By Commodity News Service Canada
WINNIPEG, December 29 – The following is a glance at the news moving markets globally.
GRAIN, IRON, AND COAL SHIPPERS EXPECTED TO STRUGGLE IN 2016
Weak demand for commodities like iron, coal, and grain combined with an excess of vessels are expected to weigh on shipping companies into 2016.
The Baltic Exchange’s main sea freight index fell to fresh lows this week, partly due to lack of demand from China, according to reports.
But on the other hand, crude oil shippers have been extremely profitable as-of-late, as plunging prices have increased demand.
BRAZIL’S BUDGET DEFICIT WIDENS IN NOVEMBER
Brazil’s public sector primary deficit was US$5.07 billion in November.
That figure is the third-worst monthly primary deficit recorded since 2001, according to reports out of the country.
CRUDE OIL FUTURES RECOVER FROM 11-YEAR-LOW
Crude oil futures were seeing recovery in early activity on Tuesday.
The chairman of Saudi Aramco (or Saudi Arabian Oil Company) said he expects the supply glut will ease in 2016, as lower prices will cause a drawback in production.