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China Oct copper imports slide on softening demand

China’s copper imports slid 1.5% in October from a year earlier on softening demand amid COVID-hit factory activity and rising domestic production. Unwrought copper and copper product imports into China, the world’s largest consumer of the metal, totalled 404,414 tonnes in October, including anode, refined, alloy and semi-finished copper products, data from the General Administration of Customs showed on Monday. China’s factory activity unexpectedly fell in October, an official survey showed, weighed by softening global demand and strict COVID-19 restrictions, which hit production. That has hampered the demand for copper, ...

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Strategie Grains sees EU rapeseed area expanding further in 2023/24

Crop consultancy Strategie Grains expects the area sown with rapeseed in the European Union to expand next season after high prices encouraged farmers to sow more of the oilseed and crops started in good conditions. In its first estimate for the 2023/24 marketing season, Strategie Grains put the harvestable area in the EU at 6.0 million hectares, up 2.4% from the current season. The area sown with rapeseed – mainly used to make cooking oil, animal feed and biodiesel – had already grown more than 10% this season. Combined with ...

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GRAINS-Wheat rises on U.S. winter crop concerns; soybeans ease

Chicago wheat edged higher on Tuesday, as supply concerns underpinned the market with the condition of the U.S. winter crop at its lowest in decades and the Russia-Ukraine conflict curbing exports. Soybeans slid, while corn was largely unchanged as traders adjusted positions ahead of monthly supply-demand reports due mid-week from the U.S. Department of Agriculture (USDA). “Traders remain hesitant to sell wheat until they know whether Russia will agree to a continuation of the grain export corridor deal that is set to expire Nov. 19,” Hightower said in a report. ...

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The Commodities Feed: German gas storage full

Energy – EU price cap on imported gas looking less likely Oil prices corrected lower yesterday after health officials from China made it clear that China will continue with its zero-Covid policy. Oil prices and the broader commodities complex have seen increased volatility in recent days after speculation that China could look to ease its strict Covid policy. The Chinese demand outlook is important for the global market. Global oil demand is expected to grow by around 1.7MMbbls/d next year and China is expected to make up almost 50% of ...

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Oil Prices Tread Water Between Tightening Supply, Recession Fears

Oil prices were muted on Tuesday as markets weighed signs of tightening crude supply against increasing fears that a global economic slowdown will erode crude demand this year. Crude markets marked a slow start to the week, retaining most of last week’s losses amid growing signs that the United States will enter a recession within the next 12 months, according to Bloomberg economists. The dismal forecast comes amid rising inflation in the country, with steep interest rate hikes by the Federal Reserve having done little so far to soothe price ...

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European stocks mixed as China optimism fades, focus on U.S. mid-terms

European stocks struggled to make gains on Tuesday and the dollar picked up as traders pulled back on hopes that China could ease its zero-COVID policy and showed signs of caution ahead of U.S. mid-term elections. Markets had started the week with a “risk-on” tone, which some analysts attributed to hopes that China could relax its strict COVID-19 lockdown measures. Markets have also been buoyed by some investors expecting the U.S. Federal Reserve to take a more dovish tone. But the move showed signs of losing momentum on Tuesday as ...

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China stocks notch trillion-dollar gain on hopes of reopening, better U.S. ties

Chinese markets soared and the yuan rose on Friday, with about a trillion dollars added to the value of Chinese stocks in week, as rumours and news reports fed hopes for twin relief in U.S.-China tension and China’s tough COVID rules. The Hang Seng surged 5.3% and notched its biggest weekly gain in 11 years. The Shanghai Composite rose 2.4% for a 5.3% weekly gain, the largest in more than two years and China-sensitive assets around the world rose sharply. Bloomberg News reported initial U.S. inspections of audit papers at ...

