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GRAINS-Wheat rises for 3rd session on U.S. dryness; soybeans rebound

Chicago wheat futures rose for a third consecutive session on Thursday with prices underpinned by bargain-buying and dry weather in key producers the United States and Australia. Soybeans firmed with the market taking a breather after Wednesday’s deep losses which were triggered by fears about Chinese demand for U.S. supplies amid a trade war between the two nations. The Chicago Board Of Trade most-active wheat contract gained 0.8 percent to $4.98 a bushel by 0311 GMT.ff Soybeans were up 0.5 percent at 10.04-1/2 a bushel after dropping to their lowest ...

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South Africa aims to finalise mining charter in June, minister says

South Africa aims to finalise a third version of a hotly contested mining charter in June, mines minister Gwede Mantashe said on Tuesday, later than the government had predicted last month. The government and miners have been locked in difficult negotiations over the charter, which lays out requirements for black ownership levels and other targets, after the industry opposed revisions proposed by Mantashe’s predecessor. Agreeing a new version of the charter is seen as instrumental to securing further investment in the mining sector, which new President Cyril Ramaphosa has made ...

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Rio Tinto says no output at strike-hit IOC; contractors handling care and maintenance

Production remains suspended at Iron Ore Company of Canada as the strike by the United Steelworkers union continues, a spokeswoman with parent company Rio Tinto said Wednesday, emphasizing that contractors working at the facility are keeping it under care and maintenance status. USW Local 5795, which has 1,300 members, has accused the company of hiring replacement workers. The strike at the facility in Labrador City, Newfoundland and Labrador, began March 27. “The ones that are on site, the contractors, it is legal to have replacement workers in Newfoundland and Labrador,” ...

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China’s coal-rich province to further cut capacity

North China’s coal-rich Shanxi Province will close 35 mines in 2018, further cutting 22.4 million tonnes of coal production capacity, local authorities said. The province will continue to improve its coal industrial structure with more advanced coal production, which includes safer and more efficient facilities and clean production, the provincial land and resources bureau said. China plans to cut ineffective coal capacity by 150 million tonnes in 2018, according to a government work report released March. Shanxi produced more than 16.2 billion tonnes of coal from 1949 to 2014, accounting ...

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As spring temperatures soar, China coal traders bet on shortages

China’s thermal coal futures rose to a six-week high on Wednesday as traders bet on a supply crunch as lower hydro power output and forecasts of a summer heat wave spurred expectations of rising demand for the nation’s most-consumed fuel source. The most-active futures, for September delivery, on the Zhengzhou Commodity Exchange rose by as much as 1.9 percent to 643 yuan ($100.98) per tonne on Wednesday, their highest since Feb. 28. They have rallied 16 percent since mid-April. Demand has risen as coal-fired power plants will need to shore ...

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Coal at Record Is Latest Pressure to Weigh on Utility Earnings

China’s thirst for energy is roiling markets in Europe, jolting the outlook for coal-hungry utilities as they struggle to cope with tighter pollution and environmental rules. Coal for delivery next year in Northwest Europe touched a record $90.65 a ton on Tuesday, a fifth consecutive day of gains that together with higher costs on carbon emissions lifted the price of electricity in the process. China’s power generation needs has drawn in more cargoes of both coal and liquefied natural gas, diverting supplies away from Europe. The market shift is benefiting ...

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Commodity prices to rise more than expected in 2018: World Bank

Oil prices are forecast to average $65 a barrel over 2018, up from an average of $53 a barrel in 2017, on strong demand from consumers and restraint by oil producers, while metals prices are expected to rise 9 percent this year, also on a pickup in demand and supply constraints, the World Bank said. Prices for energy commodities – which include oil, natural gas, and coal — are forecast to jump 20 percent in 2018, a 16 percentage point upward revision from October’s outlook, the World Bank said in ...

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China steel, iron ore slip after 3-day runup, but outlook upbeat

Chinese steel and iron ore futures erased gains on Wednesday following a three-day rally that lifted the raw material to an eight-week high, although the outlook for steel demand remained upbeat. With construction activity in China in full swing, traders’ steel inventories have continuously fallen since March and production by Chinese mills jumped in April to the highest daily average in four years. “It’s still the best season for steel demand in China and it could continue until early July or when summer officially begins. Now a lot of work ...

