China's INE Containerized Freight Index (Europe Service) futures surged over 6% to above 2,400, hitting the highest level since debut in November 2023. The most-active Shanghai bonded copper rose above 70,000 yuan per ton, the strongest level since October 2021. Weekly Drewry container index dropped 3% for the week but remained up 53% year-on-year. Shanghai copper prices rallied to over 80,000 yuan per barrel, the highest level since 2006, while Commerzbank raised its copper price forecast to $9,800 per ton. Copper prices are on the rise amid supply risks and improving demand, with Citi expecting prices to hit $10,500 per tonne in the next 3 months. Shanghai Tin also extended its rally to over 5%, reaching the strongest level since May 2022, with Nickel and copper also showing gains. Copper's price surge to the highest since June 2022 has caught attention.
Copper jumps to highest price since June 2022 👀 https://t.co/8kGtzBZRbZ
- FBX: 2388 (+15) $ZIM opens quiet after -4% yesterday. Its peers $HLAG and $MAERSK up 2.2% in Europe. https://t.co/3U46YsNl8L
Shanghai #copper rises above 80,000 yuan per barrel in the night session, to the highest level since 2006. #China https://t.co/WofgfChQjW
Commerzbank raises forecast for #copper, sees the year-end price of $9,800 per ton (previously $9,200), also expects #gold to $2,300 per ounce(previously $2,200), sees Brent crude oil to $90 per barrel by the end of 2Q. #OOTT
⚡Shanghai #Tin extends rally to over 5%, to the strongest level since May 2022. #Nickel +2.5% and #copper +2.3%. #China https://t.co/0FNwuvm4Xs https://t.co/SYGBa9geXy
#China's #copper futures in Shanghai stage a strong rally amid supply risks and improving demand. Citi expects copper price to hit $10500 per tonne over next 3 months. https://t.co/haGgRmRP6L https://t.co/yMei9YGgYW
The container freight futures are now up over 10% at last look. $ZIM $HLAG $MAERSK https://t.co/3n6dVmNpxu
INE Containerized Freight Index (Europe Service) extends rally to over 9%. https://t.co/CxKAwcuS6c https://t.co/SYGBa9geXy
#China's #shipping futures rally, with most-traded contract of Containerized Freight Index (Europe Service) futures surging up to 10% to hit new record high. https://t.co/haGgRmRP6L https://t.co/pwbpWk4QBf
Copper is really moving today. @AbitibiMetals +2% The glue of entire economy.
Dr. Copper appears to be morphing into Dr. Green Revolution & Onshoring. The metal price looks to be gearing up to follow gold for a major breakout. To emphasize what I said before: I've never seen a secular bull market in gold that didn't cause other metals to follow. https://t.co/pLWoK9mVl5
Weekly Drewry container index: - Down 3% for the week. Still up 53% YOY $ZIM $MAERSK $HLAG https://t.co/ItuiKsKRzR
#Copper and miners https://t.co/9fB9n4vIsW https://t.co/7cVF8qZqXr
⚡The most-active Shanghai bonded #copper jumps to above 70,000 yuan per ton, the strongest level since October 2021. #China #commodity https://t.co/A8TKqZJgaT https://t.co/jYE8bs6MZp
⚡China INE Containerized Freight Index (Europe Service) futures rose over 6% to above 2,400 on Thursday afternoon, the highest since debut in November 2023. #China #shipping https://t.co/Yyp9tpeCVv