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VEGOILS-Palm rises on strong Dalian palm olein, crude oil prices
Malaysian palm oil futures rose on Monday for the fourth consecutive session, following the strength of crude?oil and Dalian palm olein. By midday, the benchmark palm oil contract for June delivery on the 'Bursa Malaysia derivatives exchange had gained 85 ringgit or 1.86% to 4,657 Ringgit ($1,184.99), a metric tonne. A Kuala Lumpur based trader reported that Dalian palm oil futures had seen strong gains during the morning Asian sessions, when it traded at its highest price since June 2022. The trader said that "the market was also supported" by "firmer crude oil price." Dalian's soyoil contract with the highest volume increased by 0.34% while palm oil contracts grew by 2.52%. Prices of soyoil on the Chicago Board of Trade fell by 0.95%. As palm oil competes to gain a share of the global vegetable oil?market, it tracks the price movements of its rival edible oils. The price of crude oil rose, as investors focused on threats to Middle East oil installations, despite U.S. president Donald Trump's request for nations to assist in safeguarding the Strait of Hormuz - a vital artery used for energy shipments around the world. Palm oil is a better option as a feedstock for biodiesel due to the stronger crude oil futures. Intertek Testing Services, a cargo surveyor, estimated that exports for Malaysian palm oils products from March 1-15 were up 43.5% compared to a month earlier. AmSpec Agri Malaysia will release its estimates later that day. The ringgit (the currency used to trade palms) strengthened by 0.15% against dollars, increasing the price of the commodity for buyers who hold foreign currencies. Indonesia's senior economic minister has said that if needed, the government may have to impose additional taxes on certain commodities such as palm oil in order to lessen the impact of rising oil prices on the budget. Technical analyst Wang Tao stated that palm oil could test support at 4,494 ringgit a metric tonne after twice failing to break through resistance at 4,612 ringsgit.
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Indian shares are up, but Middle East conflict limits gains
India's benchmark indexes rose on Monday morning, rebounding from their worst week for years. However, investors remain?wary that crude oil will continue to rise above $100 per barrel amid the prolonged Middle East conflict. As of 10:08 a.m. IST, the Nifty 50 index rose by 0.2%, to 23,189. The BSE Sensex increased by 0.18%, to 74697.2. Nine out of 16 major sectors were higher. Mid-cap and small cap fell by 0.2% and 0.7% respectively. The U.S. and Israeli war against?Iran has led to the closure of Strait of Hormuz, a vital artery of global oil?and?gas shipments. Brent crude was hovering around $104 per barrel as U.S. president Donald Trump called on other countries to help secure the Strait of Hormuz. Oil prices rising are bad for India, the third largest crude importer in the world, because they can increase the fiscal deficit and inflation, which will negatively impact the growth. V.K. Vijayakumar, chief investment strategist at Geojit Investments. Vijayakumar stated that foreign portfolio investors will likely continue to sell Indian equities even if the markets rise. Since the start of the war, foreign portfolio investors sold Indian shares totaling more than $5 billion in March. This is a record monthly outflow. Citi, the broker, has lowered the year-end target for the benchmark Nifty 50 index from 28,500 to 27,000 points. The reason given was the impact that higher crude oil prices have had on the economy and earnings. The gains on Monday in Indian markets were similar to those of their Asian counterparts, who rose by 0.4%. Consumer stocks rose 0.7%, while heavyweight financials gained 0.6% to lead the gains in India. IDBI Bank's share price fell 13.3% following?media reports that the Indian government would?shelve bids received for the sale of a majority stake in the lender.
