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China’s June coal output rises to six-month high on summer demand

China’s coal output rose to a six-month high in June, statistics bureau data showed on Monday, as mines ramped up production to meet seasonal demand andsafety inspections that constrained production earlier in the year eased. The world’s largest coal producer mined 405.38 million metric tons of the fuel last month, a 3.6% increase on the year and the highest since December, data from the National Bureau of Statistics (NBS) showed. The six-month high was calculated by averaging out January-February production, since NBS reports the two months in a combined data ...

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Funds build all-time net shorts in CBOT corn and soybeans -Braun

Speculators last week established record net short positions in both Chicago corn and soybean futures and options as prices tumble further amid ample supply outlooks. Money managers had reached record net shorts earlier this year, though new-crop CBOT corn and soybean futures have declined 10% and 7% since then, respectively. The timing of funds’ all-time bearish stances is historically unusual as they have come during a sensitive time for U.S. crop development, but the weather has been mostly yield-supportive. However, data from the U.S. Department of Agriculture on Friday painted ...

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Palm oil gains on stronger rivals, higher Malaysian export estimates

Malaysian palm oil futures rose on Tuesday after two sessions of losses, buoyed by stronger rival Dalian and Chicago contracts and higher export estimates. The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange was up 1.19% to 3,920 ringgit ($838.50) a metric ton by the midday break. The contract was seen trading sharply higher following a recovery in Chicago soyoil futures and strong Malaysian palm oil exports for July, said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group. The market is ...

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Oil falls on lingering demand concerns in China

Oil prices dipped on Tuesday on worries of a slowing Chinese economy crimping demand and despite a growing consensus the U.S. Federal Reserve could begin cutting its key interest rate as soon as September. Brent futures were down 67 cents, or 0.8%, to $84.18 a barrel by 0811 GMT, while U.S. West Texas Intermediate (WTI) crude fell 72 cents, or 0.9%, to $81.19. The weaker Chinese economic data “cast some doubts on whether market participants are being overly optimistic” regarding China’s oil demand outlook, IG market strategist Yeap Jun Rong ...

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The Commodities Feed: China oil demand worries

Energy – China demand worries build The price action in oil yesterday was choppy. US dollar movements, Chinese demand concerns and expectations of a tighter global oil balance through the third quarter of the year all contributed to this choppy session. However, with ICE Brent settling below US$85/bbl, USD strength and Chinese demand worries were clearly the dominant drivers. China’s data dump yesterday was fairly bearish. Second-quarter GDP came in at 4.7% year-on-year, below the market consensus of 5.1%. In addition, refinery activity in China slowed further in June. Refineries ...

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Russian deputy PM says global oil market will be balanced from second half of 2024

Russian Deputy Prime Minister Alexander Novak said the global oil market will be balanced in the second half of the year and thereafter, thanks to the OPEC+ deal on production supply. OPEC+, which groups the Organization of the Petroleum Exporting countries and allies such as Russia, has implemented a series of output cuts since late 2022 to support the market. The group agreed on June 2 to extend the latest cut of 2.2 million bpd until the end of September and gradually phase it out from October. The U.S. Energy ...

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CHINA DATA: Q2 crude throughput falls on year as GDP growth slows to 4.7%

China’s crude throughput extended its year-on-year decline in June as its gross domestic product growth slowed to 4.7% in the second quarter, National Bureau of Statistics data released July 15 showed. China processed 14.25 million b/d (58.32 million mt) of crude in June, falling 3.7% year on year and edging down 0.4% from May on a barrel-per-day basis to the lowest since the 14.21 million b/d seen in December 2023, NBS data showed. The year-on-year decline of throughput started in April at 3.3% and in May, the decrease was 1.8%. ...

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Russian oil refineries cut processing 4% y/y in January – June, sources say

Russian oil refineries reduced their throughput in the first half of the year by 4% year on year to 131.8 million metric tons, Reuters calculations based on data from industry sources showed on Monday, as Ukraine hit the facilities with drones. That is in line with an increase in the offline refining capacity. Russia’s oil refinery output declined mainly due to maintenance at the Rosneft-owned ROSN.MM Tuapse oil refinery, which produced by 3.6 million fewer tons in the first half of the year, as well as 2.7 million tons less ...

