Market Pulse - Commodities
Macquarie hikes short-term iron ore price forecasts, cautious on miners
Macquarie boosted its forecast for the price of iron ore in 2017 on the back of burgeoning steel demand in the People's Republic of China and deferrals in supplies, but cut those for 2018 and 2019.
Commodities: Libya to restart oil exports from Hariga
Reports from Goldman Sachs and Morgan Stanley on Monday telling clients that oil disruptions had seen the oft-cited excess of oil production in global markets vanish led to a pick-up in buying in crude futures.
Goldman Sachs shifts WTI forecasts after sudden halt in glut of oil
Over the weekend analysts at Goldman Sachs bumped up their forecast for the price of West Texas Intermediate in the second half of 2016 from $45 a barrel to $50.
Grocers and miners lead gains
Miners and grocers led gains on the market as the selling pressure on two of the past week's worst performers eased a bit.
India overtaking China as driver of oil demand growth, IEA says
The excess of oil supplies globally will be lower than previously expected in 2016 as India overtakes the People's Republic of China as the key driver behind demand growth and robust demand from other emerging economies, the rich-world's oil watchdog said.
US crude oil futures jump on bearish weekly stockpiles data
US oil stockpiles registered an unexpected fall over the previous week, government data revealed, triggering a sharp jump in crude oil futures.
Baker & McKenzie: Oil industry in crisis — Should we expect more or less antitrust enforcement?
By Mark Hamer, Partner (Washington DC office), Baker & McKenzie.
Industrial commodity prices headed lower, analysts say
Bulk commodity prices might be set to continue to head lower, analysts at Citi and Credit Suisse said.
Basic resource shares pumelled, Canadian wildfire blaze slows advance
Mining and oil stocks led declines at the start of the week on the back of weaker than expected data out of Asia’s largest economy and after Chinese regulators warned they might clamp down on speculation further.
Commodities: Oil drops as Alberta wildfires move away from key installations
Commodities were caught in a downdraft on the back of weaker than expected data out of Asia’s largest economy and after Chinese regulators warned they might clamp down on speculation further.
Chinese oil imports boosted by independent refiners in April
China imported significantly more oil last month, led by demand from independent refiners as the country's state-run oil giants moved to shut-in production from higher cost fields.
Chinese iron ore and rebar futures fall limit-down
Iron and rebar futures fell limit down on China's main commodity exchanges on Monday as speculators continued to exit positions.
Chinese exports rise slightly in April, but markets wary
China's exports improved last month as a weaker currency boosted sales overseas, yet initial market talk was of a lack of a sustained improvement in exports which was having a 'knock-on' effect on suppliers to Chinese firms throughout the Asia-Pacific region.
Commodities: Asset class pushes higher on sustained demand from investors
Commodities markets were awash in green at the end of the week despite another small gain for the US dollar, as data showed that investors were continuing to pile into the asset class.
Market overview: Stocks edge higher, precious metals miners leap forward
1630:Close A moderately weaker than expected reading on US non-farm payrolls for April saw several major brokers push back their calls for the next Fed rate hike to September of 2016. That gave gold futures a leg up and boosted shares of precious metals miners, with the likes of Centamin carving out a new 52-week high. High-yielding shares such as those of Pearson also got a bid on the back of those economic headlines. StanChart and HSBC were conspicuously lower ahead of this weekend’s slate of Chinese data.
EY: Oil price outlook - reset or recycle?
By Susan Grissom, Senior Strategic Oil & Gas Analyst, EY.
Outlook for China's economy is a key risk, RBA says
The Aussie was knocked lower overnight following the release of the Reserve Bank of Australia's quarterly Statement on Monetary Policy.
Commodities: Gold futures retreat after hitting 15-month high
Commodities were knocked lower almost across the board in the wake of weaker than expected manufacturing data out of China which itself came close on the heels of another negative surprise out of the States in the previous session.
FX round-up: Emerging market currencies hit by weak Chinese data
America´s greenback ended on a higher note following weak figures on the state of China´s manufacturing sector with emerging market currencies left nursing the worst losses.
Gold futures hit 15-month high after weak manufacturing PMIs
Gold futures hit a 15-month high on Tuesday as traders reacted to weaker than expected readings on manufacturing sector activity in China, overnight, and from the US, on Monday, which might lead to less monetary policy tightening and greater demand for safe-haven assets.