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London base metals dip on weakened sentiment amid inflation woes

Base metal prices in London slid on Wednesday, as a two-year-high inflation rate in China dented market sentiment, while investors braced for further aggressive U.S. interest rate hikes ahead of a widely anticipated inflation data. Three-month copper on the London Metal Exchange CMCU3 lost 0.9% to $7,909.50 a tonne by 0615 GMT. Consumer price index (CPI) in China, the world’s top metals consumer, last month rose 2.7% year-on-year, the fastest pace since July 2020 and higher than the 2.5% gain in June, but lower than the 2.9% expected by economists. ...

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JSW Steel crude steel production grows 14% in July

JSW Steel reported crude steel production for the month of July 2022 at 15.69 lakh tonne compared to 13.82 lakh tonne in July 2021, recording a growth of 14% on a standalone basis. The production of flat rolled products rose 15% to 10.72 lakh tonne while production of long rolled products jumped 19% to 3.65 lakh tonne in July 2022 over July 2021. Source: Capital Market

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Brazil corn-based ethanol producers have enough supplies -farmer-backed group

Brazilian corn-based ethanol producers in Mato Grosso state are not expected to have problems sourcing the raw material even if China starts buying corn from Brazil this year, farmer-backed research group Imea said on Monday. Mato Grosso producers have placed corn orders in advance, said Cleiton Gauer, Imea’s superintendent. While the farmer group does not anticipate supply issues after China and Brazil agreed on a trade protocol to export corn, corn demand from the Asian country may change Mato Grosso’s price outlook going forward. “The impact on the price of ...

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BHP needs to pay more for EV, clean energy metals as it returns to dealmaking

BHP must shell out more if it wants to snap up assets like those of OZ Minerals – a play on the future of electrification and decarbonisation, analysts and bankers said, after the miner’s unsolicited bid for the nickel and copper company was rebuffed. BHP Group’s A$8.34 billion ($5.8 billion), or A$25 per share, bid for OZ Minerals OZL.AX does not fully value its assets in light of the global green energy push, according to some analysts. This is the second rejection that BHP has faced in less than a ...

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Iron ore futures retreat as China demand woes back in focus

Dalian and Singapore iron ore futures fell on Tuesday as traders weighed fresh COVID-19 flare-ups in China and weak steel demand, particularly from the country’s ailing property sector. The most-traded iron ore, for delivery in January next year, on China’s Dalian Commodity Exchange DCIOcv1 was down 1% at 726 yuan ($107.53) a tonne, as of 0629 GMT. It hit its highest since Aug. 1 at 755 yuan earlier in the session. On the Singapore Exchange, the steelmaking ingredient’s front-month September contract SZZFU2 fell 1.1% to $110.40 a tonne, after advancing ...

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Palm hits 11-day closing high as Indonesia lowers export tax threshold

Malaysian palm oil futures climbed on Tuesday to their highest closing in 11 days, after larger producer Indonesia lowered its export tax threshold on crude palm oil, bridging the discount gap against Malaysian palm oil. The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange gained 54 ringgit, or 1.33%, to 4,125 ringgit ($926.34) a tonne, up for a third consecutive session. Indonesia lowered its threshold for applying export tax on crude palm oil to a reference price of $680 per tonne, down from $750 ...

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Copper gets helping hand from improving data

Copper climbed towards one-month highs on Tuesday as improving demand prospects due to stronger than expected data from the United States and top consumer China were reinforced by a lower dollar. Benchmark copper CMCU3 on the London Metal Exchange was up 0.3% at $8,011 a tonne at 1000 GMT. Prices rose to $8,020 on Monday, the highest since July 5. “In the near term better data means equity and credit markets are pricing out a more severe recession risk. In this context base metals could catch up with this risk ...

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Govt tightens rules on wheat product exports

The government on Monday sought to tighten rules on exports of wheat flour and other related products and mandated that such despatches will be subject to the submission of quality certificates issued by the Export Inspection Council or its affiliates. The certificates will be over and above the current requirement of recommendations by an inter-ministerial panel. Industry sources said the aim of the notification by the Directorate General of Foreign Trade (DGFT) is to discourage exports of wheat products to keep domestic supplies steady and prices under control. The notification ...

