Industry Innovation - Marex, a global financial services platform, is the first clearing firm to integrate Kinexys Digital Payments, a blockchain-based settlement system [1] - Kinexys Digital Payments was developed by JP Morgan [1]

Close Brothers is selling Winterflood to Marex as it scales back ahead of a key court ruling tied to a UK car loan probe https://t.co/nxohcnhToQ ...

Group 1 - The core viewpoint is that precious metals, particularly gold, are experiencing a rebound, influenced by economic data and market conditions, with a focus on upcoming U.S. employment data [1][2][3] - Guotou Futures notes that the recent drop in the dollar to a three-year low has supported the rebound in precious metals, although there was a slight pullback after the release of economic data [1] - HSBC has raised its average gold price forecast for 2025 from $3015 to $3215 per ounce, citing increased market risks and rising U.S. government debt [3] Group 2 - New Lake Futures indicates that the London spot gold price has continued its upward trend, surpassing $3300 per ounce, with attention shifting towards tariffs as the 90-day exemption period approaches [2] - Marex analysts suggest that rising U.S. debt and inflationary pressures from proposed tax cuts and spending will likely benefit gold prices, as gold is traditionally viewed as a safe-haven asset [3] - The market anticipates that central bank gold purchases will slow if prices exceed $3300 per ounce, but demand may increase if prices correct to around $3000 per ounce [3]

Core Viewpoint - The escalation of tensions in the Middle East has led to a sell-off in risk assets, resulting in a stronger US dollar and a decline in most base metals on the London Metal Exchange (LME) [1][3]. Group 1: Market Performance - On June 13, LME three-month copper fell by $57 or 0.59%, closing at $9,645 per ton, with an intraday low of $9,532, marking the weakest level since June 3 [1][2]. - Other base metals also experienced declines, with three-month aluminum down $14.50 or 0.58% to $2,503.00, three-month zinc down $19.50 or 0.74% to $2,623.00, and three-month lead down $6.00 or 0.30% to $1,990.50 [2][6]. - The COMEX copper premium over LME copper reached $976 per ton [4]. Group 2: Market Sentiment and Analysis - The strong US dollar has made dollar-denominated commodities more expensive for buyers using other currencies, contributing to the market's risk reduction in copper and aluminum [3]. - Alastair Munro from Marex noted that the current events have diminished the likelihood of prices moving upward, suggesting that price declines may attract bargain hunters [3][5]. - The majority of selling pressure is attributed to commodity trading advisors (CTA) investment funds [5]. Group 3: Inventory and Demand Insights - In contrast to the LME, Shanghai aluminum has seen a third consecutive day of gains, closing at 20,440 yuan per ton, up 0.49%, supported by declining inventories [7]. - As of the week ending June 13, Shanghai Futures Exchange aluminum inventories fell to 110,001 tons, the lowest since February 2024, having decreased by 54% since late March [7].

Group 1 - LME copper prices fell by $29.50, or 0.31%, closing at $9,577.00 per ton on May 15, 2023, as optimism over global trade tensions faded and concerns about long-term demand resurfaced [1] - The three-month copper price had previously risen for five consecutive trading days, reaching a high of $9,664.00 on May 14, the highest since April 2 [1] - Other base metals also experienced declines, with three-month aluminum down by $39.50 (1.56%) and zinc down by $40.50 (1.46%) [2] Group 2 - Ole Hansen, head of commodity strategy at Saxo Bank, noted that the industrial metals market is recognizing significant economic damage, leading to renewed concerns about future demand [3] - Citi analysts forecast that the average copper price will drop from $9,300 in the current quarter to $8,800 in Q3, citing that trade tariffs remain significantly higher than before April [3] - JP Morgan predicts an average copper price of $9,225 per ton and aluminum at $2,325 per ton in the second half of the year, emphasizing that easing trade tensions is crucial for reducing recession risks [3]

Core Insights - Abaxx Technologies Inc. has successfully completed its first delivery under a carbon futures contract on the Abaxx Exchange, marking a significant milestone for the company [1][2] - The delivery involved 50 lots of May 2025 CORSIA Phase 1 Carbon Offset Unit Futures priced at USD $24.25 per tonne of CO₂ equivalent, validating the exchange's infrastructure for managing environmental assets [2][3] Company Overview - Abaxx Technologies is a financial software and market infrastructure company, and the majority shareholder of Abaxx Singapore Pte Ltd., which owns the Abaxx Commodity Exchange and Clearinghouse [1][7] - The company aims to create smarter markets by providing better tools, benchmarks, and technology to address societal challenges, including the energy transition [6][8] Market Infrastructure - The Abaxx Exchange offers a suite of physically-deliverable futures contracts across various sectors, including energy, environmental, battery materials, and precious metals [4][8] - The CORSIA Phase 1 Carbon Offset Unit Futures contract, launched in June 2024, is part of this growing suite and is designed to support price formation, risk management, and forward planning in environmental markets [4][8] Transaction Details - The first delivery was executed between Mercuria Energy Trading SA and a U.S.-based counterparty, facilitated by Eagle Commodities, with clearing services provided by KGI Securities, Marex, and another bank clearing firm [3][4] - The transaction involved the transfer of eligible CORSIA Phase 1 carbon units from Mercuria to a registry account for the buyer, fulfilling the delivery obligations under the futures contract [3][4] Commitment to Sustainable Finance - Abaxx Exchange's infrastructure is designed to empower clients in the evolving environmental asset landscape, emphasizing the importance of sustainable finance [4][8] - The successful execution of the carbon futures contract highlights the company's commitment to connecting capital to climate-linked exposures [4][8]

Core Insights - CME Group plans to launch Spot-Quoted futures on June 30, 2025, pending regulatory review, which will create new trading opportunities in cryptocurrency and equity index markets [1][2] Group 1: Product Features - Spot-Quoted futures will allow trading futures positions in spot-market terms for leading cryptocurrencies (bitcoin and ether) and four major U.S. equity indices (S&P 500, Nasdaq-100, Russell 2000, and Dow Jones Industrial Average) [2][3] - Investors can hold these contracts for up to five years without needing to roll, facilitating long-term positions [2][3] Group 2: Market Accessibility - The new contracts are designed to be capital-efficient and accessible, responding to growing retail demand for smaller-sized, longer-duration products [3][4] - Spot-Quoted futures will provide retail traders with greater flexibility to maintain long-term positions or trade in and out without frequent rolling [3][4] Group 3: Industry Impact - The introduction of Spot-Quoted futures exemplifies CME Group's commitment to innovation and meeting the evolving needs of active traders [3][4] - The launch diversifies CME Group's product offerings, enhancing service to clients and supporting the development of new products where there is demand [3][4]