Key Currency Exchange Rates for Friday, 6/30/23

Sun Chemical has named Cyngient as a strategic distribution partner of its inks, coatings, and other solutions for offset, narrow web tag and label (NWTL), commercial sheetfed and folding carton printers. The new partnership allows Sun Chemical and Cyngient to reach their North American inks customers faster and more efficiently, and jointly provide customers with technical and product support. Cyngient customers will now have access to Sun Chemical’s full range of solutions for the marketplace which can be combined with many of Cyngient’s specialties, including special effects, soft touch and tactile coatings, cold foil solutions, and in-mold products. Click Read More below for additional information.

Futures climbed as much as 1.3 percent in New York after declining 0.9 percent Tuesday. Inventories expanded by 1.44 million barrels last week, the American Petroleum Institute was said to report. That’s less than half the projected 3.9 million-barrel increase the government is forecast to report Wednesday. Some U.S. refiners are delaying maintenance to take advantage of strong margins. While oil has rebounded the past two weeks, crude in the U.S. has struggled to hold above $50 a barrel as prices beyond that level make some shale profitable and boost supply. At the same time, the Organization of Petroleum Exporting Countries and its allies are said to be discussing extending by more than three months the output cuts that expire in March. Iraq, the group’s second-biggest producer, has said production should be reduced by an additional 1 percent to help rebalance the market. Click Read More below for additional detail.

The immediate future of the global supply chain rests on a bargaining table in San Francisco, where the union representing all West Coast dockworkers is hashing out a new contract with the assembled bosses of maritime shipping. The current contract, which covers the International Longshore and Warehouse Union’s more than 22,000 workers at the 29 ports dotting the Pacific coast of the U.S., is set to expire July 1. At stake is the continuing flow of goods into the country, after two years of disruptions to the supply chain from pandemic lockdowns, material shortages, soaring fuel prices and the occasional giant ship getting stuck in the Suez Canal. Forty percent of all U.S. maritime imports pass through the West Coast ports, with more than 30% of all containerized imports arriving at the Ports of Los Angeles and Long Beach, which together make up the nation’s largest port complex.