Crude fell on dollar strengthening and signs from Saudi Arabia that it is no hurry to agree production quotas at the next OPEC meeting on 14th December.
PwC reported yesterday the results of a survey across 7 industry sectors in Europe, the US and Asia. The report showed that executives are increasingly concerned that minerals and metals will become scarcer over the next 5 years. According to the report economic and political drivers are generally seen as more important than physical drivers (such as the exhaustion of reserves).
With raw material scarcity (or even the perception of it) causing issues across supply chains, the need to manage both volume and price risk are likely to become increasingly important. In dealing with material scarcity, resource efficiency was seen as the single most effective response with strategic alliances with suppliers, diversification of material sourcing and re-use also seen as key ways to reduce risk.
Crude oil futures rebounded this morning following losses that stemmed from a surge in US crude stocks (reported Wednesday).
Cotton was up slightly this morning. Futures decline yesterday due to signs of improving US cotton crop conditions and concerns over a slow down in demand for cotton from China.