Storage costs spike as commodity glut rises
Lockdowns mean tonnes of goods can no longer reach their destinations, leaving suppliers to hunt for holding space
Singapore/New York — When it comes to commodities, the only thing in demand right now is somewhere to put them.
From oil tanks in Oklahoma to Wagyu beef refrigerators in Kobe, facilities around the world are filling up with products that can’t get where they’re needed or are simply not wanted at all. The cost of storage is exploding, in sharp contrast to the price of the commodities themselves, which are collapsing amid the chaos of the coronavirus...