24th July 2025
*Coal*
Coal markets saw mixed trading today. API2 dropped over $1 in the morning but steadily recovered in the afternoon, ending up $0.75 on the Q4 2025 contract. Newcastle swaps were well supported throughout the day, driven by consumer hedging and a September physical cargo transacting at $110.
*Brent Crude*
Crude oil prices rose today on growing optimism over US-EU trade talks, which may result in a deal involving a 15% baseline US tariff on EU goods and possible exemptions, according to Reuters. Additional support came from reports of loading delays for Caspian Pipeline Consortium exports via Russia’s Black Sea ports, though Kazakhstan’s energy ministry denied any suspension, per Interfax. September Brent futures were up 1.21% at $69.34/bbl as of 16:07 BST.
*European LNG*
European gas inventories continue to build, maintaining pressure on prices. LNG imports remain above seasonal norms, aiding winter restocking. Gas Infrastructure Europe data showed inventories at 75.60 bcm as of 20 July—up 2.46 bcm week-on-week and 31% above the five-year average. The supply deficit has narrowed for 11 consecutive days, now at a five-month low of 20.39 bcm. This trend suggests storage could reach nearly 90% capacity by season’s end. Dutch TTF gas was last down 1.77% at €32.36/MWh.
*Iron Ore*
Iron ore futures were rangebound on the Dalian Commodity Exchange, with the benchmark closing down 0.55% at 811 yuan/mt. Market sentiment was moderate with traders only buying what they need in the immediate term. Futures showed signs of consolidation, supported by high weekly apparent demand and minor off-season destocking. Fundamentals remain firm short-term, with market participants watching for macro signals from key policy meetings. On SGX, August 62% Fe futures fell 1.48% to $103.50/mt at 16:09 BST.
*Copper (LME)*
The US copper tariff regime has driven a surge in demand, depleting inventories across physical markets and exchanges. Refined copper imports into the US reached 541,600 tonnes between March and May—60% of total 2024 imports—spurred by redirected flows from Chile, Peru, and alternative sources in Asia, Europe, and Australia. CME copper stocks have more than doubled since March, now at 222,723 tonnes—approaching the 2018 peak. With the US shipping window now closed, LME stocks rose 33,525 tonnes this month, largely due to increased Chinese exports responding to the arbitrage opportunity and tightening spreads. LME 3-month copper was stable, last seen trading at $9,948.50/mt, down 0.01%.
