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Russia’s Novak rules out diesel export ban

Russian Deputy Minister Alexander Novak said on Wednesday that Russia is not considering a ban on diesel exports, and that a ban on gasoline exports may be lifted at any moment if the market becomes saturated. During a visit to Iran, the Kremlin point man for Russia’s energy sector said: “The situation on the domestic petroleum products market is stable. This measure is preventive, that is, today we do not have a shortage. We look forward and ensure the balance of supply and demand for the future.” “This is a ...

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BHP to restructure some global corporate roles as it looks to trim costs

The world’s biggest listed miner BHP Group BHP.AX said on Thursday it was disbanding some global teams and transferring those roles covering functions including planning, environment and heritage protection to its mining asset-level management. BHP employs more than 80,000 people in staff and contractors around the world and the announcement comes after CEO Mike Henry has flagged the lack of productivity improvement and high costs of its Australian workforce. The changes will take place at BHP’s operational assets in Australia and the Americas. BHP did not say how many jobs ...

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Oil loadings from Russia’s Baltic ports for Mar. 1-10 set to rise 21% from Feb. 1-10

Russian Urals oil and Kazakhstan’s KEBCO loadings from Russia’s Baltic ports of Primorsk and Ust-Luga will jump to 2.3 million tonnes for Mar. 1-10 from 1.9 million tonnes planned for Feb. 1-10, two traders said on Thursday. Combined exports of Urals and KEBCO oil grades from Primorsk and Ust-Luga in the first 10 days of March will rise by some 21% from the same period of February, Reuters calculations showed. Oil loading plans for Russia’s Black sea port of Novorossiisk in March were slow to emerge. Russia’s oil loadings from ...

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Russian government confirms gasoline export ban for 6 months from March 1

The Russian government confirmed on Thursday it will impose a six-month ban on gasoline exports from March 1 to keep prices stable. “The decisions taken are aimed at maintaining a stable situation in the fuel market during a period of increased demand associated with spring field works, the holiday season and scheduled repairs of refineries,” the government said on its official Telegram channel. Russia is the world’s second largest oil exporter. A spokeswoman for Deputy Prime Minister Alexander Novak, President Vladimir Putin’s point man for Russia’s vast energy sector,confirmed on ...

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Global aluminium producers seek Q2 premiums of $145-$155/T, sources say

Global aluminium producers have offered Japanese buyers premiums of $145-$155 per metric ton for April-June primary metal shipments, up 61%-72% from the current quarter, three sources directly involved in quarterly pricing talks said on Thursday. Japan is Asia’s major importer of the metal and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price CMAL0 set the benchmark for the region. For the January-March quarter, Japanese buyers agreed to pay a premium of $90 per ton PREM-ALUM-JP, down 7% from ...

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Soybeans near 3-year low as LatAm supplies keep lid on prices

Chicago soybeans inched higher on Friday, with the market recovering from last session’s three-year low, although large South American supplies and lacklustre demand for U.S. cargoes are expected to curb the upside potential in prices. The wheat market faced headwinds from ample Black Sea supplies. The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 added 0.4% to $11.45-1/4 a bushel, as of 0329 GMT. The market dropped to its weakest since November 2020 at $11.28-1/2 a bushel on Thursday. Corn Cv1 fell 0.1% to $4.29 a bushel ...

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MMi Daily Iron Ore Index Report March 01 2024

DCE iron ore futures continued to fluctuate ,and dropped in the afternoon. the main contract I2405 closed

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Palm ends higher on rival oils while traders await major industry conference

Malaysian palm oil futures closed up on Thursday, tracking strength in rival oils, while the market is waiting for leads from a major industry conference due to be held in Kuala Lumpur next week. The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange was up 62 ringgit, or 1.59%,at 3,969 ringgit ($836.99) per metric ton on its closing. “The futures (are) tracking external strength while awaiting leads from next week’s Price Outlook Conference and Exhibition (POC),” said a Kuala Lumpur-based trader. The soyoil contract ...

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Nickel hits more than two-month high as investors eye Indonesia

Nickel prices touched their highest in more than two months on Thursday as some investors bet that a slide in the market had hit a floor on worries about supply from top producer Indonesia. Three-month nickel CMNI3 on the London Metal Exchange rose 0.6% to $17,700 a metric ton in official open-outcry trading after touching $17,830 for its highest since Nov. 10. LME nickel has rallied 8.6% this month and is on track for its first monthly gain since July. “People are asking, is the cost floor high enough now, ...

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Australian miner South32 to sell met coal business, focus on transition to low-carbon future

Australia-listed miner South32 said Feb. 29 that it will sell its Illawarra metallurgical coal business in Australia for up to $1.65 billion, a move it said will allow to reshape its portfolio and focus on commodities critical in the transition to a low-carbon future. The Illawarra met coal business will be sold to an entity held by Golden Energy and Resources and M Resources. Both these companies have exposure to met coal businesses, but they are not traditional miners like South32. The sale is big news that highlights the change ...

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Argentina rains to bring more relief to soy and corn crops

Copious rains in the coming days will continue to provide moisture to most of Argentina’s agricultural regions, favoring soybean and corn crops planted in the 2023/24 cycle, the Buenos Aires grain exchange (BdeC) said on Wednesday. Argentina is one of the world’s largest exporters of soy meal and the world’s third largest supplier of corn. In the coming days, most of South America’s southern cone will observe moderate to abundant rainfall, the exchange said in its weekly crop report, although Argentina’s agricultural southwest will like received less than 10 millimeters ...

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Soybeans fall to new 3-year low, corn off 2-week high

Chicago soybean futures fell on Thursday to a new three-year low,pressured by an advancing harvest in top producer Brazil and tepid U.S. exports. Corn edged down after earlier reaching a two-week high that had lifted it away from last week’s three-year trough. Wheat also eased. Short-covering by speculative investors has helped grain markets bounce off lows in the past week, but plentiful supply in the Americas and the Black Sea region has curbed prices. The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 ended the overnight trading ...

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PetroVietnam Gas seeks to buy 2 LNG cargoes, the first to be delivered April 1-20

PetroVietnam Gas is seeking to buy two LNG cargoes, with the first to be delivered April 1-20, three sources said on Thursday. The company has issued a tender inviting firms to submit bids for the cargo, the sources said. The tender closes on Thursday, according to the sources and a copy of the tender reviewed by Reuters. The delivery of the second cargo has yet to be determined. The LNG would be delivered to PetroVietnam Gas’s newly built terminal in Vietnam’s southern province of Ba Ria Vung Tau. Source: Reuters ...

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Vietnam Jan-Feb rice exports at 912,000 T, up 2.1% y/y

Vietnam exported 912,000 metric tons of rice in the first two months of 2024, up 2.1% from a year earlier, government data released on Thursday showed. Rice export revenue in the period rose 35.2% to $639 million, the General Statistics Office said in a report. Source: Reuters (Reporting by Phuong Nguyen; Editing by Kanupriya Kapoor)

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Japan seeks 78,974 metric tons of food wheat via tender

Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) is looking to buy a total of 78,974 metric tons of food-quality wheat from the U.S. and Canada in a regular tender that will close on Friday. Japan, the world’s sixth-biggest wheat importer, keeps a tight grip on imports of its second-most important staple after rice, buying a majority of the grain for milling via tenders typically issued three times a month. Source: Reuters (Reporting by Fumika Inoue; Editing by Himani Sarkar)

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