Ryan Dezember of The Wall Street Journal reports prices for cocoa, the key ingredient in chocolate, have surged to records. He writes: Cocoa prices have climbed past a record set nearly a half-century ago, costing chocolate makers, bakers and aficionados alike. The sharp climb in price for chocolate’s main ingredient started with bad weather in West Africa, where much of the world’s cocoa is grown. Speculators piling into one of the hottest trades outside of artificial intelligence have added fuel to the rally. Cocoa futures rose another $1,105 a metric ton over Thursday and Friday to … [Read more...]
India Ramps Up Coal Usage
In the next six years, India will add as much additional coal demand as the entire nation of Germany. Clyde Russell of Reuters reports: BAMBOLIN, India, Feb 28 (Reuters) - India's coal sector is united about one thing. It doesn't matter if you are a miner, trader, utility or steelmaker, you are bullish, extremely bullish. The overarching theme at this week annual Coaltrans India conference in the western state of Goa is that coal production, imports and demand are all going to rise in coming years, and by substantial volumes. India may have committed to eventually starting to phase down … [Read more...]
Can America Ever Compete with China’s Lithium Dominance?
UPDATE 2.21.24: Lithium Americas Corp. has decided to split its operations because of the ongoing competition for control of lithium supplies between the United States and China. Lithium Americas's Argentina operation is partly controlled by a Chinese company, Ganfeng Lithium Group, and splitting off its Argentina operations would allow Lithium Americas to distance itself from China. Bloomberg News reports: Lithium Americas Corp.’s decision to split the company came down to one thorny issue: US-China relations. The mining company announced a plan in November to separate its … [Read more...]
Tight Cocoa Supply Could Last for Years
Mumbi Gitau and Dyanne Sousa of Bloomberg are reporting that extreme weather and crop disease are creating a tight supply of cocoa. They write: Cocoa futures extended their surge to a record in New York as a shortfall gripped the market, threatening to make chocolate and other confectionery costlier. Prices have doubled during the past year as growers in West Africa — who produce the bulk of global supply — are battered by extreme weather. Earlier rains promoted the spread of crop disease and delayed harvesting. That has been followed by a seasonal dry spell, which could further crimp … [Read more...]
Who Is the ‘Saudi Arbia of Lithium’?
California’s toxic Salton Sea has enough lithium to make the U.S. self-sufficient in the mineral, which is a key component of rechargeable batteries. WSJ explores the tech being developed to extract it—and what it means for the future of domestic production. … [Read more...]
Nickel and Lithium Prices Plunge as Electric Vehicle Demand Stalls
Harry Dempsey and Nic Fildes of the Financial Times are reporting miners are slashing costs and scaling back plans to increase production after battery metal prices plummeted more than 80% in 12 months. They write: Lithium miners are cutting costs and scaling back plans to expand production after slowing demand in China for electric vehicles crushed the price of the battery metal. The price of lithium has tumbled more than 80 per cent in the past year to $13,200 per tonne, its lowest level since 2020, after excessive levels of supply hit the market, according to data group Benchmark Mineral … [Read more...]
Are You Throwing Money Away?
Ryan Dezember of The Wall Street Journal tells his readers that one of America’s hottest commodities is probably in your trash bin. He writes: Paper mills at home and abroad are gobbling up America’s recycled cardboard, driving up prices for old pizza boxes and other corrugated containers that they pulp and make into new packaging. The price of old corrugated containers, or OCC, surged during the pandemic e-commerce boom and then came crashing down in 2022 when rising interest rates prompted businesses to slow ordering and reduce inventories. Over the past year, though, OCC prices have … [Read more...]
Demand and Supply Risks Driving Oil Prices Higher
Myra P. Saefong and William Watts report in MarketWatch that oil prices ended at their highest level in a month on supply risks and ‘positive risk sentiment.’ They write: Oil prices settled Monday at their highest level in about a month, finding support from ongoing risks to global supplies as a rally in U.S. equities lifted prospects for the economy and energy demand. Oil traders are “starting to realize, with the stock market breaking record highs, that it’s unlikely that we’re going to see an economic recession,” Phil Flynn, senior market analyst at The Price Futures Group, told … [Read more...]
Amazon’s Betting on Online Car Sales
Sebastian Herrera of The Wall Street Journal tells his readers that Amazon aims to make online car purchases as seamless as getting everyday essentials. He writes: Willie Hall loves to browse and buy cars online, but he wants more options. Soon, he may turn to Amazon.com. “I’m already a Prime member,” said Hall, who lives in Colorado and bought a used Fiat 500 Abarth on Carvana in 2021. “I’ve been with Amazon for God knows how long and know the way they operate.” Amazon is eager to see just how many Willie Halls there are in the U.S. The company last month said shoppers next year … [Read more...]
U.S. Steel Sale: Potential Impact on National Security and Supply Chain
Tarini Parti and Katy Stech Ferek of The Wall Street Journal are reporting the sale of one of America’s most storied industrial enterprises, U.S. Steel. The buyer is Japan’s Nippon Steel, and it has the potential impact on national security and supply chains. The Biden administration’s top economic adviser said Thursday the $14.1 billion deal to acquire U.S. Steel by Japan’s Nippon Steel deserved “serious scrutiny” regarding its potential impact on national security and supply chains. “This looks like the type of transaction that the interagency committee on foreign investment Congress … [Read more...]
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