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Gasoline, shelter costs drive US inflation higher in February

U.S. consumer prices increased solidly in February amid higher costs for gasoline and shelter, suggesting stickiness in inflation that cast some doubts on whether the Federal Reserve would start cutting interest rates in June. February marked the second straight month of firmer inflation readings. Inflation-weary Americans, however, got some relief from their grocery bills, as food prices were unchanged. U.S. central bank officials, including Fed Chair Jerome Powell have indicated they are in no rush to start lowering borrowing costs. The higher cost of living is one of the key ...

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Palm closes almost flat as firmer ringgit offsets stronger Dalian rival oils

Malaysian palm oil futures were largely unchanged onTuesday as strengthin Dalian edible oils was offsetbya firmer ringgit and weak Chinese demand. The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange closed up 2 ringgit, or 0.05%,to 4,133 ringgit ($884.06). The contract was seen trading higher on supportive February output data in Malaysia as well as bullish momentum from Dalian vegetable oils futures, said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group. “However, the stronger Malaysian ringgit and the absence of buying from ...

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Mexican steel prices face bearish outlook in March with more anticipated declines: survey

Pricing sentiment for the Mexican steel market in March took on a bearish outlook as all market participants are expecting price decreases with low inventory movement expectations, data from the monthly S&P Global Commodity Insights steel sentiment survey showed March 11. The index for price steel price development dropped again from the 38.4 reported in the previous survey to 33.3 this month. An index of 50 indicates stability. Among the 64 respondents, which included service centers, distributors, profile sellers, producers, scrap dealers, and consumers; service centers were the ones expecting ...

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Former Vale board member claims political influence in CEO succession

A board member from Brazilian miner Vale VALE3.SA who resigned on Monday said his decision to do so came after the succession process of the firm was conducted in a “manipulated manner”, according to his resignation letter seen by Reuters on Tuesday. Last week, Vale, one of the world’s largest iron ore miners,extended the term of its CEO Eduardo Bartolomeo until the end of the year, amid reports that the Brazilian government was seeking to influence the decision. In the letter to Vale’s chair, Jose Luciano Duarte Penido said the ...

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Brazil’s Conab cuts 2023/24 soy, corn forecasts

Brazilian crop agency Conab on Tuesday lowered projections for the country’s soybean and corn production, as farmers deal with adverse weather in some regions. Conab cut Brazil’s soybean production estimate by some 2.6 million metric tons, to 146.858 million metric tons. The agency also cut total corn production to 112.753 million tons from the 113.696 million tons forecast in February. Source: Reuters (Reporting by Ana Mano; Editing by Alex Richardson)

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Aluminium prices near six-week high on demand hopes

Aluminium prices climbed on Tuesday to near six-week highs as the market factored in seasonally stronger demand, but gains are likely to be capped by robust supplies from top producer China. Three-month aluminium on the London Metal Exchange (LME) CMAL3 touched $2,270 per metric ton, the highest since Feb 1. It last traded 0.4% up at $2,267 at 1219 GMT. “There are demand concerns on growing inventory in China but it could be more a seasonal pattern to prepare for consumption in second quarter this year,” Tom Price, head of ...

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Japan seeks 114,305 metric tons of food wheat via tender

Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) is looking to buy a total of 114,305 metric tons of food-quality wheat from the U.S., Canada and Australia in a regular tender that will close on Thursday. Japan, the world’s sixth-biggest wheat importer, keeps a tight grip on imports of its second-most important staple after rice, buying a majority of the grain for milling via tenders typically issued three times a month. Source: Reuters (Reporting by Fumika Inoue; Editing by Kim Coghill)

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Iran’s SLAL said to have passed in tenders for corn, barley and soymeal

Iranian state-owned animal feed importer SLAL is believed to have made no major purchases in tenders which closed on March 6 for 180,000 metric tons of animal feed corn, 120,000 tons of feed barley and 120,000 tons of soymeal, European traders said on Tuesday. Traders said some minor purchases could not be ruled out but that no significant volumes were believed to have been bought. Reports reflect assessments from traders as no results are announced by SLAL. Shipment for the grains and soymeal was sought in the tenders in March ...

