(Bloomberg) — The world’s appetite for US corn is climbing. Copper output from the world’s top supplier of the wiring metal is clawing back after years of declines. And China’s electric vehicle boom 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 US is on pace to ship its biggest amount of corn since 2021 for this crop year, extending the country’s claim as top exporter of the world’s most produced grain. American exports to all countries have already tipped 32.4 million metric tons, and are on track to eclipse the past two years. This season’s biggest buyers are Mexico and Japan, though US corn is also being snapped up at a record pace by unknown purchasers — those opting to hide their identity until the grain is loaded on vessels to avoid influencing global prices.
Oil
Energy markets are working through the implications of President-elect Donald Trump’s threat to impose 25% tariffs on all products from Canada and Mexico. That has Canada’s oil industry stressing the economic benefits of its exports to US refiners, Mexico warning the plan would cost US jobs, and analysts saying the tariffs would result in higher gasoline prices for American drivers. Canada and Mexico combined to ship 1.95 billion barrels of oil to the US in 2023, according to government data.
Copper
Chile, the world’s top copper supplier, is on the rebound after enduring mining setbacks that hobbled output. The South American nation posted its biggest month for copper production this year in October, according to Chile’s statistics bureau. Mines including those operated by Codelco and BHP Group churned out 492,804 metric tons of the wiring metal in the month — the most productive October since 2019. Production is finally climbing again after years of declines as companies advance multibillion-dollar projects to combat deteriorating ore quality.
EVs
Sales of EVs and hybrids in China have reached a tipping point, accounting for more than half of retail passenger vehicle sales in the four months from July, according to the China Passenger Car Association. The trend is poised to drive down the appetite for transport fuels, which will have a major impact on the oil market. The Asian nation accounts for almost a fifth of worldwide oil demand, and gasoline makes up about a quarter of that.
Steel
China’s steel mills have been churning out more material than usual at the beginning of the low season, helping boost iron ore prices. The average crude steel output in the nation during the first 20 days of November reached the highest for that time of year since 2020, according to data from the China Iron and Steel Association. That lifted iron ore futures by 3.4% last week as mills procure more of the feedstock despite the persistent drag on demand from China’s lingering property crisis.