The copper market is expected to be short of 24,000 tons in 2024 and 115,000 tons in 2025
According to Reuters survey data,
Gold prices are expected to average $2,053.50 per ounce in 2024 and $2,100 per ounce in 2025;
Silver prices are expected to average $24.94 per ounce in 2024 and $25.80 per ounce in 2025;
The average spot tin price is expected to be US$25,492 per ton in 2024, US$27,000 per ton in 2025, and US$25,953 per ton in 2023;
Spot lead prices are expected to average US$2,121 per ton in 2024, US$2,175 per ton in 2025, and US$2,137 per ton in 2023;
Spot zinc prices are expected to average US$2,561 per ton in 2024, US$2,650 per ton in 2025, and US$2,648 per ton in 2023;
The average spot nickel price is expected to be US$16,535 per ton in 2024, US$17,888 per ton in 2025, and US$21,495 per ton in 2023;
Spot aluminum prices are expected to average US$2,297 per ton in 2024, US$2,463 per ton in 2025, and US$2,307 per ton in 2023;
Spot copper prices are expected to average $8,714 per ton in 2024, $9,300 per ton in 2025, and $8,483 per ton in 2023.
The nickel market is expected to have a surplus of 241,000 tons in 2024 and a surplus of 204,000 tons in 2025; the zinc market is expected to have a surplus of 308,000 tons in 2024 and a surplus of 300,000 tons in 2025; the aluminum market is expected to have a surplus of 374,500 tons in 2024 and a surplus is expected in 2025 500 tons; the copper market is expected to be short of 24,000 tons in 2024 and 115,000 tons in 2025.
AgRural: Brazil’s 2023/24 soybean harvest is fast
Consulting agency AgRural said on Monday that as of last Thursday, Brazil's 2023/24 soybean harvest rate was 11%, an increase of 5 percentage points from the previous week and higher than 5% in the same period last year. Rains in several states during the week slowed field work, especially in top food-producing state Mato Grosso, but brought some relief to areas that have been struggling with hot and dry temperatures, such as Parana. As soybeans are removed from the fields, Brazilian farmers are also planting the 2023/24 second corn crop, which accounts for about 75% of the country's corn production each year, and is grown on the same land as soybeans. As of last Thursday, the second-crop corn sowing rate in central and southern Brazil for the 2023/24 season was 11%.
OPEC+ exports signal slow move on new round of production cuts
OPEC+ appears to be making slow progress on a new round of oil production cuts, according to shipping intelligence firm Kpler. Major alliance members have pledged to cut supply by a further 900,000 barrels per day this month, but total January exports have so far remained largely unchanged. Viktor Katona, chief crude oil analyst at Kpler, said the new OPEC+ production quotas will have a minimal actual impact on the crude oil market. Actual production figures due later this week may tell a different story, but for now, export data will do little to shore up fragile sentiment in world oil markets. OPEC+ will hold an online meeting on Thursday. Delegates said they would not make any changes to the current agreement at the meeting. The current agreement will run until the end of the quarter.
National soybean import port inventories decreased by 37,500 tons month-on-month
According to Wind data, as of January 29, 2024, the national soybean import port inventory was 7.48552 million tons, and it was 7.52302 million tons on January 22, a month-on-month decrease of 37,500 tons.
Inner Mongolia's coal output reaches 1.21 billion tons in 2023
The reporter learned from the Inner Mongolia Autonomous Region Energy Bureau on January 29 that, as an important national energy base, Inner Mongolia has given full play to its coal resource advantages and continued to increase coal supply guarantees. The region's coal output will reach 1.21 billion tons in 2023, accounting for more than 1.21 billion tons of the country's total coal output. 1/4, of which more than 720 million tons of coal were sold outside the region. In order to play the role of "ballast" in ensuring energy supply, Inner Mongolia has accelerated the procedures for coal mines under construction and capacity increase, and released advanced production capacity in an orderly manner while ensuring safety. The region's coal production capacity has stabilized at 1.2 billion tons/ years and above. In the past two months, the average daily coal output in the region has been more than 3.35 million tons, the thermal coal inventory of the region's unified power plants has remained at more than 13 million tons, and the average number of days of coal storage in power plants has been more than 17 days. Coal supply is stable and reliable. (Xinhua News Agency)
Article forwarded from: Golden Ten Data
