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PSA Singapore Expands Jurong Island Terminal to Enhance Sustainable Supply Chain Offerings for the Jurong Island Ecosystem

PSA Singapore (PSA) has announced a strategic expansion of its Jurong Island Terminal (JIT) to meet growing demand for sustainable, efficient and resilient supply chain solutions from industries based on Jurong Island. Located on the northwestern seafront of Jurong Island, JIT offers twice-daily barge sailings that connect beneficial cargo owners (BCOs) on Jurong Island with PSA’s main hubs at Tuas, Pasir Panjang and Brani, from where they can leverage Singapore’s connectivity for unparalleled access to global markets. Jurong Island is the nucleus of Singapore’s Energy and Chemicals sector. Managed by ...

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Argentina’s planned corn shipments hit five-year high -exchange

Argentina’s scheduled corn exports hit their highest levels in at least five years in the early part of 2024, the Rosario grains exchange said, hitting 1.9 million metric tons and boosted by leftover stocks from the previous season. The exchange predicts the 2023/24 season will produce a record 57 million-metric ton harvest, helped by favorable rainfall. Farmers in the South American country, the world’s No. 3 supplier, began harvesting the crop last week. The figure, based on shipping agency data as of March 6, signals the largest committed volume seen ...

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Domestic steel consumption could decelerate to 7-8% in FY25, from a double digit growth seen in prior 3 yrs- ICRA

After witnessing three back-to-back years of double-digit growth in steel consumption, domestic steel consumption could decelerate to 7-8% in FY25, said rating agency ICRA. The domestic steel consumption that had grown at 11.4% and 13.3% in FY22 and FY23 respectively has seen momentum continue in FY24. In first 10 months of FY24 the steel consumption is expected to have grown at a strong pace of 14.5% . ICRA expects the financial year to end on a strong note with steel consumption growing 12-13% year-on-year during FY24 to over 120 million ...

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Brazil mills boost sugar capacity, ‘leave’ ethanol to corn processors

Brazil cane mills will boost their sugar production capacity as much as 10% in the new season from April to take advantage of relatively high sugar prices and as increasing supplies of corn make the grain a cheap feedstock for ethanol output. Brazil is the world’s largest sugar producer. It accounted for nearly 50% of global sugar trade last year as unfavorable weather due to the El Nino climate pattern reduced output and exports from competitors India and Thailand. Sugar prices SBc1 have dipped from a 12-year peak hit in ...

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Coal stock expected to hit 150 million tonnes by end of FY24: Pralhad Joshi

Union minister for coal, mines and parliamentary affairs Pralhad Joshi said on Thursday that India’s coal stock is expected to be around 150 million tonnes by the end of FY24 to meet the rising demand for power. The country’s coal stock – in mine pitheads, in transit and at thermal power plants – stood at 125.5 million tonne at the end of FY23. “We will have nearly 150 million tonnes of stock (by the end of March), including 45 million tonnes in thermal plants,” Joshi said. With temperatures rising, India’s ...

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The Commodities Feed: Gold nears $2,200/oz

Metals – Gold surges to fresh record highs Gold prices jumped on Friday to trade just below $2,200/oz before giving back some of the gains this morning. Gold rallied almost 5% last week, setting a nominal high on four consecutive sessions.The release of a higher-than-expected jobless rate in the US last week increased expectations that the Fed might be moving closer to looser monetary policy. The US data pushed the dollar and 10-year Treasury yields lower, boosting the precious metal further. Rising gold prices pushed the net speculative bullish bets ...

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Oil prices slips amid concerns over Middle East, China demand

Global benchmark Brent slipped on Monday, dipping below $82 a barrel, as persistent geopolitical concerns in the Middle East and Russia collide with jitters about softening demand in China. Brent futures were down 31 cents at $81.77 a barrel as at 1222 GMT, while U.S. West Texas Intermediate (WTI) slipped 34 cents to $77.67. Both benchmarks ended the week lower on bearish Chinese data that signalled weaker demand in the world’s leading crude importer. Brent closed down 1.8%, although the contract has remained above $80 a barrel for just over ...

