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17.09.26 - 00:21
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Beyond Oil And Gold: Venezuela Readies First US Aluminum Shipment In Years As Resource Race Heats Up (ZeroHedge)
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Beyond Oil And Gold: Venezuela Readies First US Aluminum Shipment In Years As Resource Race Heats Up
Venezuela is emerging as a source of energy and critical materials for the US as the Trump administration expands sourcing channels within the Western Hemisphere. Existing crude trade and a gold supply agreement with Caracas are being paired with efforts to develop broader industrial metal ties, including potential access to nickel and iron ore. That expansion may now include aluminum.
Bloomberg reports 15,000 metric tons of aluminum produced by state-owned Venalum could depart Venezuela by the end of the week under a deal involving Mercuria Energy Group and Heeney.
US officials could announce the deal earlier this week during the G20 energy summit in Houston. Folks familiar with the shipment say it is worth nearly $50 million and would be modest relative to US consumption.
The outlet previously reported that Mercuria and New York-based mining investment firm Heeney are in discussio...
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09.09.26 - 22:45
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Scarcity Warnings In Physical World Send Commodities To 14-Year High, Threatening Stock Rally (ZeroHedge)
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Scarcity Warnings In Physical World Send Commodities To 14-Year High, Threatening Stock Rally
Readers are familiar by now with the broad-based commodity rally, with energy, agricultural products and metals moving sharply higher as former Goldman Sachs commodities head Jeff Currie warned this summer of growing scarcity in the physical economy.
The Bloomberg Commodity Index has climbed to levels last seen in 2012...
... while the Quantix Commodity Index has hit a new record high.
Bloomberg macro strategist Simon White is out with a new note this morning warning that the commodity rally is threatening to squeeze corporate margins and household spending, raising questions about how long stocks can withstand an inflation shock spreading well beyond oil.
White wrote:
Stocks are reacting negatively to the inflation and growth risks from commodities, which have just reached levels not seen since 2012.
Commodities are rallying, but this is no longer principally an oil story. The rally is instead broad...
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