Home / Commodities (page 4)

Commodities

Copper gains on China’s property support, softer dollar

Copper prices rose on Thursday as China’s supportive measures for its property sector, a weaker U.S. dollar and the prospect of the Federal Reserve slowing its pace of interest rate hikes boost sentiment. Three-month copper on the London Metal Exchange CMCU3 was up 0.9% at $8,079.50 a tonne by 0251 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange SCFcv1 rose 0.3% to 65,130 yuan ($9,117.76) a tonne. “Metals are higher from Chinese bank’s pledge for loans and interest-free terms to other banks for re-lending to developers,” ...

Read More »

Vietnam boosts coal use plan for 2030 as G7 climate offer stalls

Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables goals were scaled back, in a potential blow to rich nations’ funding initiatives for cleaner energy. The updated draft, dated Nov. 11, was circulated by Vietnam’s industry ministry as climate negotiators from the Group of Seven nations failed to clinch a financing deal with Vietnam on a “Just Energy Transition Partnership” at the global climate COP27 summit, which ended in Egypt on Sunday. The industry ministry did ...

Read More »

Iran registers highest oil, petchem export record after sanctions re-imposition

Iranian Oil Minister Javad Oji said the country has reached the highest record of oil, gas condensate, and petrochemical exports since 2017 (when the U.S. started re-imposing sanctions on Iran’s oil industry) in the eighth Iranian calendar month of Aban (October 23-November 21), Shana reported. The minister made the statement at a gathering of oil industry employees on Tuesday. “Iran’s oil industry is now at the forefront of the economic war and the toughest sanctions have been imposed on this industry,” he said, noting that the industry has thrived despite ...

Read More »

Indonesia’s Bulog aims to import up to 500,000 T rice before year-end -chief

Indonesia food procurement agency Bulog planned to import up to 500,000 tonnes of rice before the end of the year to improve reserves of the staple food, chief executive Budi Waseso told a parliament committee on Wednesday. Bulog also planned to procure another 500,000 tonnes of rice from local farmers, he said. Source: Reuters (Reporting by Bernadette Christina Munthe Writing by Fransiska Nangoy Editing by Louise Heavens)

Read More »

Taiwan buys 43,400 tonnes of US-origin wheat

The Taiwan Flour Millers’ Association purchased an estimated 43,400 tonnes of milling wheat to be sourced from the United States in a tender late last week, European traders said on Tuesday. The tender sought a range of different wheat types in one consignment for shipment from the US Pacific Northwest coast between Jan 4 and Jan 18. The purchase involved 26,800 tonnes of US dark northern spring wheat of minimum 14.5% protein content bought at $420.71 a tonne FOB US Pacific Northwest coast, traders said. The purchase also involved 12,650 ...

Read More »

Brazil’s 2023 corn exports could get big boost from China

Brazilian corn exports could jump exponentially next year if farmers harvest a full crop and Chinese demand is strong, Brazil’s National Association of Grain Exporters said on Tuesday. Brazil is poised to export 40 million tonnes to 50 million tonnes of corn next year, boosted by a new trade protocol with China and a potential bumper crop, said Sergio Mendes, director general of the group, known as Anec, in an interview. Brazil could export as much as 5 million tonnes of corn to China alone in 2023, making it a ...

Read More »

Palm rises for third day on gains in related oils, export data expectation

Malaysian palm oil futures rebounded in the afternoon session on Wednesday, posting a third straight day of gains, as related oils lend strength and amid expectation of firm Nov. 1-25 export data. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange gained 2.50% to close the afternoon session at 4,104 ringgit ($897.64) per tonne. “Our market was up, influenced by external strength also anticipation of good export for the month up to 25th,” a Kuala Lumpur-based trader said. Exports of Malaysia’s palm oil products ...

Read More »

Iron ore futures extend losses over rising China COVID cases

Dalian iron ore futures extended their losses for a third straight session on Wednesday, as worries over rising COVID-19 cases in top steelmaker China weighed on market sentiment. The most-traded January iron ore on China’s Dalian Commodity Exchange ended day-time trade 0.4% lower at 732.5 yuan ($102.44) a tonne, off an earlier low. On the Singapore Exchange, the benchmark December iron ore was up 1.7% at $95.05 a tonne as of 0715 GMT. Beijing shut parks and museums on Tuesday and Shanghai tightened rules for people entering the city as ...

Read More »

Palm Oil Prices to Weaken in 2023 on Higher Output

Fitch Ratings expects average crude palm oil (CPO) prices to be significantly lower in 2023, as industry output is likely to be higher. Lower prices should weaken Asian producers’ margins and EBITDA, and result in higher leverage. However, EBITDA should be supported by higher fruit yields and oil output. The free cash flow (FCF) profiles of producers should also benefit from a release of working capital. We assume Malaysian benchmark CPO prices to average USD800/tonne (t) in 2023, compared with USD1,200/t in 2022. However, a drastic cut in market expectations ...

Read More »

EU wheat exports get second wind with Chinese and U.S. demand

French wheat sales to China and talk of Polish or German wheat being booked in the United States are creating an unexpected wave of demand for EU supplies after exports had been curbed by Russian competition in recent weeks, traders said. These opportunities could push 2022/23 European Union wheat shipments further ahead of last season’s pace and use up most of export surplus in France, they said. After talk early last week that Chinese importers had purchased two cargoes of French wheat, traders have cited further deals that could bring ...

Read More »

Ukraine 2022 grain harvest seen falling to 51 MLN t, official says

Ukraine’s 2022 grain harvest may fall sharply to 51 million tonnes from a record 86 million tonnes in 2021 because of Russia’s invasion, a senior Ukrainian agriculture official said on Wednesday. Ihor Vishtak, director of the agriculture ministry’s department for agrarian development, told a news briefing that farmers had already harvested around 39 million tonnes of grain. He also said that next year’s grain sowing structure would depend on the condition of winter wheat after the coming winter, but farmers could reduce the area sown to the next year’s corn ...

Read More »

Commodity Tracker: 4 charts to watch this week

1.Kazakhstan’s ties with Russia crucial issue for oil markets as leader gets second term What’s happening? Kazakh President Kassym-Zhomart Tokayev has won a second term in office after a snap presidential election. He’s hoping to reassure the world on his country’s role as a reliable, long-term destination for investment and a growing oil producer. Kazakh crude export volumes have fluctuated significantly in the wake of Russia’s invasion of Ukraine, and prices for oil shipped via its key export route, the Caspian Pipeline Consortium, have traded at sizeable discounts. What’s next? ...

Read More »

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)

Read More »

Australia’s LNG exporters have a no-win domestic dilemma

Australia’s liquefied natural gas exporters have a problem at home, where industrial and domestic consumers are making strident demands for them to accept a price cap, higher taxes, guaranteed volumes or some combination of all of these. The LNG industry argues that all of those of measures would result in lower investment and lower natural gas production over time, which would ultimately lead to higher prices. There is merit on both sides of the argument. But the problem for Australia’s natural gas producers and LNG exporters is that politically their ...

Read More »

End of cheap money for U.S. farmers plows trouble into food production

Montana farmer Sarah Degn had big plans to invest the healthy profits she gleaned for her soybeans and wheat this year into upgrading her planter or buying a new storage bin. But those plans have gone by the wayside. Everything Degn needs to farm is more expensive – and for the first time in her five-year career, so is the interest rate on the short-term debt she and nearly every other U.S. farmer relies upon to grow their crops and raise their livestock. “We might have made more money this ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping