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Palm drops over 4% this week amid strong ringgit, weak rival oils

Malaysian palm oil futures notched weekly losses of more than 4% after falling for a second session on Friday as the ringgit strengthened and related vegetable oils slumped. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange fell 2.94% to end the day at 3,958 ringgit ($903.03) per tonne, its lowest close since Nov. 22. For the week, it was down 4.40%. Persisting strength in the ringgit and continued weakness in related oilseeds put pressure on palm oil prices, a Kuala Lumpur-based trader said. ...

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Copper edges up on softer dollar, easing China COVID curbs

Copper prices edged up on Friday, propped up by a weaker dollar and easing COVID-19 curbs in China, but the upcoming U.S. jobs data kept the market unsettled. Three-month copper on the London Metal Exchange CMCU3 ticked up 0.1% to $8,348 a tonne by 1030 GMT, after gaining about 5% so far this week. The most-traded January copper contract on the Shanghai Futures Exchange SCFcv1 climbed 0.9% to 66,240 yuan ($9,415.11) a tonne. “The weaker dollar has helped, but there are also signs that China may have to revise its ...

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Iron ore futures post weekly gain on China reopening hopes

Iron ore futures rose on Friday to post weekly gains, buoyed by expectations that top steelmaker China would relax its strict COVID-19 restrictions, lifting demand sentiment. The most-traded January iron ore on China’s Dalian Commodity Exchange ended day-time trade 2.2% higher at 787.5 yuan a tonne, rising about 5.2% for the week. On the Singapore Exchange, the benchmark December iron ore was up 2.7% at $105.75 a tonne, as of 0705 GMT. Some communities in Chinese cities where COVID-19 is still spreading are easing off on testing requirements and quarantine ...

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Global food prices overall hold steady in November

The measure of changes in world food commodity prices remained largely steady in November, with declining international prices of cereals, meat and dairy products offsetting increasing quotations for vegetable oils and sugar, the Food and Agriculture Organization of the United Nations (FAO) reported Friday. The FAO Food Price Index, which tracks monthly changes in the international prices of a basket of commonly-traded food commodities, averaged 135.7 points during the month of November, a fraction below its level in October. The Index is now only 0.3 percent higher than its level ...

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Argentine exchange: early soy in core farm belt hit by drought, outlook dry

Prolonged drought has left over a third of early planted soybeans in Argentina’s core farming region in regular to poor condition, the Rosario grains exchange said late Thursday, adding more dry and hot weather was expected in the days ahead. Argentina is the world’s leading exporter of processed soybean oil and meal, but an ongoing drought in the Pampas plains is causing challenges for the start of the 2022/23 soybean season, with planting ongoing. Drought has already caused significant losses in wheat crops in the same cycle and caused major ...

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Chile copper production up 1.4% in October – Cochilco

Chile’s total copper production rose 1.4% in October to 477,000 tonnes, government body Cochilco said on Friday. Production from state-owned giant Codelco fell 5.8% on a yearly basis to 135,800 tonnes, Cochilco said, while output from BHP-controlled Escondida rose 17.7% to 99,700 tonnes. Collahuasi, a joint venture of Anglo American AAL.L and Glencore GLEN.N, produced 44,900 tonnes, a 9.3% drop. Source: Reuters (Reporting by Fabian Andres Cambero; Editing by Steven Grattan)

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Egypt to start exporting agricultural products to Philippines – statement

Egypt is to start exporting agricultural products to the Philippines following five years of negotiations, the Egyptian agriculture ministry said in a statement on Friday. The first shipment of Egyptian citrus is expected to be exported to the Philippines during the current season, the ministry added. Source: Reuters (Reporting by Momen Saeed Atallah; Writing by Alaa Swilam; Editing by Jan Harvey)

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Russia’s 2022/23 grain exports seen at up to 54 MLN t – state trader

