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Commodities News

Up-to-date news on raw materials


FT Mercati provides subscribers with a dedicated commodities news bulletin to stay up-to-date.
Here is a selection of the latest news:

1/31/2025

COPPER COULD COST MORE THAN NICKEL IN 2025 - CRU

In a market that is expected to be in a very modest surplus this year, there is no obvious reason why copper should move out of a trading range somewhere in the $8,000 /t to $9,000 /t.
However, with sidelined investors still believing in the long-term bull story, a rapid run-up in the price to new nominal record highs, and even upper, should not be discounted.
The latter would put copper at around $15,000 /t and possibly within touching distance of nickel, which is a market facing several years of surplus and a price supported only by costs of production.

1/31/2025

BASKET OPEC PRELIMINARY PRICE

OPECNA, the news agency of OPEC, announced the OPEC Basket preliminary price
30 january= $ 79.38 /b (down from previous daily value)
(The OPEC Reference Basket (ORB) introduced on 16 June 2005, is currently made up of the following: Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia , UAE and Venezuela.

1/31/2025

A GOOD JANUARY FOR THE TIN - ITA

According to International TIN Association (ITA), tin prices have started the year on a strong footing, with LME 3-month price closing at $30,106 on Wednesday, up 3.5% in January despite the Deepseek-related slump in the Philadelphia Semiconductor Index earlier this week.
Although a new mining and smelting licensing system was introduced last year, Indonesian exports are expected to drop considerably in January due to New Year delays to export permits.
Smelters in China continue to report tightness in feedstock availability, prompting many to take longer production breaks during the Spring Festival. Following the inauguration of President Trump, uncertainty surrounding US tariffs continues to strongly influence the outlook of base metal markets.

1/31/2025

RUSSIA - CRUDE OIL TRADE DRIES UP ON LATEST MEASURES

Russian crude oil trade has ground to a halt in the middle of the monthly cycle because of uncertainty created by the latest round of US sanctions.
No deals are being completed for March-delivery Urals, or for April-arrival crude loading at Russian far east ports, traders say.
Buyers and sellers of Russian crude are now focused on ensuring that cargoes already on the water reach their destinations without falling foul of the US measures.
Washington revealed direct blocking sanctions on 10 January on Surgutneftegaz and Gazpromneft — Russia’s third and fourth-largest oil companies, respectively, and important suppliers of crude to India and China. Cargoes supplied by either company that discharge after 27 February risk incurring penalties, according to the US Treasury Department’s guidelines.
Gazpromneft is already facing problems loading crude cargoes it has sold. Surgutneftegaz supplied 295,000 b/d of crude to India and 225,000 b/d to China during January-November 2024. Gazpromneft loaded 95,000 b/d for India and close to 220,000 b/d for China during the same period.
The US also added to its sanctions list 183 tankers that form a large part of the “shadow fleet” circumventing western sanctions to transport Russian oil, adding a further layer of uncertainty to crude trade — a grace period to 27 February has been given.
A senior Indian government official confirmed the country’s stance that it will not deal with US-sanctioned oil tankers, or entities, during an industry event in Delhi this month. And China’s Shandong Port Group will ban vessels under US sanctions from docking or receiving port services, it said on 7 January — before the latest US measures targeting Russia were revealed. Northeast Shandong province is a key
destination for Russian crude exports.

1/31/2025

CHINA - LEAD EXPORTS TO MODESTLY LIFT AGAIN - CRU

According last report of CRU, China will return to surplus in 2025 to prompt an arb reversal to favour exports again .
However, the turnaround will be modest, with feed tightness limiting the rebound in output. 2025 exports will not return to the 2023 high

1/31/2025

SOUTH AFRICA WILL EXPORT LESS FECR AND MORE ORE - CRU

CRU expect South African ferrochrome production to continue falling in 2025 as European stainless production recovery stalls and China moves closer to self-sufficiency for ferrochrome. Integrated operations in South Africa will continue to see more profitability in selling chrome ore to China rather than trying to find a market for ferrochrome, particularly as smelting costs in South Africa will continue to rise, driven by higher power tariffs.