24th March 2025
*Coal*
API2 prices remained rangebound, dipping slightly before recovering to close near unchanged. European gas prices followed a similar pattern, showing early weakness before stabilizing. Meanwhile, NEWC swaps faced continued pressure, with the physical Newcastle market appearing well supplied. A June 2025 loading clip traded at a notable discount to paper levels, highlighting the bearish sentiment in the physical market.
*Brent Crude*
Brent crude futures neared $73 per barrel, a three-week high, after President Trump proposed a 25% tariff on countries buying Venezuelan oil, intensifying tensions with the Maduro regime. China, a key buyer, would be significantly affected. Gains were limited as OPEC+ signaled it would proceed with its planned May output hike, and ceasefire talks in Ukraine raised the possibility of increased Russian crude supply. Brent was up 1.15% at $72.43 in the PM session.
*Dutch TTF Gas*
European natural gas futures fell to €41.5/MWh, extending a three-day decline as ceasefire negotiations between U.S. and Russian officials in Saudi Arabia fueled hopes of increased gas flows. Mild weather and strong winds across Western Europe boosted renewable output, reducing heating demand. Additionally, China’s LNG imports are expected to drop 22% in Q1, freeing up volumes for Europe. Dutch TTF Gas was down 0.94% at €42.16 as of 15h52 GMT.
*Iron Ore*
DCE iron ore futures fluctuated before closing at CNY779.5, up 2.43%. Traders showed moderate selling interest, while steel mills remained cautious, with steady finished product sales and restocking activity. Sentiment in the physical market was average. On the SGX, TSI 62% Fe iron ore fines for April were down 0.34% at $102 as of 16h00 GMT.
*Copper*
U.S. tariff concerns continue to push copper prices higher, lifting LME prices, which reflect global demand. Traders are rushing to import copper into the U.S. to capitalize on the widening price spread. Meanwhile, the Yangshan premium, which measures the cost of importing refined copper into China, has surged to an 11-month high, indicating stronger demand. LME 3-month copper briefly broke the $10,000 resistance level, reaching $10,030.50 earlier in the day before pulling back to $9,977 at 15h58 GMT, still up 1.17%.
