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Copper edges up on hopes of stronger demand, stockpiles cap gains

Copper prices edged up on Thursday on hopes of improved demand in China following recent price drops and supply concerns though capping the upside were a stronger dollar and rising stockpiles. Three-month copper on the London Metal Exchange (LME) CMCU3 was up 0.1% at $9,794.50 per metric ton by 1012 GMT. Top metals consumer China left its key benchmark lending rates unchanged on Thursday as Beijing’s monetary easing efforts continue to be limited by narrowing interest rate margins and a weakening currency. China’s onshore yuan CNY=CFXS finished its domestic session ...

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Global zinc market surplus falls in April, ILZSG says

The global zinc market surplus fell to 22,100 metric tons in April from 70,100 tons in March, data from the International Lead and Zinc Study Group showed on Wednesday. During the first four months of the year, the global surplus was 182,000 tons compared with a surplus of 282,000 tons in the same period last year. The following numbers are in thousands of metric tons. Source: Reuters (Reporting by Rahul Paswan in Bengaluru; Editing by Alison Williams)

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Ukraine 2024 crop rapeseed export prices seen rising, producers say

Export prices for Ukrainian rapeseed of 2024 harvest will rise to at least 500 euros ($536.50) per metric ton CPT by October from the current 425 euros, Ukraine’s largest agribusiness group Agrarian Council said. Ukraine is a major grower of rapeseed and traditionally exports a lion share of the harvest mostly to European consumers. “In the longer term, the price should turn upwards. We can expect prices to return to at least 500 euros per ton in October and November,” the council said in a statement. “For farmers who did ...

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Smaller German wheat and rapeseed crops again forecast for 2024

Germany’s 2024 wheat crop will fall 5.5% on the year to 20.34 million metric tons but with recent rain having no major impact on crops, the country’s association of farm cooperatives said in its latest harvest estimate on Wednesday. It forecast Germany’s 2024 winter rapeseed crop will fall 8.0% to 3.89 million metric tons. Reductions had been expected following reduced planted areas. In its previous harvest estimate on May 23, the association forecast Germany’s 2024 wheat crop at 20.31 million tons and the 2024 winter rapeseed crop at 3.87 million ...

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Financial investors reduce net long position in Euronext wheat

Non-commercial market participants reduced their net long position in Euronext’s milling wheat futures and options in the week to June 14,data published by Euronext showed on Wednesday. Non-commercial participants, which include investment funds and financial institutions, reduced their net long position to 92,942 contracts from 108,241 a week earlier, the data showed. Commercial participants reduced their net short position to 97,839 contracts from 113,232 a week earlier. Commercials’ short positions accounted for 61.7% of the total short positions while commercial long positions accounted for 56.39% of total longs. Non-commercial short ...

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India’s coal-based power demand at all-time high, government says

India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday. Peak demand for power in India’s hot, arid northern plains hit a record earlier this week, even as the government said it continues to implement measures to meet high energy consumption. The India Meteorological Department (IMD) has predicted above-normal temperatures for June in the northwest and central parts of the country, making it one of the longest heatwave spells. Cumulative coal production stood at 207.48 million ...

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Copper up on China’s easing monetary policy stance, demand rebound, supply concerns

Copper prices rose on Thursday on China’s central bank reinforcing its easing monetary policy stance, better end-user demand following recent price drops, and supply concerns. Three-month copper on the London Metal Exchange (LME) CMCU3 was up 0.5%at $9,835 per metric ton by 0731 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 closed up 1.2% at 79,390 yuan ($10,934.96) a ton. The People’s Bank of China will stick to a supportive monetary policy stance and will resolutely prevent the exchange rate from overshooting, its governor ...

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Palm rangebound as traders eye export estimates

Malaysian palm oil futures were trading sideways on Thursday as market participants awaited palm oil export estimates for June 1-20. The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange was up 4ringgit, or 0.1%, at 3,924 ringgit a metric ton by the midday break. The contract traded between 3,901 ringgit and 3,938 ringgit a metric ton during thesession. It was up 0.36% in overnight trade. “The market is still range-tradingwhile waiting for leads from exports data and the production figures,” a Kuala Lumpur-based trader ...

