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Greece joins CEM Hubs

In April, Greece became the seventh nation to join the Clean Energy Ministerial CEM Hubs initiative alongside founders UAE and Canada, as well as Uruguay, Norway, Panama, and Brazil. Led by the International Chamber of Shipping, in collaboration with IAPH, the project will enter into implementation phase in Q3 and aims to provide the maritime and offshore industries with the technical blueprints and tools to de-risk investment decisions in establishing zero- and low-carbon fuel production import and export hubs in and around ports. CEM Hubs partner International Renewable Energy Agency ...

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Port agent jailed for inflating Japanese shipping client’s Singapore port fees by more than 45 times

A port agent who duped a major Japanese shipping client into paying inflated berthing fees here has been sentenced to a year and two months’ jail. Moses Wong Yew Fai, 54, falsified invoices from the Maritime and Port Authority of Singapore (MPA) – inflating a bill by more than six times the first time, and a second invoice by more than 45 times before he was caught. Appearing in court on April 30, Wong pleaded guilty to one charge of forgery, with another similar charge being taken into consideration. Wong ...

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Russian oil product exports slump to post-pandemic low as drone hits resume

Russian oil product exports slumped to a post-pandemic low in April, according to tanker tracking data, as Moscow battles to repair its Western refineries which remain under siege from Ukrainian drones. Seaborne Russian export loadings of diesel, fuel oil, naphtha and other refined products picked up slightly in the second half of April to average 1.94 million b/d, according to S&P Global Commodities at Sea. The April average marks a 360,000-b/d slump on March and almost 700,000 b/d below January levels when Ukraine began a barrage of long-range drone strikes ...

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Removal of export duty may lift demand for Russian thermal coal

Russian thermal coal may see higher demand following its government’s decision to temporarily remove the duties on its export of thermal coal and anthracite from May 1 to Aug. 31, market sources told S&P Global Commodity Insights. The top five consumers of Russian thermal coal, barring Taiwan, have seen a drop in imports from Russia as a result of various factors including the availability of cheaper alternatives, the sanctions in place against Russia’smajor coal exporters and the country’s tariffs, market participants said. China, Russia’s largest export destination for thermal coal, ...

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Cheap iron ore, high scrap prices to widen Southeast Asia BF-EAF billet production costs in May

Cheaper iron ore and coking prices would bring down the blast furnace route of billet production cost, while higher scrap prices are pulling electric arc furnace-based production costs in the opposite direction moving into May, according to S&P Global Commodity Insights estimates. The spread between the average cost per metric ton of billet produced by EAF steelmakers and the blast furnace-converter route is expected to widen sharply to $76/mt in May from $59/mt in April, Commodity Insights data showed. Estimates for May are based on April raw material prices for ...

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Funds extend short covering in CBOT wheat on dry Russian crop -Braun

Speculators have held bearish bets in Chicago wheat for nearly two years, but excessively dry weather in top exporter Russia as well as concerns for other global wheat crops have recently ignited notable short covering. In the week ended April 30, money managers cut their net short position in CBOT wheat futures and options to 47,866 contracts from 76,184 a week earlier, marking their least bearish wheat view since July. History strongly hinted at funds’ latest moves. Whenever funds have been heavily bearish wheat this time of year, they spend ...

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Russian wheat export prices continue to rise

Russian wheat export prices continued to rise last week as volatile weather conditions made crop forecasts difficult. Combined with dry weather in the south of the country, May frosts in central regions, the Volga region and in some southern regions could have a negative impact on the crop, analysts said. The price of 12.5% protein Russian wheat scheduled for free-on-board (FOB) delivery in June was $216 a metric ton, up from $212 a ton the previous week. The Sovecon agriculture consultancy pegged the same class of wheat at $215-219 a ...

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Copper hovers around $10,000/T on funds’ buying

Copper prices in London rose on Tuesday, hovering near a key resistance level of $10,000 a metric ton, buoyedby funds’ buying amid Chinese authorities’ support pledges and risk-on sentiment spilling over from the equities markets. Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.7% to $9,978 a ton by 0759 GMT, while the most-traded June copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 closed down 0.5% at 80,500 yuan ($11,156.54) a ton. Risk-on sentiment from the equities markets spilled over to metals market, and China’s Shenzhen city ...