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Battle for White House comes into sharper focus for Wall Street

Investors fixated on earnings and monetary policy are starting to factor in another variable that could sway markets this year: the 2024 U.S. presidential election. In his State of the Union address on Thursday, U.S. President Joe Biden proposed raising corporate taxes, whereas his opponent, Republican candidate Donald Trump, signed a 2017 law that slashed taxes on companies and the wealthy. Biden also boasted of U.S. economic progress under his tenure. It is difficult to gauge how asset prices could be swayedby these proposals and whatever else the presidential candidates ...

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Take Five: Another bout of bitcoin fever

Bitcoin is back in the headlines, having roared to a new record high, just as many of the world’s major central banks are starting to pave the way towards cutting interest rates, but only if inflation behaves. Investment flows into cryptocurrencies, inflation numbers from the United States, China and the UK, as well as a potentially market-moving snap election in Portugal will all be under the microscope in the coming week. Here is your week-ahead look at global markets from Lewis Krauskopf in New York, Li Gu in Shanghai and ...

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FX Daily: Data versus Powell, round two

USD: Inconclusive payrolls, focus turns to CPI Federal Reserve Chair Jerome Powell’s Congress testimony last week left markets with a dovish aftertaste. Reiterated (albeit cautious) optimism about the disinflation path and claims that the Fed is “not far” from cutting rates wrong-footed most investors who were likely bracing for a more hawkish tone on the back of resilient data. The resulting shift in FX positioning against the dollar was an example of what we’ll see once data eventually endorses rate cut expectations. We recently discussed how sticky US data depressed ...

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China Unveils More Fiscal Support; 2024 Growth Target Still Challenging

The Chinese government’s continued focus on tackling challenges to the country’s economic outlook was evident in the target for real GDP growth of “around 5%” unveiled at the National People’s Congress (NPC) annual legislative session, but achieving this will be quite challenging in the current environment, says Fitch Ratings. The higher spending announced, while contingent liability risks for the government remain elevated, adds to medium-term pressure on China’s fiscal finances. In our December 2023 Global Economic Outlook, we projected China’s economy would expand by 4.6% in 2024. The headline fiscal ...

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India says Europe trade group commits to $100-bln 15-year deal

India will lift most import tariffs on industrial products from four European countries in return for investment of $100 billion over 15 years, its trade minister said, in an economic pact signed on Sunday that concluded nearly 16 years of negotiations. The deal follows trade pacts over the last two years with Australia and the United Arab Emirates, while officials say a another, with Britain, is in its final stages, as Prime Minister Narendra Modi aims for annual exports of $1 trillion by 2030. It envisages that the European Free ...

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US small businesses struggle for credit, one year after regional turmoil

Small business owners in the U.S.are struggling to get financing from traditional lenders as the impact of higher rates and bank failures of a year ago linger, holding back business growth for some. The difficulty in getting more traditional forms ofcredit shows how sharp interest rate hikesby the U.S. Federal Reserve, exacerbated by the failures of Silicon Valley Bank and Signature Bank last March are reverberating in the economy, say analysts and other industry insiders. Small businesses are key to the country’s economic health, with one study showing they account ...

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China’s February new yuan loans seen retreating from record high

China’s bank lending likely pulled back sharply in February from an all-time high in January due to seasonal factors, a Reuters poll showed, even as the central bank seeks to spur sluggish economic growth and fight deflationary pressures. Chinese banks are expected to have issued 1.50 trillion yuan ($208.52 billion) in net new yuan loans last month, down sharply from 4.92 trillion yuan in January, according to the median estimate in the survey of 21 economists. A pull back in February’s lending is widely expected as banks tend to scale ...

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Industrial Metals Monthly: China’s 2024 economic goals disappoint

China’s 2024 economic goals disappoint Industrial metals have mostly struggled this year amid a disappointing recovery in China, with a property downturn and weak manufacturing continuing to weigh on prices. This week China unveiled its economic targets for 2024 at the latest “Two Sessions”, including a growth target of around 5%, largely in line with market expectations. On the property sector – the pillar of commodities demand – there was an emphasis on the so-called “new model of real estate development,” which is focused on increasing affordable housing and optimizing ...

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