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Higher output in China drove global aluminium up 4% in H1

Global primary aluminium output rose by 3.9% year-on-year to 35.84 million metric tons in the first half of 2024, driven mainly by higher production in China, data from the International Aluminium Institute (IAI) showed on Monday. Prices for aluminium, used in the construction, transportation and packaging sectors, hit their highest in almost two years in late May, prompting producers to increase output. Prices have fallen 17% since then. China, the world’s biggest aluminium producer, said last week that its first-half aluminium output grew 7% to 21.55 million tons and that ...

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MARS cuts EU 2024 maize outlook after hot weather in southeast

European Union crop monitoring service MARS on Monday cut most of its forecasts for average grain yields in the EU this year, with the sharpest drop for maize and sunflower which suffered from hot and dry weather in the southeastern part of the bloc. Grain and oilseed crops have faced adverse yet contrasting weather this year with excessive rainfall in the north hurting winter cereals, notably wheat which is on track for its smallest crop since 2020, and drought in the south hurting summer crops. “In large parts of southern-central ...

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Funds expand all-time bearish soy view and stage record meal sell-off

Speculators last week established another record net short in Chicago-traded soybeans as strong U.S. crop prospects and an oversupply of beans in China have dragged futures to near four-year lows. In the week ended July 16, money managers expanded their net short in CBOT soybean futures and options to a new high of 185,750 contracts from 172,605 a week earlier, and this was predominantly the result of new gross shorts. Funds since late May have sold more than 170,000 soy futures and options contracts, equivalent to more than 850 million ...

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Soybeans holds its gains as traders weigh Trump reelection chances

Chicago soybean futures held steady on Tuesday after big gains in the previous session as concerns over the U.S. weather outlook and a reassessment of Donald Trump’s chances of winning power prompted short-covering by speculators. The most-active soybean contract on the Chicago Board of Trade (CBOT) was Sv1 flat at $10.69 a bushel by 0449 GMT after rising 3.2% on Monday, the biggest one-day increase since June last year. Soybeans hit a four-year low of $10.32 last week amid ample supply and anticipation that Trump could renew his trade war ...

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China’s manufacturing steel demand rebounds, market pressure expected with rising supply

China’s manufacturing steel demand rebounded in June to a higher level than seen a year ago, providing support to flat steel markets that have been under pressure due to a rapid growth in production, market participants said July 17. With robust manufacturing steel demand supporting higher flat steel production in China, flat steel output was expected to further rise in the second half of 2024, which could bring pressure back on steel markets, trading sources said. On the manufacturing side, strong exports of manufactured goods had a major contribution to ...

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Iron ore edges lower as investors digest mixed signals from China

Prices of iron ore futures edged lower on Monday as investors and traders assessed mixed market signals from top consumer China following the end of its widely watched third plenum. The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 0.31% lower at 798.5 yuan ($109.79) a metric ton. The benchmark August iron ore contract SZZFQ4 on the Singapore Exchange fell 0.83% to $103.65 a ton, as of 0710 GMT. China lowered a key short-term policy rate and its benchmark lending rates in an attempt ...

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Japanese Q3 2024 aluminum premium rises to $172/mt CIF Japan

Platts, part of S&P Global Commodity Insights, assessed the third-quarter premium for imported primary aluminum at $172/mt plus London Metal Exchange cash, CIF main Japanese ports, on July 22, up 18% from $145-146.50/mt in the second quarter of 2024. The Q3 premium assessment was based on 10 reported trades between July 16 to July 22. All deals were concluded at $172/mt, with a total minimum volume of 17,000 mt/month, plus LME cash CIF Japan for seaborne P1020/P1020A ingot for loading over July to September. Offers sat in a range of ...

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Palm logs five-day winning streak on good demand, strong July exports

Malaysian palm oil futures ended higher onMonday, extending gains to a fifth consecutive session on the back of good demand and data showing a surge in July exports. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange climbed 27 ringgit, or 0.68%, to 3,988 ringgit ($852.50) a metric ton, its highest closing since July 5. Exports of Malaysian palm oil products for July 1-20 jumped between 39.2% and 41.4% from the same period in June, cargo surveyors Intertek Testing Services and AmSpec Agri Malaysia said ...

