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Traffic at the Port of Valencia falls by 7% in 2022

Valenciaport, as a thermometer of economic activity and world trade, reflects in its 2022 data the international crisis that is affecting the business situation and the global exchange of goods, which is facing a complex situation marked by the war in Ukraine, increased neo-protectionism, high inflation and the rise in fuel and raw material prices. Despite the fall in total traffic (-6.92%) and container traffic (-9.85%) during the previous year, Valenciaport maintains its share of 40% of import/export traffic in the Spanish port system, as in previous years. The year ...

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China ports container volume rises 0.9% in 2022,Ningbo Containerized Freight Index decline in January 2023

In 2022, the cargo volume of Chinese ports was 15684.5 million tons, a year-on-year increase of 0.9%; the container throughput of Chinese ports was 295.9 million TEU, a year-on-year increase of 4.7%. The chart below shows the cargo throughput and container throughput data of the twelve major ports in China. In terms of container freight rates, the average value of the Ningbo Container Freight index (NCFI) in January of 2023 was quotes 721.1 points, have a decrease of 11.6% compare to last month. From Ningbo to North America route, transport ...

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Asia absorbs big rise in Russian Urals crude exports – sources

Asian markets are showing no let up in their demand for Russian oil, absorbing a big rise in seaborne exports of Urals crude this month and helping Moscow cope even as most Western buyers stay away, according to traders’ and Refinitiv Eikon data. At least 5.1 million tonnes of Urals are being shipped from Russia’s European ports of Primorsk, Ust-Luga and Novorossiysk to Asia in January, the data show. The final destinations for another 1.9 million tonnes of the grade has yet to be identified, but traders expect most of ...

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Russia bans oil exporters from adhering to Western price caps

The Russian government on Monday banned domestic oil exporters and customs bodies from adhering to Western-imposed price caps on Russian crude. The measure was issued to help enforce President Vladimir Putin’s decree of Dec. 27 that prohibited the supply of crude oil and oil products from Feb. 1, for five months, to nations that abide by the caps. The G7 economies, the European Union and Australia agreed on Dec. 5 to ban the use of Western-supplied maritime insurance, finance and brokering for seaborne Russian oil priced above $60 per barrel ...

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China’s quest to keep more oil barrels at home to limit product exports in 2023

China’s much anticipated oil demand revival will likely prompt the country to keep more barrels at home this year — a trend that could lead to a slump in clean oil product exports from Asia’s biggest oil consumer toward the later part of 2023, sources told S&P Global Commodity Insights. Although Chinese refiners are holding plentiful export quotas now, analysts and industry sources said Beijing could do another U-run and put a lid on exports if domestic demand picks up. Any shortfall in cargoes from China at a time when ...

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Japan buyers agree to pay Q1 aluminium premiums of $85-$86/T, sources say

The premiums for aluminium shipments to Japanese buyers for January to March were set at $85-$86 a tonne, down 13%-14% from the previous quarter, reflecting slack demand and high stocks, six sources directly involved in pricing talks said. The figures are lower than the $99 per tonne paid in the October-December quarter and mark a fifth consecutive quarterly decline and the lowest premium since the July-September quarter of 2020. Japan is Asia’s biggest aluminium importer and the premiums for primary metal shipments it agrees to pay each quarter over the ...

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Australian state to soon finalise order for miners to beef up coal supply

New South Wales is set to finalise an order by mid-February that will require all mining firms in Australia’s biggest coal exporting state to reserve as much as 10% of their output for domestic supply. A Department of Planning and Environment spokesperson said the government would issue final directions after talks with miners. “The draft revised directions allow suppliers the option to provide coal from their own production or to strike an agreement from another supplier to meet their obligations under the directions,” the spokesperson said. The updated plan, disclosed ...

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Soybeans, corn, wheat edge lower on technical selling

Chicago soybean futures inched lower on Wednesday on technical selling, even as dry weather in top producer Argentina stoked supply worries and hopes grew that demand would pick up in top buyer China after the week-long Lunar New Year holiday. The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 dipped 0.1% to $15.37-1/4 a bushel, as of 0506 GMT. Wheat Wv1 was slightly down at $7.61 a bushel, while corn Cv1 lost 0.4% to $6.76-3/4 a bushel. The demand outlook has improved for soybeans, with China reopening ...

