Malaysian palm oil futures closedhigher for the second session on Monday, tracking gains in rival Dalian oils and helped by a softer ringgit. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange rose 36 ringgit, or 0.98%,to 3,717 ringgit ($793.72) a metric ton at the closing. The benchmark declined 2.75% last week. “Today’s market seems to be in correction mode, tracking Dalian strength while awaiting new leads from production. If the current rainy spell being experienced in Malaysia continues, production may slow down lending support ...

Copper prices dropped on Monday, approaching close to four-month lows hit last week, with sentiment dominated by concern over Chinese demand, rising stocks and a stronger dollar. Benchmark copper CMCU3 on the London Metal Exchange (LME) was down 1% at $8,140 a metric ton by 0958 GMT. The metal used in power and construction earlier touched $8,110, near the $8,071 hit last week for its lowest since the end of May. Prices of industrial metals have come under pressure this year from slowing demand in China, where the property market ...

U.S. incentives to boost consumption of more environmentally friendly fuel has created a new market for used Chinese cooking oil, worth almost $390 million in the last 12 months and growing rapidly, China’s customs data shows. China has been shipping more waste oil to the U.S. since October 2022, two months after the Biden administration passed the Inflation Reduction Act (IRA) to promote clean energy, which included tax credits for production of sustainable aviation fuel (SAF) and extended incentives for biodiesel. In the first eight months of 2023, Chinese exports ...

Argentina’s mining exports will reach around $4.5 billion in 2023, up from the 2022 total amid strong prices and the launch of a new lithium mine, the president of the sector’s main business chamber told Reuters late Thursday. Roberto Cacciola, who has just taken over as president of the Argentine Chamber of Mining Entrepreneurs (CAEM), said in an interview “the final number of exports will be closer to $4.4 or $4.5 billion in 2023.” The country’s mining exports totaled $3.8 billion in 2022, according to official data. Cacciola said the ...

A modest rebound in U.S. wheat production and supplies is improving the outlook for profitability among grain elevators that store wheat. Futures market carries have improved for all three major classes of wheat and the buy basis is widening following a bigger harvest. The larger harvest follows two years of poor production and a historic run of inverted futures markets that sapped profitability for storing wheat. According to a new report from CoBank’s Knowledge Exchange, the major risk to elevators in the year ahead is a sharp rally in wheat ...

South Korea’s SK Energy, owned by SK Innovation 096770.KS, is offering more October-loading 10ppm sulphur gasoil for sale, after selling around nine cargoes in the past few weeks, three industry sources familiar with the matter said on Monday. The refiner is looking to sell one 300,000-barrel 10ppm sulphur gasoil cargo loading Oct. 30 to Nov. 2, the sources said. One 500ppm sulphur gasoil cargo is also available via this sale tender, for loading on Oct. 25-27, they added. The tender for these cargoes close on Sept. 25 with same-day validity. ...

DCE iron ore futures fall today by 2.03%. the main contract I2401 closed 844.5. some traders were negative to sell, and quotation

Russia’s move to temporarily ban nearly all its exports of diesel and gasoline to ease surging domestic fuel prices is set to hit flows to Turkey and Brazil, but market watchers expect the curbs to be short-lived. Announced with immediate effect on Sept. 21, by far the biggest impact of the ban will be on global diesel markets, as Russia has been exporting almost 1 million b/d of diesel this year, compared with gasoline flows of around 150,000 b/d. With Russia the world’s second-biggest exporter of diesel behind the US, ...

Moderately strong El Nino conditions have formed in the Pacific Ocean, and forecasters are confident they will last into early 2024, possibly bringing relief to some dry grain production areas of the Americas. That replaces the La Nina cycle that lasted nearly three years and introduced severe drought to the U.S. Plains and Argentina over the last year. Those impacts still linger despite the flip toward El Nino, which occurs when surface waters in the equatorial Pacific Ocean are sufficiently warmer than normal. Sea surface temperatures in the important Nino ...

A steep rainfall deficit in August may push India’s soybean yields and harvest lower than government’s expectations in marketing year 2023-24 (October-September) despite an increase in acreage, according to market participants polled by S&P Global Commodity Insights. According to the annual soybean survey conducted among 13 trade participants and analysts, India’s soybean output in MY 2023-24 is seen slightly lower on the year at 12.1 million mt, down from an estimated 13.1 million mt in MY 2022-23. India’s soybean crop which is the fifth largest in the world is likely ...

China’s top copper smelters maintained their fourth-quarter guidance for copper concentrate processing treatment and refining charges (TC/RCs) at a six-year high amid expectations of ample supply in the market. The rates, decided at a meeting of the China Smelters Purchase Team (CSPT) held on Friday, were $95 per metric ton and 9.5 cents per pound, three sources with knowledge of the matter said. This rate is the same as that in the third quarter and the highest since the fourth quarter of 2017. It is higher than this year’s annual ...

Russia’s Foreign Minister Sergei Lavrov on Saturday portrayed the United States and Europe as “looking down” on the rest of the world amid a battle to win over developing countries, and said that while Moscow does not reject U.N. efforts to revive a Black Sea grain deal, a recent proposal was unrealistic. Lavrov spoke after a week of intense global diplomacy at the annual gathering of world leaders at the United Nations, where Ukraine’s President Volodymyr Zelenskiy – attending in person – and Western allies sought to shore up support ...

Chicago wheat slid on Monday, with the market giving up some of last session’s gains, although concerns over dry weather hitting production in key Southern Hemisphere suppliers Australia and Argentina curbed losses. Corn and soybeans lost ground as prices of both crops remained under pressure from U.S. harvest and South American supplies. The most-active wheat contract on the Chicago Board of Trade (CBOT) lost 0.4% to $5.77 a bushel, as of 0338 GMT. Corn fell 0.5% to $4.75 a bushel and soybeans were down 0.3% at $12.93 a bushel. Droughts ...

Russia remained the top supplier of crude oil to India in July as it exported crude oil worth $3.37 billion during the month, showed data from the ministry of commerce and industry. However, compared to June, the imports from Russia declined 11.4% in terms of value. In June, India had imported crude oil worth $3.80 billion. The month-on-month decline comes in the backdrop of narrowing discounts on the Russian oil and with supply cuts by the country in tandem with Opec+ decision, analysts said. India imported crude oil worth $8.96 ...

Russia has temporarily banned its gasoline and diesel exports apart from to four ex-Soviet states to tackle fuel shortages and try to stem rising prices on its domestic market, but it could face oversupply and logistics backlogs. The export ban implemented on Thursday for an unspecified time will affect gasoline and ultra-low sulphur diesel, but not heating oil. DOMESTIC FUEL SHORTAGE Russia, one of the world’s biggest oil producers, has faced shortages of fuel, especially in southern regions where it is needed for harvesting grain, although supplies in other regions ...