Energy:
1. Hungarian Foreign Minister: The Friendship pipeline has resumed operations after being attacked.
2. Russian Ministry of Finance: Due to weak oil prices, oil and gas revenues may face the risk of decline.
3. Saudi Crown Prince and Zelensky said that they would increase investment in energy, food industry and infrastructure.
4. Commerzbank: Brent crude oil is expected to be $75 in the quarters after the second quarter because US sanctions on Iran will lead to reduced oil supply.
5. Market news: Kuwait expects its oil production to peak in 2035 at 4 million barrels per day. Kuwait is about to fill its crude oil storage capacity in South Korea.
6. Market news: Iraq seeks to purchase liquefied natural gas (LNG) cargoes for the first time. Iran's natural gas delivery to Iraq faces uncertainty, increasing the risk of power supply shortages in the latter.
7.
EIA Short-Term Energy Outlook: WTI crude oil price is expected to be $70.68/barrel in 2025, compared with $70.62/barrel previously; Brent crude oil price is expected to be $74.22/barrel in 2025, compared with $74.50/barrel previously.
Precious metals and mining:
1. The aluminum premium in the US physical market hit a new record of more than $990 per ton.
2. US State Department: The US and Ukraine have reached an agreement to complete a comprehensive agreement on the development of key mineral resources in Ukraine as soon as possible.
3.
Bank of America: Platinum is expected to perform better than palladium in the future, and a shortage of platinum and a surplus of palladium are expected in 2025. Continued concerns about trade disputes may mean that platinum group metals will stay in the United States for longer, keeping liquidity outside the United States tight.
4.
Goldman Sachs: Maintains its previous forecast that LME three-month copper prices are expected to average $10,200 per ton in the third quarter of 2024. The global copper market will see a supply gap of 180,000 tons in 2025, mainly due to strong demand for electrification and slowing growth in mineral supply. Due to seasonal factors, the supply gap will be concentrated in the second half of the year. It is expected that US prices will rise before the actual imposition of tariffs, which will lead to a 50%-100% increase in US net copper imports in the coming months, and US copper inventories are expected to rise by 200,000 to 300,000 tons by the end of the third quarter.
Agriculture:
1. Driven by a decline in soybean oil and sunflower oil imports, India's edible oil imports in February plummeted to a four-year low.
2. Hong Kong suspends imports of poultry and poultry products from Poland and parts of the UK.
3. The leader of the Argentine Oilseed Workers' Union (SOEA): The union will strike at a soybean processing plant on Wednesday over wage issues.
4. The White House criticized Japan for imposing a 700% tariff on rice, suggesting that Japan may be the next target for taxation.
Others:
1. Ukraine agreed to accept an immediate 30-day ceasefire with Russia. If all parties agree, the ceasefire can be extended, but it must be accepted and implemented by Russia.
2. Yemeni Houthi armed forces: After the four-day deadline, they will resume the blockade of ships passing through the Red Sea, the Arabian Sea and the Bab el-Mandeb Strait to demand the lifting of the aid blockade on Gaza.
3. US trade policy-Trump said that he would increase tariffs on Canadian steel and aluminum to 50% in response to Ontario, Canada, imposing tariffs on electricity entering the United States, and then maintained at 25%. The United States
The 25% tariff policy on imported steel and aluminum officially took effect today. The European Commission: Countermeasures will be taken against the US steel and aluminum tariff policy, targeting US goods worth up to 26 billion euros. Canada
Energy Minister: Canada will respond quickly if the tariffs take effect. British Trade Minister: Negotiating a broader economic agreement with the United States to eliminate additional tariffs. Australia
Prime Minister: Australia will not impose retaliatory tariffs on the United States. South Korean Ministry of Trade: The Minister of Trade will visit the United States from March 13 to 14.
