· Metals: Copper +0.4% to $4.28lb, iron ore +0.6% to...

· Metals: Copper +0.4% to $4.28lb, iron ore +0.6% to US$149.45/t, Gold 0.0% to US$1,791/oz

· Energy: Brent crude +1.2% to US$71.9/bbl, WTI +1.2% to US$68.4/ bbl, spot Asia LNG $17.46/MMBtu, thermal coal +0.6% to $166.3/t

· Keyovernight stock moves: BHP LND +1.4%, Rio Tinto LND +0.2%, S32 (LDN) +1.7%, Anglo +1.5%, Glencore +1.0%, Vale +0.8%, Alcoa -0.2%, Shell -0.2%, BP -0.2%, Exxon +0.2%, Chevron +0.7%, ConocoPhillips +1.1%

· GlobalIndices: S&P 500 +0.22%, DOW +0.11% & FTSE +0.34%

Iron ore prices rose on Wednesday amid signs ofresilient demand in China. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $148.66 a tonne, up 1.4% from Tuesday’s closing. Iron ore’s January 2022 contract on China’s Dalian Commodity Exchange ended daytime trading 1.9% higher at 802.50 yuan ($123.90) a tonne, off a session high of 829 yuan, its strongest since August 18. (Mining.com).

The sharp rebound in iron ore futures after last week’srout looks like a bet that China won’t allow steel demand to collapse while itseconomic prospects remain uncertain. Steel production has indeed risen in recent days, while local government bond sales, which are typically used to fund infrastructure, have accelerated this month as Beijing makes good on its pledge to support growth after data showed the economy faltering in July. Iron ore futures in Dalian have nevertheless given up some of Tuesday’s sharp gains, suggesting that bulls will struggle to retain momentum while China’s iron and steel inventories remain so strong for the time of year. Meanwhile, steel-related stocks advanced. (Bloomberg)

On a side note...

Billionaire Andrew Forrest has suffered a blow after thehead of his Squadron Energy unit resigned, creating uncertainty over plans todevelop Australia’s first LNG import plant in NSW’s Port Kembla. Squadron chief executive Stuart Johnston quit the company last week after a four-year stint in charge, with oversight of an ambitious LNG import plan that is seen as critical to ease a forecast supply crunch on the east coast in the next few years. The strategy for Port Kembla has changed several times as Squadron first sought to lock in customers but struggled to get sufficient sign-up from major buyers other than a preliminary pact with EnergyAustralia. Mr Johnston has been replaced by Squadron business development head Dr Michael Shaw on an interim basis, with the process to select a permanent successor well advanced. (The Australian)