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JSW Steel unit eyes debut $1 billion shorter-duration debt issue, bankers say
Two merchant bankers on Monday said that India's JSW Kalinga Steel is set to issue its first shorter-duration bonds before the end of this month, as it aims to raise up to 95 billion rupees (about $1.03 billion). Bankers said that the company will likely sell two tranches with a five-year term each. The aim is to raise 60 billion rupees or 35 billion rupees through these bond sales. The notes would have zero-coupon paper and put and call options. Crisil rated the bonds of JKSL as AA. The ratings took into account the credit support that was expected from JKSL’s joint venture partners JSW Steel, and Japan-based JFE Steel Corporation. One of the bankers cited above said that "most of the top mutual fund companies have signed up as anchor investors and the bidding will take place at the end of this week, or early next," The bankers asked for anonymity as they were 'not authorized to speak to the media.' JKSL, however, did not respond to an email asking for comment. JSW Kalinga Steel, a 100% subsidiary of Piombino Steel Ltd., also holds a 100% shareholding in JSW Sambalpur Steel Ltd. These?entities were formed to own and operate Bhushan Power Steel Ltd.
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Chinese iron ore buyers ease buying ban
Iron ore futures fell from their two-month highs as China's state-backed buyer of iron ore eased its?ban until next week on a top-miner BHP product, while weaker steel production?and property statistics weighed on sentiment. As of 0237 GMT, the?most traded? May iron ore contract at China's Dalian Commodity Exchange was trading 0.92% higher/lower. It was 807.5 yuan (US$117.08) per metric ton. Sources said that China will ease a ban on BHP's?Jimblebar fines, an iron ore product, until next week. This comes only a day after Beijing expanded restrictions against its third-largest supplier. Sources said that China would ease the ban on BHP’s iron ore product?Jimblebar fins until next week. This comes only one day after Beijing tightened restrictions on its third largest supplier. China Mineral Resources Group (the state-run iron ore buyer) told domestic steelmills they could already take delivery of Jimblebar?fines at ports in a week. Steelmakers and traders are excluded from the exception. CMRG banned steelmakers and traders in September from buying Jimblebar Fines. It has gradually expanded these restrictions, and most recently, this week, while it negotiates the terms of BHP’s 2026 Supply Contract. Statistically, the world's largest steelmaker produced 160.34 millions tons of "crude steel" in January and February, a 3.6% decrease from last year, according to the Statistics Bureau. Beijing has promised to reduce industrial production, including steel, in an orderly fashion as it struggles with persistent overcapacity. In February, home prices in China continued to drop. This indicates that the property sector remains troubled despite some signs of improvement. Steelhome, a consultancy, reported on March 13 that iron ore inventories at major Chinese ports had increased by 2.24 percent. Coking coal and coke are also included in the list of steelmaking ingredients that harden. The Shanghai Futures Exchange steel benchmarks have mostly gained. Hot-rolled coil remained unchanged, while wire rod increased by 0.3%. Stainless steel, meanwhile, lost 1.65%.
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Coal India unit Central Mine Planning seeks $1.33 billion valuation, IPO opens Friday
A newspaper advertisement states that Coal India subsidiary Central Mine Planning & Design Institute has set a price range of 163-172 rupees per share for its 18.38 billion rupee ($198.68 millions) initial public offering. The company that provides support and consultancy services for coal and minerals exploration is looking to be valued at $1.33 billion, i.e. the top of the price range. The IPO will be available for subscription between?March 20 and March 24. Global markets are under pressure due to geopolitical tensions resulting from a conflict in the Middle East. India's primary markets have also been affected by the weak sentiment, as seven out of 11 IPOs that were launched in 2026 listed below their original issue price. Bharat Coking Coal is another subsidiary of Coal India. Its debut in January saw a nearly two-fold increase, thanks to the support?of its parent and the robust demand for coking coal from steelmakers. Central Mine Planning’s IPO is a pure offer to?sell, with Coal India aiming to?offload as many shares as possible. The company reported a?profit?of 4,25 billion rupees?for the nine-month period ending?December 2025. This is up approximately 9% from the year-ago time period.
