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Asian Development Bank to end coal, oil and gas financing -draft statement

The Asian Development Bank will no longer finance coal mining or oil and natural gas activities, it announced in a draft policy statement on Friday, a move welcomed by environmental groups, which said it was a decade overdue. The multilateral development bank, which focuses on eradicating poverty in Asia, provided no timeline for its commitment. It also laid out conditions under which fossil fuel projects would continue to receive funding, such as where no other cost-effective technology was available. Yongping Zhai, head of the ADB’s energy sector, said the draft ...

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German steel pricing sentiment bullish, market hopeful of production increase: Platts survey

German steel market participants aregearing up for further price increases in May following the latest round of hikes from market-leading mill ArcelorMittal on April 29 to Eur1,020/mt delivered across Europe for hot-rolled coil, with additional price increases expected this week at Eur1,050/mt ex-works Ruhr, data from the monthly steel sentiment survey by S&P Global Platts showed May 6. In the survey conducted among German producers, distributors, traders and end-buyers at the start of May, the index for steel price development stood at 96, indicating a notable expansion — an index ...

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French soft wheat crop rating slips again

The condition of French soft wheat declined for a fourth consecutive week but remained well above the level a year earlier, data from farm office FranceAgriMer showed on Friday, as crops emerged from a chilly, dry April. An estimated 79% of French soft wheat was in good or excellent condition in the week to May 3, down from 81% a week earlier, FranceAgriMer said in a cereal crop report. The drop was less than the four-point decline in the previous week, suggesting last week’s return of rain in parts of ...

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London copper hits record high on recovery hopes, supply worries

London copper prices hit a record high on Friday, boosted by tight supply outlook and hopes for strong demand in the new energy sectors, as major economies recover from the COVID-19 pandemic. Three-month copper on the London Metal Exchange rose 1.4% to hit an all-time high of $10,232 a tonne at 0202 GMT. The contract has risen more than 30% since the beginning of the year. The most-traded June copper contract on the Shanghai Futures Exchange climbed as much as 2.3% to 74,630 yuan ($11,552.99) a tonne, its highest since ...

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VEGOILS-Palm set for best week in two decades on edible oil supply worries

Malaysian palm oil futures climbed 3% on Friday, putting them on course for their sharpest weekly gain in nearly two decades, as agricultural markets rally on global edible oil supply concerns. The benchmark palm oil contract for July delivery FCPOc3 on the Bursa Malaysia Derivatives Exchange rose 133 ringgit, or 3.16%, to 4,348 ringgit ($1,057.01) a tonne, as of 0305 GMT, its highest since March 4, 2008. The futures contract was set for a 12.5% rise for the week, its biggest since July 2001. The contract for May delivery was ...

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Maybank to stop coal financing

Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda. Currently, coal financing makes up 0.2% of the bank’s total portfolio. Group president and chief executive officer Datuk Abdul Farid Alias said the bank aims to transition together with its borrowers to achieve sustainable renewable energy mix in the medium and long term. “There’s no new coal financing going forward for Maybank,” he told reporters after the bank’s 61th annual general meeting here today. He said No Deforestation, No New Peat, and No Exploitation ...

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Iron-ore prices hit record high with appetite for steel ‘far beyond expectations’

Iron ore logged its highest price on record Thursday, buoyed by insatiable demand for steel in China. The benchmark S&P Global Platts IODEX, the spot price of 62% iron- fines delivered to China, was assessed at a record high of $202.65 per dry metric ton on Thursday. It trades up by about 27% from the Dec. 31 price, according to data from S&P Global Platts. “Appetite for steel has been far beyond expectations as China returned to work [Thursday], helping iron ore fly past this historic milestone,” said Julien Hall, ...

