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S.Africa’s Transnet lifts force majeure after derailment

South Africa’s state logistics company Transnet on Friday said it had lifted a force majeure declaration on its coal line, after restoring the main export route for the commodity following a derailment over two weeks ago. A train carrying coal for export derailed on Nov. 8 on Transnet’s North Corridor, causing the partial closure of the train line that is also used to transport chrome and other commodities. The rail utility said the derailment had resulted in the increased use of trucks taking coal to port by road as miners ...

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Brazil corn exports to China seen at 368,000 tonnes this month

Four to six vessels are expected to carry Brazilian corn to China this month, the first shipments since a new bilateral trade protocol entered into force, according to maritime shipping data compiled on Wednesday by Victor Martins, senior risk manager at HedgePoint Global Markets. Martins projects Brazilian corn shipments to China totaling as much as 368,000 tonnes in November based on information he independently obtained from market sources and three shipping companies updated through Tuesday. China’s Cofco is the buyer of most cargos, the data showed. Discrepancies in shipping schedules ...

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U.S. oil imports, exports up last week

Both U.S. crude oil imports and exports increased during the week ending Nov. 18, the U.S. Energy Information Administration said. U.S. crude oil imports averaged 7.063 million barrels per day (b/d) last week, up by 1.504 million b/d from the previous week, while crude oil exports averaged 4.242 million b/d, up by 380,000 b/d from the previous week, according to the Weekly Petroleum Status Report. Over the past four weeks, U.S. crude oil imports averaged about 6.32 million b/d, up by 1.5 percent from the same four-week period last year. ...

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BHP sees 2-3 years of elevated costs, near-term copper oversupply

BHP Group Ltd, the world’s largest listed miner, is bracing for rising costs into the middle of the decade, adding to headwinds facing the copper market which is facing short-term oversupply, an executive said on Wednesday. “We’ve seen some substantial cost inflation. We don’t think we’ve seen the end of it yet. We think this is going to be a period of between the next 2 years or 3 years,” said BHP’s Chief Development Officer Johan van Jaarsveld. Surging inflation due to the Ukraine-Russian war and supply chain disruptions have ...

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China’s copper scrap market to remain tight on limited supply

The Chinese copper scrap market is expected to remain tight as the pandemic and global economic downturn worsen an already limited supply caused by global trade restrictions, a JCC Renewable Resource executive said on Thursday. “Due to increased uncertainty of the global economy and the aftermath of COVID, the market for raw material is in tight supply,” said Huang Yifu, vice general manager of Chinese scrap company JCC Renewable Resource. “This year, most (processing and smelting) factories have reduced production due to a shortage of raw materials,” Huang said, adding ...

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Discussions around commodity prices rose by 34% in Q3 2022 earnings call transcripts, finds GlobalData

Amid growing concerns over global inflation and anticipated recession, discussions around commodity prices in companies’ earnings call transcripts rose by 34% in Q3 2022 compared to Q3 2021, finds GlobalData, a leading data and analytics company. GlobalData’s, ‘Company Filings Analytics – Trends & Signals Q3 2022’, report reveals that discussions around commodity prices were highest in the oil & gas industry, followed by mining, construction, power, automotive, consumer, and banking & payments. Excluding power and retail industries, where sentiment around commodity prices increased by 2% and 4% year-on-year (YoY) respectively, ...

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War in Ukraine speeds up green transition, boosts copper demand-Anglo American exec

The Russia-Ukraine war has quickened countries’ transition to renewable energy, underpinning current and future demand for copper, a company executive at global miner Anglo American PLC said. Some countries have ramped their use of renewable energy this year after the war in the Ukraine disrupted the energy market and caused supply shortage in Europe. That trend has fuelled appetite for copper, which is used in both solar and wind power plants, as well as in electric vehicles. “Everything we talk about in terms of energy transition is about copper,” Anglo ...

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Palm little changed, set for first weekly gain in three

Malaysian palm oil futures traded in a tight range on Friday, as the ringgit recovered and participants awaited export data, although the benchmark contract was on track to post its first weekly gain in three. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange was unchanged at 4,040 ringgit ($907.05)per tonne by midday. “The market is sideways with a downside bias, as the ringgit continues to strengthen. Negative margins in destination is also keeping buyers at bay,” a Kuala Lumpur-based trader said. The Malaysian ...