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Japan's Nikkei index falls for a third consecutive day, as the Iran crisis fuels stagflation fears
Japan's Nikkei average fell for the?third day in a row on Monday, as the Middle East Crisis threatened to cause longer-term economic damage through higher energy prices and a weaker yen. As of midday, the benchmark index?Nikkei225? fell by 1.3% to 53138.42. The Topix index, which is a broader measure of the market, fell 0.7% to 3,602.71. The Nikkei index has fallen more than 9% in the past two weeks since U.S. airstrikes on Iran began. As the conflict spread to neighbouring countries, it paralyzed the shipment of oil through the Strait of Hormuz. The Nikkei briefly rose after U.S. president Donald Trump stated that he was urging other countries in order to safeguard shipping routes. Prime Minister Sanae Takaichi stated that Japan has no plans to send?naval ships to escort vessels in the Middle East. Satsuki Katayama, the Finance Minister, said that the government was prepared to act decisively on the financial markets as the yen fell close to the psychologically significant 160 per dollar line. Maki Sawada is an equity strategist at Nomura Securities. She said that the market appears to be increasingly worried about stagflation. This occurs when economies are gripped with simultaneous increases in inflation and declines in economic growth. Sawada stated that "concerns over an economic slowdown caused by a rise in oil prices" are now being taken into account. "Rather than a general selloff, we are seeing a tendency where these domestic demand segments are performing strongly and underpinning Japan's?stock market." The Nikkei had 43 advancing stocks versus 182 declining ones. Furukawa Electric, Fujikura and other key suppliers in the artificial intelligence industry were the biggest losers. Both fell 6.7%. The index's biggest gainers were NH Foods (up 2.3%) and Denka (a chemical and advanced material company), which gained 2.2%. (Reporting and editing by Sonia Cheema in Tokyo)
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Reactions to Trump’s call for assistance to secure the Strait of Hormuz
U.S. president Donald Trump asked allies to help'secure the Strait of Hormuz' as Iranian forces 'continued attacks on this vital waterway during the U.S. and Israeli war against?Iran in its third week. Trump claimed that his administration has already reached out to seven countries but refused to name them. In an earlier post on social media, Trump said he hoped China would join the effort, as well as France, Japan and South Korea. Iran effectively closed the Strait between Iran and Oman. This narrow passage of water has cut off a fifth global oil supply, the largest disruption in history. Some countries responded to Washington's request to send ships to the region: On Monday, Prime Minister Sanae Takaichi stated that Japan has no plans to send naval vessels to escort ship in the Middle East. "We have made no decisions about dispatching escort vessels." Takaichi, a member of parliament, said that we are "continuing to look at what Japan can do on its own and what is possible within the legal framework". AUSTRALIA A government minister announced on Monday that Australia would not send ships to help reopen the Strait of Hormuz. "We will not be sending a vessel to the 'Strait of Hormuz. Catherine King, who is a cabinet member for Anthony Albanese, said in an interview with ABC that she was aware of how important this issue is. However, the government has not asked her to do so or requested that she contribute. SOUTH KOREAN The South Korean presidential office announced on Sunday that it would "communicate closely with the U.S. about this matter" and then make a "decision following a careful review." BRITAIN A Downing Street spokesperson said that Prime Minister Keir starmer and Trump discussed the necessity to reopen Strait in order to stop disruptions to global shipping. Starmer spoke with Canadian Prime Minister Mark Carney and the two agreed to continue discussions on the Middle East conflict during a Monday meeting, said the spokeswoman. (Compiled by Himani Sarkr; edited by Michael Perry).