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How a Russian aluminum giant escaped the noose of U.S. sanctions

They were supposed to be the toughest sanctions the United States had ever imposed on a Russian oligarch. Seventeen days later, Washington watered them down. On April 23, the U.S. Treasury eased restrictions on billionaire Oleg Deripaska’s aluminum company Rusal. Instead of barring Rusal from international markets, which is what the United States originally intended to do, the Treasury suggested it might lift the sanctions altogether. Washington’s change of course says a lot about the leverage held by the supply chain of a widely-used commodity such as aluminum. It also ...

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Copper scrap a key battleground in China’s war on waste

China’s self-declared war on “foreign garbage” has come to America. From May 3 all U.S. shipments to China of secondary materials, from scrap metal to plastics and waste paper, are suspended for a month. China Certification and Inspection Group (CCIC) North America, the sole body licensed with checking U.S. cargoes before they sail, will not be allowed to issue export certification documents until June 4. During the one-month suspension every container with U.S. waste material at Chinese ports will be opened, inspected and, if necessary, undergo laboratory testing. The reason, ...

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Japan April aluminium stocks up 9 pct m/m – Marubeni

Aluminium stocks held at three major Japanese ports AL-STK-JPPRT rose about 9 percent to 267,100 tonnes by the end of April from the previous month, trading house Marubeni Corp said on Wednesday. Marubeni collects data from the ports of Yokohama, Nagoya and Osaka. April 2018 March 2018 April 2017 Yokohama 122,500 109,200 118,100 Nagoya 129,600 121,100 118,200 Osaka 15,000 15,000 14,000 Total 267,100 245,300 250,300 Source: Reuters (Reporting by Koustav Samanta and Eileen Soreng in Bengaluru; Editing by Vyas Mohan)

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China’s ShFE plans commodities platform to set physical prices

Shanghai Futures Exchange (ShFE) said it would launch China’s first real-time platform for trading physical commodities from copper to chemicals, as it seeks to improve transparency and challenge rivals in the global futures market. The platform will set physical premiums and discounts for cash-settled futures warrants depending on the commodity’s location, quality and brand. In commodities trading, buyers typically pay a premium on top of or receive a discount from the underlying futures price for the physical delivery of the product. “The trade aims to promote a premium and discount ...

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Germany’s 2018 wheat and rapeseed crops seen down

The association of German farm cooperatives on Wednesday forecast that Germany’s 2018 wheat crop would fall 2.0 percent from 2017 to 23.98 million tonnes. The cooperatives forecast Germany’s 2018 winter rapeseed crop would fall 3.3 percent to 4.12 million tonnes. In its previous harvest forecast in April, the association had forecast a 2018 wheat harvest of 24.29 million tonnes and a winter rapeseed crop of 4.62 million tonnes. The reason for the cut in the wheat harvest forecast was the estimate released on Tuesday by Germany’s national statistics office that ...

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Japan mills plan higher Apr-Jun output on firmer domestic demand

Japanese steel producers are planning to raise crude steel production in the current quarter to 26.93 million mt, up 3.4% year on year and 2% from January-March, according to a survey released Friday by the Ministry of Economy, Trade & Industry. METI officials in charge of the survey were not available for comment Tuesday, but a Tokyo-based trader said the plan to boost output is on the back of firmer domestic demand and higher exports. “The production plan for export is also higher, but the export in April-June 2017 was ...

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Wheat up for 2nd day on support from U.S., Australian weather

Chicago wheat futures rose for a second session on Wednesday with prices underpinned by dry weather in key exporters the United States and Australia. Corn futures were little changed after hitting a six-day high earlier in the session as forecasts for rains stoked concerns of planting delays. The most-active wheat contract on the Chicago Board Of Trade gained 0.2 percent to $4.94-1/2 per bushel while soybeans were down 0.6 percent to $10.12-3/4 a bushel. Corn was unchanged at $4.02-1/4 a bushel, near the session high of $4.03-1/4, the highest since ...

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