Goldman warns on copper as war threatens global economy

Copper is vulnerable to further declines if the Strait of Hormuz remains blocked, Goldman Sachs Group warned as metals markets brace for President Donald Trump‘s deadline for Iran to agree a deal or face sweeping attacks on civilian infrastructure. “We see the near-term risks as skewed to the downside if strait flows remain disrupted for longer than our base case, which would keep energy prices …

Continue Reading

Aluminium and War: Gulf outages tighten global balance – ING

Chinese exporters of aluminium products are now expected to have a much better year as the Iran war tightens global supply and boosts margins, with some earlier forecasts for flat shipments revised sharply higher. The Gulf accounted for roughly 9% of global supply before the war but most of that has been trapped by the closure of the Strait of Hormuz. Moreover, …

Continue Reading

China’s central bank continues gold purchases for 17th consecutive month

China’s central bank increased its gold reserves for the 17th consecutive month in March. Analysts noted that this steady and sustained buying is intended to optimize the structure of reserves and hedge sovereign risks, especially amid a complex international environment. According to official data released on Tuesday, China’s gold reserves stood at 74.38 million ounces at the end of March, …

Continue Reading