Tuesday, July 27

Commodities

Brazil coffee, Brazil frost, Brazil weather, Coffee futures, Coffee prices, Commodities, commodity, commodity futures, Commodity Prices, Markets, MI Exclusive

Coffee prices surge to 6-year high as extreme cold threatens Brazil’s crops

Christopher Jue/Getty Images Extreme frost in Brazil's coffee-growing region is set to harm next year's crop, sending prices of coffee to a six-year high.Futures for arabica beans jumped to $2.08 a pound Tuesday, the highest level in New York since 2014, according to the Wall Street Journal.Exacerbating the price surge is the fact that the frost is the second major weather shock to hit farms in Brazil, the world's largest coffee producer. This spring, the region's rainy season hardly saw any rain during one of its worst droughts in almost a century. The drought hurt the 2021 crop and dropped the coffee supply output in Brazil as plants withered.Now, traders are spooked that the frost will harm the 2022 coffee harvest, and have pushed coffee futures up 30% in July. José Ma...
Assets, Bank of America, Bonds, Commodities, Markets, MI Exclusive, Stocks

The S&P 500 could drop sharply in the 3rd quarter as the ‘5 P’s’ pressure markets, Bank of America says

REUTERS/Lisi Niesner The first half of the year has brought good news for many assets, but the rally could use a "breather," BofA analyst write. The five P's-pandemic, price, positioning, policy, and profits-are set to weigh on markets in the third quarter. Stocks may also fall preemptively, as investor jitters make lower Q4 profits show up in Q3 share prices. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Bank of America is anticipating a preemptive slowdown in the third quarter as investors fearing the "five P's" pull back across asset classes, analysts wrote in a note.The first half of the year has brought good news for many assets, but the "Wall St boom/bubble" could use a "breather," BofA's analysts wrote. In their view, the five P's-pandemic, pri...
Aluminum, China, Commodities, Copper, Markets, MI Exclusive, Zinc

China will release more metals stockpiles in an effort to control soaring commodities prices

An employee produces copper wires at Nanjing Gree Electric Enterprise Co. in China. Fang Dongxu/VCG via Getty Images China is pumping copper, aluminum, and zinc into commodity markets to tamp down soaring prices. The move, first reported by Bloomberg, comes as commodity prices have marched steadily upward for months. But Wednesday's commodity reserves dump is just a fraction of the country's estimated reserves. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. China is pumping copper, aluminum, and zinc into commodity markets to tamp down soaring materials costs, the country's strategic reserves agency announced on Wednesday.The move, which was first reported by Bloomberg, comes as commodity prices have marched steadily upward for months, with the S&P GSC...
Commodities, FP Energy, oil prices, OPEC

OPEC+ talks abandoned without a deal, sending oil prices surging

Breadcrumb Trail Links FP Energy Commodities Prices jump to highest since 2018 Author of the article: Bloomberg News Javier Blas, Salma El Wardany, Grant Smith and Dina Khrennikova Oil pumping jacks, also known as "nodding donkeys", in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia. Photo by Andrewy Rudakov/Bloomberg Article content OPEC+ abandoned its meeting without a deal, tipping the cartel into crisis and leaving the oil market facing tight supplies and rising prices. Advertisement This advertisement has not loaded yet, but your article continues below. Article content Several days of tense talks failed to resolve a bitter dispute between Saudi Arabia and the United Arab Emirates, delegates said, asking not to be named be...
Andrew Bailey, Bank of England, Commodities, Economy, inflation, Inflation debate, Lumber, Lumber futures, lumber prices, Markets, MI Exclusive

Tumbling lumber prices are a sign that strong inflation will be temporary, Bank of England boss says

Lumber prices plummeted in June. Carolyn Cole/Getty Images The plunge in lumber prices is a sign strong inflation should fade, the Bank of England's governor said. Andrew Bailey is among the central bankers to argue that inflationary pressures should be temporary. Lumber prices soared but then tumbled 45% in June as sawmills upped production and demand slipped. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The dramatic fall in lumber prices in the last month is a sign that strong inflation will be temporary, the governor of the Bank of England said on Thursday.Lumber futures soared in the first few months of the year before dropping more than 40% in June. Prices peaked at more than $1,670 per thousand board feet of lumber in early May, but have since p...
carbon emissions, Commodities, Gold mining, Mining, Newmont Corp.

World’s top gold miner sets ambitious new targets to cut carbon emissions

Article contentThe world's largest gold miner has just set new targets to cut emissions by 2030 and said it wants to go carbon neutral two decades later.But while Newmont Corp.'s plan is more ambitious than that of other mining companies including BHP Group and Barrick Gold Corp., it doesn't fully address the elephant in the room for the global industry: the so-called Scope 3 emissions, which are generated by its supply chain and customer use.The Greenwood Village, Colorado-based company plans to cut emissions from its operations and power generation 30 per cent by 2030 from 2018 levels, with the target for Scope 3 set at 15 per cent, according to a statement. It also wants to go carbon neutral by 2050, but provides little detail on how that will be achieved."We recognize that there are...
Commodities, Economy, energy, Keystone XL Pipeline

There’s a path for Biden to approve Keystone XL, but some Canadians aren’t going to like it

Article content continuedThe reason that Keystone XL has a chance is that Biden is a throwback. He came of age when horse trading in the Senate was the norm, not something you did to avoid a crisis. The closest observers of the president-elect say he remains an old-school senator at heart, suggesting he'd be willing to lose some points if the eventual payoff is worth the pain of a few difficult news cycles."There are going to be a lot of days when Democrats are going to be saying, `What the hell did Joe Biden just give away,' and there will be days when they say, `Huh, I didn't think (the White House) could get that,'” Evan Osnos, author of a new biography of Biden,said Recently on The Ezra Klein Show, a podcast on US politics and public policy.Osnos, a writer at The New Yorker magazine...
Alaska, Arctic, Commodities, energy, Yukon

Yukon government says it doesn’t support US permit for Arctic oil exploration

Article content continued"So, we won't be surprised if they continue that pattern of pushing development in the Arctic refuge, but we're ready for it. And at the end of the day, we hope that common sense will prevail."The US Government is “racing against the clock” with a proposal to conduct seismic testing in the refuge, which would begin on Dec. 31, he said.Boothroyd said he's concerned seismic crews could work through the end of May, when caribou are calving, and it could disturb the herd.The nearly 200,000 Porcupine caribou take part in the longest land migration on Earth, traversing over 4,000 kilometres in the Northwest Territories, Yukon and Alaska to give birth on the coastal plain of the Arctic National Wildlife Refuge every year, according to the Canadian Parks and Wilderness ...