U.S. Preparing 200% Tariff on Russian Aluminum to Protect American Producers

The U.S. is preparing a 200% tariff on Russian-made aluminum as soon as this week it was reported by, Bloomberg Monday. The White House National Security Council didn’t immediately respond to requests for comment. Before delivering sanctions, the US needs to be comfortable American industries, including aerospace and automobiles are not to be suffer collateral damages the sources said. The move is in response to Russia dumping aluminum on the U.S. market and harming American companies such as Alcoa who … Continue reading “U.S. Preparing 200% Tariff on Russian Aluminum to Protect American Producers”

Commodity Traders Weekly Outlook: Orange Juice All Time High while Energy Complex Futures Slide Continues

Trends in many commodities reversed this week in the short squeeze induced, with the surge in the US dollar and yields after a blowout jobs report. Orange Juice touched a record high on Wednesday as plunging US output added to tight global supply outlook. March OJ_f (Mch) climbed 10 cents to its daily limit at $2.292/lb, driving the BCOM OJ index up 86% y/y. Florida will collect the smallest crop since 1936. Natural gas futures, fell down another 16% or … Continue reading “Commodity Traders Weekly Outlook: Orange Juice All Time High while Energy Complex Futures Slide Continues”

Commodity Traders Weekly Outlook: Lumber Rebound and Natural Gas Slide Continues

Trends continued to play out this week, partially short squeeze induced, partly resurgent speculation with a significant loosening of financial conditions continues to feed the reversal in risk. The VIX fell another 3% Friday to the lowest since last January. One commodity not benefiting is natural gas futures, down another 7% or 10% depending on what month you are unfortunate to be long in. Notably the rest of the energy complex was down this week also. Copper had been a … Continue reading “Commodity Traders Weekly Outlook: Lumber Rebound and Natural Gas Slide Continues”

Commodity Traders Weekly Outlook: Heating Oil Soars, Natural Gas Falls (Reprise)

This week we saw a complete reversal in risk, from the VIX melting a softer US CPI report last week it was the top performer this week as indices floundered, though correcting much of that Friday with options expiration. Like a scratched record, natural gas futures were down again, losing another 8.34% while it’s energy brethren Gasoline, WTI, Brent Oil and Heating oil were all higher. Copper and gold continued higher but at a lesser pace. Copper had been a … Continue reading “Commodity Traders Weekly Outlook: Heating Oil Soars, Natural Gas Falls (Reprise)”

Alcoa Reports Another Quarterly Loss with Falling Aluminum Prices and Pressured Margins

The largest US Aluminum producer Alcoa reported a second consecutive quarterly loss as expected for the fourth quarter on Wednesday but missed on revenue. The company has been squeezed by higher energy and raw material costs and restructuring charges putting pressure on margins. $AA projects 2023 total alumina shipments of 12.7-12.9 million metric tons and aluminum shipments between 2.5-2.6 million metric tons. $AA traded down 5.5% after the release. Aluminum is down roughly 40% from a record high of approximately $4,000 … Continue reading “Alcoa Reports Another Quarterly Loss with Falling Aluminum Prices and Pressured Margins”

Commodity Traders Weekly Outlook: Copper Leads Risk on in Commodities as VIX Deflates

Commodities in the second trading week of the year were led by a meltdown of the VIX around a softer US CPI report and many in the throes of a major short squeeze. The US dollar throw kindling on much of that. One thing didn’t change, natural gas futures were down again, losing another 6% while it’s energy brethren Gasoline, WTI, Brent Oil and Heating oil were all higher. Copper accelerated it’s break higher, surging 7.8% (up 11% YTD).  Copper … Continue reading “Commodity Traders Weekly Outlook: Copper Leads Risk on in Commodities as VIX Deflates”

Commodity Traders Weekly Outlook: Energy and Grain Futures Sell off in New Year

Commodities in the first trading week of the year saw a lot of continued trends, namely natural gas futures got wrecked again, losing another 16% after losing 11% for the week, and down 33% for December. Gasoline, WTI, Brent Oil and Heating oil were all lower. Wheat, Corn, Wheat and Oats all dropped between 6 and 2%. for the week. The common denominator with natural gas was milder weather. Copper, gold and cotton were the best performer for the week. … Continue reading “Commodity Traders Weekly Outlook: Energy and Grain Futures Sell off in New Year”

Piedmont Lithium Surges on Amended Tesla Deal for Spodumene

Piedmont Lithium amended its agreement with electric vehicle maker Tesla to deliver approximately 125,000 metric tons of spodumene concentrate (SC6) to Tesla. The deal begins in the second half of 2023 through the end of 2025 with an option to renew for an additional three years. Piedmont Lithium shares $PLL are trading higher+7.9%, with an option to renew for an additional three years. Tesla Inc. is set to pay more for the lithium after PLL amended their deal amid the … Continue reading “Piedmont Lithium Surges on Amended Tesla Deal for Spodumene”

Commodity Traders Weekly Outlook: Platinum Surges as Natural Gas Slumps Again

Commodities in the last trading week of the year saw a big bounce in Platinum and Palladium recovering from a when prices collapsed on Chinese economic data combined with the explosive COVID infection wave being a serious threat to Chinese auto consumption and as such a threat for auto catalyst inputs like palladium. We saw a mixed result in energy markets. Gasoline, WTI, Brent Oil and Heating oil all higher. Whilst Natural gas sold off hard again, down another 11% … Continue reading “Commodity Traders Weekly Outlook: Platinum Surges as Natural Gas Slumps Again”

Commodity Traders Weekly Outlook: Heating Oil and Natural Gas Rebound as Palladium Collapses

Commodities saw a big bounce in energy with heating oil bouncing 12.19% on the week and Natural gas, oil and gasoline all up over 4%. The Bloomberg commodity index increased 0.9% (up 13.7% y-t-d). Wheat futures higher for the week but lower Friday as funds continue to be short Chicago wheat on slow demand for US wheat and chatter of higher Russia and Australia supplies. Silver and copper both gave back some of last week’s gains. Palladium prices collapsed as … Continue reading “Commodity Traders Weekly Outlook: Heating Oil and Natural Gas Rebound as Palladium Collapses”