· Metals: Copper +1.7% to $4.33lb, iron ore +3.7% to US$159/t, Gold +1.5% to US$1,818/oz
· Energy: Brent crude +2.3% to US$72.7/bbl, WTI +2.0% to US$68.7/ bbl, thermal coal +1.2% to $168.3/t, Asian LNG +5.8% to US$18.07/mmBtu
· Keyovernight stock moves: BHP LND +2.2%, Rio Tinto LND +1.7%, S32 (LDN) +1.0%, Anglo +3.0%, Glencore +2.3%, Vale +3.6%, Alcoa +6.5%, Shell +1.5%, BP +2.0%, Exxon +1.9%, Chevron +1.5%, ConocoPhillips +2.9%
· GlobalIndices: S&P 500 +0.88%, DOW +0.69% & FTSE +0.32%
Seaborne iron ore prices rose further last Friday onsome renewed optimism in demand with the 62% Fe Iron Ore Index at $159.05/dry mt CFR North China on Aug. 27, up $5.7/dmt from Aug. 26. Demand outlook turned slightly better as some sources expected the pent-up demand in the construction sector in China to benefit steel and iron ore demand in the short term. A Chinese end-user source told Platts that the daily traded volume of construction steel rose and some market chatters emerged on the upcoming peak season in construction between September and October. (Platts).
Global iron ore production growth will accelerate in thecoming years, according to market analyst Fitch Solutions latest industryreport. Fitch forecasts global iron ore mine output growth will average 3.6%over the 2021 to 2025 period, compared with -2.3% over the previous five years. According to the research firm, this will lift yearly production by 571 million tonnes by 2025, compared with 2020 levels, with supply growth primarily driven by Brazil and Australia. (Mining.com)
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$16.30 |
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Open | High | Low | Value | Volume |
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1 | 1 | 16.260 |
5 | 2000 | 16.250 |
1 | 382 | 16.230 |
Price($) | Vol. | No. |
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16.330 | 237 | 1 |
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16.350 | 600 | 1 |
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