All articles tagged with #commodities
The value of older supertankers has surpassed that of new builds for the first time in recorded history, driven by record-high freight rates in the Gulf. Buyers are prioritizing immediate delivery over vessel age, with several pre-2016 ships selling for over $150 million. Middle Eastern state oil companies and traders are acquiring fleets to secure control over exports amid volatile shipping costs.
Bitcoin reached $86,332 on Monday, its highest level since January, driven by a massive short squeeze and falling oil prices. The rally, which erased $877 million in liquidations, is being framed by some analysts as the start of a historic bull market, though it faces immediate tests from upcoming geopolitical and economic data.
Oil prices rose toward $108 a barrel, with Brent up about 3.5% at market open, after Gulf states postponed a crunch meeting with Iran on managing the Strait of Hormuz. The delay, tied to a lack of consensus among Gulf partners, postpones efforts to reopen shipping through the chokepoint amid broader regional tensions, including Iran’s shipping restrictions and attacks on energy infrastructure in the region. The Oman‑led discussion and wider diplomacy remain fragile as the US‑Iran standoff persists.
Copper futures in London surged to a record above $14,500/ton as tariff front-running flooded US warehouses and tightened supply elsewhere. The move is described as a repricing of scarcity driven by weather, war, and policy, with three-month LME copper near $14,533/ton and the rally up about 17% this year and 47% over 12 months, underscoring that copper’s surge reflects tighter physical availability for data centers, grids, and electrification projects rather than a simple demand spike.
Sugar jumped about 21% in August, its strongest monthly rise since 2010, helping it outperform the S&P 500 for 2026. The rally reflects expected declines in EU beet yields and production cuts in Brazil and India, plus India’s duty-free sugar imports; higher oil prices also boost ethanol use in Brazil, tightening sugar supply and pushing prices higher.
Oil prices edged lower in Asia after a three-day rally as Trump said renewed attacks on Iran would not last long, helping ease near-term supply fears tied to the Strait of Hormuz. Brent hovered around $95.25 a barrel and WTI near $90.80 after Wednesday’s gains, while U.S. inventories showed a 4.5 million-barrel weekly draw. Shipping through Hormuz remained volatile despite the data, and OPEC+ is expected to keep October output policy unchanged as it unwinds cuts, keeping focus on potential Middle East supply risks.
World Gold Council analysts say gold may slip toward $4,215/oz as short-term momentum fades and rising global yields pressure prices, with initial support near $4,311 and the 55-day average around $4,215; resistance is seen at about $4,474 and the 200-day average around $4,530, and a move above could lift the near-term trend, though the market may continue in a sideways range amid hawkish Fed signals and higher yields.
Natural gas price tests the 50-day EMA near $2.90 as warm weather and a near-record storage build weigh on prices, leaving the market trapped in a $2.60–$3.00 range; with the EIA projecting storage at a 10-year high and dry gas estimates raised to about 116 bcf, a rally would require cooler weather and a breakout above resistance.
Oil prices rose for a third straight session as renewed US-Iran clashes stoked fears of tighter crude supplies from the Middle East, with Brent around $94.87/bbl and WTI about $90.31/bbl ( Brent earlier hit $97.04). The flare‑up, including US airstrikes and Iranian retaliatory actions, raises concerns about tanker movements through the Strait of Hormuz and a looming supply shock, while API data showed a crude draw ahead of the EIA report.
Oil prices rose more than 2% after renewed U.S.-Iran clashes rekindled fears of supply disruptions from the Middle East, with Brent crude up to $92.66 a barrel and WTI around $88.24 by 1302 GMT. Traders cited risks to shipments through the Strait of Hormuz and renewed tensions after Trump’s threats of further strikes, while mediators’ efforts to reopen Hormuz have stalled and analysts warned the market remains sensitive to potential continued disruption.
Corn futures rose to multi-year highs on tighter U.S. corn supply expectations, while wheat jumped on disruptions to Black Sea exports; weather, demand and global constraints add pressure as USDA yield cuts and regional tensions fuel the rally across grain markets.
Grain prices jumped to near three-year highs as Russia and Ukraine’s strikes on Black Sea ports and shipping disrupt exports, threatening a large global supply shortfall (up to about 86 million tonnes, ~17% of world cereal exports). Ukraine’s exports are down about 75% year-on-year this month, with Russia’s also slipping; alternative routes via rail and the Danube can only partly compensate. Analysts warn global food prices could rise around 11.8% this year and 4.8% in 2027, and some say the market underprices sustained disruption.
Veteran strategist Jeff Currie has turned bullish on gold, with the article promising to explain the reasons behind his optimistic outlook.
Gold steadies near $4,075 an ounce as oil prices slide on a pause in U.S.-Iran hostilities, easing inflation pressure ahead of this week’s Federal Reserve decision. With Strait of Hormuz risk still in play, oil trades around $82.6–$85.9 a barrel, while gold’s near-term path remains bounded by resistance around $4,166–$4,214 and support near $4,072.
Russian drone and missile strikes on Ukraine’s Black Sea ports, notably Odesa, have reduced storage capacity, deterred ships, and disrupted grain shipments, threatening Ukraine’s export revenue and tightening global wheat supply as traders eye Danube routes and higher war-risk insurance costs; wheat futures surged as market expectations shift to a longer disruption of Black Sea exports.