Pakistan has received its first shipment of liquified petroleum gas from Russia, Moscow’s embassy in Islamabad said on Tuesday, marking Islamabad’s second major Russian energy purchase. The shipment, which the embassy said was delivered with Iranian help, comes after Pakistan received its first-ever delivery of Russian crude under a deal struck between the two countries earlier this year. Russia delivered 100,000 metric tons to Pakistan through Iran’s Sarakhs Special Economic Zone, the Russian embassy said in a post on social media. The embassy said consultations on a second shipment were ...

India’s vegetable oil imports are likely to drop 6% in the new marketing year beginning November, due to higher carryover stocks of oilseeds from the current year, a leading industry figure said. India, the world’s biggest importer of vegetable oils, is likely to buy 15.6 million metric tons of cooking oils in the 2023-24 oil year, down from 16.6 million in the current year to Oct. 31, 2023, said Sandeep Bajoria, chief executive of Sunvin Group, a Mumbai-based vegetable oil brokerage and consultancy firm. The country is likely to import ...

China has raised the minimum purchase price for third-grade wheat produced in 2024 to 2,360 yuan ($323)per metric ton, according to the state planner on Wednesday. The National Development and Reform Commission had previously set the 2023 minimum purchase price at 2,340 yuan per ton. This was decided based on production costs, supply and demand, local and global market prices, and other factors, it said in a notice published on its website. A maximum of 37 million tonnes of wheat would be purchased at the new minimum price, the state ...

Copper production by Chile’s Codelco will not continue to fall, the company’s Chairman Maximo Pacheco said on Wednesday, noting that a recovery in output is expected to start next year. Speaking at an event in Santiago, Pacheco also said it would be a mistake for Codelco to delay projects currently under development. Codelco’s copper output fell in 2022 to its lowest level in 25 years, exacerbated in part by delays to key projects for extending the lives of its mines. The company has recently also cut its production forecast for ...

DCE iron ore futures continued to fluctuate in a day, the main contract I2401 closed 852, an increase of 0.89%

China’s appetite for base metal imports appears to be growing. Refined copper volumes hit a year-to-date monthly high in August and primary aluminium imports were the highest since November 2021. The country has also fully reverted to being a net importer of unwrought zinc after flipping to net exporter in 2022. Rising imports are flowing through an open arbitrage window resulting from Shanghai Futures Exchange (ShFE) prices outperforming the London Metal Exchange (LME). While LME forward curves are in contango, cash is commanding a premium in Shanghai due to low ...

Exports of four main Nigerian crude oil grades scheduled for November were set to average at about 746,000 barrels per day (bpd), according to preliminary programmes, a big jump from the October schedule. Loadings of Bonny Light, Bonga, Qua Iboe and Forcados streams were down to a total of about 569,000 bpd in October. Exports of Nigeria’s Forcados grade of crude oil resumed in mid August, roughly a month after loadings of the medium sweet grade were suspended. In November, 323,000 bpd of Forcados are scheduled to load owing to ...

Russia last week announced a ban on exports of gasoline and diesel, as the Kremlin tries to tackle rising prices of the fuel at home and ensure enough domestic supply. The country in recent months has suffered shortages of gasoline and diesel. The government decree said the restrictions would be temporary but did not give a date for them ending. Several analysts said the ban would fuel price rises for diesel on world markets this winter. Russia is one of the world’s largest suppliers of diesel and a major exporter ...

Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), said on Wednesday it had bought 170,000 metric tons of wheat in an international tender. The purchase comprised 60,000 tons of Romanian wheat for Nov. 10-20 shipment and 110,000 tons of Romanian and Bulgarian wheat for Nov. 21-30 shipment, it said. European wheat has continued its winning streak in Egyptian tenders as an unofficial price floor has weighed on Russian wheat’s competitiveness. Traders say the Russian government had been imposing an unofficial minimum export price of $270 a ton ...

Russian wheat offers at a recent import tender by Egypt were all made at the same price, highlighting what traders see as behind the scenes intervention by Russia’s government that is sowing confusion about the world’s biggest wheat exporting country. Here is a more detailed look at what is happening. WHAT IS RUSSIA’S POLICY? In March, sources told Reuters that the Russian government was recommending exporters ensure prices were high enough to cover farmers’ production costs. Traders say the policy is also intended to limitexports and cool domestic flour prices, ...

Palm oil prices could rise by at least $100 per metric ton in the next 4 to 6 months as growth in supplies slows and as demand from the food and biodiesel industry rises, a leading industry analyst Thomas Mielke told an industry conference. “Palm oil prices declined of late. At around $820 free on board basis they are currently undervalued. It appears that only a few triggers are needed to push prices higher,” Mielke said. Growth in palm oil production has slowed down and global production is likely to ...

Ukraine’s move to create a shipping channel for grain exports is a positive step for global food security, although efforts continue to reach a new agreement over a broader Black Sea corridor, the top U.N. trade official said on Wednesday. Russia in July quit a U.N.-backed deal which had enabled exports from Ukraine to sail from three approved ports. Since then, Kyiv has launched what it calls a temporary humanitarian corridor in an effort to break Russia’s de facto blockade. Two ships have sailed in recent days from the Ukrainian ...

Chicago wheat futures regained some ground on Thursday as traders looked beyond low price offers in Europe and shifted focus to forecasts of smaller harvests in Australia and Argentina that are likely to tighten supply later in the year. Corn and soybeans also advanced as an oil price rally lifted ethanol, an alternative fuel that can be made from either crop. Wheat harvests in Russia and many other northern hemisphere countries are nearing an end and dry weather has hit crops in southern hemisphere exporters that harvest later, said Rod ...

China’s oil products exports are set to rise in October as state-owned refiners capitalise on lucrative margins and some western demand, while international flights recover, industry sources and analysts said. The boost in Chinese exports follows Beijing issuing a third batch of fuel export quotas earlier this month. The world’s second-largest oil refiner is importing lower-priced sanctioned oil from Russia, Iran and Venezuela and maximising output to ramp up exports that have helped ease tight gasoline and diesel supplies globally and capped prices. China’s gasoline, diesel and jet fuel exports ...

South Korea’s state-backed Agro-Fisheries & Food Trade Corp. has issued an international tender to purchase an estimated 50,100 metric tons of rice largely from the United States, European traders said on Wednesday. Of the total, 900 tons should be sourced from Vietnam and the rest from the United States. The deadline for submissions of price offers in the tender is Oct. 12. For the U.S. origin, the tender seeks non-glutinous brown medium grade rice for arrival in South Korea three consignments in 2024 between Jan. 31 and June 6, they ...