Moderna Inc. announced results from an initial safety trial that showed that all patients produced antibodies to the coronavirus. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, called the results “good news.”
AstraZeneca Plc vaccine candidate remains on track to be through with human trials in September.
OIL
OPEC+ meets to decide on oil cuts easing OPEC and allies such as Russia meet on Wednesday to decide oil output policy from August amid broad market expectations the group will ease supply curbs as the global economy slowly recovers from the coronavirus pandemic. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day, or 10% of global supply after the virus destroyed a third of global demand. The group is likely to ease its production cuts, as demand appears to be recovering from the low levels seen in April this year. Due to increasing numbers of coronavirus cases, especially in the US, we might not be out of the woods, but the worst is certainly behind us
OPEC sees oil demand soaring in 2021 but still below 2019 Global oil demand will soar by a record 7 million barrels per day (BPD) in 2021 as the global economy recovers from the coronavirus crisis but will remain below 2019 levels, OPEC said in its monthly report. It was the first report in which OPEC assessed oil markets next year. It said the forecast assumed no further downside risks materialized in 2021 such as U.S.-China trade tensions, high debt levels, or a second wave of coronavirus infections.
US East & West Coast Weekly Gasoline Import Forecast Refinitiv Oil Research projects imports of gasoline to the United States (US) East Coast to stand at 351,000 barrels per day (b/d) for the week ending July 10th. A w-o-w decrease of 30%. The gasoline imports to East Coast were aboard one small and nine medium range tankers. Three vessels came from the Netherlands. Two vessels came from New Brunswick (Canada). One vessel each came from Belgium, Columbia, France, Russian Federation, Spain. Major charterers were Exxon Mobil, CSSA, and Trafigura.
Metals
Declining copper stocks help create premium for LME’s cash contract Dwindling stocks of copper in warehouses registered with the London Metal Exchange and worry about supplies from top producer Chile have boosted prices of the metal for nearby delivery. Since the start of July, the LME’s cash copper contract has regularly traded at a premium over the three-month contract, compared with a discount for the last 14 months.
China’s Yunnan to help firms stockpile 110,000 tonnes of copper China’s Yunnan province will help key companies stockpile up to 110,000 tonnes of copper, the provincial industry and information technology department said on Wednesday, as part of efforts to boost its economy hit by the coronavirus outbreak. The move is a part of Yunnan’s decision to help businesses stockpile 801,570 tonnes of metal via cheaper financing and subsidized storage rates, and the province has already pledged 1 billion yuan ($142.80 million) for the whole drive.
Agriculture
U.S. soybeans edged higher for a second consecutive session, as concerns about the condition of crops in the United States dented expectations of ample global supplies. Raw sugar futures on ICE slid to a six-week low on Tuesday while cocoa and coffee also fell, as soft commodities continue to suffer amid expectations for lower demand overall.
China books record U.S. corn purchase, also buys soybeans China booked its biggest single-day U.S. corn purchase on record on Tuesday, its second massive deal for the yellow grain in less than a week, as it tries to meet its trade deal commitments even as tensions between Washington and Beijing rise. China on Friday increased its corn and soybean import forecasts for the current season, as the country was expected to step up purchases from the United States.
Egypt purchases 3.5 mln tonnes of wheat during local buying season Egypt, the world’s largest wheat importer, said on Tuesday that its local wheat buying season had ended with a total of 3.5 million tonnes purchased from farmers who were largely unaffected by coronavirus disruptions. Egypt exempted farmers from a nationwide nightly curfew imposed to curb the spread of the disease to allow them to harvest their crops uninterrupted.
UK wheat exports pick up pace in May British wheat exports rose in May and were running well ahead of the previous season’s pace, customs data showed on Tuesday. Wheat exports for the month totaled 95,210 tonnes, up from the previous month’s 44,759 tonnes.
chart of the day
