Sunday newspaper round-up: Copper, Boeing, OPEC+
By Alexander Bueso
Date: Sunday 02 Jun 2024
(Sharecast News) - Analysts believe that copper prices might fall sharply if the US central bank starts lowering interest rates. According to analysts at Liberum that is because once prices are brought under control and the Fed starts cutting rates the metal will lose its attractiveness as an inflation hedge. An increasing number of analysts also believe that an increased need for copper on account of the green revolution has already been priced in. - The Financial Mail on Sunday
Workers and union officials at Boeing's largest factory in Everett, Washington, say they are in 'panic mode'. They also accuse managers of pressuring staff to keep mum on quality issues. One mechanic employed in Everett said that the facility is full of Dreamliner 787s flown from South Carolina, where they are built, which are faulty. - Guardian
Saudi Arabia and Russia have paved the way for an extension of OPEC+'s oil output curbs. Of the 5.86m barrels of oil production currently being curtailed, 2.0m are now set to remain off the market until the end of 2025 instead of end-2024. So too 1.7m of voluntary output curbs. The remaining 2.2m will continue to be curbed until the end of the third quarter, instead of the second quarter as previously planned. - Sunday Telegraph
It is understood that Glencore is one of the possible bidders for Anglo American's coking coal business. The unit was put up for sale during the previous week after the company succeeded in seeing of three takeover attempts by rival BHP. The transaction would leave Anglo with a focus on copper and iron ore. Also among the company's plans, according to its boss, Duncan Wanblad, is the potential listing of its platinum unit. - The Financial Mail on Sunday
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