Iron ore futures extended gains on Wednesday, aided by China’s better-than-expected credit data but the rise was capped by fears of escalating trade tensions after U.S. President-elect Donald Trump takes office next week. Trump has pledged to impose a 60% tariff on Chinese goods. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 0.71% higher at 782.5 yuan ($106.73) a metric ton, after hitting the highest since Jan. 2 at 787.5 yuan a ton earlier in the session. The benchmark February iron ore (SZZFG5) ...

Chicago corn and soybean futures edged higher on Wednesday to trade near multi-month highs as investors monitored rain forecasts in Argentina and awaited U.S. inflation data for more clues on interest rate policy. Wheat prices eased after a two-day rally, capped by a backdrop of strong competition for tepid export demand. The most active corn contract on the Chicago Board of Trade (CBOT) ZC1! was up 0.4% at $4.76-1/2 a bushel at 1146 GMT. The contract reached its highest since December 2023 on Tuesday before turning lower. CBOT soybeans ZS1! ...

Aluminium prices in London rose on Wednesday due to worries about tightening supplies to the European Union if the bloc bans imports of the metal from Russia, though the EU’s small dependence on these imports kept the price gain modest. Three-month aluminium ALI1! on the London Metal Exchange (LME) was up 0.2% at $2,564.50 per metric ton by 1058 GMT. Reuters reported on Tuesday that the European Commission intends to propose a ban on imports of Russian primary aluminium in its 16th package of sanctions against Russia over its war ...

Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced that on Friday, January 10, 2025, ICE reported the highest commodities volume day in its history with a record 9.1 million futures and options traded, including a record 8.7 million energy futures and options, and a record 6.1 million oil futures and options. On January 10, 2025, ICE saw trading records across several of ICE’s oil benchmarks, including 999,000 Gasoil futures and options, 905,700 ICE WTI (Cushing) futures and options, 214,200 ICE Dubai (Platts) futures ...

Malaysian palm oil futures closed lower on Wednesday, tracking rival soyoil’s weakness in Dalian and Chicago markets and lack of fresh demand. The benchmark palm oil contract FCPO1! for March delivery on the Bursa Malaysia Derivatives Exchange lost 75 ringgit, or 1.69%, to 4,362 ringgit ($969.98) a metric ton at the close. “The futures have been pressured by lack of fresh demand from the market, which will continue in the next two to three months until March,” said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari. Soyoil prices on the ...

The U.S. Department of Agriculture last week made one of its most surprising tweaks ever to the domestic corn harvest, though it turns out that speculators were ready. In the week ended Jan. 7, money managers increased their net-long position in CBOT corn futures and options to 253,346 contracts from 228,806 a week earlier. That marked their most bullish corn stance since Nov. 1, 2022. Managed money net position in CBOT corn futures and options Thomson ReutersManaged money net position in CBOT corn futures and options CBOT corn futures ZC1! ...

Although aluminium prices for U.S. consumers have risen since Donald Trump’s election win, the rise has been muted, signalling the industry is not expecting the President-elect to carry out his threat to impose hefty tariffs on Canadian imports. Prices of primary aluminium in the United States, a net importer of the metal used in transport, construction and packaging, are based on the London Metal Exchange benchmark ALI1! plus the Midwest premium. This premium, which covers taxes, transport and handling costs, has only gained about 12% to 24 cents a lb ...

Chicago corn and soybean futures rose on Wednesday but were stuck a little below multi-month highs as U.S. farmers stepped up their selling, sucking the momentum out of a price rally. Wheat prices fell slightly amid weak demand and ample availability in export markets. The most active corn contract on the Chicago Board of Trade (CBOT) was up 0.3% at $4.76 a bushel at 0520 GMT after reaching its highest since December 2023 at $4.80 on Tuesday. CBOT soybeans rose 0.2% to $10.49-1/2 a bushel after touching $10.64, a peak ...

Oil prices rose on Wednesday trimming losses from the previous day, as the focus turned back to potential supply disruptions from sanctions on Russian tankers, though gains were capped as the market awaited more clarity on their impact. Brent crude futures edged up 51 cents, or 0.6%, to $80.43 a barrel by 0735 GMT, after dropping 1.4% in the previous session. U.S. West Texas Intermediate crude climbed 64 cents, or 0.8%, to $78.14 a barrel after a 1.6% decline. Prices slipped on Tuesday after the U.S. Energy Information Administration predicted ...

Euronext wheat futures fell on Tuesday as a rally in U.S. grains lost momentum and a bounce in the euro against the dollar underscored a weak export outlook in Europe, traders said. Benchmark March milling wheat (BL2H5) on the Paris-based Euronext was down 0.8% at 232.25 euros ($239.01) per metric ton by 1703 GMT, moving away from a one-week high of 235.50 euros touched on Monday. The euro EURUSD rebounded from a two-year low against the dollar, depriving Euronext of a recent source of support. Chicago grains and soybeans were ...

Brazilian crop agency Conab on Tuesday raised its forecast for domestic soy production in the 2024/2025 season to 166.32 million metric tons, from 166.21 tons previously, citing good weather and a minor adjustment in the growth of the oilseed’s planted area. The new forecast for soy production in Brazil, the world’s biggest producer and exporter, is 12.6% higher than the 2023/24 harvest and a record. However, it is lower than some private consultancies’ estimates, which see the crop at between 167 million tons and 173 million tons. This season, Conab ...

The UK and Saudi Arabia are poised to finalize a partnership this week aimed at enhancing cooperation in the development of secure supply chains for critical minerals between the two nations. In a statement released Jan.14, the UK government announced that Industry Minister Sarah Jones will sign the agreement during her attendance at the Future Minerals Forum in Riyadh. The Minister is attending the forum as part of a trade delegation focused on creating new opportunities for UK critical minerals companies. The Memorandum of Understanding is due to be signed ...

Malaysian palm oil futures closed lower on Tuesday as investors booked profit after two sessions of sharp gains on lower palm oil stocks and rising oil prices. The benchmark palm oil contract FCPO1! for March delivery on the Bursa Malaysia Derivatives Exchange lost 57 ringgit, or 1.27%, to 4,443 ringgit ($987.33) a metric ton at the close. “The market is currently navigating a critical juncture, with bullish momentum supported by lower palm oil stocks and rising oil prices. However, concerns over palm oil’s price premium relative to soybean oil are ...

Benchmark copper prices extended gains on Tuesday, holding around their highest in a month after data showed stimulus measures in top metals consumer China were kicking in and a Chinese official vowed to hit economic targets. Three-month copper HG1! on the London Metal Exchange (LME) rose 0.4% to $9,133.50 a metric ton in official open-outcry trading after touching its strongest since Dec. 12 at $9,166. Data showed new Chinese bank loans beat forecasts as government stimulus measures slowly spurred credit demand while a central bank official said China will improve ...

Chicago corn and soybean futures edged lower on Tuesday, consolidating near multi-month highs sparked by smaller-than-expected government estimates of the U.S. harvest. Wheat also ticked lower. The most active corn contract on the Chicago Board of Trade (CBOT) ZC1! was down 0.6% at $4.73-3/4 a bushel by 1042 GMT, after reaching $4.77 on Monday, its highest since December 2023. CBOT soybeans ZS1! were 0.3% lower at $10.50-1/4 a bushel after rising to $10.56-3/4, the highest since Oct. 2, 2024, earlier in the session. The U.S. Department of Agriculture (USDA) on ...