London copper prices slipped from a three-week high on Friday and were on track for their fourth straight monthly decline, as growing recession fears and an elevated U.S. dollar sapped demand for the metal. FUNDAMENTALS * Three-month copper on the London Metal Exchange CMCU3 was down 0.4% at $7,729...
https://www.hellenicshippingnews.com/copper-set-for-fourth-straight-monthly-fall-on-recession-fears/
As EU energy ministers prepared to meet in Brussels on Tuesday, Ukraine’s Gas Transmission System Operator warned that Russian counterpart Gazprom had suddenly increased pressure in the Urengoy-Pomary-Uzhhorod pipeline across its territory without warning, risking sudden damage. Gazprom had also...
US natural gas working stocks rose by 15 Bcf during the week ended July 22, substantially below market expectations, but gas futures shrugged in response as NYMEX Henry Hub September steps up as the prompt-month contract. Storage inventories increased to 2.416 Tcf for the week ended July 22, the US...
U.S. corn and soybeans are enjoying a shot of seasonably cool weather this week, though a menacing hot and dry forecast for next week and beyond has both farmers and traders on edge. Corn and soybean yield potential is particularly sensitive to the weather in July and August, which is why the...
Global miner Anglo American slashed payouts to shareholders after earnings for its first half fell 28% due to lower production and higher costs. Anglo joins rival miners Rio Tinto, and Freeport-McMoRan in reporting a profit slump, partly blaming a tight labour market, supplychain snags and...
Rio Tinto’s Guinea subsidiary has formed an infrastructure joint venture with Winning Consortium Simandou (WCS) and the government, paving the way for work to resume on the world’s largest undeveloped iron ore project. The joint venture (JV) for the Simandou railway and port is a milestonnee for...
Falling aluminium prices that have squeezed producers’ profit margins in recent months will do little to slow production in China given the high costs of downtime and hopes for an overseas demand surge. The expected steady supply from China, the world’s biggest producer of the light metal, should...
https://www.hellenicshippingnews.com/chinas-aluminium-output-seen-strong-despite-falling-prices/
Malaysian palm oil futures rose for a third straight session on Thursday, as soy oil climbed on concerns over tight soybean harvest and market participants resumed bargain-hunting. The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange had risen 3.89%...
https://www.hellenicshippingnews.com/palm-rises-for-third-day-as-soy-oil-lends-strength/
Brazil’s goal to produce all of the wheat it needs in the space of 10 years does not factor in use of transgenic plants, Celso Moretti, head of agricultural research agency Embrapa, told Reuters on Tuesday. Speaking on the sidelines of an international conference, Moretti’s remarks come as Embrapa...
https://www.hellenicshippingnews.com/brazil-to-harvest-more-wheat-regardless-of-gmo-says-embrapa/
Indian wheat prices jumped to a record high, despite a ban on exports, amid strong demand and dwindling supply from a crop damaged by heatwave. The price rally has reduced chances of India supplying substantial amounts of wheat under government-to-government deals with countries struggling to...