Commodities

Google Ad

The Australian Chief Economist’s outlook for global commodity prices, demand and supply projects coal to overtake Iron ore as Australia’s largest export earner in 2018-19 generating $58.1 billion ahead of $57.7 billion from iron ore.

Australia replaced South Africa and Brazil as the major exporter of iron ore to India for the 2017-18 fiscal year ended 31 March after being a marginal supplier for the past several years. Fortescue Metals exported the majority of the ore with over 2mn t of medium-grade fines since January 2018.

Australian Swiss mining giant Glencore PLC announced a massive $5.6 billion restructuring of its troubled Congo copper company, Katanga Mining last week which resolved the fiery dispute with Congo’s state-run mining companies massive debt load.

Australian Bureau of Agricultural and Resource Economics and Sciences (ABARE) June crop report released Tuesday forecasts Australia to produce 21.9 million mt of wheat in the 2018-19 (October-September) season, up 3% from 21.2 million mt in the previous season.

Australian thermal coal prices have risen to their highest since Feb. 2012 fueled by hot weather across North Asia and China buying ahead of the peak summer demand season. Thermal coal up 130% since record lows.

Good news on replenishing the oceans, the National Oceanic and Atmospheric Administration’s 2017 Status of Stocks report, indicates that the number of stocks facing overfishing or that are overfished is at an all-time-low since reports began in 2000.

The value of vineyards in one of the world's best regarded wine regions, South Australia's Riverland has tripled in the last few years as Australia continues to rapidly export wine to China. Australian wine exports to China grew by more than 50 per cent in the last financial year alone.

Western Australia in response to the 2017 sales of spodumene, the primary lithium bearing mineral produced in WA soaring 166% to reach A$780-million announced a taskforce to harness the potential for lithium and other energy materials.

Mining giant Rio Tinto has been approved by the Australian Office of the National Rail Safety Regulator to operate the world’s first heavy haul, long distance autonomous rail operation for it's ironore operatioin in Western Australia. $RIO says AutoHaul will improve safety, productivity and lower costs. 

Wool prices have been rising with shrinking supply and strong demand. Prices got a further boost to record levels with the falling Australian dollar, $AUDUSD traded down as low as US74.24c the lowest level since June last year.

Google ads