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China iron ore, steel prices rise, but ample ore stockpiles weigh

Chinese iron ore futures shed early losses, and rallied more than 1 percent on Monday, as steel prices recovered after a three-day slide. But plentiful stockpiles of the steelmaking raw material in China, which are at their highest since August, kept gains in iron ore prices curbed. The most-traded iron ore contract for January delivery on the Dalian Commodity Exchange closed up 1.2 percent at 470 yuan ($71) a tonne. On the Shanghai Futures Exchange, construction-used rebar rose 1.1 percent to end at 3,696 yuan per tonne, after falling as ...

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China’s coal miners to keep contract prices for next year stable

China’s biggest coal producers China Energy Investment Group and China National Coal Group (ChinaCoal) will keep their 2018 coal contract prices at the same level as 2017, two sources with direct knowledge of the matter said on Friday. After rounds of discussions between policy makers, major producers and utilities, the producers will set the price at 535 yuan ($80.72) per tonne, the sources said. The new level has disappointed utilities just one week before China’s annual coal trade meeting in the northern port city of Qinhuangdao from Nov. 21 to ...

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Japan Oct steel output drops 1 pct yr/yr, but demand firm

Japan’s crude steel output fell 1 percent in October from a year earlier to 8.97 million tonnes, data showed on Monday, reflecting technical glitches at some mills even as demand from automobiles and the construction sector remained strong. In non-seasonally-adjusted terms, steel output from the world’s second biggest producer after China, rose 4 percent from September, the Japan Iron and Steel Federation said on Monday. “Production declined from October 2016 when monthly output was the highest in the year, but steel demand for automobiles, construction and civil engineering remain fairly ...

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GRAINS-Wheat slips after two-day runup amid plentiful supply

Chicago wheat futures edged lower on Monday after a two-day advance, pressured by abundant global supplies, while corn and soybeans steadied after sharp gains in the previous session. FUNDAMENTALS * Wheat for December delivery on the Chicago Board of Trade was down 0.6 percent at $4.24-3/4 a bushel by 0127 GMT. * Global wheat demand has been lean at a time of bountiful supply with Russia looking at a record harvest. * Exports of European Union soft wheat in the 2017/18 season that started on July 1 had reached 7.5 ...

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Top Palm Oil Growers Go on Defensive Against EU Curb Threat

As concerns about palm oil’s sustainability simmer in Europe, the world’s second-biggest grower is ramping up its defense of the most-consumed edible oil. Malaysian Prime Minister Najib Razak and Indonesian President Joko Widodo will this week discuss concerns that a resolution passed by the European Union in April calling for tougher environmental standards for palm oil may hurt the industry. The two countries are the world’s top palm oil producers, accounting for 85 percent of supply. “If such a resolution affects our exports, it will be a major blow,” Mah ...

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Dalian iron ore slips as China stockpiles hit 3-1/2-month high

Chinese iron ore futures ticked lower on Monday as stockpiles at the country’s ports climbed to their highest level since August, underlining weak demand in the world’s top consumer as mills curb production. China has ordered steel mills across its northern areas to reduce output during winter to fight smog. The most-traded iron ore contract for January delivery on the Dalian Commodity Exchange was off 0.1 percent at 464 yuan ($70) a tonne, by 0210 GMT. Inventory of imported iron ore at China’s major ports reached 138.48 million tonnes as ...

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Russian wheat export prices stable in quiet trade

Russian wheat export prices were broadly stable last week due to quiet trade, although Egypt, the world’s largest wheat importer, agreed a large purchase of Russian wheat, analysts said on Monday. Egypt’s state grain buyer GASC bought a total of 240,000 tonnes of Russian wheat in an international tender on Nov. 16 for Jan. 1-10 shipment. Black Sea prices for Russian wheat with 12.5 percent protein content for December delivery were $191 a tonne free on board (FOB) at the end of last week, down $0.5 from a week earlier, ...

