Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Commodities»Trade talks give Oil prices a lift
    Commodities

    Trade talks give Oil prices a lift

    June 10, 20254 Mins Read


    Oil prices firmed as trade talks between the US and China appear to be moving in the right direction. Meanwhile, Iranian nuclear talks continue to face obstacles.

    Energy – Trade talk optimism supports market

    Oil prices firmed yesterday, a trend that continued in early morning trading today. Trade talks between the US and China appear to be progressing, with discussions set to continue today. The US also appears willing to ease some tech export restrictions in return for China easing limits on rare earth exports. This is providing some support to the market. Meanwhile, nuclear talks between Iran and the US don’t appear to be progressing, providing some tailwinds for prices. Iran is not willing to compromise on its right to enrich uranium, something the US won’t accept.

    The latest trade data shows that Chinese crude oil imports were relatively weak in May, coming in at around 11m b/d, down 5.7% month-on-month and 0.8% lower year-on-year. Weaker imports were partly driven by refinery maintenance; May is generally the peak for such maintenance. However, cumulative imports for the year are still up 0.3% YoY.

    The ICE gasoil market continues to point towards tightness in the spot market. The prompt ICE gasoil spread has seen its backwardation surge to almost US$16/t, up from around US$8/t a week ago. In addition, the ICE gasoil crack is holding firm. Speculators also bought the market over the last reporting week, while open interest in ICE gasoil has hit record levels. Long open interest from swap dealers remains near record highs, suggesting a potential increase in consumer hedging.

    Metals – China’s Central Bank adds more Gold in May

    China’s central bank added gold to its reserves for a seventh consecutive month in May. The People’s Bank of China added 60,000 troy ounces of gold to its reserves last month, taking the total to 73.83 million troy ounces.

    In industrial metals, preliminary trade data from China’s Customs showed imports for unwrought copper fell 2.9% MoM and 16.2% YoY to 427.2kt. Similarly, cumulative imports were down 6.3% YoY, totalling around 2.2mt in the first five months of the year. Copper concentrate imports decreased 18% MoM to 2.4mt in May, despite smelters sustaining output levels. On a year-to-date basis, copper concentrate imports totalled 12.4mt for the first five months, up 7% YoY.

    In ferrous metals, monthly iron ore imports fell 3.8% YoY (-4.9% MoM) to 98.1mt. The drop reflects mills reducing purchasing activity ahead of an expected seasonal downturn in domestic steel consumption. China’s cumulative iron ore imports fell 5.3% YoY to 486.6mt over the first five months of the year. On the export side, China’s unwrought aluminium and aluminium products shipments fell 5.1% YoY to 2.4mt in the first five months of the year. Meanwhile, exports of steel products jumped 8.6% YoY to 48.5mt during Jan’25-May’25.

    Agriculture – China soybean imports hit record levels

    The latest data from China Customs shows that China’s soybean imports rose 36.2% YoY (+128.9% MoM) to a record high of 13.9mt in May. The availability of cheaper supplies from Brazil and increasing demand for soybean meal from animal producers resulted in rising soybean purchases. However, cumulative soybean imports over the first five months of the year stand at 37.1mt, down 0.7% YoY.

    Export inspection data from the USDA for the week ending 5 June shows that US corn and soybean inspections rose, while wheat exports eased over the last week. Export inspections of corn stood at 1,656.6kt, up from 1,641.7kt in the previous week and 1,340.8kt reported a year ago. Similarly, US soybean export inspections stood at 547kt, above 301.5kt a week ago and higher than the 234kt seen last year. For wheat, US export inspections stood at 291kt, down from 553.4kt a week ago and 353kt reported a year ago.

    Read the original analysis: The commodities feed: Trade talks give Oil prices a lift



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    “J’aime autant le metal que l’opéra” : après les JO, Marina Viotti présente une création au festival de Toulouse

    Commodities

    Indians pay almost Rs 21 more for petrol than Pakistan and US – Here’s why – Commodities News

    Commodities

    Atteint de la maladie de Parkinson, le parrain du metal Ozzy Osbourne a fait ses adieux à la scène

    Commodities

    ADB Approves $65.8M Project to Boost Climate-Resilient Agrifood Systems in Lao PDR

    Commodities

    Comptes de l’agriculture 2024 – Chute de 30 % en 45 ans de la valeur ajoutée créée par la ferme France – WikiAgri

    Commodities

    US Tariffs: India Draws Red Lines Around Farm Commodities

    Commodities
    Leave A Reply Cancel Reply

    Top Picks
    Investments

    Comment la prévision des tempêtes et des canicules fait des bonds grâce à l’IA

    Property

    Plymouth’s Penn Theatre wins dispute with city over property tax exemptions

    Investments

    CBRE Sells West Hollywood Retail Property for $13 Million

    Editors Picks

    ‘The Spinach King’ serves up agricultural industry history family drama

    July 1, 2025

    Copper prices decline amid doubts about China’s stimulus impact

    October 17, 2024

    Deep Silver publie une nouvelle bande-annonce de Metal Eden et annonce une démo pour le 8 avril.

    March 21, 2025

    Morocco Ensures Steady Agricultural Supply Despite Drought, Minister Says

    February 14, 2025
    What's Hot

    Base metals gain after US court puts brakes on Trump tariffs

    May 29, 2025

    Ukraine ranks amongst top 3 agricultural product exporters to EU

    May 15, 2025

    Gold extends its bull run on weak US Dollar, trade tensions

    April 21, 2025
    Our Picks

    Agricultural Adjuvants Market to Witness Huge Growth by 2031 –

    August 13, 2024

    Gold Prices Surge Above $2500. Is $3000 The Next Stop? [VIDEO]

    August 16, 2024

    Mutuum Finance (MUTM) – New DeFi Protocol, Ethereum (ETH) Price Prediction

    March 4, 2025
    Weekly Top

    Dubai launches digital real estate investment collaboration

    July 7, 2025

    Atteint de la maladie de Parkinson, le parrain du metal Ozzy Osbourne a fait ses adieux à la scène

    July 7, 2025

    No Golden Visas for Digital Currency Holders!

    July 7, 2025
    Editor's Pick

    Philippine Authorities Arrest 99 People in Massive Cryptocurrency & Romance Scam Operation

    August 23, 2024

    Gold, copper and oil prices fall as stock market contagion spreads

    August 5, 2024

    Why has the price of gold surged?

    April 17, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.