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China to strictly manage steel smelting in effort to achieve carbon neutrality goal

The National Development and Reform Commission (NDRC) released an official report on Thursday targeting steel smelting projects in an effort to push the steel industry to achieve carbon neutrality and promote green, low-carbon and high-quality development. The construction of steel smelting projects must meet the requirements of advanced technology and equipment as well as leading indicators in the steel industry to achieve green and intelligent development, according to the NDRC’s report, adding that pollutant emissions should meet the strict requirements. This move aims to upgrade China’s steel industry and reduce ...

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Copper climbs back above $10,000/mt, approaching all-time high

Copper returned above $10,000/mt on the back of a weak dollar and with China returning to work after a three-day national holiday, with the London Metal Exchange three-month spot copper price trading at $10,117.50/mt ($4.59/lb) at 1749 GMT, some $72.50/mt short of its all-time high of $10,190/mt from February 2011. Scotiabank analysts said LME three-month copper hit $10,028.50/mt during early May 6 trading, with the red metal dropping to $9,993/mt at 9:00 GMT, before U-turning and climbing above $10,000/mt. Copper rose through $10,000/mt for the first time in 10 years ...

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Here’s Why Investors Are Pouring Money Into Coal, Despite Its Bleak Future

Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an industry facing a bleak future as regulators, activists and global governments seek to cut use of fossil fuels to reduce greenhouse gas emissions. The Coal Footprint in the USA is Bigger Than Just West Virginia Key Facts • Coal stocks are benefitting from the upturn in the broader energy sector on expectations of increased demand amid an economic recovery, Tony Zabiegala, chief operating officer at Strategic ...

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Palm oil supply in Malaysia, Indonesia to rise in April: sources

Palm oil production and ending stocks at major producers Malaysia and Indonesia are set to rise in April, buoyed by a combination of favorable weather, easing labor shortages and increased fertilizer use, sources told S&P Global Platts. In Malaysia, April production is expected to increase by 8.92% month on month to 1.55 million mt, sources said. Meanwhile, Malaysian palm oil exports in April are set to increase 8.71% month on month to 1.28 million mt, according to Marcello Cultrera, institutional sales manager at Philip Futures. Anil Kumar Bagani, research head ...

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China will promote grain output, boost grain security – cabinet

China’s cabinet on Thursday said it will stabilise wheat and rice minimum purchase prices and improve subsidies for soybean and corn production, in a bid to promote grain output and boost grain security. The county expects a bumper harvest for summer grains this year, according to the meeting of the State Council, state television CCTV reported. Source: Reuters (Reporting by Lusha Zhang and Kevin Yao; editing by Jason Neely)

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Commodity Price Increases Do Not Create Inflation

My previous column – “The Inflation Scare Does Not Match Reality” – drew a lot of pushback from readers who cited recent large price increases for a wide range of basic commodities, as a sign of inflationary pressure just around the corner. On the surface, it looks bad. Commodity prices are way up. The media is on alert. Inflation worries have dominated the headlines for months. (This weekend even Warren Buffett joined the outcry: “Buffett Warns on Inflation Amid Red Hot US Recovery” – The Financial Times, May 3.) And ...

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Copper is ‘the new oil’ and low inventories could push it to $20,000 per ton, analysts say

Key Points • In a note Tuesday, Bank of America commodity strategist Michael Widmer highlighted inventories measured in tons are now at levels seen 15 years ago. • Given the fundamental environment and the depleted inventories, Widmer said copper may spike to $13,000/t in the coming years after recently notching $10,000 for the first time in a decade. • David Neuhauser, founder and managing director of U.S. hedge fund Livermore Partners, told CNBC that copper is “the new oil.” The world risks “running out of copper” amid widening supply and ...

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Some commodity producers lagging the rallies in red-hot metals

The global rally in commodities has seen some like copper and iron ore probe record highs, but when it comes to the companies producing natural resources the gains in their share prices have been largely lagging and uneven. Benchmark London copper futures came within a whisker of their all-time high on Wednesday, reaching $10,040 a tonne, just shy of the record $10,190 hit in February 2011. Copper has gained 28.1% since the end of last year and is up 114.9% from its 2020 low, hit in March of that year ...

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