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First-ever shipment of Brazilian corn to China underway, more expected in coming days

The first shipment of Brazilian corn has started its voyage to Guangzhou, China after MV Star Iris, laden with 67,000 mt of corn, sailed from the Brazilian port of Santos at about 5 pm local time Nov. 23, according to shipping website Kpler. The shipment was widely anticipated by market participants after multiple trades were heard in Itaqui and Santos over the previous weeks. More shipments are expected over the two next weeks. Four vessels chartered by Cofco to be loaded with up to 280,000 mt of Brazilian corn are ...

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Iron ore futures snap 3-day losing streak on China property support moves

Dalian iron ore futures snapped a three-session losing streak on Thursday, as recent support measures for China’s property sector outweighed worries over the recent rise in COVID-19 cases. The most-traded January iron ore on China’s Dalian Commodity Exchange ended day-time trade 1.3% higher at 732.0 yuan ($102.36) a tonne, off an earlier high. On the Singapore Exchange, the benchmark December iron ore was up 0.6% at $95.90 a tonne as of 0810 GMT. While traders contemplated the support measures for China’s property sector, Premier Li Keqiang convened a State Council ...

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China copper demand to rise on surging EV output, power investment

Copper demand in China, the world’s top consumer of the metal, will grow faster in 2023, thanks to rising investment in renewable power projects and production of electric vehicles while the country’s expected reopening is seen boosting growth, analysts said. China’s stringent measures to curb the spread of the coronavirus pandemic as well as a deepening slump in the country’s huge real estate sector have weighed on refined copper demand in 2022. But it is expected to ease some COVID-19 curbs next year, offering some respite to the world’s second-largest ...

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APAC Thermal Coal Prices Correct from Record High

Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help mitigate shortages in 2023, says Fitch Ratings. A recent sharp fall in gas and coal prices in Europe, as a result of ample non-Russian supplies and warm weather, has caused Newcastle 6,000kcal/kg coal prices to correct to USD320/tonne from around USD450/tonne in early September. Newcastle outperformed ARA prices in Europe that have nearly halved since September, mainly due to Australia’s wet weather and supply restrictions. We expect weakness in ...

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India’s coal production rises 18% to 448 mt in October

India’s total coal production rose 18% year-on-year to 448 million tonnes (MT) in October, the Ministry of Coal said on Thursday. Coal India’s production also rose more than 17%. “The Ministry of Coal is planning to build stock at domestic coal-based plants to the tune of 30 million tonnes by the end of November, 2022,” the statement reads. According to the ministry, it has plan to keep building the stock so that by the end of 31 March, 2023, thermal power plants stock increase to 45 million tonnes. It is ...

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Copper firms on weak dollar and hope for slower rate hikes

Copper prices drifted higher on Thursday, buoyed by a weaker dollar, optimism that the pace of U.S. interest rate hikes will slow and further support for China’s troubled property sector. Three-month copper CMCU3 on the London Metal Exchange (LME) gained 0.4% to $8,040 a tonne by 1045 GMT. LME copper has shed about 6% since touching a five-month high on Nov. 14, mainly owing to fears about burgeoning COVID-19 cases in top metals consumer China. However, the market received a boost late on Wednesday when U.S. Federal Reserve minutes showed ...

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Putin promises further efforts to unblock more Russian fertiliser exports

President Vladimir Putin said on Wednesday Russian officials would work to unblock Russian fertilisers stuck in European ports and to resume ammonia exports via a pipeline through Ukraine. At a meeting with Russian businessman Dmitry Mazepin, who gave up control of fertiliser producer Uralchem-Uralkali after he was hit by EU sanctions in March, Putin said Russia was ready to increase its fertiliser exports. “The main problem was probably the fact that quite a lot of fertiliser was frozen in European ports,” Mazepin said at the meeting, which was shown on ...

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Turkey tenders to buy estimated 455,000 tonnes wheat – traders

Turkey’s state grain board TMO has issued an international tender to purchase about 455,000 tonnes of milling wheat, European traders said on Wednesday. The deadline for submission of price offers in the tender is Nov. 29. Source: Reuters (Reporting by Michael Hogan)

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Goldman sees support for global commodity prices from mid-2023

The global economic environment will be more supportive for commodities in mid-2023 on expectations the dollar will ease, while China’s reopening from COVID-19 curbs will boost risk appetite, a Goldman Sachs analyst said on Wednesday. Prices of commodities from oil to metals have been pummelled by a strong U.S. dollar this year as the Federal Reserves hiked interest rates aggressively to curb inflation. Goldman expects the U.S. central bank to pause its monetary tightening by the second quarter of next year, weighing on the greenback and providing some relief to ...

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European hot rolled coil prices maintain downward trend

Western European hot rolled coil prices continued to decline, during the past four weeks. Further reductions are expected in late November and early December. Prices in Germany are particularly weak. In contrast, they are holding up at a slightly higher level in France and the UK Most mills are short of orders and are aiming to fill gaps in their December production schedules, as they try to improve cash flow. Output is being cut and production facilities idled, in an attempt to balance supply with demand. Upcoming plant maintenance may ...

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Coal output in China’s Shanxi up 7.9 pct in Jan-Oct

China’s largest coal-producing region Shanxi saw steady growth in coal output in the first 10 months of 2022 as it strives to guarantee the country’s energy supply. In the January-October period, major coal mining enterprises in Shanxi produced nearly 1.07 billion tonnes of raw coal, up 7.9 percent year on year, the Shanxi provincial bureau of statistics said Wednesday, adding that the rise in output came after capacity expansions and the launch of new mines. The resurgence of COVID-19 in several major coal-producing cities in Shanxi since the end of ...

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Is there enough Brazilian corn to feed the world with China lurking?

The demand for Brazilian corn has never been greater as China prepares to enter the market and disrupt the global trade books for the feed grain, raising buyers’ concerns on the impact it could have on prices and supplies. Not too long ago, China’s corn import demand was merely a rounding error on the global corn trade books as the nation fed its livestock industry with domestically farmed corn. China started its rebuild of a hog farming sector decimated by the African Swine Fever pandemic in an environment of an ...

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Chinese crushers catch up soybean activity, soymeal price at turning point: trade

The Chinese soybean meal price was moved into a downward trend for the first time since it reached a historic average high of Yuan 5,660/mt on Nov.10. Chinese crushers expect the drop to continue, as they catch up on soybean crushing volumes starting from this week. According to industry sources, as of Nov. 22, the average spot soybean meal price was Yuan 5,000/mt for regions in North China, down by 9% week on week. Higher crushing volumes The soybean crushing volume last week was slightly up, from 1.3 million mt ...

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China copper demand to rise on surging EV output, power investment

Copper demand in China, the world’s top consumer of the metal, will grow faster in 2023, thanks to rising investment in renewable power projects and production of electric vehicles while the country’s expected reopening is seen boosting growth, analysts said. China’s stringent measures to curb the spread of the coronavirus pandemic as well as a deepening slump in the country’s huge real estate sector have weighed on refined copper demand in 2022. But China is expected to ease some COVID-19 curbs next year, offering some respite to the world’s second-largest ...

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European, U.S. demand have become key drivers of metal prices-Trafigura chief

Demand from Europe and the United States has become a key driver of global metal prices, along with that from China, as a rise in electrification in those regions boosts appetite for metals, Trafigura’s executive chairman said at a summit in Singapore. Jeremy Weir told the FT Commodities Asia Summit on Wednesday that prices had previously been mainly driven by Chinese demand, which accounts for about half of the world’s metals consumption. The comments come amid a global movement by governments and automakers to boost electrification and the production of ...

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