The Shit to Know Thursdays

Dear reader,

Below is some stuff you should know if you don’t already. It’s a juicy one, enjoy.

Market Indices & Commodities

Commodities
US Copper Prices Soar

US copper prices have been fucking knocked out the park and reached the price of 5 bucks per pound.

Copper futures traded in New York reached an all-time high, with the last month being up 13%.

Interestingly, the increased price in the US raised the difference in copper prices in the US and the global benchmark in London to a new record of over $1,000.

This rise in price in the US has been attributed to concerns over the level of stock available in the US, as well speculators squeezing out traders who believed that the premium on the US market would fall.

Commodities are going from strength to strength right now. Which will be next?

Feature  
Peru Classifies Transgenders as Mentally Ill

The Peruvian government has now officially categorized intersex and transgender people as ‘mentally ill. (Based)

The health ministry has said that doing this is the only way that Peru’s public health services can guarantee ‘full coverage of medical attention for mental health’.

Pretty wild thing to say (can’t say I disagree though).

Corporate 
Under Armour Approves Restructuring

Under Armour, once a clothing company heavyweight, is now going to restructure as its stock tumbles down to 2010 levels.

The Board of Directors at Under Armour have approved a plan to restructure the company. This will likely cost between $70m and $90m.

The fiscal outlook for this year is dreadful, with demand expected to fall flat on its fucking face in North America this year. Revenue is expected to decline between 15-17% in North America in 2024.

This looks like one hell of a sinking ship to me, I reckon the company is fucked.

Technology
AT&T to Give Space Another Go

AST SpaceMobile’s share price is fucking pumping (up 50% at one point today) after securing a space broadband network deal with AT&T. This will essentially offer customers wireless service from space. The commercial agreement which was signed extends until 2030.

Elon Musk’s SpaceX has been working on pretty much the exact same thing with T-Mobile: Starlink. This means AT&T and AST will soon be competitors. Ironically, they will have to use Musk’s SpaceX rockets to send the satellites into orbit.

Funny how Musk has pretty much monopolised any commercial activity to do with space huh.

Earnings
Walmart Soars After Beating Estimates

The share price of Walmart has soared after a couple of pieces of big news.

First, Q1 earnings blew analysts and investors away after sales rose 3.8% from this time last year. The main driver: e-commerce, where sales have risen by 22% in the last year too.

Secondly, improved guidance. 2024 is expected to be better than originally planned after adjusted earnings moved up from $2.23 to $2.37 per share, and revenue growth grew from 3% to 4%.

This is some impressive shit, and who’s to say they won’t do even better?

Commodities
Traders Ditch Oil Bets

Traders have been quick to reduce their bets on oil prices rising (the fastest reduction in over a year) due to a falling risk of war, and plenty of oil supplies.

This means that a lot of money managers liquidated their long positions. This pushed the price of Brent Crude down to about $80.

In the last reporting week to May 7, the equivalent of 143 million barrels of oil were sold in the 6 most important futures and options contracts.

There has also been selling in European gas oil derivative contracts as well as in US gasoline.

Thank you 
That’s all Folks

Hope you enjoyed today’s edition of STKT. Enjoy FMC tomorrow.