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Chicago grains higher after crop ratings decline

Chicago corn, wheat and soybean futures rose on Tuesday after reduced U.S. crop ratings in a weekly government report put attention back on weather risks. The decline in growing conditions, together with a weaker dollar, helped offset pressure from a resumption in sea exports from Ukraine under a wartime corridor agreement. The most-active corn contract on the Chicago Board of Trade (CBOT) was up 2.2% at $6.20-1/2 a bushel by 1009 GMT,=. CBOT soybeans Sv1 added 1.5% to $14.21-1/2 a bushel while CBOT wheat Wv1 rose 2.1% to $7.96-1/4 a ...

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Funds break selling streak in CBOT corn, soy as futures surge -Braun

It took a historic futures rally in the final days of July to prevent speculators from exiting more bullish bets in Chicago corn and soybeans, as they have done in all but two weeks since the end of May. Although buying in the most recent week was lighter, it proved that buying in the big “up” days can still outweigh selling in “down” days, something that has not been happening in recent weeks. Investors have substantially pared long bets in grains and oilseeds since they approached historical highs earlier this ...

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Commodity Tracker: 5 chart to watch this week

1. High profits, global energy crisis pressure majors to invest more in upstream projects What’s happening? Shell, BP, TotalEnergies, Equinor and Eni announced over $37 billion in Q2 profits as the key Dated Brent oil benchmark neared $140/b in March before settling above the $100/b mark. Upstream production is mostly in terminal decline as the majors prioritize spending on the energy transition. What’s next? While the majors remain committed to capital discipline, they face tough demands over how to spend their soaring profits. Pressure is now growing for them to ...

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The unwitting winners of France’s drought: salt farmers

Through blistering heatwaves and drought that have parched the French countryside in recent weeks, one group has emerged a reluctant winner: salt farmers in the northwestern region of Guerande. Guerande’s snow-white Fleur de Sel (‘flower of salt’), which crystallizes on the water’s surface, is one of the finer salts on world markets, retailing in the United States at over $100 a kilogram. As temperatures climbed in recent months and almost inexistent rainfall turbo-charged salt water evaporation in the region, production has soared. “We’re heading towards record production,” said producer Francois ...

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German coal ramps up to highest since March, gas dips below average

German hard-coal-fired generation ramped up to the highest weekly average since March for the first week of August, while gas generation fell sharply after reaching a six-month-high in July, transmission operator data aggregated by Fraunhofer ISE showed Aug. 8. Hard-coal output averaged 6.36 GW for Week 31 (Aug. 1-8), up 21% week-on-week, while gas fell 24% to 4.26 GW. Gas-fired generation hit a record Eur437.48/MWh Aug. 3 compared to just Eur184.12/MWh for an older coal units, S&P Global Commodity Insights data based on front-month prices show. Spot coal into Europe ...

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China’s Dalian soybean, soyoil options make debut trade

China’s soybeans and soyoil options made their debut trade on the Dalian Commodity Exchange on Monday, as the world’s biggest commodity buyer looks to provide more hedging tools and improve its pricing power. Domestic investors can now trade options for both of Dalian’s No. 1 soybean and No. 2 soybean contract, for non-GMO and GMO soybeans respectively, as well as its soyoil contract. The exchange had already begun trading soymeal options trading in 2017. “I think there will be good interest in the soybean oil options. The soybean meal options ...

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Palm rises to 8-day peak as Indonesia lowers export tax threshold

Malaysian palm oil futures rose on Tuesday to their highest in eight days, after top producer Indonesia lowered its export tax threshold on crude palm oil, bridging the discount gap against Malaysian palm oil. The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange gained 63 ringgit, or 1.55%, to 4,134 ringgit ($928.15) a tonne by the midday break, up for a third consecutive session. Indonesia lowered its threshold for applying export tax on crude palm oil to a reference price of $680 per tonne, ...

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