Five key charts to watch in global commodity markets this week

(Bloomberg) — The world’s interest in U.S. corn is growing. Copper production at the world’s largest wiring metal supplier is recovering after years of declines. And China’s rise in electric vehicles threatens to undermine gasoline demand.

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Here are five notable charts to consider in global commodity markets as the week gets underway.

Corn

The U.S. is on track to ship the largest amount of corn since 2021 for this crop year, further expanding its claim as the top exporter of the world’s most produced grain. U.S. exports to all countries have already reached 32.4 million tons and are on track to eclipse the past two years. The biggest buyers this season are Mexico and Japan, although U.S. corn is also being snapped up at record rates by unknown buyers — those who choose to conceal their identities until the grain is loaded onto ships to avoid impacting global prices.

Oil

Energy markets are digesting the fallout from President-elect Donald Trump’s threat to impose 25% tariffs on all products from Canada and Mexico. That has led Canada’s oil industry to emphasize the economic benefits of its exports to U.S. refineries, Mexico to warn the plan would cost U.S. jobs, and analysts to say the tariffs would result in higher gasoline prices for U.S. drivers. Canada and Mexico will together ship 1.95 billion barrels of oil to the U.S. in 2023, according to government data.

Copper

Chile, the world’s largest copper supplier, is in the midst of a recovery period after ongoing mining setbacks have hampered production. The South American country recorded its biggest month for copper production this year in October, according to the Chilean statistics agency. Mines including those of Codelco and BHP Group produced 492,804 tonnes of wiring metal this month – the most productive October since 2019. Production is finally rising again after years of declines as companies push ahead with multibillion-dollar projects to combat deteriorating ore quality. .

EVs

According to the China Passenger Car Association, sales of electric cars and hybrid cars in China have reached a tipping point. In the four months from July, it accounted for more than half of passenger car retail sales. This trend is poised to reduce demand for transportation fuels, which will have a major impact on the oil market. The Asian country accounts for almost a fifth of global oil demand, and gasoline makes up about a quarter of that.

Steel

Chinese steel mills have produced more material than normal at the start of the off-season, pushing up iron ore prices. According to data from the China Iron and Steel Association, the country’s average crude steel production during the first 20 days of November reached the highest level for that time of year since 2020. That lifted iron ore futures 3.4% last week as mills purchasing a larger share of raw materials, despite the persistent drag on demand due to the ongoing real estate crisis in China.

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