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

4/12/2024

RARE EARTHS PRICES WILL REBOUND IN THE H2 2024

Rare earth prices have likely bottomed out and are poised to rise later this year on demand from electric vehicles (EVs) and wind power and as dominant producer China is expected to pull back on expanding output quotas.
Rare earths are a group of 17 elements used in products from lasers and military equipment to magnets found in EVs and consumer electronics.
Prices surged to their highest in a decade in 2022 only to plunge last year on increased production in China and slower-than-expected demand growth crippled by the country's patchy post-pandemic economic recovery.
It's expect extra supply to be more or less cleared by end-2024, as demand catches up with supply through continually increasing electric vehicle sales and wind turbine production, said analyst Willis Thomas at CRU Group.
Last year, China issued a third batch of rare earth output quotas, the first time it issued a third set of quotas in a year since 2006, with the total quota for the year at a record high of 255,000 tons, up 21.4% from a year earlier.
However, China's quotas are expected to increase at a slower rate this year, at between 10% to 15%.
China, which accounts for 70% of rare earths mining and 90% of refined output, according to the United States Geological Survey, has controlled its supply of the strategic resource through the quota system since 2006.

4/12/2024

EXPORT OF COPPER IN 2023 - ARGUS

According to the last copper monthly outlook of Argus, the volumes of global export of copper during 2023 is:
(Pre-final data)
1) copper ores and concentrates exports = 42,223,432 tonnes (+2.35% YoY);
2) unrefined copper exports = 1,686,762 tonnes (-11.7% YoY);
3) refined copper exports = 9,776,345 tonnes (-2.7% YoY);
4) copper wire exports = 2,776,914 tonnes (+5.0% YoY).

4/12/2024

BASKET OPEC PRELIMINARY PRICE

OPECNA, the news agency of OPEC, announced the OPEC Basket preliminary price
11 april = $ 90.62 /b (up 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.

4/12/2024

NORTH AMERICA PRODUCTION IN MARCH – ALUMINIUM ASSOCIATION

According to figures released by Alluminium Association, the total production of aluminum in the month of march in North America (USA + CANADA) was as follows (in tonnes).
production in march2023 = 341,369 (+0.53% YoY and +7.38% MoM) ;
Remember also :
Q1 2024 production = 1,007,361 tonn (+2.9 % YoY);
FULL 2023 PRODUCTION = 4,060,907 (+3.95% YoY).

4/12/2024

US PRODUCTION IN MARCH – ALUMINIUM ASSOCIATION

The Aluminium association of Canada reported last data and annual rate in U.S. (value in tonn):
production in march2023 = 57,068 (-14.5% YoY);
average daily production in march2023 1,841 (up trend);
annual rate of production end march2023 = 673,771 .
Remember also:
Q1 2024 production = 173,398 tonn (-9.7 % YoY);
FULL 2023 PRODUCTION = 784,853 tonn (-10.02% YoY).

4/12/2024

CANADIAN PRODUCTION IN MARCH – ALUMINIUM ASSOCIATION

The Aluminium association of Canada reported last data and annual rate in Canada (value in tonn):
production in MARCH2023 284,301 (+4.2 % YoY) ;
average daily production in march2023 9,171 (down trend);
annual rate of production end march2023 3,356,586.
Remember also:
Q1 2024 production = 883,963 tonn (+6.02 % YoY);
FULL 2023 PRODUCTION = 3,276,054 tonn (+7.97% YoY).