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Wheat futures extend losses as crop forecast eases supply fears

Chicago wheat futures edged lower on Thursday as harvests in the United States and elsewhere and higher production forecasts in major exporting countries eased supply fears, with the September contract slipping to its lowest level in two months. Corn and soybean futures also dipped amid easing concerns over a heatwave set to strike U.S. corn and soy crops. With the Chicago Board of Trade (CBOT) reopening after a public holiday on Wednesday,September soft red winter wheat WU24 was down 0.1% at $5.98-1/2 a bushel by 0245 GMT, having fallen as ...

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India raises crop prices as Modi tries to win over farmers

India on Wednesday raised the government-mandated price for summer-sown crops such as rice, soybean and cotton as Prime Minister Narendra Modi looks to woo millions of farmers ahead of key state elections later this year. The country announces support prices for more than a dozen crops each year to set a benchmark. But analysts say the hike could hit government finances and also lift food inflation. India has raised the price at which it will buy new-season common rice paddy from farmers by 5.4% to 2,300 rupees ($27.57) per 100 ...

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Copper bounces despite inventories jump

Copper prices bounced on Wednesday as focus switched to shortages while fund buying added momentum, but concerns about demand prospects in top consumer China were highlighted by rising inventories. Benchmark copper on the London Metal Exchange (LME) was up 1.2% at $9,786 a metric ton by 0942 GMT. Prices of the industrial metal touched a two-month low of $9,551 on Tuesday, hit by fading hopes of growth recovery in China. “The sell-off was quite steep; funds are reversing shorts and the Anglo news reminded people about the possibility of copper ...

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Coal India to get private operators on board to tap coal from 23 abandoned underground mines

Coal India on Wednesday, June 19, said that it will tap coal from 23 of its abandoned underground mines via private operators on a revenue sharing model. The company said coal will be tapped from latent reserves from some of its closed and discontinued mines. “The cumulative peak rated capacity of is 34.14 million tonne/year, while the total extractable reserves are estimated at 635 MT,” the company said. Earlier, Coal India had identified 34 discontinued mines, where good quality coal reserves were lying dormant, but may not have been financially ...

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Iron ore struggles for direction as prospect of China steel output cut weighs

Iron ore futures pared early gains on Wednesday and struggled for a clear direction, as market discussions over potential steel production cuts in top consumer China weighed on prices of the key steelmaking ingredient. The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) closed daytime trade 0.36% lower at 824 yuan ($113.55) a metric ton, after touching an intra-day high of 835.5 yuan a ton earlier in the session. Similarly, the benchmark July iron ore on the Singapore Exchange narrowed gains to trade 0.5% higher to $107 ...

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Along Peru’s mining corridor, Big Copper faces a snarl of trucks

Surging copper prices this year have brought startling growth in the number of trucks carrying copper from illegal mines in Peru, jamming roads, causing accidents and creating hazardous conditions especially after dark along the Andean country’s key “mining corridor” highway, industry sources told Reuters. With copper demand soaring as the world rapidly moves toward electric vehicles and clean energy, illegal mining has been booming. Trucks linked to artisan and illegal mining operations have been crowding vehicles from mines like Chinese-controlled MMG Ltd’s Las Bambas, Hudbay’s Constancia and Glencore’s Antapaccay. Mining ...

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Industrial Metals Monthly: Aluminium rally foiled

Aluminium rallies in May Aluminium prices on the London Metal Exchange surged to the highest level in two years at the end of May. The increase was mostly driven by investment money moving back to commodities after a surge in copper prices. After Rio Tinto declared force majeure on alumina cargoes from its Queensland refineries due to shortages of gas to power its operations, supply risks helped to push the aluminium price higher. The force majeure will only affect third-party export supply, and supply to Rio’s own smelters will remain ...

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