Welcome to this month’s Goudsmit UK Market Update, where we bring you the latest on key economic indicators and operational shifts impacting our industry. From currency fluctuations to port and airport operations, and a roundup of commodity market trends, we cover the essentials to keep you informed and prepared.
Here’s what you need to know:
Exchange Rate
Worst GBP to USD exchange rate in October 2024: 1.2896
Best GBP to USD exchange rate in October 2024: 1.328
Average GBP to USD exchange rate in October 2024: 1.3046
Port Operations
Container shipping services in the East China Sea are experiencing continued disruptions due to port congestion and vessel delays caused by Typhoon Kong-Rey. The storm, which struck Taiwan late last week, has since moved northward, impacting eastern China and Japan.
Ports temporary halted some operations last Friday in anticipation of Kong-Rey, with Ningbo experiencing 85% delays on arrivals into the port. These delays are expected to reduce over the coming week
Airport Operations
The air freight market out of China remains highly active, with capacity fully utilized across all routes. Export volumes for e-commerce cargo continue to rise, driving a steady increase in air freight rates.
Operations at Shanghai Airport are running smoothly, with no cancellations or disruptions reported.
Hauliers are working as usual, and weather conditions are normal. However, with space at a premium, air cargo rates are continuing to climb, and capacity remains very tight.
Commodity Market
In October, commodity prices displayed some fluctuations. Aluminum increased slightly from 2.63 to 2.65 USD/KGS, while Cobalt rose from 22.08 to 22.34 USD/KGS. Copper prices declined from 9.99 to 9.60 USD/KGS, and Neodymium remained stable at 75.00 USD/KGS.
Nickel dropped from 17.66 to 15.85 USD/KGS, Samarium decreased from 10.80 to 10.60 USD/KGS, and Zinc moved down from 3.11 to 3.06 USD/KGS.
Download the full commodity rates here.
Thanks for reading the Goudsmit UK Market Update. At Goudsmit UK, we specialise in providing high-quality magnets and engineered components tailored to meet your specific needs.
Our team of experts is dedicated to helping you find the perfect magnetic solutions for your projects. For more information about our products and services, contact us at info@goudsmit.co.uk or call +44 (0) 2890 271 001.
