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Commodity Prices
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US beef prices hit recordsCattle herd sizes are at their lowest since the 1950s after years of drought-driven culling, and rebuilding a herd takes years, not quarters. Restaurant chains reliant on burgers and steaks are alr…New Zealand meat exports hit a monthly record. The US beef shortage is doing the work.New Zealand's total goods exports reached NZ$8.9 billion in May 2026, an 18% year-on-year increase and the second consecutive monthly record, with meat the single largest driver at NZ$1.5 billion, …China mine blast kills 82, coking coal futures hit daily limitA gas explosion at Shanxi province's Liushenyu mine killed 82 workers and triggered daily limit moves in Chinese coking coal futures as traders priced in supply disruptions and safety crackdowns. T…China's platinum grab threatens South African supplyChinese refiners are pulling unprecedented volumes of platinum through the new Guangzhou futures contracts, with one major processor reporting triple the normal demand since November's launch. The …Dry bulk rates hit two-year highs as capesize demand surgesThe Baltic Dry Index jumped 3.2% to 2,560 points, its highest since December 2023, driven by capesize vessels earning $37,158 daily. The 22% weekly surge in capesize rates reflects fleet tightening…Vale lags expectations as cost pressures offset iron ore gainsThe world's largest iron ore producer couldn't escape margin compression despite higher volumes and prices. Vale missed Q1 2026 consensus EPS estimates as elevated input costs outweighed operationa…Oil crashes 13% on Iran ceasefire but fragility concerns mountBrent crude plunged 13% to around $95 per barrel following Trump's Iran ceasefire announcement, marking the steepest oil drop since the 1991 Gulf War. The selloff reflects hopes Iran will reopen th…Copper hits two-week highs on ceasefire risk rallyLondon Metal Exchange copper rose 1.3% to $12,257 per metric ton as Iran truce hopes lifted risk sentiment, whilst the Dollar Index slipped to 97.95. The rally comes despite falling inventories and…