At the end of the financial economic news session on January 13, the Dow Jones index increased by 0.86% to 42,297.12 points, the S&P 500 index increased by 0.16% to 5,836.22 points. Meanwhile, the Nasdaq Composite index decreased by 0.38% to 19,088.10 points. All three major indexes recorded a decrease in the past 2 weeks.
Spot gold fell 1.1% to $2,658.84 an ounce. Gold hit a one-month high on Jan. 10. Gold futures lost 1.4% to $2,677.6 an ounce.
Brent crude futures rose 1.781 TP3T to $81.18 a barrel. WTI crude futures rose 3.291 TP3T to $79.09 a barrel.
The tight supply outlook will also push the monthly Brent/WTI spread to its widest backwardation since March 2024. Backwardation is a market structure in which spot prices are higher than futures prices, indicating tight supply.
In terms of base metals, China’s December imports were relatively strong, reflecting a (modest) improvement in manufacturing activity in the fourth quarter. Copper product imports rose 21.8% year-on-year to 602kt, the highest since October 2020. Refined copper ore imports also increased slightly. The early arrival of the Lunar New Year this year (January 29) may have prompted early purchases.
Financial and economic news Iron ore prices rose after China promised more measures to support the economy. The Ministry of Commerce said it would actively promote consumption and stabilize trade and foreign investment this year. This is expected to be done by strengthening trade policies on consumer goods and promoting the Belt and Road program.
Iron ore imports remained steady at 100 million tonnes, as China’s recent stimulus measures improved the outlook for steel demand. Steel exports were also strong, rising 25.91 million tonnes year-on-year to 9.73 million tonnes.
