27th March 2025
*Coal*
API2 prices saw positive sentiment, with both contracts making material gains before easing slightly toward the close.
European gas prices remained subdued, ending near unchanged for the day. Meanwhile, physical DES ARA and Newcastle markets appeared steady, with good supply still evident in the physical Newcastle market.
*Brent Crude*
Brent crude oil futures eased on Thursday after Trump announced plans to impose new auto tariffs on vehicles and parts from outside the U.S. The move could increase vehicle prices, potentially dampening crude demand while also slowing the transition to cleaner energy. However, oil remained supported by U.S. sanctions and tariffs, which heightened supply risks from key producers like Iran and Venezuela. India’s Reliance Industries, operator of the world’s largest refining complex, plans to halt Venezuelan oil imports following U.S. threats of 25% tariffs on its buyers. Meanwhile, signs of strong demand emerged, with government data showing U.S. crude stockpiles fell by 3.34 million barrels last week, the sharpest decline since December. Gasoline inventories also dropped, reinforcing tightening supply concerns.
April settlement Brent was trading at $73.04 in the PM session.
*Dutch TTF Gas*
European natural gas prices edged higher in early trade after Russia indicated that the Sudzha cross-border gas point may require lengthy repairs. The benchmark Dutch TTF contract was up 0.5% at €41.13/MWh, following a decline in the previous session due to Black Sea ceasefire talks, warmer weather forecasts, and ample LNG supplies.
*Iron Ore*
DCE iron ore futures fluctuated upward throughout the session, with the most-traded I2505 contract closing at CNY 789, gaining 1.2% for the day. Traders actively sold, while steel mills purchased as needed, resulting in a moderate transaction atmosphere. Improved market sentiment has driven iron ore prices higher, with further upward fluctuations expected in the short term. On SGX, TSI 62% Fe iron ore traded relatively flat to yesterday at $103.
*Copper*
Copper futures on COMEX traded 2.3% lower at $5.12/lb as of 16:46 GMT Thursday, while LME benchmark 3-month copper was down 0.96% to $9,834/tonne at 14:42 GMT.
Traders who have been importing copper into the U.S. to capitalize on pre-tariff price discounts are now closely watching the timing as the Trump administration may implement tariffs sooner than expected—potentially within weeks instead of months.
