31 July 2025: 09:30 BST
We thought this month would go through without too much carnage. But nah, it may be summer, time for margaritas or whatever drink with an umbrella to protect it against the hot sun, but hey, we were so wrong, like so wrong. And who is causing the mess? We give you one chance to guess!
Oh, the horror, the horror. We are wondering how many companies in the metals trading market are going to go under imminently and whether even some of the futures systems are up to par. Most Futures exchanges set margins based on standard deviations and as you look underneath the hood, the systems tolerate easily 7% declines, but the copper market loss cascaded into nearly a 25% loss. We hope all were able to cover their margins but if history is a guide there is a torrent of blood on the streets. And why, you may ask? Because Trump changed his mind on the copper tariffs and anybody who bought thinking he would not do a TACO, was skewered and then boiled in a copper pot.
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
We invite you to read our reports, which will initially be published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST). For any comments, please reach out to us through the emails provided in the signed documents.
