Market Pulse - Commodities
Commodities: China might be close to filling its strategic oil reserves
Commodities were broadly lower, led by losses in the energy patch, as the Greenback advanced in a late-day spurt of buying after the Governor of the Bank of England signalled that further policy easing was likely over the summer.
Credit Suisse restarts Glencore at outperform, raises target on Anglo American
Credit Suisse gave the mining sector a boost on Thursday as the broker raised its projections for the average price of some key base base and precious metals, while re-jigging its target prices on a large swathe of the mining space in the process.
US crude oil futures boosted by latest US weekly inventory data
US crude oil stockpiles fell sharply last week, albeit amid a large drop in imports, boosting prices for crude oil futures.
FX round-up: Dollar drifts lower ahead of referendum
Cable edged higher ahead of the EU referendum, with some market commentary highlighting increased confidence from traders that a Brexit will finally be avoided, which left investors free to focus on reduced prospects for interest rate hikes on the other side of the Pond.
Commodities: US oil storage capacity use hits record
Commodity prices slipped despite weakness in the US dollar, led by losses in the energy complex.
Iron ore futures jump on recovering steel production
Iron ore and steel prices continued to gain ground in overnight trading, among signs of steady steel output globally and stockpiles in Chinese markets.
US oil inventories register small decline
Commercial stockpiles of crude oil in the States registered a small drop last week, despite a large increase in imports.
Chinese new home price growth slows in May
Home prices increased in China in less cities in May than during the previous month, pointing to a possible easing in the pace of recovery in home values.
Commodities: Gold positions back near record highs on Brexit worries, oil rebounds
A large rally in crude oil futures sent the Bloomberg Commodity Index sharply higher, alongside considerable gains for soft commodities, while gold drifted lower as worries around a possible Brexit ebbed on Friday.
Commodities: Industrial metals buoyed by report of possible Chinese stockpiling
Industrial and precious metals' prices performed best on Wednesday, amid reports of possible Chinese stockpiling plans and on-going jitters across financial markets.
S&P downgrades Noble Group credit rating
S&P Global has downgraded commodity trader Noble Group due to lingering concerns about its balance sheet, profit and cash flow amid the extreme volatility of its market.
Commodities: Precious metals continue to advance
Gold futures for delivery in August traded on COMEX edged higher by 0. 25% to finish the session at $1,290. 10, while silver futures slipped 0. 25% to $17. 40/oz. despite pronounced strength in the US greenback.
OPEC sticks to global oil demand forecasts for 2016
The Organisation of the Petroleum Exporting Countries stuck to an optimistic note on global oil demand in 2016, despite the recent decision by the World Bank to slash its projections for global growth.
Commodities: Oil futures lower on dollar strength, rising rig count
Uncertainty ahead of the EU referendum and next week’s Federal Reserve policy meeting bolstered demand for US dollars, in turning sapping the strength of the commodities complex.
Niger Delta militants deny negotiations with government, claim new attack
The militant group claiming responsibility for a wave of attacks that sent Nigeria´s oil production to a 27-year low said it was not holding talks with the government and announced it had carried out a new attack in the oil-rich Niger Delta.
Rosneft sees Q1 net income down 75% on crude price weakness
Rosneft has posted a 75% slide in its first-quarter net income of 14bn rubles, from income of 56bn rubles a year earlier, citing lower crude-oil prices in ruble terms.
Commodities: Nigeria to de-escalate military presence in Niger Delta
Crude oil futures jumped to their highest level in over 10 months on continuing reports of ongoing supply disruptions in Nigeria as a result of attacks on the country´s energy infrastructure by militants.
Mining and oil stock pace gains
Commodity and oil stocks led gains in the market as investors waited on a key speech from US central bank chief Janet Yellen, with weakness in the US dollar contributing to further gains in energy and metals prices.
Saxo raises margin requirements on pound trades
Saxo Bank increased its margin requirements for clients wanting to execute trades in pounds, ahead of the 23 June referendum on the UK´s membership of the European Union.
Commodities: Gold surges after US dollar takes hit
A much weaker than expected US jobs report for the month of May sent traders in the commodities patch scurrying to adjust many of their positions as the US dollar slid in reaction to the day´s main news.