Prices of coking coal futures tumbled by more than 3% on Tuesday to their lowest in more than one month, dragged by the anticipation of growing supply from the top production hub in China. The most-traded September coking coal contract on China’s Dalian Commodity Exchange (DCE) DJMcv1 ended daytime trade 3.93% lower to 1,664 yuan ($229.91) a metric ton, after touching its intraday low at 1,652 yuan a ton, the lowest since April 12. The coke contract DCJcv1 fell 2.58% to 2,190 yuan a ton, the lowest since April 15. ...

Malaysian palm oil futures closed down on Tuesday, snapping previous session gains, as the market is awaiting Malaysia’s palm oil export and production performance for further cues. The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange dropped 54 ringgit, or 1.40%, to 3,814 ringgit ($808.56) a metric ton on the closing. “The futures were seen trading slightly higher on the back of a bullish momentum rival oils futures in Asian hours. The market is now focussed on May 1-15 palm oil export and production ...

Chilean mining giant Codelco is still working to meet its estimated output for the second quarter, CEO Ruben Alvarado told Reuters, as the state-run copper miner is pushing to boost production up from its lowest in 25 years. Alvarado said that a recent rise in copper prices is a positive sign, adding that any improvements would benefit Codelco’s finances, but said that Codelco must wait to see if they remain stable. Source: Reuters (Reporting by Fabian Cambero; Editing by Sarah Morland)

Copper prices clawed to the strongest in more than two years on Tuesday as speculators, following technical signals, brushed aside reports of weak physical demand in top metals consumer China. Three-month copper on the London Metal Exchange (LME) CMCU3 was up 0.3% at $10,211 per metric ton by 0950 GMT, having touched $10,255.50, the strongest since April 2022. LME copper has gained 19% so far this year and is just over $600 away from its record high of $10,845 hit in 2022. “We have a market that’s on fire. Momentum ...

Aluminium inventories in warehouses registered by the London Metal Exchange (LME) rose to the highest in more than 2-1/2 years, having more than doubled in less than a week, data showed on Tuesday. Last week, commodity trader Trafigura delivered 424,000 metric tons of aluminium to LME warehouses for lucrative financial deals, three sources familiar with the matter told Reuters. On Tuesday, data showed that aluminium stocks jumped by a further 131,075 tons to 1,033,625, their highest level since October 2021 and a gain of 115% since last week. The fresh ...

Chicago wheat futures edged lower on Tuesday after hitting their highest since last July as prices faced chart resistance and traders sought a clearer picture on the impact of dry, cold weather on crops in top wheat exporter Russia. Corn edged up while soybeans fell as investors assessed crop losses in South America and U.S. planting progress. The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 1.0% at $6.80 a bushel by 1219 GMT. It earlier rose to $6.96, slightly above a previous 9-1/2 month ...

The boss of Anglo American AAL.L said on Tuesday a bid by rival BHP BHP.AX to take over the company forced him to accelerate plans for a spin-off of its South African platinum assets, which come on the cusp of a national election. While Anglo was already working on its own review of assets including the platinum and diamonds businesses, the timeline had to be speeded up after BHP’s approach, Anglo CEO Duncan Wanblad said. As a pre-condition for its bid, rejected twice by Anglo, BHP had requested that Anglo ...

BHP Group BHP.AX is likely to sweeten its $43 billion takeover offer for Anglo American for a second time and possibly add cash, investors in both companies said on Tuesday, after the London-headquartered target rejected a higher bid. Anglo said the improved all-share offer, up 10% from BHP’s initial proposal, continued to significantly undervalue the company. Shares in BHP were trading 0.5% lower at A$43.03 on Tuesday. BHP has until May 22 to return with a binding offer or walk away under UK takeover rules. The revised bid again required ...

BHP Chief Executive Mike Henry said that Anglo American AAL.L investors need to consider the merits of his company’s bid for its smaller London-listed rival, seeking to drum up support for a proposal that has been rejected twice. The CEO of the world’s biggest listed mining group told investors at a metals and mining conference in Miami that Anglo shareholders must make a “determination” on the benefits of a combination of the two companies and which team they think has a better track record of executing projects and delivering returns ...

Brazilian farmers are expected to reap 147.685 million metric tons of soybeans in the 2023/2024 cycle, 1.16 million tons more than forecast in April, as national crop agency Conab revised the size of the area planted with the oilseed on Tuesday. The upward revision may surprise some, as Brazil’s second largest soy producing state, Rio Grande do Sul, continues to face excess rains and flooding, disrupting farmers before they can finish harvesting all their soybean fields. Conab did lower Rio Grande do Sul’s average yield forecast, to 3,168 kg per ...

The Aluminum Extruders Council May 13 warned that Mexico’s recent revocation of tariffs on unwrought aluminum imports could have negative consequences on the US aluminum extrusion industry, even though Mexico’s direct tariffs on extruded products remain in place. “While the tariffs announced in April are still in place for the entire continuum of extruded profiles which protect Mexican extruders from products entering Mexico for consumption in Mexico, the cancellation of the tariffs on alloyed and unalloyed aluminum ensure the continuation of Chinese and Russian aluminum entering the US and Canadian ...

Wheat stocks in India’s government warehouses on May 1 were down 10.3% year on year to their lowest since 2008 after two years of low crops prompted the sale of record volumes to boost domestic supplies and lower local prices. At the start of the month wheat reserves in state stores totalled 26 million metric tons, down from 29 million metric tons in May 2023, according to the state-run Food Corporation of India. May wheat inventories are higher than April stocks of 7.5 million metric tons after new season purchases ...

The U.S. Department of Agriculture’s (USDA) weekly crop progress report is expected to rate 51% of the U.S. winter wheat crop in good-to-excellent condition, up 1 percentage point from last week and the highest for this time of year since 2020, a Reuters survey of 14 analysts showed on Monday. The relatively robust condition ratings in the world’s No. 5 wheat exporter could ease concerns about frost- and drought-hit crops in top exporter Russia that have lifted benchmark Chicago Board of Trade wheat futures Wv1 to their highest level in ...

Speculators furiously pitched short positions in Chicago corn and soybeans last week just after a big short squeeze in wheat, as pests raid Argentina’s corn crop and rains devastate soybeans in southern Brazil. Wet weather also slowed the pace of U.S. planting during what is normally the most active period for field work, but top wheat exporter Russia’s main growing region remains concerningly dry. In the week ended May 7, money managers slashed their net short position in CBOT corn futures and options to 102,513 contracts from 218,040 a week ...

The boom times are back for base metals traders. Over 17 million contracts traded on the London Metal Exchange (LME) in April, making it an all-time record month in outright volume terms. Expressed in average daily volumes, activity was the second highest on record after April 2018. That was the month the U.S. government announced import duties on aluminium, a shock to global trade patterns that generated a one-off volume spike on the LME aluminium contract. This time around the lift in activity has played out across all six of ...