Market Pulse - Commodities
Morgan Stanley cuts iron ore, selected base metals forecasts
Investment bank Morgan Stanley has cut its forecasts for selected base metals and iron ore on the back of lower global demand.
Saudi Arabia won't cut oil production alone, Minister says
Oil futures benchmarks took another tumble in Asian trading after Saudi Arabia’s oil minister Ali Al-Naimi said the country would not cut production alone.
Iron ore price tumbles to six-year low
The price of iron ore has tumbled to its lowest level in six years as lacklustre growth in China continues to hound the market.
Statoil bags 14 Gulf of Mexico leases, persists with Russian plans
Norway’s Statoil has bagged 14 offshore oil and gas exploration leases in the Gulf of Mexico.
OPEC to keep production steady as oil rally falters
The Organization of Petroleum Exporting Countries (OPEC) has ‘no choice’ but to maintain its current production level of 30 million barrels per day, according to Kuwait’s oil minister Ali al-Omair.
US crude inventories rise to highest level in 80 years, as oil prices tumble
US crude inventories soared to 458. 5m barrels in the week ended 13 March, their highest level in 80 years, data released on Wednesday showed.
Production costs at US shale explorers to drop significantly in 2015
Recent outlook statements from US exploration and production companies reveal that while activity is being sharply curtailed none is expecting a fall in output as a result.
Oil slips on IEA forecast for increased North American output
The fall in the number US oil rigs operating has yet to dent North American output, the world’s energy watchdog said on Friday.
US crude oil inventories jump despite retreat in imports
US commercial crude oil inventories expanded by 4. 5m barrels in the week ended on 6 March, according to the Energy Information Administration.
US dollar rally sees deep falls in equities, commodities, bond yields and the euro
Global equity markets slid on Tuesday while government bond yields crept lower and commodities plummeted. The euro fell to its 2003 lows as the US dollar reached a 12-year high in its latest advance.
US pre-open: Stocks set for low open amid Greek focus and stronger dollar
Markets look set for a lower open on Tuesday as focus returns to the drama in Greece and the strengthening dollar amid expectations of an impending hike in US rates.
Commodities: Gold breaks lower as US dollar index gains
Gold futures for delivery in April were sideswiped by an unexpectedly strong reading on the US jobs market, dropping by $33. 1 in the last day of trading in the week.
UK miners decline on rout in commodity prices as China cuts growth
Miners are amongst some of the biggest fallers on the FTSE 100 index on Friday as a further erosion of commodity prices on the back of China cutting its economic growth forecasts this week, together with a firmer US dollar.
M&A set heat up in mining sector as ex-Xstrata boss hunts deals
M&A activity in the mining sector is set to heat up following reports on Thursday that former Xstrata boss Mick Davis is looking to take advantage of cheaper commodity prices to snap up some assets.