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  • Posted on 10th July 2024 in the categories: Market Update

    Goudsmit UK Market Update: July 2024

    Exchange Rate

    In June, the average exchange rate for GBP/USD fluctuated between a high of 1.2860 and a low of 1.2613, with an average rate of 1.2715.

    Port Operations

    Port operations in Ningbo are proceeding smoothly, with vessel waiting times ranging from 2-4 days and no weather-related disruptions. While capacity remains normal, there is a widespread shortage of equipment across most carriers.

    Airport Operations

    Airport operations and hauliers are functioning normally, with no flight cancellations or weather disruptions reported. However, space remains tight, and rates are high. The intensification of Middle Eastern conflicts has led many businesses to shift from sea to air freight. Combined with the summer vacation surge increasing tourist numbers, the demand for airplane fuel is increasing. This situation is causing a decrease in passenger flight load factors, further tightening the air freight market and pushing up freight rates, which are expected to rise further throughout July.

    Sea Freight

    • Average Price of Pallet: £182
    • Highest Surcharge Rate: £981
    • Lowest Surcharge Rate: £500

    Commodity Market

    June 2024 saw a general decline in material prices. Aluminium, cobalt, copper, neodymium, nickel, and samarium all experienced drops, with samarium hitting its lowest price of the year. In contrast, aluminium alloy prices saw a slight increase, rising from $2.20 to $2.26 per kilogram. Additionally, crude oil prices increased from $81 to $85 per barrel by the end of the month.

    Download the latest commodity rates here.

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