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Palm snaps 5-day losing streak on export data optimism, weaker ringgit

Malaysian palm oil rebounded on Thursday after plunging to a near 20-month low in the previous session, buoyed by expectations for solid exports data and a weaker ringgit. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange rose 3.63% to 3,343 ringgit ($721.56) per tonne by the end of the afternoon trade, having hit its lowest level since early February 2021 on Wednesday. The contract broke a five-session losing streak during which it fell about 17%. “Today is a correction day on the back of ...

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The drive for decarbonisation: seven key charts from the Metals & Mining Forum

An accelerated energy transition trajectory will put metals supply under extraordinary pressure – while also dialling up the pressure on the industry to decarbonise. Our recent Global Metals & Mining Forum explored the journey ahead, tackling critical questions such as: • How will bulk commodities navigate the rising need to lower their carbon footprint? • What is the carbon cost of base metals and crucial energy transition metals’ support for the energy transition? • How much investment is required to drive industry-wide decarbonisation? Missed the forum, or looking for a ...

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Demand destruction fears to dominate aluminium market

Ample aluminium supplies and weaker demand because of slowing growth will push the market into surplus despite production cuts in Europe and China due to power problems and consumers shunning Russian metal. The result, analysts say, will be lower prices for longer than previously expected for the metal used widely in the power, construction and packaging industries. Aluminium on the London Metal Exchange at $2,100 a tonne is down nearly 50% since hitting a record high of $4,073.50 a tonne in March when worries about disruptions to Russian supply due ...

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The price of rice: a beacon of stability in agricultural markets

In recent years, rice has emerged as an agricultural commodity with a reputation for relatively stable prices, when prices of most other agricultural products have been anything but. The main reason for this is the peculiar makeup of the rice market and how the international trade of the product is dominated by one actor in particular – India. Although Indian rice comprises approximately 40% of the global rice trade, rice exports are still very much an afterthought in the Indian rice market. This is because only around 15% of Indian ...

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Shanghai copper rises on tight stocks position, improving demand

Copper prices in Shanghai rose on Thursday, as tight inventories and improving consumption of the metal in top user China lent support. The most-traded November copper contract on the Shanghai Futures Exchange SCFcv1 rose 1.1% to 60,830 yuan ($8,453.19) a tonne at 0648 GMT. The commercial property market in China is badly hurt, but demand for copper from other areas like infrastructure projects or renewables picked up amid the government’s policy support and accommodating weather conditions at the end of the rainy season, said He Tianyu, a copper analyst at ...

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Copper price slump brings Chinese buyers out in force

While the rest of the world worries about recession, China is steadily increasing its imports of physical copper. The country’s net call on refined copper from the rest of the world was up by 9.8% in the first eight months of the year. Year-to-date volumes are the strongest since 2020, when China imported a record amount of metal. China is simultaneously lifting imports of both copper scrap and mined concentrates, suggesting the hunger for refined units is not down to a shortage of raw materials. Strong import flows defy both ...

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No respite for steel output downturn in August

In August, global crude steel production fell by 3%, year-on-year, to 150.6 million tonnes, according to the latest monthly statistics published by the World Steel Association. Europe Europe is experiencing a growing energy crisis. This is expected to intensify as the region moves to reduce its reliance on Russian natural gas. Steelmakers have responded by reducing output or, more significantly, temporarily idling facilities, where rising costs made them unprofitable. Representatives from various energy intensive industries have subsequently lobbied the European Commission to implement a cap on gas prices. The region’s ...

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Wheat eases after rally, Russia-Ukraine conflict limits decline

Chicago wheat futures edged lower on Thursday, as investors took a breather after a more than 3% jump in the previous session on concerns over the Russia-Ukraine war and adverse weather in key exporting countries. Corn and soybean prices slid. “Ukraine’s president worrying aloud that Russia will impede grain flows from his nation after November amplified the price gains (on Wednesday),” said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia. “The market’s ongoing worries about Ukraine’s export corridor moved from nascence to reality with those comments.” ...

