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Copper Resumes Rally as Dollar Declines

Copper prices kicked off the week higher, with the base metal benefiting from a weaker dollar. The price of copper rose 0.2% to $6,859.50 a metric ton in late morning trade. Gold, meanwhile, was broadly flat at $1,272.30 a troy ounce. The decline in the greenback makes commodities like copper and gold cheaper for those who use other currencies. The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, was down 0.1% midmorning on Monday. Analysts say copper’s rally this year–the metal is up 24% ...

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World Steel Association Report Paints Rosy Picture of Global Steel Market

Forecasts made by the World Steel Association in its latest October Outlook paint a relatively rosy picture for the global steel industry — not least because it’s not all about China. The outlook predicts that growth outside of China will be 2.6% this year and rise to 3% in 2018. China’s figures, by comparison, have been skewed by a statistical sleight of hand. A Caveat in the Chinese Numbers Chinese demand is forecast by the World Steel Association to grow by 12.5% in 2017. A large part of this, however, ...

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Oil Extends Two-Year High Amid OPEC Resolve, Iraq Disruptions

Oil extended a two-year high above $60 a barrel in London amid growing signs that OPEC and Russia will press on with supply curbs, and a brief disruption in exports from Iraq’s Kurdish region. Brent crude futures added 0.4 percent. Saudi Arabian Crown Prince Mohammed bin Salman last week backed extending production cuts by the Organization of Petroleum Exporting Countries and its allies beyond March, following a similar endorsement by Russian President Vladimir Putin earlier this month. Iraq’s Kurds resumed oil exports to Turkey after a short suspension, highlighting uncertainty ...

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Shell bets big on Brazil as oil majors snap up offshore blocks

Oil major Royal Dutch Shell Plc won half the blocks awarded in Brazil’s deepwater oil auction on Friday, while rival BP took two blocks and Exxon Mobil Corp one in a historic opening of the pre-salt play to foreign operators. Brazil awarded six of the eight blocks on offer in the auction for the rights to pump oil from the country’s coveted pre-salt region, where billions of barrels of oil are trapped below thousands of feet of salt in the country’s Atlantic waters. President Michel Temer said development of the ...

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Bull run could hit ‘bumps,’ but Nuveen’s top market watcher sees stocks rallying as high as 10% between now and year-end 2018

The bull run could soon hit turbulence once the record-breaking earnings season ends, according to Nuveen’s Brian Nick. “We’ll see in November and December as good news headlines go away – what, if anything – takes over and what kinds of bumps we get between now and the end of the year,” the firm’s chief investment strategist said recently on CNBC’s “Futures Now.” But Nick, whose firm has over $900 billion in assets under management, notes it wouldn’t permanently harm the rally. “If you’re looking forward into the end of ...

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World stocks hit new high as Spain relief, tech rally boost European trading

A strong rally in the technology sector helped drive global stocks to a record high on Monday, while a recovery in Spanish markets supported European shares after an opinion poll smoothed investors’ concerns over Catalan secession. MSCI’s world equity index .MIWD00000PUS, which tracks shares in 47 countries, rose 0.2 percent to its highest ever level. The index has surged 17.7 percent so far in 2017, and is on track for its best annual showing since 2013. Euro zone stocks .STOXXE climbed 0.3 percent, holding near their highest level in 10 ...

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Dollar pulls back after scoring best week of 2017

The U.S. dollar declined on Monday, pulling back after scoring its best week of the year, as traders welcomed the brighter outlook for U.S. tax cuts and solid data. What are currencies doing? The ICE U.S. Dollar Index DXY, -0.13% dropped 0.2% to 94.772, easing back from the three-month high it hit last week. The broader WJS Dollar Index BUXX, +0.00% which measures the buck against 16 other currencies, is 0.1% lower at 87.73. The euro EURUSD, -0.0431% was little changed at $1.1610, giving up earlier gains, following German inflation ...

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Brexit-Vexed Pound May Need More Than a Rate Increase to Rebound

The Bank of England may raise interest rates this week for the first time in more than a decade, but that won’t be enough to buoy the pound, strategists say. Markets are almost fully pricing in a 25-basis-point increase in the bank rate on Thursday, and that means investors are ill-prepared for a disappointment. Should Governor Mark Carney and fellow policy makers keep policy on hold or deliver a one-off hike that merely reverses the emergency cut after the Brexit vote, sterling could add to the last two weeks’ declines, ...

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Is Indian economy turning the corner?

A raft of recent data, including some second-quarter corporate results, is giving confidence to economists that a recovery in growth is imminent, even as the government’s push for bold bank reforms is boosting investor sentiment. That’s helping dispel the sense of gloom that set in after economic growth decelerated to 5.7% in the quarter to June—the slowest pace in three years. On Thursday, the BSE’s benchmark Sensex extended the lifetime high it hit the previous day, gaining 0.32% to 33,147.13 points. Hindustan Unilever Ltd (HUL), India’s biggest maker of packaged ...

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Can China Inflate Its Debt Away?

China is witnessing something most of the world’s major economies haven’t seen in quite some time: rising prices. With growth strong but debt at perhaps 300 percent of gross domestic product, that’s a welcome sign. The danger is that China’s government now hopes inflation will solve its other problems. From 2013 until this year, the GDP deflator, a broad measure of prices, never rose by more than 2.3 percent. Most of the time, it hovered just above zero. This pushed up the real cost of China’s debt and raised the ...

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ECB’s Coeure hopes bond-buying won’t be extended again

The man in charge of the European Central Bank’s 2.5 trillion euros ($2.9 trillion) stimulus program hopes it will not be extended again when it expires in September, he told a French weekly newspaper. Benoit Coeure, who heads the ECB’s market operations, also said the money-printing scheme will continue until inflation “clearly moves” towards the central bank’s objective of just under 2 percent. The ECB announced on Thursday the quantitative easing (QE) scheme would be extended until September 2018, with its President Mario Draghi — of whom Coeure was long ...

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BDI: German industry concerned about lack of progress in Brexit negotiations

In the days ahead of the fifth round of Brexit talks, the BDI is concerned with the progress of the negotiations so far. ‘German companies must prepare for the possibility of a very hard exit, anything else would be naive,’ said BDI Director General Joachim Lang in Berlin. ‘Businesses are preparing for all possible scenarios.’ The BDI set up a Brexit taskforce this summer. Structured into ten project groups and consisting of almost 200 members from a wide range of associations and companies, the aim of the taskforce is to ...

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Baltic Dry Index falls to 1534, down 12 points

Today, Monday, October 30 2017, the Baltic Dry Index decreased by 12 points, reaching 1534 points.

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Chinese iron ore and steelmaking prices October 30 2017

Morning offers of spot resources fell by RMB5-10/tonne today.

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Tanker Market Rates 30/10/2017

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

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