Uranium rose by 3.2% to USD32.50/lb, the largest increase in 2.5 years, after a dispute with workers at Cameco’s McArthur River uranium mine forced the company to temporarily close the mine. McArthur River is the world’s largest uranium mine with a capacity of 18m pounds, accounting for ~10% of demand.
Base metals finished mostly lower on demand concerns after European nations threatened further economic sanctions against Russia as tensions escalated in Ukraine. The fighting in Ukraine prompted gold futures to lift on safe-haven demand. US WTI crude oil advanced on demand hopes after the US economy grew faster than expected in the June quarter. Iron ore fell by 1.0% to USD87.30/t (CFR China).
The US economy grew at a 4.2% annual pace in the June quarter, up from the ‘flash’ estimate of 4% and above forecasts of 3.9%
Botswana has shut its borders to anyone travelling from the Democratic Republic of Congo to prevent the spread of Ebola, blocking copper exports from Africa’s largest copper producer and forcing copper exports through alternative routes. Congo is the world’s sixth largest copper producer and increased output by 14% y/y to 230kt in 1Q14.
US Henry Hub natural gas advanced after US natural gas inventories rose by 75bcf, below forecasts of a 77.6bcf increase.
From January to July, Japan’s LNG imports rose by 2.5% y/y to 52.1Mt, while its average price lifted 0.5% y/y to USD16.52/mmbtu.
I go away on holidays and you guys have an iron ore bear party without me? Looks fucked from my angle. How's it look from yours skamy? Try turning the iPad around? Nope. Still fucked.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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