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Aluminium slips to almost four-month low on demand concerns

Aluminium prices fell to their lowest in almost four months as some bullish positions were scrapped amid concerns about demand with a lack of fresh stimulus in top consumer China. Three-month aluminium on the London Metal Exchange CMAL3 lost 1.5% to $2,316 per metric ton in official open-outcry trading after hitting $2,311, its lowest since March 28, breaking below its 200-day moving average of $2,354. “Long liquidation continues onshore and on the LME. Nothing positive to see from our nano data readings,” said Alastair Munro, senior base metals strategist at ...

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Saudi Arabia launches extensive mineralized belts, inviting global mining companies to explore

Saudi Arabia’s Ministry of Industry and Mineral Resources has unveiled its largest mineralized belts to date, spanning 4,788 square kilometers and including five new exploration licenses. The Ministry is inviting major mining and exploration companies to participate in the current Exploration Licensing Rounds, aiming to unlock the extensive mineral wealth of these belts. Spokesperson Jarrah Al-Jarrah emphasized that this initiative underscores Saudi Arabia’s commitment to strengthening its mining and minerals sector and creating investment opportunities. The five available exploration licenses are part of the Ministry’s strategy to boost exploration investment ...

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China to review anti-dumping measures on stainless steel imports from EU, UK, ROK and Indonesia: commerce ministry

China’s Ministry of Commerce announced Monday that it will launch an expiry review of anti-dumping measures aimed at stainless steel billets and hot-rolled stainless steel plates and coils imported from the European Union (EU), the United Kingdom (UK), the Republic of Korea (ROK) and Indonesia starting from July 23, 2024. China imposed anti-dumping duties on stainless steel products imported from the EU, Japan, the ROK, and Indonesia starting from July 23, 2019, with rates ranging from 18.1 to 103.1 percent for five years, according to a statement from the ministry. ...

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Wheat rises as supply concerns trigger short-covering

Chicago wheat rose on Monday as concern over U.S. and French crops triggered short-covering, lifting prices from last week’s four-month lows. Soybeans and corn gained but remained near recent four-year lows after favourable crop weather in the U.S. Midwest had supported expectations of plentiful U.S. harvests. The Chicago Board of Trade’s most active wheat contract Wv1 rose 0.8% to $5.47-1/4 a bushel by 1028 GMT, having hit a four-month low last week at $5.25-1/4. Soybeans Sv1 rose 1.9% to $10.56-1/4 a bushel, compared with last week’s low of $10.31-3/4. Corn ...

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TRADE REVIEW: Asian lithium prices to remain weak in Q3 on oversupply, EV tariffs

This report is part of the S&P Global Commodity Insights’ Metals Trade Review series, where we dig through datasets and digest some of the key trends in iron ore, metallurgical coal, copper , alumina, cobalt , lithium, nickel and steel and scrap. We also explore what the next few months could bring, from supply and demand shifts, to new arbitrages, and to quality spread fluctuations. Lithium prices in China are likely to remain rangebound at Yuan 80,000-90,000/mt (($11,022-$12,799) in the first half of the third quarter, while prices in North ...

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US mine development timeline second-longest in world, S&P Global says

It takes an average of nearly 29 years to build a new mine in the U.S., the second-longest in the world behind only Zambia, hampering Washington’s efforts to boost output of lithium, nickel and other metals for the energy transition, a report said. The report by consultancy S&P Global SPGI.N comes amid rising pressure on U.S. officials to streamline what is seen by mining companies and some policymakers as a confusing and lengthy process to obtain a mining permit that harms efforts to offset China’s near-total control of the critical ...

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Rising cooling demand to keep coal plants online this year, IEA says

Global electricity demand is set to grow at its fastest pace in nearly 20 years this year, spurred by increasing demand for air conditioning as temperatures rise, the International Energy Agency (IEA) said in a report. The trend, expected to continue into 2025, will support ongoing use of coal power, even as renewable energy production increases, it predicted. The increase in air conditioning use is expected to continue as the primary driver of demand growth, following a year of record global temperatures and severe heatwaves pushing grids to maintain a ...

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