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China's aluminium production in January and February is up due to higher profitability
Official data released on Monday showed that China's primary aluminum output in the first two?months of 2026 increased by 3% compared to the same period last year. This was due to higher profits. According to the latest data from the National Bureau of Statistics, China was the world's largest producer of aluminum. In January and February alone, it produced 7.53 million metric tonnes of primary aluminium. Profit margins for light metal, which is widely used in construction, packaging and auto manufacturing, have improved, resulting in an increase in output. According to Chinese research firm Antaike, aluminium smelters made an average profit per ton of 7,879 Yuan ($1,142.26), up?2.2% from month to month, as input costs fell while the price for the light metal increased. The most active aluminium contract increased by nearly 11% in January. However, it fell back almost 7% in February. Antaike reported that the input costs fell 0.7% on a monthly basis and 6.4% annually as electricity prices and alumina raw materials dropped. The production of ten non-ferrous metals, including copper, aluminum, lead, zinc, and nickel, grew by a?3.9% year-on-year to 13.42 millions tons. Other non-ferrous materials include tin, mercury, magnesium, antimony and titanium. China combines the output data from January and February to reduce the impact of Lunar New Year holidays that fall in either month. $1 = 6.8977 Chinese Yuan Renminbi (Reporting and editing by Sonali Paul; Lewis Jackson, Dylan Duan)
El Mencho's cartel still has power in the US after his death
El Mencho, a Mexican drug kingpin who was killed by the Mexican government is hailed as a major victory against?drug trafficking. It did not do much to stop the cartel's operations in the United States, however, and they will continue to be a major factor in its dominance until Washington takes action on its own soil, according U.S.
In a raid backed by the United States, Mexican special forces killed the elusive drug-lord Nemesio seguera on February 22. This was the largest cartel leader taken down in at least 10 years.
El Mencho’s Jalisco New Generation Cartel retaliated by destroying buildings and blocking roads in Mexico, a frightening display of its territorial reach which grabbed headlines around the world. The cartel has extensive networks on the U.S.-Mexico border that are not as well known but which are vital to its power and profits. These networks allow it to "source military-grade weaponry, smuggle billions in fuel and launder billions in cartel money."
Alamdar Hamdani said that the United States is increasingly important for cartels to flourish, including the Jalisco New Generation Cartel.
Anna Kelly, a White House spokesperson, said that the Trump Administration "has worked closely" with the Mexican Government to "stop the scourge" of drugs and criminals coming into the United States. This cooperation has led to "the elimination of the infamous narcoterrorist "El Mencho." She added that "the president will do everything he can to keep America safe against these vicious criminals, and the drugs which they use to poison America."
MEXICANS CALLS FOR U.S. TAKE MORE ACTION IN THEIR HOMELAND Washington put pressure on Mexico to intensify the fight against cartels ahead of the raid that will take place against the drug lord who was once untouchable. These actions can be risky for Mexico's government, as they could spark a violent wave in a nation where the drug conflict has already claimed tens thousands of lives.
Claudia Sheinbaum, the Mexican president, has escalated her crackdown and renewed calls have been made for the U.S. government to do more at its border.
Sheinbaum's close ally, Alfonso Ramirez Cuellar of the Mexican Congress said: "The United States cannot turn a deaf ear to Mexico's requests any longer."
He said that the U.S. must improve its efforts to combat money laundering, fuel theft, and above all weapons smuggled into Mexico from the U.S.
He said: "We cannot stop drug traffickers as long as the United States allows them to continue strengthening their military capabilities."
In recent years, the U.S. has built and prosecuted hundreds cases related to cartel activity in the U.S. The Trump administration diverted thousands agents last year, including those who specialize in money laundering, guns, and drugs, from these cases to focus on mass deportations. In September, it was reported that the number people charged with money laundering and drug conspiracies had dropped significantly. Vanda Felbab Brown, a security specialist, said that the Trump administration had focused primarily on militarized action?against drug trafficking abroad and hadn't paid as much attention to actions here at home. According to a spokesperson for the U.S. Department of Justice, the administration is "acutely focused" on securing border, prosecuting violent drug traffickers, and deporting all members of cartel network.
The department also cited a number of recent cases, which included high-ranking Jalisco cartel members. The office of Mexico’s president did not respond to comments.
Roberto Velasco is the Undersecretary of the Foreign Ministry for North America. He said that the Mexican government had repeatedly stressed in bilateral meetings and work groups, that the Mexican government's top priority was to stop the arms trade.
He said that while there had been significant progress in controlling this flow, more could be done. "We believe that much more can still be done, to control it and to target networks?in the United States, which facilitate it. This empowers transnational criminal groups," he added.
