LME base metals index tumbles more than 30% since 2022 peak

Hotter-than-normal weather in China is pushing power demand to an all-time high, increasing the consumption of coal.

The ban is unlikely to have any real impact on prices, with macro issues really driving sentiment at the moment.

It appears market participants want to see actual demand rising, rather than officials talking about it, writes Clyde Russell.

Industrial metals are on track for the worst quarter since the 2008 financial crisis

The departures come against a backdrop of falling commodity prices that has been less profitable for Trafigura than the booming markets earlier in the year.

The Toronto-based firm has royalties on projects in countries including Canada, Australia and the US.

EVs accounted for less than 8% of global sales last year, and just under 10% in the first quarter of 2022.

In China's steel production hub, Tangshan city, 56 of the 126 blast furnaces were shut for maintenance, according to Sinosteel.

A monster US dollar rally driven by an extreme hawkish Fed pivot unleashed big gold-futures selling in recent months.