Sugar Extends Rally to Highest Level Since 2024 on Weather Risks
Raw sugar futures extended gains, with worries about tighter global supplies mounting because of weather and production concerns across top growers.
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Raw sugar futures extended gains, with worries about tighter global supplies mounting because of weather and production concerns across top growers.
Glencore Plc expects that its commodity-trading profits will exceed $5 billion this year, putting it on track for one of the best results in its history.
Australia’s revenue from resource and energy exports is forecast to rise almost 5% in the year through June thanks to strong prices, even as its biggest trade partner China grapples with a years-long property crisis.
Francisco Blanch, commodities and derivatives research head at BofA Securities, explains what a US diesel export ban could mean to domestic prices and the global market. Blanch says there are three considerations the Trump administration needs to weigh before enacting a ban. He speaks on “Bloomberg Surveillance.” (Source: Bloomberg)
Palm oil prices dropped to the lowest since early August as peaking production and flagging demand prompted worries over swollen inventories in the world’s second-biggest grower Malaysia.
Rob Barnett, Bloomberg Intelligence Senior Energy and Commodities Analyst, joined Bloomberg's Paul Sweeney and Scarlet Fu to discuss the latest in oil. Oil fell below $100, heading for its longest run of declines since June, as robust flows through the Strait of Hormuz and diplomacy around the US-Iran war tamed a recent rally. Brent, the global benchmark, fell as much as 4.2% while West Texas Intermediate futures were down over 5% to trade near $95 a barrel. Satellite data showed that Saudi Arabia’s observed oil loadings from inside the Persian Gulf jumped over the weekend, with the highest number of ships seen at the nation’s main Persian Gulf port since June. It’s a sign the kingdom has pivoted back toward Hormuz after the shutdown of a key cross-country pipeline to the Red Sea earlier this month following drone attacks. (Source: Bloomberg)
Hong Kong’s push to develop into a premier gold and commodity trading hub has gained momentum, with local metal storage surpassing 30,000 tonnes, a minister has said, as the administration positions the city as the destination of choice for global capital. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu also said on Friday the government would expand renminbi settlement of payments for mainland Chinese services, such as buying water from the Dongjiang, in a bid to...
Liz Ann Sonders, Charles Schwab chief investment strategist, says there is no one asset allocation that makes sense for every investor. She says the firm is neutral on equities, less favorable on fixed income, and more favorable on commodities. (Source: Bloomberg)
Hong Kong’s plan to build a global gold hub will provide “an entry point” for trading other commodities and expanding the yuan’s usage on world markets, according to its first-ever five year plan.
Copper edged lower as hotter-than-expected US inflation saw traders boost bets on the Federal Reserve hiking interest rates.
Veteran commodities strategist Jeff Currie said average US gasoline prices will almost certainly hit $5 a gallon before the midterm elections, citing a toxic combination of scarcity and currency debasement.
Trafigura y Macquarie, grandes empresas de los commodities, buscan sacar provecho del aumento de la volatilidad de los precios.
Corn futures are set for their longest slump since June, with the market lacking fresh bullish drivers just after hedge funds piled into bets on higher prices.
Samantha Dart, co-head of global commodities research at Goldman Sachs, says that gasoline and diesel prices can remain elevated into “the whole of next year” as tightness in refining capacity is not being resolved. She speaks on “Bloomberg Surveillance.” (Source: Bloomberg)
Copper held steady near an all-time high, with traders weighing ongoing risks of supply tightness while the closure of US markets sapped risk appetite.