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Ukraine’s grain exports in the 2024/25 July-June season rose to almost 2 million metric tons by July 17 from 1.3 million tons at the same date a season earlier, agriculture ministry data showed. The volume included 732,000 tons of wheat, 1 million tons of corn and 254,000 tons of barley. The ministry has said that the 2024 combined grain and oilseed crop could fall to 77 million tons, including 56 million tons of grain. Ukraine’s grain exports in the 2023/24 marketing season rose to about 51 million tons from 49.2 ...

Iron ore futures prices slumped to a nearly three-week low on Wednesday, undermined by weak seasonal demand from top consumer China and mounting global supply. The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade nearly 2.7% lower at 805 yuan ($110.78) a metric ton, the lowest since June 26. The benchmark August iron ore on the Singapore Exchange was down 2.34% at $104.85 a ton, as of 0740 GMT. It hit an intraday low at $104.3 a ton, the lowest since June 28. The ...

U.S. crude oil stockpiles last weekfell more than expected, whilegasoline and distillate inventories rose, the Energy Information Administration (EIA) said on Wednesday. Crude inventories fell by 4.9 million barrels to 440.2 million barrels in the week ending July 12, the EIA said, compared with analysts’ expectations in a Reuters poll for a 33,000-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. futures fell by 875,000 barrels last week, the EIA said. Brent crude LCOc1 and U.S. West Texas Intermediate crude(WTI) futures were little changed following the report. ...

We have released our BHP Operational Review for the year ended 30 June 2024. BHP Chief Executive Officer, Mike Henry: “We finished the year with a strong fourth quarter, achieving several production records and we are meeting current production and unit cost guidance for all commodities. WAIO continued its strong performance, delivering a second consecutive year of record production on the back of ongoing incremental improvements along its supply chain as we progress toward our medium-term goal of increasing production to greater than 305 Mtpa. We achieved a strong performance ...

China’s crude oil market is unambiguously weak. Not only has the world’s biggest importer seen a fall in arrivals in the first half of the year, it has also been boosting the volumes being added to stockpiles. China added 1.48 million barrels per day (bpd) to either commercial or strategic oil stockpiles in June as lower refinery throughput outweighed soft crude imports. For the first half of 2024, China put about 900,000 bpd into storage tanks, and this amount has been accelerating in recent months. The tepid imports and the ...

Spot premiums for Middle East crude benchmarks Dubai and Murban rose on Wednesday after slipping in the past two sessions, attracting demand from some Asian refiners. India’s Reliance Industries bought 1.5 million to 2 million barrels of Murban crude from Totsa and Shell at premiums of about $1.60 a barrel to Dubai quotes, traders said. PTT has also bought Murban at a premium of $1.56 a barrel from Repsol, one of the traders said. The Thai refiner may have also bought Umm Lulu, another trader said. Separately, QatarEnergy raised the ...

Top U.S. Federal Reserve officials on Wednesday touted interest rate cuts as getting “closer” after taking note of inflation’s improved trajectory and a labor market now in better balance, remarks that appear to set the stage for a first reduction at the central bank’s meeting in September. Fed Governor Christopher Waller and New York Fed President John Williams both voiced that description of the shortening horizon toward looser monetary policy, with Waller using it in a speech delivered at the Kansas City Fed and Williams voicing it in a Wall ...

There hasn’t been a lot of important data releases since the ECB’s June meeting. If anything latest data have pointed to weaker growth, lower headline inflation but still sluggish core and services inflation. In more detail, dropping confidence indicators in June and weak hard data for May underline that the eurozone’s economic recovery has lost steam. The ECB’s June projections had eurozone growth returning to potential already in the second quarter of this year. This is a scenario that has become less likely in recent weeks. As regards inflation, the ...

The Asian Development Bank (ADB) has slightly raised its economic growth forecast for developing Asia and the Pacific this year to 5.0% from a previous projection of 4.9%, as rising regional exports complement resilient domestic demand. The growth outlook for next year is maintained at 4.9%. Inflation is forecast to slow to 2.9% this year amid easing global food prices and the lingering effects of higher interest rates, according to the latest edition of Asian Development Outlook (ADO), released today. After a post-pandemic recovery that was driven mainly by domestic ...

In all the hubbub about election uncertainty and the dash for the most lucrative financial trades to exploit it, creeping doubts about the resilience of the world economy are re-emerging. To be sure, you won’t see much of that in the International Monetary Fund’s latest global growth forecasts on Tuesday. They look serene, if unspectacular, at 3.2% for this year and the Fund even nudged up 2025 a notch to 3.3% from April’s call. Global stock market indexes at record highs seem blissfully unperturbed – lapping up a diet of ...

China’s rich are growing more cautious about flaunting their wealth as the economy faces headwinds, putting the country’s luxury market under pressure. There are emerging signs of so-called “luxury shame” in China, in the face of a challenging macroeconomic environment, sluggish GDP growth and weak consumer confidence — which have hurt consumption among the middle class, according to a June report by consultancy group Bain and Company. “It’s not to say that they are not willing to spend on luxury — actually, on some of the top players, we continue ...

Ship management companies that operate specialised pre-sea training institutes are few and far between, but they offer a point of differentiation by providing shipowners with the assurance of a stable supply of highly qualified seafarers to manage their vessels. When the entire officer pool comes from the same reputable academy, the benefits are even greater. For the first time in 15 years, an Anglo-Eastern managed vessel, the M.V. Federal Clyde, is now manned entirely by officer graduates from the Anglo-Eastern Maritime Academy (AEMA). This rare achievement within the industry showcases ...

Indonesia’s PT Amman Mineral Industri (Amin) anticipates commencing copper cathode production at its new smelter in West Nusa Tenggara province in the fourth quarter of 2024, its parent company, PT Amman Mineral Internasional, said July 16. The copper smelter is designed to process 900,000 mt/year of concentrate from the Batu Hijau mine and the future Elang mine, Amman said, manufacturing 222,000 mt/year of LME grade A copper cathodes and 830,000 mt/year of sulfuric acid. Commissioning of the smelter began June 1 and is expected to take about four to five ...

Chilean miner Antofagasta ANTO.L said on Wednesday it expects full-year copper output at the lower end of its 670,000 to 710,000 metric ton guidance range, due to lower ore grades. The London-listed company added net cash costs stood at $1.94 per pound in the first half of the year, 11% higher than the same period of 2023. Antofagasta produced 284,700 metric tons of copper in the first half, down 3.7% from the same period in 2023, on lower grades at both of its main assets, Los Pelambres and Centinela. The ...

Jordan’s state grain buyer has issued an international tender to buy 120,000 metric tons of milling wheat which can be sourced from optional origins, European traders said on Wednesday. The deadline for submission of price offers in the tender is July 23. A new announcement had been expected by traders after Jordan purchased 60,000 tons of wheat in its previous tender for 120,000 tons on Tuesday. GRA/TEND Shipment in the new tender is sought in a series of possible combinations in 60,000 ton consignments. Possible shipment combinations are for Sept. ...