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The Commodities Feed: FOMC day

Energy – OPEC+ to meet The oil market had a choppy trading session over the last day of January. Brent initially came under pressure, although a broader risk-on move saw oil still manage to settle higher on the day. API numbers released overnight were relatively bearish. The numbers show that US crude oil inventories increased by 6.3MMbbls over the last week. In addition, crude inventories at the WTI delivery hub, Cushing, are reported to have increased by 2.7MMbbls and justify the contango that we are seeing at the front end ...

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Oil stable as market awaits Fed, OPEC decisions

Oil prices were broadly stable as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday. Brent crude futures dipped 11 cents, or 0.1%, to $85.35 a barrel at 0949 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 8 cents, or 0.1%, to $78.95 a barrel. Tamer U.S. rate hike expectations helped lower the dollar index, which supported oil prices as a weaker greenback makes the commodity cheaper ...

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Russia’s invasion of Ukraine will reduce oil and gas consumption while speeding up transition to cleaner fuels, BP says

The Russian invasion of Ukraine will reduce demand for oil and natural gas and speed up the transition to cleaner products, according to oil giant BP. BP, in its annual energy outlook, said it’s now forecasting 2.3% less consumption for energy in 2035 than it did a year ago, as declines for natural gas, oil and coal will be partly offset by increases fornuclear and renewable energies. The invasion has led to heightened energy security concerrns. “The increased focus on energy security triggered by concerns about energy shortages and vulnerability ...

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Stocks firm, dollar retreats ahead of Fed decision

Global stocks edged up on Wednesday as signs of slowing U.S. wage growth supported expectations that the Federal Reserve could signal an end to interest-rate hikes at its meeting later in the day. Wall Street indexes had rallied, as had bonds to a lesser extent, while the dollar gave up gains overnight when the Fed’s preferred wages gauge, the U.S. employment cost index, showed a 1% rise last quarter, its smallest increase in a year. The MSCI All-World index was last up 0.2% on the day, having ended January with ...

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U.S. dollar slips against euro ahead of Fed rate decision

The dollar edged lower against the euro on Wednesday ahead of an eagerly-awaited Federal Reserve policy decision with investors hoping the U.S. central bank will signal the end of its interest rate hiking cycle. After a series of jumbo rate hikes in 2022 to tame inflation, the market expects a quarter-of-a-percentage-point increase in the Fed benchmark interest rate to 4.75%. It would be the smallest increase since the central bank kicked off its tightening cycle 10 months ago with one the same size. Less clear is whether the central bank ...

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For ASEAN countries, IMF sees slower global growth outweighing China reopening

International Monetary Fund economists said on Tuesday that Singapore and other Southeast Asian economies are seeing downgrades to their 2023 growth outlooks because slowing global growth will outweigh the positive impact from China’s economic reopening. Chief economist Pierre-Olivier Gourinchas told a news briefing on the IMF’s latest global growth forecasts these forces prompted the IMF to reduce Singapore’s GDP growth outlook for 2023 to 1.5% from a 2.3% forecast issued last October. IMF’s 2023 forecast for ASEAN-5 – Singapore, Malaysia, Vietnam, Indonesia and the Philippines – was cut to 4.3% ...

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IMF lifts 2023 growth forecast on China reopening, strength in U.S., Europe

The International Monetary Fund on Tuesday raised its 2023 global growth outlook slightly due to “surprisingly resilient” demand in the United States and Europe, an easing of energy costs and the reopening of China’s economy after Beijing abandoned its strict COVID-19 restrictions. The IMF said global growth would still fall to 2.9% in 2023 from 3.4% in 2022, but its latest World Economic Outlook forecasts mark an improvement over an October prediction of 2.7% growth this year with warnings that the world could easily tip into recession. For 2024, the ...

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