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Tokyo Steel to raise product prices in Dec by 3,000 yen/T

Tokyo Steel Manufacturing Co Ltd , Japan’s top electric-arc furnace steelmaker, said on Monday it would raise its product prices in December by up to 4.8 percent due to tight market conditions at home and abroad. The company will boost prices of all its products in December by 3,000 yen ($26.8) per tonne, or by 3.2 percent to 4.8 percent. It held its product prices unchanged in November after raising them in the previous two months. “Demand in Japan’s local market has been strong on the back of a series ...

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How Morgan Stanley Outdid Goldman in Old Commodities Rivalry

For nearly three decades, Goldman Sachs Group Inc. outdid Morgan Stanley in commodities, year after year. In 2017, Morgan Stanley is pulling ahead in a reversal of fortunes for the two banks known as the “Wall Street refiners.” The battle for the crown as the top U.S. commodities bank is being fought far away from the white-shoe world of Manhattan bankers: from obscure markets for gas in Pennsylvania to electricity grids in Texas, and power stations in between. Goldman has lost money this year in U.S. gas and power trading, ...

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Farmers seen holding back the second-highest ever US corn crop: analysts

Despite huge corn stocks, cash prices for US corn has been supported by farmers holding back the second-highest US corn crop, and limiting its export, sources said. US farmers come from a record corn harvest — 384.78 million mt in the 2016/17 marketing year — and now they are finishing the second-highest ever corn harvest, estimated at 370.3 million mt, US Department of Agriculture data showed on its latest World Agricultural Supply and Demand Estimates report. It is estimated by some analysts that 65%-75% of the current crop is still ...

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Vale’s profit outlook lures big investors including Stan Druckenmiller

Hedge funds and other big investors piled into Vale SA in the third quarter as the world’s biggest iron-ore producer heads for its most profitable year since 2013. Funds bought a combined 470 million American depositary receipts in the Brazilian company, according to filings compiled by Bloomberg as of November 15. It was their second biggest increase in position in the materials sector. Billionaire investor Stan Druckenmiller’s Duquesne Family Office LLC added Vale, with the purchase of ADRs that were valued at $US25 million by September 30, a filing showed ...

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Is there a glimmer of light for industrial commodities at last?

The wait was long and painful. The recovery has been slow and not free of turbulence. After sailing through choppy waters for years, prices of industrial commodities — such as oil, steel, base metals — are finally seeing levels not seen in several years, bringing a whiff of relief to markets feeling the pinch from a rampant rise in production, faulty government policies, feeble interest from investors and global growth concerns. Crude oil has touched its highest level in 2 1/2 years, aluminum prices rose to five-year highs, and copper ...

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Why it may be time to cash in on the commodity superstars of 2017

Investors are forgiven for waking up a bit wary today, given yesterday’s downbeat session on Wall Street, but it seems optimism is in the air as a tax vote looms. “After such a long run without any moves lower, equity markets were probably due a breather, and this looks more like a technical correction before another assault higher, rather than the start of a more significant selloff,” says ETX Capital’s Neil Wilson, who advises not to worry too much. “Buying the dip still rules,” he says. But if you’re determined ...

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Iron ore pellet 2018 contract premium rises to push up costs

Iron ore contract pellet premiums for 2018 look to be rising significantly from 2017 accords to pressure steel costs, multiple sources in the middle of negotiations along with several buyers indicated this week. A premium of $62/dry mt for direct reduction grade pellets was described as a “possible” outcome in the context of current blast furnace pellet premiums, a source close to negotiations said. Blast furnace premiums peaked last week at over $59/dmt in China. DR grade agreed for the year at $2-3/dmt higher than this level was said to ...

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Chicago agricultural commodities edge higher in early trading

Chicago Board of Trade (CBOT) agricultural commodities opened higher Friday, mostly on short-covering and concern for world weather. January soybeans were up 3 cents at 9.75 U.S. dollars per bushel as of 1430 GMT in the morning trading, December corn was up 1.25 cents at 3.3775 dollars, while December wheat was up 2.75 cents at 4.2425 dollars. The volume of trade was active in corn while being meager in soybeans and wheat. Data shows investors bought over 26,000 contracts of December corn futures, over 7,000 contracts of January soybeans and ...

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