Commodities news covering oil, metals, agricultural products, commodity prices, and futures market developments.
Gold prices fell 1% to $4,320.40 per troy ounce in early European trading, driven by stronger-than-expected U.S. jobs data and heightened Middle East tensions. Citi Research warned of a potential retracement to $3,500/oz if the Strait of Hormuz remains closed through summer.
Vale CEO Gustavo Pimenta stated in a Bloomberg interview on Monday that metals demand remains robust with no evidence of war-related demand destruction. The Iran conflict has disrupted raw-material flows, boosting Vale's margins. The company is focusing on harvesting its own assets rather than seeking acquisitions.
The author argues that US tariffs and the Iran war have increased costs for minerals, benefiting mining stocks. He recommends Hudbay Minerals as a new buy, citing rising prices for copper, nickel, and aluminum due to supply disruptions.
Newcastle coal futures for June rose to $148.75 a ton on Friday, the highest since August 2024. The surge is driven by Indonesia's new export rules delaying shipments, tightening supplies amid rising summer demand in Asia.
Chinese coking coal futures in Dalian surged to their highest since October 2024, reaching 1,486.5 yuan ($219) per ton before paring gains. Prices are up about 14% this month, driven by a deadly mining accident and ongoing safety inspections.
ABARES forecasts a record 2.2 million tonnes of lentils in 2026, with plantings up nearly 150% since 2020. Prices have fallen to about $660/tonne due to oversupply. Lentils are now South Australia's third-largest crop.