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Shanghai rebar creeps higher on China demand optimism

Chinese rebar futures rose on Wednesday to their highest in four weeks, buoyed by fresh signs of increased government support for the troubled property sector and stimulus measures to shore up the ailing domestic economy. Iron ore prices, however, remained range-bound. The most-active January rebar contract on the Shanghai Futures Exchange SRBcv1 ended morning trade 0.3% higher at 3,823 yuan ($528.86) a tonne, after touching its highest since Aug. 29 at 3,856 yuan earlier in the session. October rebar held firm at 3,961 yuan a tonne, its strongest daytime finish ...

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India’s coal and electricity supplies are more comfortable this autumn

India’s electricity supply appears much more comfortable than a year ago, when coal and generation shortages led to grid instability and widespread blackouts. Power consumption has grown significantly, but coal stocks are more than double than last year’s level and grid frequency is staying closer to the target. Between June and August, total electricity demand met was up by 22 billion kilowatt-hours (6%) compared with the same period in 2021. (https://tmsnrt.rs/3SH6JOd) The increase was supplied by extra solar generation (+6 billion kWh) and thermal power plants (+16 billion kWh) mostly ...

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Australian state unveils $40 bln clean energy plan to slash reliance on coal

One of Australia’s top coal-producing states said it will convert its coal-fired power plants to renewable hubs by 2035 under a A$62 billion ($40 billion) clean energy plan unveiled on Wednesday which would slash its reliance on fossil fuels. Queensland would source 70% of its energy needs from renewables by 2032 and 80% by 2035, versus the previous target of 50% by 2030, Premier Annastacia Palaszczuk said. The 10-year plan was the “biggest commitment to renewable energy in Australia’s history,” she said in a statement, adding it included a A$150 ...

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Copper drops to two-month low on buoyant dollar, recession fears

Copper prices fell to a more than two-month low on Wednesday, battered by a stronger dollar and deepening worries over a likely recession and sliding metals demand. Three-month copper on the London Metal Exchange had lost 0.9% to $7,288 a tonne by 1015 GMT, the weakest since July 21 and down 33% from a record peak scaled in March. The most-traded October copper contract on the Shanghai Futures Exchange dipped 0.5% to 60,830 yuan ($8,414.60) a tonne. “The strong dollar is hurting absolutely everything that is priced in dollar terms,” ...

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Bangladesh to lean on more coal than natural gas in power generation to curb costs

Bangladesh is expected to see a huge ramp up in coal-fired power generation in coming months as new capacity comes online, which will boost the share of coal in its energy mix to its highest on record. The South Asian country will add around 4,365 MW of coal-fired capacity both within its borders and through imports from India, which will more than double the share of coal in its domestic electricity mix to nearly 17% from 8% and increase the share of imported power generation capacity to 11% from 4%, ...

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New area limits for mining to make resource auctions attractive

The Union government is preparing to set out area caps for mining as it aims to carve out smaller mining areas to attract more investors. The move will also prevent vast tracts of land irregularly ending up with a few miners, which would undermine the very purpose of auctioning mineral concessions through a fair and transparent mechanism. The changes would be made through a legislative exercise where the Centre would empower itself to decide the size of mines of different minerals to be awarded by states. Mint examines the need ...

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Ukraine 2023 winter wheat sowing 16% complete – ministry

Farms in regions controlled by the Ukrainian government have sown 622,000 hectares to winter wheat for the 2023 harvest, or 16% of the expected area, the agriculture ministry said. The ministry did not provide a forecast, although Agriculture Minister Mykola Solsky told Reuters last month that the area could fall to 3.8 million hectares from 4.6 million a year earlier because of Russia’s invasion. Kyiv-based Barva Invest consultancy said last week the area sown to winter wheat could total around 3.4 million hectares, 10.5% less than the agriculture minister expected. ...

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