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Oil and gas activity in US Rockies, Midwest fell in Q2, Kansas Fed says

Oil and gas activity in the U.S. Midwest and Rockies declined during the second quarter, but is expected to rebound over the next six months, the Federal Reserve Bank of Kansas City said in a quarterly energy survey. The survey covers companies drilling in Kansas, Colorado, Nebraska, Oklahoma and the northern half of New Mexico. Oil firms operating in those regions on average make a profit at $64 a barrel oil, according to the survey, but need prices to rise to $91 a barrel to substantially increase drilling. Benchmark West ...

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Dollar, US futures rise as ‘Trump trade’ undermines other assets

Global shares dipped on Tuesday as investors pondered what Donald Trump’s victory would mean for the rest of the world, while the yen slid against a firmer dollar, prompting more warnings from Japanese officials after last week’s suspected intervention. Federal Reserve Chair Jerome Powell told an event at the Economic Club of Washington on Monday that recent inflation data bolstered policymakers’ confidence that price pressures are on a sustainable path lower. Markets took this as another signal the first U.S. rate cut may not be far off, but investors were ...

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Dollar steadies as Sept rate cut back in focus, yen wobbles

The dollar inched away from five-week lows on Tuesday, as investors weighed the case for a September rate cut after comments by Fed Chair Jerome Powell and pondered rising odds for the re-election of former U.S. President Donald Trump. The dollar’s slight strengthening put the Japanese yen back under pressure, with traders wary of further intervention by Tokyo after a fresh warning from authorities. The euro was little changed at $1.0896, just shy of a four-month high touched on Monday, having erased all of the losses of the past few ...

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Fed’s Powell touts progress on inflation

Federal Reserve Chair Jerome Powell said on Monday the three U.S. inflation readings over the second quarter of this year do “add somewhat to confidence” that the pace of price increases is returning to the Fed’s target in a sustainable fashion, remarks that suggest a turn to interest rate cuts may not be far off. “In the second quarter, actually, we did make some more progress” on taming inflation, Powell said at an event at the Economic Club of Washington. “We’ve had three better readings, and if you average them, ...

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Goldman Sachs, J.P. Morgan trims China 2024 growth forecast

Goldman Sachs lowered its forecast for China’s 2024 gross domestic product to 4.9% from 5.0% after datashowed that the country’s economy had slowedin the second quarter. The world’s second-largest economy grew 4.7% in April-June, official data showed, itsslowest since the first quarter of 2023 and missing a 5.1% analysts’ forecast in a Reuters poll. “To counteract weak domestic demand, we believe more policy easing is necessary through the remainder of this year, especially on the fiscal and housing fronts,” said Goldman Sachs economists, led by Lisheng Wang. J.P. Morgan said ...

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US importers balk at return of $10,000 container shipping rate

The cost to ship a standard 40-foot container of toys, auto parts or other goods from Shanghai to New York has jumped to nearly $10,000, fueling frustration among importers and prompting some experts to say the market is in a bubble. The Drewry World Container Index’s spot rate for such a shipment hit $9,387 on July 11. That is more than double the rate from February but still below the peak of $16,000 early in the pandemic when it swelled due to spree buying by homebound consumers. Industry experts attribute ...

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Singapore’s first-half 2024 bunker sales rise on year but June sees a monthly decline

Sales of marine bunker fuel at Singapore climbed 8.5% in the first half of 2024, official data showed on Monday, as shipping disruptions in the Red Sea boosted global bunkering demand, though demand slowed month-on-month in June. Total sales at the world’s largest vessel bunker hub were at 27.2 million metric tons in the first half, compared to 25.1 million tons a year earlier, data from Singapore’s Maritime and Port Authority (MPA) showed. Conventional fuel sales, including residual fuel oils and marine gasoils, totalled 26.7 million tons, up 7.5% from ...

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