State controlled trader United Grain Company (UGC) expects Russia to export 53-54 million tonnes of grain in the 2022/23 season, its deputy head Ksenia Bolomatova told an agriculture conference on Thursday. The country’s agriculture ministry in September forecast grain exports of between 50-60 million tonnes in the 2022/23 season. Source: Reuters (Reporting by Olga Popova; Editing by Mark Potter)

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Ukraine grain exports down 29.6% at 18.1 mln T so far in 2022/23

Ukraine has exported almost 18.1 million tonnes of grain so far in the 2022/23 season, down 29.6% from the 25.8 million tonnes exported by the same stage of the previous season, agriculture ministry data showed on Friday. The volume included more than 6.9 million tonnes of wheat, 9.7 million tonnes of corn and about 1.5 million tonnes of barley. After an almost six-month blockade caused by the Russian invasion, three Ukrainian Black Sea ports were unblocked at the end of July under a deal between Moscow and Kyiv brokered by ...

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India cuts windfall tax on crude oil output, diesel exports

India cut the windfall tax on crude oil to 4,900 rupees ($60.34) per tonne, according to a government order. It also cut the export tax on diesel to 8 rupees per litre. Changes to the windfall tax will be effective from Friday, the order said. Source: Reuters (Reporting by Nidhi Verma, Aftab Ahmed and Shivam Patel in New Delhi; Editing by Jan Harvey)

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Coal ministry to hold investors’ conclave for mining sector on 3 December

The coal ministry is organising an investor conclave in Bengaluru on 3 December to enhance participation in commercial auction of coal mines, the Ministry of Coal said. The high-level meet will be chaired by coal minister Pralhad Joshi and will be attended by Karnataka chief minister Basavaraj Bommai, minister of state for coal, mines and railways, Raosaheb Patil Danve, minister of Mines & Geology Halappa Basappa Achar and minister of Energy for Karnataka Vasudev Sunil Kumar, coal secretary Amrit Lal Meena and mines secretary Vivek Bhardwaj. The Ministry of Coal ...

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Indonesia’s nickel ore export ban, domestic processing requirements found violating WTO rules

The World Trade Organization has ruled that Indonesia’s export ban and domestic processing requirement on nickel ore violates WTO rules, according to a report released Nov. 30. The WTO’s Dispute Settlement Body established a panel in February 2021 to examine whether Indonesia’s imposition of the two measures prevent the export of nickel ore from Indonesia, as alleged by the EU, which challenged the export ban on nickel ore, as well as another measure that requires that all nickel ore be processed domestically in Indonesia. The EU had gone to the ...

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New Capacity Roundup – November 2022

Here is a selection of the major steelmakers’ latest production and capacity investments announced this month. Europe Salzgitter Group has commissioned a third hot dip galvanising line at its Flachstahl subsidiary. The new complex has an annual output of 500,000 tonnes of automotive grade high and ultra-high-strength steels, in thicknesses between 0.7mm and 2.5mm and widths between 900mm and 1,700mm. The company spent approximately €200 million on the project, which represents its largest single investment in the past ten years. Danieli confirms that it has been awarded a contract to ...

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Fate of struggling U.S. winter wheat crop may come down to March rains

Widespread and worsening drought in the United States clipped summer yields earlier this year, and it now stands to limit output of winter wheat, which is heading into dormancy in near-record poor health. The worst conditions for winter wheat are currently found in Plains states that suffered the largest losses among corn and sorghum crops, as well as the previous winter wheat harvest, raising concern for grain supplies in these areas. Exports are of less concern at the moment since the U.S. share of world trade has shrunk. The U.S. ...

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Agriculture Weather Watch: Below average rainfall projection dampens Latin America’s crop prospects

Argentina is likely to witness below normal rains over the next 15 days, leading to further dryness, while heat will continue to stress crops, space technology provider Maxar said in its daily weather report Nov. 29. Meanwhile, Brazil is likely to see favorable weather conditions for crop planting and growth in the coming days. Wetter weather in Brazil will provide some relief to the corn and soybean crops as rainfall in most parts of the country has been lower than normal for November. Brazil and Argentina ** Overall corn crop ...

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