Market Pulse - Commodities
Commodities: Overcapacity in aluminum and steel markets at all-time highs, analysts say
A sharp move lower in the US dollar after China´s central bank raised its daily fix for the country´s currency by the most since July 2005 light a fire under commodity prices.
Large-cap miners pace gains
Shares in large-cap mining groups paced gains on the top flight index after one of their number closed the sale of two of its Brazilian businesses, a possible indication that the rally in commodity prices had opened at least a window of opportunity to divest some of their assets. London-based Anglo American on Thursday announced that China Molybdenum had put up a greater-than-expected $1,500m (£1,027m) for its niobium and phosphates units in South America´s largest economy, two of its most profitable non-core assets.
FX round-up: Yen leaps higher after BoJ stays put on policy
Rate-setters in Tokyo opted to stay put on monetary policy at their meeting on Thursday, sending the country´s currency sharply higher.
Commodities: China places new curbs on steel-related futures
Commodities came under pressure following a decision by China´s regulators to curb speculative inflows into the country´s futures exchanges and the release of 'bearish' weekly oil inventory data Stateside.
Commodities: Russia does not expect output freeze before June OPEC meeting
Commodities were wanted as the US dollar came under pressure ahead of the Federal reserve and Bank of Japan´s next policy meetings.
Commodities: Profit-taking sets in after China raises margins for iron-ore trading, Goldman bearish
Commodities came under profit-taking at the end of the week, amid a rise in the US dollar as interest rate expectations Stateside edged higher and negative commentary from some top brokers.
Royal Dutch a top-pick for UBS after oil hits bottom
With oil prices having possibly hit bottom in the first quarter of the year, investors would need to carefully watch European oil majors's progress on their cost and investment targets and any changes to targets or guidance, UBS said.
JP Morgan stays at underweight on BHP, ups target price
BHP Billiton’s reduced forecasts for iron ore production led JP Morgan to further trim its projections for output in 2017, but the broker continued to believe the miner’s valuation premium was “difficult to justify”.
IEA warns of large drop in non-OPEC oil production in 2016
Governments needed to strike a delicate balance between continued investment in conventional sources of energy, so as to avoid sharp moves in prices, while also investing in the renewable sources which would be needed to take up the slack if long-term targets for limiting damage to the world’s climate were to be met, the rich-world’s energy watchdog said.
Commodities: US oil production to fall sharply in 2017, DoE says
The commodities complex was awash in green on Wednesday as energy futures moved into positive territory late in the afternoon on the back of the latest weekly US oil inventory data and gloomy projections from the Department of Energy.
Schneider Electric: Big data eases economic downturn impact on GCC petchems
By Ghassan Barghouth, Vice President, Middle East, Schneider Electric.
Investec boosts target prices, bias towards miners
The slight improvement in China’s fundamentals did not justify in miners’ equity prices, Investec said, but recent events surrounding the sector nevertheless prompted the broker’s analysts to boost their target prices for many of the companies under their coverage and to move to a “mild positive bias”.
Goldman Sachs takes massive hit from difficult markets, volatility in Q1
Goldman Sachs's sales and profits took a massive hit in the first three months of the year as the venerable Wall Street firm was impacted by difficult conditions for market-making at its key trading unit – known by the acronym FICC - and volatility in equities.
Commodities: Citi sounds positive note, but expects short-term weakness in oil
The energy space was in sharp focus on Monday after oil producers failed to reach an agreement to freeze production over the weekend, initially sending oil futures hurtling 6% lower.
Market overview: Miners lead gains, China vows to cut steel output
1630:Close Stocks bounced back on Monday, led by gains in miners, amid gains in the prices for industrial metals as oil prices rebounded from losses early in the session. After the close of markets in London, Business Secretary Said Javid said from Brussels that China had vowed to reduce the amount of steel it produces. Ahead of the the latest weekend IMF meetings, China had announced it would remove export subsidies on aluminium products including speciality steel and titanium.
Kuwait oil production cut by strike
Kuwait's oil company said its daily production was cut by more than half following a strike by public sector workers.
Citi says iron ore prices will fall, downgrades UK metals and mining
Commodity markets were stumbling back to normalcy, Citi analysts said on Monday, but less so in the case of iron ore.
Lack of agreement between producers at Doha sends oil futures sharply lower
The world's largest crude oil producers failed to reach an agreement to freeze their levels of production at January's levels, as Saudi Arabia insisted that Iran - who was absent from the talks - needed to contribute to any deal.
Commodities: Iron ore down, oil slips as traders take positions
There was a weak tone to commodities at the end of the week, especially in the energy space - albeit after several session of solid of gains - in the run-up to a weekend meeting of many of the world's major crude oil producers.
Gulf Petrochem Group: 'New Silk Road' oil refining dominance emerging
By Manan Goel, Group Director, Gulf Petrochem Group.