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Oil costs spur India to produce ethanol from farm waste

India opened its first factory to produce ethanol from rice straw or stubble on Wednesday as part of measures to reduce its reliance on oil imports and meet its net zero carbon goal. Prime Minister Narendra Modi said the project will help cut pollution in India’s capital New Delhi, which has been blanketed by smog from stubble burning in recent winters, as well as in the northern states of Haryana and Punjab. India, one of the world’s biggest emitter of greenhouse gases, has set a 2070 goal for net zero ...

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Food prices fell sharply in July — but the respite may not last

Food prices dropped significantly in July from the previous month, particularly the costs of wheat and vegetable oil, according to the latest figures from the United Nations’ Food and Agriculture Organization. But the FAO said that while the drop in food prices “from very high levels” is “welcome,” there are doubts over whether the good news will last. “Many uncertainties remain, including high fertilizer prices that can impact future production prospects and farmers’ livelihoods, a bleak global economic outlook, and currency movements, all of which pose serious strains for global ...

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VEGOILS-Palm oil breaks three-day gaining streak as stocks rise

Malaysian palm oil futures snapped a three-session gaining streak on Wednesday, after data showed stocks rose in July despite higher-than-expected exports. The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange fell 13 ringgit, or 0.32%, to 4,106 ringgit ($921.66) per tonne. The contract had gained 8% over the previous three sessions. Malaysia’s end-July palm oil stocks rose to an eight-month peak on the back of improving production and soaring imports, according to data from industry regulator the Malaysian Palm Oil Board (MPOB). Crude palm ...

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Dalian iron ore retreats on China demand uncertainty

Benchmark iron ore futures fell on Wednesday, with Dalian prices retreating from an eight-day peak, as uncertainty over demand prospects in top steel producer China kept traders cautious. The most-traded iron ore, for delivery in January next year, on China’s Dalian Commodity Exchange DCIOcv1 ended daytime trade 1.7% lower as 724.50 yuan ($107.21) a tonne. On the Singapore Exchange, the front-month September contract SZZFU2 was up 0.9% at $110.60 a tonne by 0700 GMT, after swinging between losses and gains. Other steelmaking inputs also fell, with Dalian coking coal DJMcv1 ...

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China’s Domestic Stainless Steel Output is Expected to Increase Slightly in August

According to SMM survey, the domestic stainless steel output in July totalled about 2.3705 million mt, down 273,800 mt or 10.35% MoM and 18.76% YoY. The output of 200 series stainless steel stood at 651,000 mt, down 25.68% YoY; 300 series 1.3199 million mt, down 14.29% YoY; 400 series 399,600 mt, down 20.4% YoY. SHANGHAI, Aug 10 (SMM) – According to SMM survey, the domestic stainless steel output in July totalled about 2.3705 million mt, down 273,800 mt or 10.35% MoM and 18.76% YoY. The output of 200 series stainless ...

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GRAINS-Chicago grains extend gains on crop risks

Chicago corn, wheat and soybean futures rose further on Wednesday, with soy hitting a new one-week high, as hot, dry weather in parts of the United States and Europe kept attention on harvest risks. Gains were capped, however, by a cautious mood before U.S. inflation data later on Wednesday and U.S. crop forecasts due on Friday. MKTS/GLOB The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 was up 0.7% at $6.18 a bushel by 1011 GMT, while soybeans Sv1 added 0.8% to $14.39-3/4 a bushel. CBOT wheat ...

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Romania’s wheat harvest down 15-18% this year, minister says

Romania has finished reaping its wheat crop for the year, and the harvest is 15% to 18% smaller than in 2021, Agriculture Minister Petre Daea said on Wednesday. The European Union state reaped a record grain crop in 2021, including 11.3 million tonnes of wheat, but crops this year have been affected by weather and higher production costs. Daea said earlier this month the wheat harvest was large enough to cover Romanian domestic needs and ensure a surplus for exports. The country’s domestic consumption traditionally ranges from 2.5 to about ...

