Copper continues to rewrite the record books. London Metal Exchange (LME) three-month metal CMCU3 punched through its previous record high of $10,190 a tonne, set in 2011, to touch $10,747.50 on Monday. Copper sits at the epicentre of the broader rally unfolding across the commodities space, which super-bulls such as Goldman Sachs say is the .
The Commodities Feed: US East Coast fuel shortages
Oil continues to trade in a rangebound manner, with the lack of a fresh catalyst for the market. The market is waiting for further developments regarding the Colonial pipeline outage. There has been panic buying along the East Coast, which has led to some gas stations in the region running out of fuel. The Environmental Protection Agency issued an emergency fuel waiver in several states in order to try help avoid shortages of reformulated gasoline. While a prolonged outage would be supportive for refined product prices, it could start to weigh on crude oil prices, if refiners on the US Gulf Coast are forced to reduce run rates due to a build-up of refined product inventories in PADD3.
May 13, 202112:03 PM UTC
EnergyColumn: China will have to do more if it wants to cool iron ore surge
Clyde Russell
5 minute read
Workers pour molten iron into a mould at a workshop in Hangzhou, Jiangsu province, China July 24, 2019. REUTERS/Stringer
If China wants to temper the red-hot iron ore and steel sectors it s likely going to have to do more than just talk and tinker around the margins.
A move earlier this week to raise trading limits and margin requirements for some iron ore contracts and reinstate fees on steel futures appeared to have no initial impact, as both contracts rallied to fresh record highs.
5 Min Read
LAUNCESTON, Australia (Reuters) -If China wants to temper the red-hot iron ore and steel sectors it’s likely going to have to do more than just talk and tinker around the margins.
FILE PHOTO: Workers pour molten iron into a mould at a workshop in Hangzhou, Jiangsu province, China July 24, 2019. REUTERS/Stringer
A move earlier this week to raise trading limits and margin requirements for some iron ore contracts and reinstate fees on steel futures appeared to have no initial impact, as both contracts rallied to fresh record highs.
The Dalian Commodity Exchange (DCE) raised trading limits and margin requirements for iron ore contracts or delivery in June, September, October and December, as well as for January-April 2022 from the May 11 trading day.