30th January 2025
*LONDON COMMODITY NEWS*
*Coal*
Coal prices saw early gains as rising European gas prices drove API2 swaps higher. However, as gas prices eased midday, API2 softened, ending near unchanged. NEWC swaps, however, held firmer throughout the session.
*Brent*
Oil prices rose as weaker-than-expected US economic growth pressured the dollar, while markets awaited clarity on potential Trump administration tariffs. Brent crude traded around $76.20 per barrel Thursday afternoon, recovering from a 1% drop in the previous session.
*Dutch TTF Gas*
European gas futures neared €52/MWh, their highest since October 2023, as colder weather lifted demand and Norwegian supply disruptions persisted. Norwegian gas nominations fell to 313 million cubic meters Wednesday, down 5 mcm from the previous day. Meanwhile, Ukraine faces a domestic gas shortfall after halting Russian transit flows.
*Iron Ore*
No updates due to China’s Lunar New Year holiday.
*Copper*
LME 3-month copper rose 0.72% to $9,134 at 16:46 GMT, as traders assessed the impact of impending US tariffs. White House spokesperson Caroline Levitt confirmed tariffs on China, Canada, and Mexico would take effect February 1, with Trump hinting at even higher rates.
