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Weekly CBOT agricultural futures rally strongly

CBOT agricultural futures rallied strongly in the past week as U.S. dollar index declined in the runup to the Nov. 3 U.S. presidential election, Chicago-based research company AgResource noted. U.S. trade representative announced that China has booked 71 percent of its agricultural purchase obligation for 2020 with the total likely to near 30 billion dollars before yearend. China’s purchase of U.S. soybeans accounts for at least 31 million metric tons of U.S. export demand. CBOT corn futures continued to add premium amid improving U.S. demand. Media reported that China could ...

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Sudan receives wheat from UAE grant, Israel

Sudan has received the first batch of wheat of the UAE grant, amounting to 67,000 tonnes to be allocated to mills in Khartoum and other states, state news agency SUNA said on Sunday. Israel also sent wheat worth $5 million to Sudan, Prime Minister Benjamin Netanyahu tweeted. Source: Reuters (Reporting by Nayera Abdallah and Dan Williams Writing by Ulf Laessing; editing by Andrew Heavens)

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JSW Steel reports Q2 net profit of ₹1,595 crore on recovery in domestic demand

JSW Steel, India’s second largest private steel manufacturer, swung back to profit in the July-September quarter as domestic demand recovered and the pandemic-induced lockdown curbs were eased across the country. The company reported a net profit of ₹1,595 crore for Q2, down 37% year-on-year but far better than the June quarter performance when it had reported a net loss of ₹582 crore. It said capacity utilisation returned to pre-covid levels at 86% in the second quarter, from 66% in April-June and that as domestic demand recovered, the company’s exports eased ...

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Nearly 400,000 tons of commodities traded at IME in a week

During the past Iranian calendar week (ended on October 23), 398,846 tons of commodities valued at over $190 million were traded at Iran Mercantile Exchange (IME). As reported by the IME’s Public Relations and International Affairs Department, last week, on the domestic and export metal and mineral trading floor of IME, 162,476 tons of various products worth close to $102 million were traded. On this trading floor, 145,484 tons of steel, 8,700 tons of aluminum, 7,400 tons of copper, 120 tons of molybdenum concentrates, 12 tons of precious metal concentrates ...

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Cenovus Energy-Husky merger to create Canada’s 3rd largest oil/gas producer

Cenovus Energy Inc. and Husky Energy Inc. on Oct. 25 announced an all-stock agreement to combine their operations and create Canada’s third largest oil and natural gas producer with output of about 750,000 b/d of oil equivalent as the merger wave in North America sweeps into Alberta. Takeaway capacity from Alberta will be about 265,000 b/d, with about 305,000 b/d of planned pipelines/expansions, the companies said in a statement. They will also have 16 million barrels of crude oil storage and operate on sustained capital of $2.4 billion a year. ...

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UKMTO Weekly Piracy Report 18 – 24 oct 2020

Warnings, advisories and piracy incidents in the Indian Ocean Area by the UKMTO in the past week.

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Iraq accounts for 60% of Iran’s gasoline exports

The Secretary of Iranian Oil, Gas and Petrochemical Products Exporters’ Union (OPEX) Hamid Hosseini said currently 60 percent of Iran’s gasoline exports go to Iraq, IRNA reported. The official did not provide information on the amount of exports. “Currently, the country’s export of oil products is favorable and all shipments are purchased,” Hosseini said. He explained that the oil products which are offered at the country’s Energy Exchange (IRENEX) are exported to the destination markets after being purchased by domestic companies. There is no problem in transferring money for the ...

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Oil falls about 2% on Libyan output, COVID-19 demand concerns

Oil fell nearly 2% on Friday, finishing lower for the week, in anticipation of a surge in Libyan crude supply and demand concerns caused by surging coronavirus cases in the United States and Europe. Crude prices sank after Libya’s National Oil Corp (NOC) said it lifted force majeure on exports from key ports and output would reach 1 million barrels per day in four weeks. “As soon as that came out, the market cratered,” said Bob Yawger, director of energy futures at Mizuho in New York. U.S. crude CLc1 settled ...

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MARKET SNAPSHOT FOR 24/10/2020

NASDAQ-Adv: 2,146 Dec: 1,320 NYSE-Adv: 2,394 Dec: 1,374(Source: Nasdaq)

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Sterling set for weekly gain, even after PMI slip

The pound fell against the dollar and euro on Friday after the UK Purchasing Managers’ Index (PMI) fell to a four-month low, but was still set to end the week up, after a new phase of intense Brexit talks restarted. The pound gave up some recent gains after an early flash PMI reading – a gauge of private sector growth – fell to a four month low of 52.9 in October from 56.5 in September. Britain’s economic recovery from the COVID-19 shock was already beginning to falter in August. Since ...

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MARKET SNAPSHOT FOR 23/10/2020

NASDAQ-Adv: 2,214 Dec: 1,287 NYSE-Adv: 2,528 Dec: 1,331(Source: Nasdaq)

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Oil ends higher, boosted by U.S. stimulus hopes

Oil prices ticked up on Thursday, boosted by the possibility of an economic stimulus package in the United States, but struggled to recover fully from the previous session’s losses when higher U.S. gasoline inventories signalled a deteriorating demand outlook as coronavirus cases soar. Brent crude futures settled 73 cents higher at $42.46 a barrel and U.S. West Texas Intermediate (WTI) crude futures gained 61 cents to $40.64. Both crude contracts shed more than 3% on Wednesday in their steepest daily falls in three weeks. Futures gained momentum early Thursday as ...

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Dollar eases off 7-week low as COVID-19 aid bill in doubt

The dollar index ticked higher on Thursday, easing off a seven-week low as hopes for a coronavirus aid package ahead of the U.S. elections faded and COVID-19 cases surged around the world, giving a slight bid to safe-haven assets like the greenback. Investors were also digesting new U.S. jobless claims data that showed a bigger-than-expected drop, but remained at extremely high levels amid fading fiscal stimulus and a resurgent coronavirus. U.S. House of Representatives Speaker Nancy Pelosi said on Thursday negotiations toward a new relief bill were making progress and ...

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Kinder Morgan quarterly profit falls on lower natgas volume

U.S. pipeline operator Kinder Morgan Inc KMI.N reported a 10% drop in quarterly profit on Wednesday as a steep drop in natural gas prices due to the COVID-19 pandemic hurt production and transportation of fuel. Pipeline companies have been forced to offer steep discounts to customers for moving crude, gas and refined products on their pipelines as the oil and gas industry grapples with weak energy demand and production shut ins due to the pandemic. Kinder Morgan, which transports nearly 40% of the natural gas consumed in the United States, ...

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MARKET SNAPSHOT FOR 22/10/2020

NASDAQ-Adv: 1,296 Dec: 2,177 NYSE-Adv: 1,329 Dec: 2,485(Source: Nasdaq)

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