The Commodities Feed: Coffee rally | MENAFN.COM – MENAFN.COM

The Commodities Feed: Coffee rally | MENAFN.COM – MENAFN.COM

While oil prices appear to have stabilized somewhat following the big moves last week, the natural gas market remains firm. In Asia, spot LNG prices are now trading in the mid-$14/MMBtu region, levels that we last saw back in January. Hotter than usual weather in parts of North-East Asia has been increased demand for cooling, while a rallying coal market would have also provided support to the gas market. In Europe, gas hub prices continue to trade near record levels, with TTF trading just shy of EUR37/MWh. Gas inventories remain at a 5-year low and more than 21% below the 5-year average. The return of the Nord Stream pipeline following maintenance should help the supply picture, although we have seen some unplanned outages from Norway this week, and outages there are expected through until next week. A weaker USD amid record-low US real yields has stoked some exuberance within the base metals complex. LME copper broke above its 50-day moving average and settled more than 3% higher on the day, which may have triggered further systematic buying interest. Chinese onshore copper stocks continued to fall after consumers returned for restocking. This has sparked an appetite for imported copper, which is