|Bid||0.00 x 1400|
|Ask||0.00 x 2200|
|Day's Range||24.99 - 25.01|
|52 Week Range||24.98 - 26.43|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||10.73|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
(Bloomberg) -- Spot iron ore broke $200 a ton for the first time, while copper approached a record high as Chinese investors unleashed fresh demand following a three-day holiday.The reopening of major industrial economies is sparking a surge across commodities markets from corn to lumber, with tin climbing above $30,000 a ton for the first time since 2011 on Thursday. In the wake of mounting evidence of inflation -- fueled by higher raw materials prices -- investors are also increasingly focused on when the U.S. Federal Reserve might start throttling back its emergency support.Many banks say the rally has further to run, particularly for copper, which will benefit from rising investment in new energy sectors. Copper is at the highest in a decade, fueling bets it will rally further to take out the record set in February 2011. Steel demand is surging as economies chart a path back to growth just as the world’s biggest miners have been hampered by operational issues, tightening ore supply.“The long-term prospects for metals prices are ‘too good’ and point to higher prices in the next few years,” said Commerzbank AG analyst Daniel Briesemann. “The decarbonization trends in many countries -- which include switching to electric vehicles and expanding wind and solar power -- are likely to generate additional demand for metals.”Trading house Trafigura Group and several major Wall Street banks including Goldman Sachs Group Inc. and Bank of America Corp. expect copper to extend gains.Copper for three-month delivery rose 1.4% to settle at $10,092 a ton on the London Metal Exchange.Benchmark spot iron ore prices rose to a record, while futures in Singapore and China climbed.The boom comes as China’s steelmakers keep output rates above 1 billion tons a year, despite a swath of production curbs aimed at reducing carbon emissions and reining in supply. Instead, those measures have boosted steel prices and profitability at mills, allowing them to better accommodate higher iron ore costs.Spot iron ore with 62% content hit $201.15 a ton on Thursday, according to Mysteel. Futures in Singapore jumped as much as 5.1% to $196.40 a ton, the highest since contracts were launched in 2013. In Dalian, prices closed 8.8% higher.Read more: Copper’s Surge Toward a Record High Is Hitting Chinese IndustryStill, some analysts including Commerzbank’s Briesemann expect a short-term correction as metals become detached from fundamentals. There’s also a risk that China could engage in policies that may cool demand for iron ore and copper.The metals rally has boosted concerns about short-term Chinese demand. Some manufacturers and end-users have been slowing production or pushing back delivery times after costs surged, while weaker-than-expected domestic consumption has opened the arbitrage window for exports.Tin climbed as much as 2% to $30,280 a ton on the LME, boosted by rising orders for the soldering metal. Tin is at the highest since May 2011, with a 48% gain this year making it the best-performing metal on the LME.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Oil climbed as optimism over progress in reopening some of the world’s largest economies outweighed deepening coronavirus risks elsewhere.Futures rose 1.4% in New York after flipping between gains and losses earlier Monday. A European Union plan to ease restrictions for vaccinated travelers over the summer travel season is boosting sentiment. In the U.S., most capacity restrictions will be lifted in states around the New York region starting later this month. The U.S. dollar also weakened, making commodities priced in the currency more attractive.“We’ve likely put the worst of Europe behind us,” and “as they turn toward reopening, that will help,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. While the recovery in other regions catches up, oil price upside in the near term “hinges on the U.S. reopening story and the return of U.S. demand.”U.S. benchmark crude futures have rallied more than 30% this year, but the market continues to face an uneven global demand recovery as some countries suffer from new waves of coronavirus cases. Sales of gasoline in India were the lowest in April since August, while average daily diesel sales were the lowest since October, preliminary data from officials with direct knowledge of the matter show.“Developed markets are experiencing an economic and petroleum demand recovery and global oil inventories have largely normalized,” Bank of America Global Research analysts including Francisco Blanch wrote in a weekly report. But “a full oil demand recovery will also require a healthy economic backdrop in emerging markets.”Iraq’s oil minister, Ihsan Abdul Jabbar, said crude would probably remain around $65 in the coming months. OPEC, of which Iraq is the second-biggest producer, will continue trying to keep prices “within normal averages,” he told reporters in Baghdad on Monday. “There is no concern about a drop in prices.”In options markets, there are signs that traders may be looking to cover in the case global benchmark Brent futures surge in the back half of the year. Bullish call options that would benefit a buyer if Brent futures for December settlement top $100 a barrel have traded over 10,000 times over the past two days.Commodities have been caught up in the ongoing reflation trade, as signs of solid economic growth in countries such as the U.S. compound expectations for accelerating inflation. Over the weekend, Warren Buffett said the U.S. economy is “red hot” and that there is more inflation “than people would have anticipated six months ago.”“Buffett sees strong inflationary pressures at the moment and that oil and gas are going to be needed for many years and even decades, despite the push for zero-carbon economies,” which supports “the big revival in commodity index investing.” said Ryan Fitzmaurice, commodities strategist at Rabobank.Traders are also tracking talks between the Iran and world powers including the U.S. over the revival of a nuclear accord. A deal would potentially lead to Washington easing sanctions on Iranian crude exports, though U.S. officials said a deal isn’t close yet. The Islamic Republic has presidential elections next month, which may complicate the talks.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Berkshire Hathaway's (BRK-A, BRK-B) 2021 Annual Shareholders Meeting is taking place on Saturday, May 1 and will be live streamed exclusively here on Yahoo Finance.