Frequent weather disasters, global commodity prices jump up and down
2021-02-26 11:19:40
The ever-increasing global extreme weather disasters are exerting fierce attacks on financial markets, especially commodities. In recent days, Australia’s resource-rich state of Queensland has experienced severe rainstorms and floods. The resulting supply disruptions have caused the global coal, steel, and even the agricultural markets to shake. At the same time, the “oil market shock wave†brought about by the snowstorm weather in the United States and Europe during the Christmas season is still fermenting, and international oil prices continue to fluctuate significantly. In South America, dry weather continues to affect the nerves of the corn and soybean markets.
Australia's "Flood" has affected the world for two days. Australia's Queensland has become the focus of investors in global commodity markets. The region with the richest resources in Australia is suffering from the worst flooding in half a century.
Queensland is the largest seaborne coal export base in the world. According to preliminary statistics, recent heavy rains and floods have forced the local 75% of coal mines to stop production, coal transportation railways and highways closed. Some research institutions pointed out that the supply of steelmaking coal affected by the flood may account for nearly 40% of the annual supply of seaborne coal used by global steel manufacturers.
Stimulated by the disruption of Queensland coal production and transportation, international coal prices have risen sharply in recent days. The price of steelmaking coal in the spot market rose by 10% to a high of about $250 per ton. The price of high-quality steel-making coal, such as hard coking coal, also rose significantly recently.
As a chain reaction to the rise in coal prices, industry insiders predict that global steel production may be limited, resulting in an increase in steel prices in some regions. The price of iron ore and other related products has also been affected. In addition, in agricultural products such as wheat, sugarcane, fruits and vegetables, Queensland is also one of the major export regions in the world, and the current floods may also affect the supply and prices of related commodities.
The United States and Europe have “higher†oil prices than Australia’s floods. Although droughts in South America have not been so direct “killing†forces, they have also repeatedly caused waves in the commodity market.
Dry weather continued to push international corn and soybean prices to two-and-a-half year highs due to strong global demand and market concerns that Argentina may face supply problems. Argentina is the world’s second largest corn exporter and the third largest soybean exporter.
Of course, the impact of bad weather on commodity prices is not one-sided. For example, the price of Chicago agricultural products plummeted on Tuesday, and corn and wheat futures fell by nearly 2%. One reason is that the latest weather forecast states that Argentina may have ushered in rainfall in recent days, which has caused large-scale profit-taking of agricultural futures that have been rising too much in the previous period.
Another example is the price of oil. As the two major energy consumption markets in the United States and Europe both experienced snowstorms and severe cold weather before and after Christmas, international oil prices rose sharply above 92 US dollars, setting a new high of more than two years. On the one hand, the snowstorm weather affects the normal production and supply of crude oil in the United States. At the same time, the demand for heating oil also increases significantly.
However, with the easing of wind and snow weather, the crude oil market has also been hit by profit-taking. Some refineries expect the demand boom from the cold weather to continue. As a result, heating oil stocks have increased in the past one or two weeks. This has brought some pressure on recent oil prices.
Food security is in jeopardy Apart from crude oil, the recent exceptionally cold weather in the United States and Europe has also affected other commodity markets, such as thermal coal for power generation, such as polyolefins and other chemical products.
While disturbing the normal market order and exacerbating price fluctuations, commodity market fluctuations caused by extreme weather have also brought great challenges to the recovery of the world economy and global food security. This has made it even more urgent to promote the progress of global climate negotiations as soon as possible.
The United Nations has issued consecutive warnings for the past two months that global food prices are rising rapidly, approaching the level of the previous round of food crisis two years ago. A major “culprit†that pushes up the prices of agricultural products is precisely bad weather. Russia, Thailand, and Argentina, Australia, and other large grain-producing countries have frequently experienced severe droughts and floods in the past.
