Trading and Economics

Rubber Futures Up to Near 2-Week High Rubber futures rose to near 197 US cents per kilogram, the highest in nearly two weeks, in part reflecting higher oil prices amid uncertainty about a potential de-escalation of the Middle East conflict. In the meantime, tight naphtha supplies have curtailed butadiene production, pushing up synthetic rubber prices and supporting demand for natural rubber as an alternative. Meanwhile, the supply outlook remained constrained by seasonal reduced output in major producers in Southeast Asia. Rubber crops usually undergo a season of low production from February to May, before a peak harvesting period that lasts until September.

🇺🇸 US Kansas Fed Manufacturing Activity Rises in March The Kansas City Fed's Manufacturing Index edged up to 11 in March 2026, an increase from 10 in February. Both durable and non-durable production increased, led by wood products on the durable side and by paper, plastics, and rubber on the non-durable side. The month-over-month composite index rose to 11, up from 5 in February. Most indicators remained in positive territory, with the exception of new export orders, which declined from 0 to -4. The number of employees index rebounded to 7 from -6. Year-over-year indexes were mixed: new orders for exports, number of employees and finished goods inventory remained negative, while backlog of...

Bonds Update: Brazil 10Y Bond Yield Gains by 23 bps Government bonds yields are higher on Thursday. Top gainers are Brazil 10Y (22.50bps), Italy 10Y (15.17bps) and United Kingdom 10Y (14.36bps).

🇨🇴 Colombia's Industrial Confidence Rises on Inventory Decline Colombia's industrial confidence indicator rose to 0.9% in February 2026, up 2.4 percentage points from January. The monthly improvement was driven by a 4.7 pps decline in inventory levels to -7.4% and a 3.4 pps rise in current order volumes to -28.6%, partially offset by a 1.0 pps drop in production expectations for the next quarter to 23.9%. Year-over-year, the 0.2% confidence gain was primarily due to a 7.4 pps decline in inventory levels.

🇨🇦 Canadian Dollar Weakens to 2-Month Low The Canadian dollar weakened past 1.38 per US dollar to hit a two-month low as persistent geopolitical friction and hawkish Federal Reserve expectations bolstered the greenback. Although West Texas Intermediate crude oil prices rose beyond $92.00 amid the effective closure of the Strait of Hormuz the commodity-linked Loonie struggled to gain traction against a broadly firmer US dollar. Market skepticism regarding a Middle East de-escalation intensified after Iran rejected a 15-point US peace proposal and dismissed claims of ongoing negotiations while the US deployed additional troops to the region. These developments have fueled inflationary concern...

US Natgas Prices Rise After EIA Data US natural gas futures climbed to nearly $3 per MMBtu after a larger-than-expected storage draw, with EIA data showing a 54 billion cubic feet withdrawal for the week ended March 20, above forecasts for 44 bcf. This contrasts with a 33 bcf injection a year earlier and a five-year average decline of 21 bcf. Stockpiles fell to 1.829 trillion cubic feet, about 5.2% above year-ago levels and 0.8% above the seasonal average. The latest draw is likely the final withdrawal of the winter season as warmer-than-normal temperatures are expected through early April, reducing demand. In the Middle East, Iran rejected a US ceasefire proposal but talks are said to be o...

🇺🇸 US Natural Gas Stocks Fall More than Expected US energy firms withdrew 54 billion cubic feet of natural gas from storage in the week ended March 20, exceeding expectations for a 44 bcf draw. This compares with a 33 bcf injection during the same period last year and an average decline of 21 bcf over the past five years. Total stockpiles fell to 1.829 trillion cubic feet, standing about 5.2% above year-ago levels and roughly 0.8% above the five-year average. In the previous week, utilities had added 35 bcf to storage.

Baltic Dry Index Rises for 2nd Day The Baltic Exchange's dry bulk freight index, which monitors rates for ships carrying dry bulk commodities, advanced for a second day on Thursday, rising 0.7% to 2,014 points, bolstered by the bigger-size segment. The capesize index, which typically transport 150,000-ton cargoes including iron ore and coal, was also up for a second session, climbing 2% to a near one-week high of 2,974 points. Conversely, the panamax index, which usually carry 60,000 to 70,000 tons of coal or grain, fell by 1.5% to a six-week low of 1,770 points; and the supramax index decreased 0.3% to 1,205 points.

FX Updates: Norwegian Krone Appreciates by 0.49% Top currency gainers are Norwegian Krone (0.49%) and Dollar Index (0.16%). Biggest losers are Australian Dollar (-0.47%), Swedish Krona (-0.45%), New Zealand Dollar (-0.42%) and Euro (-0.10%). Meanwhile, Japanese Yen and British Pound were little changed.

Silver Mounts Further Losses Silver prices fell around 3% to trade below $69.5 per ounce on Thursday as a stronger US dollar and rising Treasury yields dampened demand for non-yielding bullion. The dollar index edged up for a third consecutive session while the 10-year Treasury yield held around eight-month highs as investors weighed the end of a five-day pause in US strikes against Iranian energy infrastructure. Although the Trump administration reportedly delivered a 15-point peace proposal via Pakistan Tehran has shown little willingness to compromise while the US deployed additional troops to the region. These geopolitical tensions have kept energy prices elevated reinforcing inflation...