Commodities Update — Corn hits highest since 2012; Gold soars; China’s aluminum production rises

  • 4/18/2022
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RIYADH: The US grains futures gained in early Asian trade on Monday, with corn hitting its highest level in nearly a decade, supported by tightening global supplies and a production outlook clouded by the Russia-Ukraine war. The most-active corn contract on the Chicago Board of Trade climbed to as high as $7.90 a bushel, the strongest level since September 2012, from last Thursday’s close of $7.83-3/4. US markets were closed on Good Friday. Wheat, soybeans up CBOT wheat was up 1.4 percent at $11.20 a bushel by 0141 GMT. CBOT soybeans gained 0.6 percent to $16.91-3/4 a bushel. Gold at one-month high Gold prices rose on Monday to their highest since mid-March, as the Russia-Ukraine crisis soured risk sentiment and drove investors to the safety of bullion. Spot gold was up 0.5 percent at $1,984.51 per ounce, as of 0445 GMT, hitting its highest since March 14. US gold futures were up 0.7 percent at $1,988.10. Spot silver rose 0.4 percent to $25.79 per ounce, while platinum gained 1.1 percent to $1,000.82. Palladium climbed 1.6 percent to hit $2,406.93. China’s aluminum production rises China’s aluminum production in March rose 1.8 percent from a year earlier, official data showed on Monday, increasing to the highest since last May, underpinned by a recovery in production and strong profits. Primary aluminum output in the world’s top producer of the metal stood at 3.3 million tons last month, up from 3.276 million tons of production in March 2021, the National Bureau of Statistics said. On a daily basis, March aluminum production was 106,452 tons, slightly down from the daily average of 107,288 tons during January-February, according to Reuters calculations based on the NBS data. Though some provinces and regions such as Yunnan had resumed production after being hit by power cuts last year, recent COVID-19 outbreaks and lockdown in China have hurt demand. (With inputs from Reuters)

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