Malaysian palm oil futures ended the week 7% higher on Friday as the arrival of the monsoon season stoked production worries, although gains were capped by sluggish October exports. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange rose 4 ringgit, or...
https://www.hellenicshippingnews.com/palm-records-7-weekly-rise-as-monsoon-prompts-output-fears/
The amount of available copper in the London Metal Exchange’s (LME) warehouse network has halved over the last eight days. Headline stocks of 139,000 tonnes may look healthy enough but a string of daily cancellations means that 48% of that tonnage is now awaiting physical load-out, leaving just...
https://www.hellenicshippingnews.com/lme-copper-stocks-plunge-again-as-metal-heads-to-china/
London copper slid on Friday, as fears over another interest rate hike by the U.S. Federal Reserve in November offset a solid demand outlook. Three-month copper on the London Metal Exchange CMCU3 was down 0.8% to $7,503.50 a tonne by 0458 GMT, reversing gains from Thursday. Overnight U.S. data...
Russia-focused consultancy Sovecon expects Russia’s 2023 wheat crop to decline to 84.8 million tonnes from a record 100.6 million tonnes in 2022, it said in a note on Wednesday. Russia is the world’s largest wheat exporter. Sovecon expects Russia to cut its winter grain sowing area substantially...
https://www.hellenicshippingnews.com/russias-2023-wheat-crop-is-expected-to-decline-y-y-sovecon/
Possible sanctions on Russian metal, lawsuits, a battle to recover trust and a slump in nickel trading after the March fiasco are just some of the headwinds facing the London Metal Exchange (LME) as the industry prepares to meet in the British capital. Market fundamentals and industry developments...
https://www.hellenicshippingnews.com/spotlight-on-lme-nickel-debacle-and-the-fate-of-russian-metal/
Chicago soybean futures slid on Friday, shedding some of previous session’s gains, although the market is poised to end the week on a positive note as strong U.S. export data raised demand hopes. Wheat lost ground with the market on track for a third weekly loss as traders anticipate an extension...
https://www.hellenicshippingnews.com/soybeans-set-for-weekly-gain-on-demand-prospects-wheat-down/
A mild US recession in 2023 and softening demand and pricing are potential headwinds to US steel company operating profiles, Fitch Ratings says. This climate could temper positive ratings momentum from unusually strong financial metrics and profiles. Urbanization, mobility and automobile...
https://www.hellenicshippingnews.com/us-recession-may-temper-steel-sector-ratings-momentum/
The International Grains Council (IGC) on Thursday trimmed its forecast for 2022/23 global corn production, partly reflecting downgrades to output in the European Union and the United States. In its monthly update, the inter-governmental body saw 2022/23 global corn (maize) production falling by 2...
https://www.hellenicshippingnews.com/igc-trims-forecast-for-2022-23-world-corn-crop/
Commodity trader Glencore has delivered significant amounts of Russian-origin aluminium to London Metal Exchange registered warehouses in Gwangyang, South Korea, two sources with direct knowledge of the matter said on Tuesday. Another source with direct knowledge said that the aluminium delivered...
The global copper market is expected to see a deficit of 325,000 tonnes this year and a surplus of 155,000 tonnes in 2023, the International Copper Study Group (ICSG) said on Wednesday. Source: Reuters (Reporting by Kavya Guduru in Bengaluru; Editing by Jan Harvey)