OPEC+ unlikely to increase production to curb rising oil prices: Goldman Sachs

The world’s most traded commodity got a major boost from the gas crunch in Europe and Asia, prompting forecasters to update their forecasts. One of the most bullish of all observers has been Goldman Sachs, whose commodity analysts have stuck to their price target of $80 for Brent crude regardless of the resurgence of Covid-19 in many key […]

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Rising coal prices are squeezing aluminum supply globally

Tightening coal supplies, toughening emissions standards have forced some provinces in China to ration coal-fired power production. According to Reuters, output curbs have hit steel, aluminum and cement industries particularly hard. About 7% of aluminum production capacity has been suspended. It is believed some 2.33 million tonnes per year of aluminium smelter capacity has been […]

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China faces widespread, unexpected blackouts; cities go dark

A “Power Supply Shock Looms” as the energy crisis gripping Europe – and especially the UK – has hit China. Residents in three north-east Chinese provinces experienced unannounced power cuts as the electricity shortage which initially hit factories spread to homes. People living in Liaoning, Jilin and Heilongjiang provinces complained on social media about the […]

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Gold ETFs witness net outflow of 22.4 tonnes in August: World Gold Council

Gold-backed exchange traded funds (ETF) experienced net outflows of 22.4 tonnes in August 2021, as North American outflows outweighed inflows into European and Asian funds, the World Gold Council (WGC) said. In a report, the WGC said that gold faced headwinds early in August as the dollar briefly strengthened and rising Treasury yields weighed on investment flows, triggering momentum […]

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Record high aluminium prices in the US and Europe likely to encourage exports of the metal from India; Hindalco, Vedanta to gain

Record aluminium prices in the United States and Europe will be sustained by Russia’s mining tax for some months, but attempts to push prices even higher are likely to face headwinds from traders cashing in their stocks, analysts said. Russia has imposed a 15% tax or a minimum of $254 a tonne on aluminium exports […]

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