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Australia’s Graincorp hikes profit view again on soaring demand, favourable weather

Australia’s Graincorp raised its annual profit forecast for the second time, as the agribusiness firm capitalises on strong demand for grains and vegetable oils amid a supply crunch from the war in Ukraine, pushing its shares up more than 10%. The profit upgrade on Wednesday was also encouraged by expectations of above-average East Coast Australian (ECA) crop in year 2022/23, combined with a favourable three-month rainfall outlook. Global wheat prices reached record levels in early 2022 as major exporter Ukraine’s supplies were essentially cut off due to Russia’s invasion, triggering ...

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Aluminium pulls back on concern about Chinese construction demand

Aluminium and copper prices slipped on Wednesday on worries about declining demand after data from top metals consumer China highlighted a weak construction sector. Three-month aluminium on the London Metal Exchange dropped 0.8% to $2,470 a tonne by 1040 GMT. China’s factory-gate inflation eased to a 17-month low in July, data showed on Wednesday, as a slower domestic construction sector weighed on raw material demand. The construction sector is a key demand driver for both copper and aluminium. LME copper CMCU3 dipped 0.1% to $7,975.50 a tonne after earlier easing ...

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Weak demand puts pressure on steel prices

Steel prices slipped down both on a week-on-week and month-on-month (m-o-m) basis with an improvement in demand remaining elusive. Investors are thus watchful about any development pertaining to the removal of steel export duty that can help push up sales and in turn lead to a reduction in inventory. Indian steel mills cut the price of hot rolled coil (HRC) for August 22 to ₹58,500 per tonne, which is a reduction of ₹3,500 per tonne m-o-m, and cold rolled coil (CRC) to ₹66,000 per tonne, a reduction of ₹2,500 per ...

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Aluminium foundry fights for survival in European gas crisis

Shouting over the clanging of machinery, Gerd Roeders is reluctantly preparing for the temporary shutdown of his German aluminium foundry to survive Europe’s growing gas crunch. Roeders is hoping that by moving the 200-year-old plant to three weeks of 24-hour shifts followed by a one-week shutdown, he can maintain output while cutting his gas bill, which has doubled since last year to 12.3 million euros ($12.6 million). Without tough choices, he fears this will triple or even quadruple in 2023. The plan will save the cost of gas needed to ...

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Glencore’s smelter warning galvanises the zinc price

The London Metal Exchange (LME) zinc price jumped to a six-week high last week after Glencore GLEN.L warned of the continuing margin squeeze on its European smelters. The commodities powerhouse idled part of its Portovesme smelter in Italy at the end of 2021 due to high power prices. Europe’s power crunch has got much worse in the intervening months after Russia launched what it calls its “special military operation” in Ukraine at the end of February. What looked at the time like a seasonal power price spike has morphed into ...

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Palm oil tracks soyoil lower; key data in focus

Malaysian palm oil futures retreated on Wednesday from a three-day climb, as the contract tracked weakness in rival soyoil. The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange lost 33 ringgit, or 0.8%, to 4086 ringgit ($917.17) a tonne by the midday break. Malaysia’s end-July palm oil stocks expanded to an eight-month peak on the back of improving production and soaring imports, according to data from industry regulator the Malaysian Palm Oil Board (MPOB) released during the midday break. Crude palm oil production climbed ...

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Palm oil tracks soyoil lower; key data in focus

Malaysian palm oil futures retreated on Wednesday from a three-day climb, as the contract tracked weakness in rival soyoil. The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange lost 33 ringgit, or 0.8%, to 4086 ringgit ($917.17) a tonne by the midday break. Malaysia’s end-July palm oil stocks expanded to an eight-month peak on the back of improving production and soaring imports, according to data from industry regulator the Malaysian Palm Oil Board (MPOB) released during the midday break. Crude palm oil production climbed ...

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Corn prices ease from 1-week top, wheat up for 3rd session

Chicago corn futures eased on Wednesday, as the market took a breather after climbing to a one-week high in the previous session on concerns over hot and dry weather in parts of the U.S. Midwest. Wheat rose for a third consecutive session, although hopes of more grain exports from Ukraine limited gains. “…traders are nervous with the few dry spots in the Western Corn Belt and a significant drop in corn and wheat conditions this past week,” according to a Hightower report. “Positioning ahead of the USDA (U.S. Department of ...

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