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EU finance ministers back Georgieva for second IMF term

European Union finance ministers on Tuesday endorsed International Monetary Fund Managing Director Kristalina Georgieva for a second term at the helm of the lender of last resort. Georgieva’s current five-year term ends on Sept 30. Traditionally European countries recommend the managing director of the IMF and the United States recommends the head of the World Bank. “EU ministers agreed to jointly support Kristalina Georgieva for a second mandate as managing director of the IMF,” a spokesman for the Belgian EU presidency said. There were no other candidates, EU officials said. ...

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Jordan buys about 60,000 T feed barley in tender, traders say

Jordan’s state grain buyer purchased about 60,000 metric tons of animal feed barley in an international tender on Tuesday, European traders said. It was bought at an estimated $216.75 a ton c&f for shipment in the first half of April. The seller was believed to be Romanian trading house Cerealcom Dolj. Reports reflect assessments from traders and further estimates of prices and volumes are possible later. Traders said these other trading houses participated in the tender with their estimated offers per ton c&f: Viterra $228.00, TOI Commodities $225.00, Olam $238.79, ...

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Sterling edges lower after UK jobs figures, focus on US inflation data

Sterling edged lower on Tuesday after data showed that growth in British wages was slightly weaker than expected but failed to affect bets on the Bank of England policy path. Wages grew at their slowest pace since October 2022 while the unemployment rate edged up unexpectedly, according to data which may slightly ease the Bank of England’s inflation worries. Money markets fully price a 25 basis points rate cut from the BoE by August and an around 50% chance by June. Sterling was last down 0.1% at $1.2798 after jumping ...

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Angela Chao, shipping industry exec, died on Texas ranch after her car went into a pond, report says

Angela Chao, a shipping industry CEO and sister-in-law to Senate Minority Leader Mitch McConnell, died on a Texas ranch last month after her car went into a pond and became submerged in water for an extended period of time, The Wall Street Journal reported. Chao, 50, died Feb. 11 in the Texas Hill Country. A family statement at the time did not disclose details about her death and authorities in Blanco County have not released additional information, citing an ongoing investigation. The Wall Street Journal, citing a fire department incident ...

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German shipowners’ group watching Strait of Taiwan with concern

German shipowners’ association VDR is watching developments in the Strait of Taiwan with concern, it said on Tuesday, describing the threat there as “absolutely real”. An escalation or the imposition of sanctions against China would have major effects on the supply situation for the global economy and shipping sector, added the VDR. Source: Reuters (Reporting by Elke Ahlswede, Writing by Madeline Chambers, Editing by Rachel More)

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Hafnia investigating tanker accident at BPCL crude import facility

Oil tanker manager Hafnia HAFNI.OL is investigating an accident involving its vessel Hafnia Seine, which hit a single point mooring (SPM) buoy at India’s Sikka port on Sunday, the Denmark-based company said on Tuesday. “The crew have since confirmed that there has been no breach of the hull, including the cargo containment and bunker tanks, and no reports of injuries or any pollution,” Hafnia spokesperson Sheena Williamson-Holt said in an email. The Hafnia Seine, which hit the facility operated by refiner Bharat Petroleum Corp BPCL.NS, is en route to a ...

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NYK Recognized as Outstanding Health and Productivity Management Organization for Eighth Consecutive Year

NYK has been recognized as an outstanding health and productivity management organization (large enterprise category) for an eighth consecutive year under the Certified Health & Productivity Management Outstanding Organizations Recognition Program, a cooperative initiative designed by Japan’s Ministry of Economy, Trade and Industry (METI) and conducted by Nippon Kenko Kaigi (Japan Health Council).* The program recognizes corporations that practice particularly excellent health management based on their efforts to address local health issues and promote health through the Japan Health Council. The goal is to publicize companies that engage in health ...

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