Metals: Copper -1.3% to $4.26lb, Iron ore -2.1% to US$218.20/t,...

Metals: Copper -1.3% to $4.26lb, Iron ore -2.1% to US$218.20/t,

Energy: Brent crude +1.2% to US$74.3/bbl, WTI +1.0% to US$72.9/bbl

Key overnight stock moves: BHP LND -1.5%, Rio Tinto LND -2.8%, S32 (LDN) -0.8%, AAL -4.1%, GLEN -3.3%, Vale -0.8%, AA -2.4%, Shell +0.6%, BP 0.0%, XOM -0.4%, Chevron -0.3%, COP +0.3%

Global Indices: S&P 500 -0.86%, DOW -0.75% & FTSE -1.68 %

Iron ore futures dropped after China signaled moreefforts to help firms deal with soaring commodities prices and the nationpushed ahead with its pledge to clean up the emissions-heavy steel industry. Authorities should use monetary policy tools, including lowering the reserve requirement ratio, at an appropriate time to support the economy, particularly smaller businesses, to help deal with rising commodities, the government said after a meeting of the State Council. Higher costs already pushed China’s factory-gate prices to a 13-year high in May, adding to signs that the country’s robust recovery from the pandemic might be petering out. (Bloomberg)

Chinese iron ore prices tumbled as much as 3.6% Thursdayas steel production cuts at some mills sparked concerns about demand forsteelmaking ingredients. A major steel producer in eastern China had been urged to idle its blast furnaces after a central government inspection, ZhuoGuiqiu, an analyst with Jinrui Capital told Reuters, declining to name the producer. Benchmark iron ore futures on the Dalian bourse dropped 2.9% to 1,188 yuan per tonne. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $218.04 a tonne on Thursday, down 1.8% from Wednesday’s closing. (Mining.com)