US Treasury says it could close $ 7 trillion ‘tax gap’ by 10% over next decade


Chinese goods in Sea of ​​Red as global rout spreads east

(Bloomberg) – The global commodities rout has spread to China, iron ore, coal and soybean futures collapsing, as markets gripped by fears of inflation and that the Beijing authorities continued to try to lower the prices of the jawbone. , especially in the ferrous markets, with iron ore falling 7.6% and steel rebar down 5.6%. Coking coal, used to make steel, plunged 7.5% and soybeans fell almost 3%. The widespread declines followed a market meltdown in the United States, where everything from stocks to cryptos to commodities plunged. The slump follows a huge surge in commodity markets, both globally and in China, after talks about a new “supercycle” pushed prices to unprecedented highs. an exit plan and looking for triggers, ”said Zhang Chenfeng, a researcher at China’s top commodities hedge fund, Shanghai Chaos Investment Group Co. In China, traders fear the growing government warning stronger against what he calls “unreasonable” gains could cap further recoveries. At a meeting chaired by Premier Li Keqiang on Wednesday, the State Council said more efforts needed to be made in recent weeks. “China’s voice is getting louder and louder,” said Zhang. Chinese authorities “have tried to calm speculative price spikes, particularly in the coal and coke markets.” Overall open interest in some of China’s major industrials fell near its lowest level since late February, indicating that net long positions are being liquidated. Bloomberg’s calculations have shown this. Hedge funds also cut bullish bets on global commodities for the first time in more than a month, according to data from the Commodity Futures Trading Commission and the Intercontinental Exchange. percentage of GDP – may have already peaked, leaving recent price recovery to seemingly precarious record levels. The most obvious fallout would be on metals critical to real estate and infrastructure spending, from copper and aluminum to steel and its main ingredient, iron ore. demand for raw materials, compound concerns over a more difficult demand environment for raw materials. . According to a USDA report, Chinese traders are importing record volumes of animal feed into the United States, including soybeans, corn and sorghum, according to a USDA report. New, cleaner capacity to boost China’s aluminum production in 2021 Chinese beef exports from Brazil could become much bigger: ChartChile raises copper price estimates, declaring possible new highs in Tibet: Reuters Coming Friday, May 21 China Iron Ore Port Weekly Stocks Shanghai Exchanges Weekly Commodity Inventory, 3:30 p.m. SMM Battery Materials Conference in Changsha, Hunan, Day 2 AGMs: Cnooc, Tianqi Lithium, CATL More stories like it’s available at stay ahead of the game with the most trusted source of business news. © 2021 Bloomberg LP

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