The Commodities Feed: US oil inventories fall
Global steel production declined by 6.5% year-on-year to 144.8mt in August amid lower output from major producers, including China, Japan, Russia, and South Korea, the latest data from the World Steel Association (WSA) shows. Cumulatively, global steel output fell by 1.5% YoY to 1,251.1mt over the first eight months of the year. Chinese steel production fell 10.4% YoY to 77.9mt last month, while cumulative output declined 3.3% YoY to 691.4mt between January and August. Production in Russia, Japan, and South Korea decreased by 11.5% YoY, 3.9% YoY and 2.2% YoY respectively in August.
The latest COTR report released yesterday showed that investors boosted net bullish positions for copper by 2,863 lots for a second consecutive week to 69,186 lots for the week ending 20 September, the highest net long since 19 July 2024. For aluminium, the net long rose by 5,030 lots after reporting declines for two consecutive weeks to 116,138 lots over the last reporting week, the highest since the week ending on 30 August 2024.