production cuts to the end […] Read more

WTI Crude heads for first gain in three weeks on tight supply prospects

Futures on US West Texas Intermediate Crude Oil were set to register their first weekly advance in three weeks, underpinned by prospects of tightening supply. Saudi Arabia is largely expected to extend a voluntary production cut of 1 million barrels per day into October in addition to curbs engineered by the OPEC+ group. Also, Russia’s […] Read more

Impala Platinum raises full-year metal output forecast

Mining company Impala Platinum said on Thursday that it had raised its metals production forecast for the 2023/2024 full year, as it draws benefits from recent asset acquisitions from Royal Bafokeng Platinum. Those acquisitions are expected to “materially alter” the company’s production profile, as it forecasts an increase in platinum-group metals output to between 3.3 […] Read more

WTI Crude extends gains after huge US crude stockpile draw

Futures on US West Texas Intermediate Crude Oil extended gains from the prior four trading days on Wednesday, as a substantial drop in US crude stocks last week indicated firm demand. The most recent data by the American Petroleum Institute showed crude oil inventories had decreased by 11.486 million barrels in the week ending August […] Read more

WTI Crude records small gains as China takes steps to support economy

Futures on US West Texas Intermediate Crude Oil edged higher on Monday after China announced measures to prop up stuttering economic recovery. The country halved stamp duty on stock trades effective August 28th, which provided certain support to oil prices early during Monday’s session. However, “after last week’s modest (Chinese central bank interest) rate cut, […] Read more

China’s seafood ban affects over 700 Japanese exporters, report says

Teikoku Databank reported on Friday that China’s suspension of Japanese seafood imports after the wastewater release from the crippled Fukushima nuclear plant had affected over 700 Japanese food exporters. The market research firm noted that 727 Japan-based companies exported food products to China, or 8% of all Japanese business entities that export goods to China. […] Read more