Key Points
Elsewhere, stockpiles of thermal coal at Chinese ports are on the rise, while surging copper inventories signal a softening market..
To be sure, stockpiles held in London Metal Exchange warehouses had slumped to an 18-year low in mid-April, standing at less than a weeks worth of consumption, amid high expectations for Chinas emergence from Covid-related lockdowns..
The inverse correlation between prices and stockpiles has continued in the past week, with a modest drawdown in stocks coinciding with the futures market snapping a six-week losing streak as China works on new measures to support the property market. . . . View Full Image..
Torrential rains in top wheat consumer China have waterlogged crops in parts of Henan, the biggest producing province, potentially bolstering the need for more overseas supplies, while Saudi Arabias main grain-buying agency said last week its seeking to purchase wheat for September-October delivery. . . . View Full Image..
Higher rates diminish the investment appeal of non-interest bearing assets like gold, so the precious metal will likely continue to see some volatility in the months ahead. . . . View Full Image..
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