Iron ore futures dipped on Monday after solid gains in the previous week, as negative headlines related to China’s property sector prompted caution. The steelmaking ingredient’s benchmark October contract on the Singapore Exchange SZZFV3 was down 0.9% at $121.90 per metric ton, as of 0710 GMT. It earlier slumped to $119.60, pulling back sharply from Friday’s six-month peak of $123.75. The most-traded January iron ore on China’s Dalian Commodity Exchange DCIOcv1 ended daytime trade 0.2% lower at 871.50 yuan ($119.53) per ton. Embattled Chinese property developer Country Garden 2007.HK faces ...

Malaysian palm oil futures closed loweron Monday after three consecutive sessions of gains, weighed down by weakness in Dalian Palm Olein and Chicago Board of Trade (CBOT) soybean oil. The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange lost 76 ringgit, or 1.98%,to 3,754 ringgit ($800.94) per metric ton at the close. “The prices failed to sustain last Friday’sstrength, mainly dragged by morning weakness in Dalian Palm Olein,” a Kuala Lumpur-based trader said. “Despite seeing some strength in crude oil, continued weakness in CBOT ...

The Egyptian government said on Sunday that its strategic reserves of wheat were sufficient for five months of local consumption. It said in a statement that local wheat procurement has reached 3.8 million tons by the end of the 2023 harvest season. Source: Reuters (Reporting by Momen Saeed Atallah, writing by Omar Abdel-Razek Editing by Tomasz Janowski)

Chicago wheat futures this week hit their lowest levels in almost three years, yet relative to demand, exportable global wheat supplies are expected to approach historic minimums by mid-2024. In theory, that news should limit further slippage in world wheat prices, but there is one problem: this is a recurring story that has yet to become reality. Russia’s early 2022 invasion of Ukraine sent wheat prices to new highs as the two countries account for nearly 30% of global exports. Concerns over Ukraine’s production and export potential have lingered ever ...

Summer rain has benefited maize crops in much of the European Union and should keep production above last year’s drought-hit level, despite a decline in planting and persistent dryness in southeast Europe, analysts said. The size of the maize harvest, mostly used for livestock feed, will shape the EU’s supply needs as it debates whether to extend a ban on Ukrainian grain being sold in eastern EU states. Consultancy Strategie Grains on Thursday raised its forecast for the EU’s 2023 maize crop by nearly 1 million metric tons to 59.6 ...

Many global copper miners have conservative financial profiles with sufficient headroom to support growth opportunities offered by the energy transition, despite new capacity becoming more expensive and complex due to tighter environmental regulations and riskier operating environments, Fitch Ratings says. The roll-out of electric vehicles, renewables and related electricity grid infrastructure is driving increasing demand for copper. Without this roll-out demand would increase only marginally. CRU projects copper demand to increase by 39% to 42.5 million tonnes by 2050, while the UN Forecast Policy Scenario assumes demand to double over ...

Chicago corn futures firmed on Monday, although an upgrade to European production forecasts and supplies from the U.S. harvest kept prices near their lowest since late 2020. Wheat fell, although expectations of lower output in Australia and Argentina limited losses. “Corn prices are facing supply pressure,” said one Singapore-based trader at an international trading company. “There is plenty of Brazilian corn in the market and we have big crops coming from Europe and the U.S.” The most-active corn contract on the Chicago Board of Trade (CBOT) was up 0.1% at ...

China’s August coal output rose 2% from a year earlier, rebounding modestly after tightened safety measures reined in operations at the major mining hubs the month before, although analysts expected the curbs would continue to constrain production. China, the world’s biggest coal producer, churned out 382.17 million metric tons of the fossil fuel last month, equivalent to 12.33 million tons per day, data from the National Bureau of Statistics (NBS) showed on Friday. That exceeded the previous month’s 377.54 million tons but was lower than June’s 390.1 million tons. China ...

China’s crude steel output in August fell a sharper-than-expected 4.8% from the previous month, the statistics bureau said on Friday, as some steel mills scaled back production amid shrinking margins. The world’s largest steel producer manufactured 86.41 million metric tons of the metal last month, down from 90.8 million tons produced in July, but up 3.2% from the same month in 2022, data from the National Bureau of Statistics showed. Average daily steel output in August was 2.79 million tons, down from 2.93 million tons in July but up from ...

Fitch Ratings has raised all of its metallurgical coal price assumptions on higher costs and rising global steel consumption. We have cut our aluminium prices for 2023-2025 due to weak demand, the strong US dollar, expected market surpluses in 2023-2024 and healthy global inventories. Our 2023-2024 and mid-cycle gold assumptions have been increased due to the metal’s price resilience. We have cut our zinc price assumption for 2023, but increased those for 2025-2026 and mid-cycle. Our copper mid-cycle price assumption and the 2023 iron ore price have been raised. All ...

European Union countries should refrain from unilateral measures against imports of Ukrainian grain, the EU’s Trade Commissioner Valdis Dombrovskis said on Friday. Poland and Hungary said earlier on Friday that they would implement their own restrictions on Ukrainian grain imports after the European Commission decided not to extend a ban affecting Ukraine’s five EU neighbours. Restrictions imposed by the European Union in May allowed Poland, Bulgaria, Hungary, Romania and Slovakia to ban domestic sales of Ukrainian wheat, maize, rapeseed and sunflower seeds, while permitting transit of such cargoes for export ...

Raw sugar futures on ICE rose to a 12-year high on Friday before closing slightly down, as dry weather linked to El Nino looked set to lead to a global deficit in the 2023/24 season. Arabica coffee rose 3.4%. SUGAR * October raw sugar settled down 0.07 cent, or 0.3%, at 26.91 cents per lb, after setting a 12-year high of 27.59 cents. The contract gained 2.3% in the week. * Concern that drier than normal weather linked to El Nino is likely to curb output in India and Thailand ...

Chicago Board of Trade corn futures fell on Friday and hovered just above a 2-1/2 year low, pressured by weak demand and rising supplies from an accelerating U.S. harvest, traders said. * Benchmark CBOT December corn futures CZ3 fell 4-1/4 cents to settle at $4.76-1/4 a bushel. The contract hovered near a 2-1/2 year low and was down 1.6% in the week, its third weekly drop in four weeks. * Poor demand, weak cash markets and expectations that U.S. farmers will harvest the second biggest corn crop ever this fall ...

Chicago Board of Trade wheat futures firmed on Friday as traders covered short positions ahead of the weekend and as worries about tighter global supplies underpinned the market. Disruptions to Ukrainian grain shipments due to Russian attacks on ports and other infrastructure has underpinned wheat prices this week, even as exports of Russian have actively flowed. Reduced wheat crops due to dry weather in Australia and Argentina also kept a floor under prices. CBOT December soft red winter wheat WZ3 settled 10-1/2 cents higher at $6.04-1/4 a bushel. The benchmark ...

Euronext wheat futures edged higher on Friday to a new three-week high as signs of overseas demand for French wheat added to support from supply risks in other exporting countries. December wheat on Euronext settled 0.6% up at 243.50 euros ($259.84) a metric ton, near the session high of 243.75 euros. The contract has rebounded from a three-month low earlier this week, helped by weakness in the euro, covering by investors holding short positions and supply concerns due to dry weather in countries like Australia and escalation in conflict between ...