Breakfast briefing; Commodity prices off the boil - News Summed Up

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Breakfast briefing; Commodity prices off the boil


Aluminium prices fell to US$2,244/tonne, also a far cry from the peak in mid-March over US$3,800/tonne. Iron ore prices are not going anywhere, despite all the talk of stimulus and rebounds in China. Even wheat prices are falling, in this case based on fresh USDA planting data pointed to grain acreage and stock levels that were above market expectations. In India they introduced export duties on petrol, diesel and jet fuel to help maintain domestic supplies, while also imposing a windfall tax on oil producers who have benefited from higher global crude oil prices. And oil prices are little-changed at just over US$107/bbl in the US, while the international Brent price is just over US$111/bbl.


Source: New Zealand Herald July 03, 2022 21:12 UTC



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