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Copper up on weaker dollar, market fundamentals; China weighs

Prices of copper ticked up on Friday, supported by a weaker U.S. dollar, though they were set to end the week little changed as investors weighed up tight market fundamentals against China’s COVID-19 outbreaks. Three-month copper on the London Metal Exchange CMCU3 was up 0.4% at $8,075 a tonne by 0445 GMT on the day, and barely changed from the $8,076-a-tonne closing price last Friday. The most-traded December copper contract on the Shanghai Futures Exchange SCFcv1 moved up 0.4% to 65,240 yuan($9,113.64) a tonne. The dollar stood close to a ...

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Palm oil slumps as Malaysian ringgit surges

Malaysian palm oil futures fell on Thursday, snapping a three-day rally, as the ringgit posted its biggest surge in over six years over an end to a political deadlock, triggering some profit-taking. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange lost 1.44% to end the afternoon trade at 4,046 ringgit ($901.11) per tonne, erasing some of the 6.74% gain over the previous three sessions. It rose as much as 2.80% earlier in the day, hitting its highest in nearly two weeks due to ...

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Argentine government says 72.6% of 2021/22 soybean crop sold so far

Farmers in Argentina, the world’s top exporter of processed soy, have so far sold 72.6% of the 2021/22 soybean harvest, the agriculture ministry said on Wednesday, lagging the 75.6% sold at the same point a year ago. Producers in Argentina sold 165,500 tonnes of the season’s soybeans in the week of Nov. 10-16, down from the 641,700 tonnes sold during the same period a year earlier. The 2021/22 soybean harvest was 44 million tonnes. Soybean sales boomed to 13.3 million tonnes in September, driven by a temporary preferential exchange rate ...

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Chevron’s Venezuelan oil exports will not profit state-run PDVSA

A U.S. license allowing Chevron Corp (NYSE:CVX) to expand Venezuela’s oil production and export its oil will be designed to prevent the country’s state-run oil firm PDVSA to profit from the sales, according to a person familiar with the matter. The largest U.S. oil company still operating in the OPEC nation is expected to win U.S. approval to vastly expand operations in Venezuela as soon as Saturday. Any approval would allow it to resume producing and export crude oil that has been barred by U.S. sanctions. Terms of the U.S. ...

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Ukraine grain exports sputter after extension deal with Russia

Ukraine’s grain exports have gotten off to a slower start after a U.N.-brokered deal was extended last week to help ease global hunger, and one Ukrainian envoy put part of the blame on Russia’s reluctance to speed up ship inspections. Since the agreement was extended beyond Nov. 19, no more than five ships a day have departed Ukraine, U.N. data show, down from previous weeks and months when up to 10 departed. A U.N. spokesperson, Ismini Palla, said vessel flows were affected by past uncertainty over extending the deal, poor ...

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Algeria buys durum wheat in tender -traders

Algeria’s state grains agency OAIC is believed to have purchased durum wheat in an international tender which closed on Wednesday, European traders said on Thursday. The volume bought was unclear. Trader estimates of the purchase on Thursday ranged between 300,000 and 450,000 tonnes. Traders estimated prices at around $495 per tonne c&f for consignments in large panamax-sized bulk carriers and between $502 and $503 a tonne c&f for smaller handysize ships. More detailed assessments of prices and tonnes bought are possible later. Shipment was sought in three periods: Dec. 16-31, ...

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Modi govt’s steel export duty roll-back decision may not help in restoring volumes, say experts

The government’s decision to roll back export duties on steel might not help in restoring volumes and is unlikely to provide support to domestic steel prices, while the benefits to manufacturers would be marginal. With global steel prices now lower than domestic rates and demand outlook weak due to recessionary headwinds, exports have become less lucrative, except for strategically regaining global market share, industry experts opined. In an attempt to control inflation, the government had imposed a 15% export duty on steel products in May this year. The country exported ...

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