ASX to rise as base metals rally, Dow edges up
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Australian shares are set to open higher, as Chinese and US economic data bolstered bets on a continuing recovery, lifting prices for base metals.
ASX futures were up 40 points or 0.6 per cent to 7130 near 5.10am AEST. The currency was flat. The yield on the US 10-year note rose 3 basis points to 1.61 per cent near 3.20pm in New York.
Bitcoin was trading at $US38,964.59 near 5.20am AEST on bitstamp.net.
Shares on Wall Street advanced. Near 3.15pm in New York, the Dow was up 110 points or 0.3 per cent; the S&P 500 rose 0.1 per cent. The Nasdaq edged up 0.02 per cent.
The cost to move goods in a shipping container to Europe from Asia shot above $10,000 for the first time on record, an index showed, underscoring the pain inflicted on exporters and importers struggling with stretched supply chains.
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By Brendan Murray (Bloomberg) Ship congestion outside the busiest U.S. gateway for trade with Asia persisted over the past week amid a steady flow of imports at some of the highest ocean freight rates on record.
A total of 19 container ships were anchored waiting for entry into Los Angeles and Long Beach, California, as of Monday, compared with 22 a week earlier, according to officials who monitor marine traffic in San Pedro Bay.
Another 15 container carriers are scheduled to arrive over the next three days, with 11 of those expected to drop anchor and join the queue.
The average wait for berth space was 6.6 days, more than a day quicker than the delay in March, according to the L.A. port.
Synopsis
Any hope for a return to more normal conditions this year was quashed with the beaching of the Ever Given that stalled traffic through the Suez Canal for almost a week in late March.
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Most logistics experts agree the situation can’t stay this disrupted forever, but there’s a growing sense that relief might not come until 2022. Even those sentiments are part guesswork.
Container shipping rates are heading higher again, driven to new heights by unrelenting consumer demand and company restocking from Europe to the U.S. that are exhausting the world economy’s capacity to move goods across oceans.