According to Bloomberg News in London, OPEC’s output fell the most in nearly two years last month before an agreement was reached to cut oil supply.

Bloomberg’s survey of officials, analysts and ship tracking data showed that the cartel felt a sense of urgency as crude oil prices plunged, with Saudi Arabia, its main member, limiting production. The group’s agreement to limit production began only this week.

Last month, OPEC’s oil production fell by 530,000 barrels a day to 32.6 million barrels a day. This was the sharpest pullback since January 2017, when the group began implementing its strategy for the first time to eliminate the oversupply caused by the increased supply of shale oil in the United States.

A global coalition of oil producers, OPEC+, made up of members of the organization and other exporters, including Russia, agreed on Dec. 7 to cut production in the first six months of 2019. However, instead of rebounding, crude oil prices fell to their lowest level in more than a year.

Investors remain concerned that the OPEC + cut is not enough to make way for another surge in supply expected by U.S. shale drillers.

Phil Flynn, market analyst at Price Futures Group, said: “Concerns about the economic slowdown”put more pressure on OPEC to stabilize the oil market, so let the cuts begin.”

Saudi Arabia last month cut its daily production by 42,000 barrels to 10.65 million barrels, from a record level slightly higher than 11 million barrels in November. Energy Minister Fallich has promised to cut production further this month, beyond the cuts that the country has signed.

According to Reuters news agency New Delhi on October 17, HPS Ahuja, chief executive of India’s strategic oil reserve company, said that India hopes to purchase 19 million barrels of oil in the next 3-4 months to fill a strategy in southern India. Oil storage facility.

H.P.S. Ahuja said the company will use tenders to purchase crude oil to fill the Padur strategic oil reserve in Karnataka, southern India, which can store 2.5 million tons of oil.

The Padur Strategic Oil Reserve Center is approximately 5 km (3 miles) from the coast and 40 km from the refinery of Mangalore Refining and Petrochemical Company.

India currently has strategic oil storage facilities in three locations in the southern region with a total storage capacity of 5.33 million tons.

According to Reuters reported on October 16th Dhaka, an international bidding document issued by Bangladesh Petroleum Corporation (BPC) shows that it will import up to 1.425 million tons of refined oil in the first half of 2019.

The state-owned company is looking for 1.06 million tons to 1.18 million tons of gasoline with a sulfur content of 500 parts per million, and 80,000 to 120,000 tons of high-sulfur fuel oil, 110,000 tons of jet fuel and 15,000 tons. 95 octane gasoline.

The tender will end on October 25 and will be valid until February 25, 2019.

A senior BPC official said that delivery will be phased in the first half of 2019. He told Reuters that some of the quantities would be imported through separate regular transactions but did not provide detailed information.

After 15 years of disruption, BPC resumed the tender for long-term contracts in February 2016 and negotiated with fuel product suppliers during this period.

The company hopes to abandon direct deals and instead buy them at a lower price through international tenders.

London, October 15 news, the London Metal Exchange (LME) lead jumped to a six-week high on Monday, helped by the weak dollar and declining inventories, but Sino-US trade tensions continue to put pressure on most metals.

At 17:00 on October 15th, London time (00:00 on October 16th, Beijing time), LME three-month lead closed 1.6% higher at $2,085 per tonne, hitting the highest of $2,116 since September 4. Last Thursday, lead fell to the lowest of $1,876 in two years.

Colin Hamilton, head of commodities research at BMO Capital Markets, said: “Because China has such a long time for import arbitrage, people are a bit concerned about the lack of inventory.”

What he refers to is the price difference between the previous period and the LME, which determines whether the shipment to China can be profitable.

But concerns about the negative impact of the tit-for-trade tariffs between China and the United States on metals remain, although China’s September trade data released last week showed that its resilience was stronger than expected.

LME registered warehouses reduced lead registered warehouse receipts by 2,550 tons to 65,550 tons, while Shanghai Futures Exchange warehouse stocks fell to 11,172 tons, the lowest level since early July.

The fall in the dollar has made dollar-denominated commodities relatively affordable for investors holding non-dollar currencies.

China’s unwrought copper imports rose to a two-and-a-half-year high in September, while copper concentrate imports climbed to record highs as China’s tightening of scrap metal imports caused a surge in demand for copper. China is the world’s largest consumer of metals.

According to data released by the General Administration of Customs on Friday, China’s copper imports such as anode copper, refined copper, copper alloys and semi-copper products increased by 24% to 521,000 tons in September from the previous month.

Imports in September increased by 21.2% from the same period of the previous year and reached the highest level since March 2016.

Imports of copper concentrates and copper ores increased by 16.3% to 1.93 million tons in September, a record monthly high and an increase of 21.2% over the same period last year.

LME copper stocks have fallen since August, while Shanghai copper stocks have risen, reflecting China’s increase in copper imports after restricting scrap imports.

LME three-month copper closed roughly flat at $6,301 per tonne.

Three-month aluminum fell 0.7% to $2,027 a tonne.

Three-month zinc fell 1.7% to $2,599 a tonne.

Three-month tin rose slightly by 0.1% to $19,145 per tonne.

Three-month nickel fell 0.3% to $12,615 a tonne.

According to the survey data of the business community, the average price of domestic soda ash on October 11 was about 1,868.57 yuan / ton. The light soda ash commodity index on October 10 was 95.82, which was the same as yesterday, which was 18.70% lower than the highest point of 117.86 points (2017-11-21) in the cycle, which was 51.73% higher than the lowest point of 63.15 on November 18, 2015. . (Note: Period refers to 2011-09-01 to date)

On October 11th, the domestic soda ash consolidation market was running. The price of soda ash in Hebei is temporarily stable. The price of light soda ash in the mainstream market is about 1750-1850 yuan/ton, and the weight of soda ash is 1850-1950 yuan/ton. The downstream is mainly based on demand, and it is expected that the price will be narrower in the later period. Quotes run. The price of soda ash in Henan is running smoothly. The price of light soda ash in the mainstream market is about 1800-1850 yuan/ton, and the weight of soda ash is 1850-1900 yuan/ton. The overall transaction price is more flexible. It is expected that the current trend will continue in the later period. The operating rate of the national soda ash industry is nearly 80%, and some manufacturers are nervous due to orders. At present, the inventory of soda ash producers remains low.

The soda analysts of the business community believe that the demand for downstream users in the National Day holiday is flat, the industry has a bullish mentality, and downstream users are holding a wait-and-see attitude toward soda ash. Soda ash manufacturers limited signing, plus individual manufacturers’ orders, the overall focus of user purchases has been raised. The new production lines in the glass industry have been put into production and increased demand. The Shahe area has closed down the production line due to environmental protection. The overall demand for soda ash industry in printing and dyeing is stable. The comprehensive situation is expected to be soda ash or flexible price adjustment, depending on the downstream market demand.