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The Commodities Feed: Saudis raise OSPs

Energy – Saudi OSPs rise After falling a little more than 7.3% last week due to easing geopolitical tensions, ICE Brent has started the new trading week on a stronger footing, opening higher. This comes after Saudi official selling prices (OSPs) for June loadings, where OSPs for all grades and to all regions (except for the US) were increased. The Saudi’s flagship Arab Light into Asia was increased by US$0.90/bbl MoM to US$2.90/bbl over the benchmark amid a tightening in the physical market this quarter. Iraq and Kazakhstan have agreed ...

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Oil steadies as weak physical markets balance Middle East tensions

Oil steadied on Tuesday as weakness in the physical market countered concern about conflict in the Middle East as Israel stepped up attacks in southern Gaza and a ceasefire deal between Hamas and Israel hung in the balance. The Israeli military seized control of the Rafah border crossing between the Gaza Strip and Egypt and its tanks pushed into the southern Gazan town of Rafah, as mediators struggled to secure a ceasefire agreement. futures were down 7 cents to $83.26 a barrel at 0950 GMT, while U.S. West Texas Intermediate ...

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Asian stocks extend gains on Fed rate cut optimism, FX down on firm dollar

Most Asian stock markets extended gains on Tuesday on the back of renewed bets for U.S. rate cuts after last week’s cooler-than-expected jobs data, while the region’s currencies were subdued as the dollar ticked higher. The Indonesian rupiah IDR= fell 0.2%, losing the ground it gained on Monday after data showed the country’s economy in the January-March period grew at its fastest pace in three quarters. The Philippine peso PHP= inched 0.1% lower after country’s annual inflation increased for a third straight month in April, backing the central bank’s recent ...

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US dollar steady, Aussie slides after RBA

The U.S. dollar was broadly steady on Tuesday while the yen trimmed earlier losses as Japanese officials issued fresh warnings following two rounds of suspected dollar-selling intervention last week. The Australian dollar fell from a near two-month high against its U.S. counterpart after the Reserve Bank of Australia refrained from ramping up hawkish signals, as some traders had anticipated. The U.S. dollar index – which measures the currency against six major peers, including the yen, sterling and euro – was up less than 0.1% at 105.23, after dipping as low ...

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Euro zone business activity grows at fastest pace in almost a year, PMI shows

Euro zone business activity expanded at its fastest pace in almost a year last month as a resurgence in the bloc’s dominant services industry more than offset a deeper downturn in manufacturing, a survey showed on Monday. HCOB’s composite Purchasing Managers’ Index (PMI) for the currency union, compiled by S&P Global and seen as a good gauge of overall economic health, bounced to 51.7 in April from March’s 50.3, surpassing a preliminary 51.4 estimate. That was its second month above the 50 mark separating growth from contraction and the highest ...

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Eurozone unemployment rate stabilises at historic low for fifth straight month

Tight labour market, but some signs of easing The eurozone unemployment rate remained at a historic low of 6.5% in March for the fifth consecutive month. Compared with February, the number of unemployed decreased by 51k. The eurozone labour market is currently influenced by two conflicting forces. On the one hand, there is still the demographically-induced scarcity of labour. On the other hand, the recession in the second half of last year and especially the continuing downturn in industry is likely, albeit with some delay, to make itself felt in ...

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Fed’s Goolsbee: US rate-path ‘dot plot’ needs more context

The U.S. Federal Reserve should beef up its quarterly “dot plot” of policymakers’ interest-rate-path views by including the individual economic expectations that inform each one, Austan Goolsbee, president of the Chicago Fed, said. The dot plot, published every three months since 2012, is a graph depicting where each of the 19 U.S. central bankers expect the Fed’s policy rate to be at the end of each of the next few years. The latest one, published in March, shows the median Fed policymaker expected to need to cut short-term borrowing costs ...

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