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FT Mercati provides its customers with the latest news from the commodities market. Here a selection of our latest news:

5/8/2024

USAGE AND SUPPLY TRENDS IN JAN-FEBRUARY 2024 – ICSG

According to preliminary International Copper Study Group ( ICSG ) data, this are figures of copper world production and usage (thousand tonns) :
JAN-FEBRUARY 2024 :
world mine PRODUCTION (concentrates and SX-EW) = 3,624 ;
world mine CAPACITY = 4,734 ;
primary refined PRODUCTION (A) = 3,785 ;
secondary refind PRODUCTION (B) = 761 ;
Total A+B = 4,546 ;
world refined USAGE (C ) = 4,350 ;
balance A+B-C = +196 (surplus).

5/8/2024

MARKET SURPLUS IN JAN- FEBRUARY 2024 – ICSG

According to preliminary International Copper Study Group ( ICSG ) data, the world refined copper market in first 2 months 2024 indicates a surplus of about 196,000 tonns. (preliminary data).
In same period, world copper mine production increasd by 6.5% YoY with mine output in Chile (world’s biggest copper mine producing country) increased by 5% and output in Peru (the world’s second biggest copper mine producing country) increased by 5.5% YoY .
Refined production increased by 5.5% YoY in jan-february 2024, with primary production increased by 5.3% YoY and secondary production (from scraps) up by 7.8% YoY.
Finally, in first 2 months of 2024, worldwide refined consumption increased by 7% YoY.

5/8/2024

BASKET OPEC PRELIMINARY PRICE

OPECNA, the news agency of OPEC, announced the OPEC Basket preliminary price
07 may = $ 83.60 /b (down from previous daily value)
(The OPEC Reference Basket (ORB) introduced on 16 June 2005, is currently made up of the following: Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia , UAE and Venezuela.

5/8/2024

NEW PRICE FORECAST 2024--2025 - WORLD BANK

The international analysis company World Bank reports the estimated average price for zinc in 2024 and 2025, updated according to its latest release in april :
2024 = $ 2,500 /tonn .
2025 = $ 2,600 /tonn .
(Estimates are up from what was communicated in the previous release of october)

5/8/2024

NEW PRICE FORECAST 2024--2025 - WORLD BANK

The international analysis company World Bank reports the estimated average price for tin in 2024 and 2025, updated according to its latest release in april:
2024 = $ 27,000 /tonn .
2025 = $ 28,000 /tonn .
(The estimates are above what was communicated in the previous release in october 2023 )

5/8/2024

NEW PRICE FORECAST 2024--2025 - WORLD BANK

The international analysis company World Bank reports the estimated average price for lead in 2023, 2024 and 2025, updated according to its latest release in april :
2024 = $ 2,100 /tonn .
2025 = $ 2,050 /tonn .
(Estimates are broadly unchanged from what was communicated in the previous release in october )