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COP27: IMF chief says $75/ton carbon price needed by 2030

The price of carbon needs to average at least $75 a ton globally by the end of the decade for global climate goals to succeed, the head of the International Monetary Fund told Reuters. Speaking on the sidelines of the COP27 climate talks in the Egyptian coastal resort town of Sharm el-Sheikh, IMF Managing Director Kristalina Georgieva said the pace of change in the real economy was still “way too slow”. Recent analysis by the World Bank-affiliated group suggests the sum total of global national commitments on reducing climate-damaging emissions ...

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China’s exports and imports contracted in October

Weak export and import trade in October China’s exports contracted 0.3% YoY while imports contracted 0.7% YoY in October. This is the first contraction in international trade since May 2020. Exports to Europe fell 6% in a month, with an even deeper fall of 7.4% MoM for exports to the US. Exports to ASEAN fell 6.5% MoM. This is not seasonality in play as exports fell 9% YoY to Europe and 13% YoY to the US. However, export growth to ASEAN was up 20% YoY while imports rose 4.5% YoY, ...

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WTO should attack trade barriers to low-carbon transition: chief

The WTO should tackle trade barriers for low carbon industries among other measures aimed at addressing the role of global trade in driving climate change, Director-General Ngozi Okonjo-Iweala said in a report published on Monday. The WTO’s World Trade Report 2022 launched at the COP27 climate summit in Egypt says the most realistic way to make deep emissions cuts without reducing living standards in richer countries and harming development prospects in poorer ones is through advancing low-carbon technologies. “The WTO has an opportunity to use the present moment to strengthen ...

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Lack of Chinese tourists is hindering Asia’s economic recovery

It’s the less developed nations that have suffered the most The global pandemic and ensuing slump in global tourism didn’t just hurt Asia, but the region certainly has its share of top global travel destinations and the collapse in tourism that accompanied the pandemic was an unwelcome additional cost to bear. According to United Nations research, travel restrictions caused a cumulative 95.3% decline in international arrivals to Asia and the Pacific between January and July 2021 – the biggest decline in international arrivals globally – compared to the same period ...

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Strikes, protests in Europe over cost of living and pay

European countries are facing strikes and protests due to high energy prices and mounting costs of living. Here are details of some industrial actions and demonstrations. BRITAIN * Nurses in Britain will go on strike, the Royal College of Nursing (RCN) said on Nov. 5, adding that its members had faced a dec-ade of real-terms pay cuts and that the ballot over the last four weeks was the biggest in its 106-year history. * Three days of strikes by tens of thousands of British rail workers planned for this week ...

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ECB must not stop rate hikes before core inflation peak, Villeroy says

The European Central Bank must not stop raising interest rates until underlying inflation has clearly peaked, but it may slow the pace of hikes once rates hit a level that starts to restrict growth, France’s central bank chief told the Irish Times. The ECB has increased rates by a combined 200 basis points to 1.5% in just three months, its fastest pace of hikes on record. Markets see them peaking at around 3% next year, suggesting that a further series of raises is still coming to tame rapid and broad-based ...

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For China’s COVID policy, change comes in small increments

China is sticking with a strict COVID-19 containment strategy nearly three years into the pandemic, potentially disappointing investors hoping for a quick reopening, although authorities are making ongoing if modest tweaks to managing the virus. Numerous analysts and experts say China is unlikely to begin significant easing of its outlier zero-COVID approach, which is squeezing the economy and fuelling widespread frustration, before an annual parliamentary session in March – at the earliest. Authorities are making changes such as more precisely targeting lockdowns, rolling out new vaccines and adding international flights. ...

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From Russia with cash: Georgia booms as Russians flee Putin’s war

As war chokes Europe, a small nation wedged beneath Russia is enjoying an unexpected economic boom. Georgia is on course to become one of the world’s fastest-growing economies this year following a dramatic influx of more than 100,000 Russians since Moscow’s invasion of Ukraine and Vladimir Putin’s mobilisation drive to drum up war recruits. As much of the globe teeters towards recession, this country of 3.7 million people bordering the Black Sea is expected to record a vigorous 10% growth in economic output for 2022 amid a consumption-led boom, according ...

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