Base metal prices set for a rally early next year after bearish phase

Base metals seem set to end a bearish price phase, with the stage being set for a rally early next year. Since April, most metals had not been doing well, after the American government warned of raising tariffs on commodities imported from China. Tariffs have been raised but China’s demand has not fallen as significantly as had been feared. Analysts are, therefore, turning bullish for metals.

Trend on ICEX to remain bearish on global cues

Prices on global exchanges remain under pressure due to worries about a slowdown in China’s economy and expectations of higher global production. China is a major consumer of natural rubber.

Metals firmer on higher hopes for trade deals

Nickel and lead prices led with gains of 0.9%, while copper prices were up by 0.5% at $6,075 per tonne.

Germany has set aside 1 billion euros to support battery cell production

The German government has set aside around 1 billion euros ($1.1 billion) to support battery cell production, and it aims to have 30 percent of such production coming from Germany and Europe by 2030, the economy minister said.

OPEC, partners discuss oil supply cut of up to 1.4 million bpd

OPEC and its partners are discussing a proposal to cut oil output by up to 1.4 million barrels per day (bpd) for 2019, three sources familiar with the issue said, to avert an oversupply that would weaken prices.

OPEC revises down oil demand forecasts for second month running

OPEC has cut its forecast for global crude oil demand growth in 2018 and 2019 for the second month in a row, on the back of further weaker-than-expected demand from the Middle East and China during the third quarter.

US crude futures plunge $4.24/bbl on downbeat OPEC forecast

NYMEX WTI crude futures for December delivery finished lower for the 12th consecutive session on Tuesday, settling at $55.69/bbl, down $4.24, after OPEC lowered for the fourth consecutive month its outlook for global oil demand.
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