News

Golden Ten Futures, March 10 – On Tuesday, the Baltic Dry Index declined as freight rates for all vessel types fell. The Baltic Dry Index dropped by 147 points, or 7.1%, to 1,919 points. The Capesize Index fell by 333 points, or 11.8%, to 2,502 points. Average daily earnings for Capesize vessels decreased by $3,019 to $19,188. The Panamax Index slipped by 53 points, or 2.7%, to 1,861 points. Average daily earnings for Panamax vessels dropped by $473 to $16,750. The Supramax Index declined by 31 points, or 2.3%, to 1,342 points.

Glonghui, March 10｜Silvercorp Metals rose 6.3%, Pan American Silver and Endeavour Silver gained over 5%, Eros Gold, Coeur Mining, and First Majestic Silver increased by more than 4%, while Newmont Corporation, Barrick Gold, Kinross Gold, and Newmont Mining all climbed over 2%. In terms of news, U.S. President Trump stated that the war between the United States and Iran may end soon, progressing much faster than his initial estimate of 4 to 5 weeks. Market panic has eased, with the U.S. dollar and crude oil experiencing significant pullbacks, while gold and silver prices rebounded. Spot gold returned above $5,200/ounce, and silver surged over 3% intraday, breaking through $90/ounce. (Glonghui)

⑴ After Trump hinted that the war with Iran might end sooner than expected, crude oil futures continued to decline, and market tensions temporarily eased. ⑵ Saudi Arabia is increasing the use of its East-West pipeline capacity, and this oil artery across Saudi Arabia provides an alternative export route to bypass the Strait of Hormuz, playing a certain supporting role in stabilizing market supply. ⑶ However, BOK financial analyst Dennis Kissler warned that the real test for oil prices is far from over; the key lies in when, and whether, tankers and ships can safely pass through the Strait of Hormuz. ⑷ He pointed out that a few weeks of production shutdowns at Middle Eastern oil fields usually do not put too much pressure on well structures, and short-term interruptions are still bearable. ⑸ But if the shutdown lasts for a month or longer, restoring this production could face severe challenges, and at that time, the supply gap will truly impact the market.