Based Metal Prices Mixed Amid Signs of Improving Demand — Market Talk

Iron ore prices for cargoes with 62% iron content rose toward $102 per tonne, halting a recent decline amid renewed hopes for a rebound in demand from top consumer China.

The city of Guangzhou recently expanded its program to purchase older apartments, which could stimulate demand for construction materials, including iron ore.

Meanwhile, China’s central bank kept key lending rates unchanged this week, as expected, providing no new signals that would significantly impact demand in the world’s largest metals consumer.

On the supply side, reports of higher iron ore shipments from major producers such as Australia, along with rising stockpiles at Chinese ports, continued to put downward pressure on prices.

Silver prices rose above $31.20 per ounce on Thursday, recovering from losses in the previous session as heightened geopolitical tensions boosted demand for safe-haven assets like precious metals.

On Wednesday, Ukraine launched a series of UK-made missiles into Russia, following a previous strike with US-made missiles.

Additionally, the US vetoed a UN Security Council resolution calling for a ceasefire in Gaza, further escalating geopolitical uncertainties.

On the monetary policy front, Federal Reserve governors Michelle Bowman and Lisa Cook offered conflicting views on inflation and the future path for interest rate cuts in separate statements on Wednesday.

In China, the PBOC kept key lending rates unchanged this week, as expected, offering no new signals that could affect demand in the world’s largest consumer of metals.

TTF Gas increased to a 51-week high of 47.44 EUR/MWh.

Over the past 4 weeks, Natural Gas EU Dutch TTF gained 15.2%, and in the last 12 months, it increased 6.06%.