On the other hand, the rise in commodity prices has also brought hidden risks to the recovery of the world economy. The typical example of this is crude oil. Birol, the chief economist of the International Energy Agency, wrote an article this week warning that oil prices have entered a “red light zone†that threatens economic growth. The recent high oil prices continue to be around 90 U.S. dollars. In addition, the rise in prices of agricultural products has also brought greater inflationary pressures on the global, especially emerging economies.
Australia's "Flood" has affected the world for two days. Australia's Queensland has become the focus of investors in global commodity markets. The region with the richest resources in Australia is suffering from the worst flooding in half a century.
Queensland is the largest seaborne coal export base in the world. According to preliminary statistics, recent heavy rains and floods have forced the local 75% of coal mines to stop production, coal transportation railways and highways closed. Some research institutions pointed out that the supply of steelmaking coal affected by the flood may account for nearly 40% of the annual supply of seaborne coal used by global steel manufacturers.
Stimulated by the disruption of Queensland coal production and transportation, international coal prices have risen sharply in recent days. The price of steelmaking coal in the spot market rose by 10% to a high of about $250 per ton. The price of high-quality steel-making coal, such as hard coking coal, also rose significantly recently.
As a chain reaction to the rise in coal prices, industry insiders predict that global steel production may be limited, resulting in an increase in steel prices in some regions. The price of iron ore and other related products has also been affected. In addition, in agricultural products such as wheat, sugarcane, fruits and vegetables, Queensland is also one of the major export regions in the world, and the current floods may also affect the supply and prices of related commodities.
The United States and Europe have “higher†oil prices than Australia’s floods. Although droughts in South America have not been so direct “killing†forces, they have also repeatedly caused waves in the commodity market.
Dry weather continued to push international corn and soybean prices to two-and-a-half year highs due to strong global demand and market concerns that Argentina may face supply problems. Argentina is the world’s second largest corn exporter and the third largest soybean exporter.
Of course, the impact of bad weather on commodity prices is not one-sided. For example, the price of Chicago agricultural products plummeted on Tuesday, and corn and wheat futures fell by nearly 2%. One reason is that the latest weather forecast states that Argentina may have ushered in rainfall in recent days, which has caused large-scale profit-taking of agricultural futures that have been rising too much in the previous period.
Another example is the price of oil. As the two major energy consumption markets in the United States and Europe both experienced snowstorms and severe cold weather before and after Christmas, international oil prices rose sharply above 92 US dollars, setting a new high of more than two years. On the one hand, the snowstorm weather affects the normal production and supply of crude oil in the United States. At the same time, the demand for heating oil also increases significantly.
However, with the easing of wind and snow weather, the crude oil market has also been hit by profit-taking. Some refineries expect the demand boom from the cold weather to continue. As a result, heating oil stocks have increased in the past one or two weeks. This has brought some pressure on recent oil prices.
Food security is in jeopardy Apart from crude oil, the recent exceptionally cold weather in the United States and Europe has also affected other commodity markets, such as thermal coal for power generation, such as polyolefins and other chemical products.
While disturbing the normal market order and exacerbating price fluctuations, commodity market fluctuations caused by extreme weather have also brought great challenges to the recovery of the world economy and global food security. This has made it even more urgent to promote the progress of global climate negotiations as soon as possible.
The United Nations has issued consecutive warnings for the past two months that global food prices are rising rapidly, approaching the level of the previous round of food crisis two years ago. A major “culprit†that pushes up the prices of agricultural products is precisely bad weather. Russia, Thailand, and Argentina, Australia, and other large grain-producing countries have frequently experienced severe droughts and floods in the past.
On the other hand, the rise in commodity prices has also brought hidden risks to the recovery of the world economy. The typical example of this is crude oil. Birol, the chief economist of the International Energy Agency, wrote an article this week warning that oil prices have entered a “red light zone†that threatens economic growth. The recent high oil prices continue to be around 90 U.S. dollars. In addition, the rise in prices of agricultural products has also brought greater inflationary pressures on the global, especially emerging economies.
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