After El Mencho was killed, we spoke with a dozen current and former U.S. officials and Mexican officials. We also reviewed court documents in 10 recent U.S. cases relating to the cartel. This gave us a better understanding of its U.S. operation.
The report revealed that the activities of the cartel in the United States are crucial to its firepower and profits, and will not be affected by the death of the leader. Reporting also revealed that U.S. professionals and companies - including fuel traders, cell phone retailers and stockbrokers -- are complicit with cartel activity.
Former Mexican diplomat Alexia Bautista said, "There is a lot of integration in the economy - legal and illegal."
CARTELS FIGHT THE MEXICAN MILITARY WITH U.S. CARTELS FIGHT THE MEXICAN MILITARY WITH U.S.
He added that 80% of the 2,300 weapons the Mexican Government has seized in the last two years since Sheinbaum assumed office at the end of 2024 were from the U.S.
According to U.S. authorities and Mexican officials, the Jalisco cartel has become an expert at sourcing heavy military artillery in U.S. gun stores across the nation. According to an investigation, through one of its gun-running network, the cartel acquired guns from more than a 12 states in the U.S., including.50 calibre rifles that can down helicopters and FN SCAR?rifles for U.S. Special Forces.
Although such weapons can be bought legally in the U.S. they become illegal when they enter Mexico due to its strict gun laws.
Why do we dismiss the argument of the Mexicans that we can do better in tackling the gun traffic southbound? Derek Maltz is a former acting administrator of the U.S. Drug Enforcement Administration.
He said that the U.S. must step up its efforts in many areas, including public health programs and mental illness programs.
The Jalisco cartel has the power to smuggle fuel.
The cartels have long been fueled by the insatiable American demand for drugs. While drugs have been the main source of income for the cartels, they've quietly built up a cross-border oil empire worth billions in just a few years. As reported in October, the Jalisco cartel dominates this business. It would not have been possible to expand it without a network that included refiners and fuel traders as well as transport companies, storage facilities and companies involved with transportation. Guadalupe Correa is a professor from George Mason University, who has studied the ways cartels can diversify their sources of income. It's a massive, global business.
According to U.S. authorities and Mexican authorities, the cartel orchestrates a two-version scheme.
Members of cartels in Mexico steal crude oil from Pemex, which is then smuggled over the border and sold to U.S. firms. Shell companies are used by cartel members to purchase diesel and gasoline mainly from U.S. firms. Fuel is disguised in Mexico as other products, and this amounts to a lucrative tax fraud. Sheinbaum confirmed in the past that U.S. businesses were involved with fuel smuggling. Sheinbaum said that it was impossible to explain how fuel from the U.S. enters Mexico illegally.
HUNDREDS OF MILLIONS IN CARTEL-RELATED ASSETS IN U.S.
El Mencho’s son-in law Cristian Gutierrez was arrested late in 2024 in a $1.2 Million house in Riverside, California.
According to court records, Gutierrez who pled to a conspiracy to launder money internationally in June 2025 said that he purchased the five-bedroom house using drug proceeds channeled through an espionage shell company set up to look like it was a tequila manufacturer.
The Jalisco cartel uses real estate as one of many ways to clean its cash in the U.S.
Carlos Olivo is a former DEA Agent who specialized on tracing cartels'?U.S. financial networks. financial networks. He said that the money of the cartel flows through the textile industry, music, agriculture, restaurants, and the U.S. Stock Market.
He said that the United States had cartel money worth hundreds of millions.
A DEA spokesperson responded to questions regarding this story by saying that the cartels used a variety of money-laundering schemes. They "also use trade based money-laundering schemes, cryptocurrency and bulk cash to fund their operation."
Former Mexican diplomat Alejandro Celorio said that he hoped Sheinbaum's choice to pursue the cartel leader who was the most powerful in the country, would inspire the U.S. - to redouble their efforts within its borders.
Celorio stated that the U.S., as the world's largest commercial and military power could investigate more deeply the movement of money and drugs within U.S. soil. Reporting by Laura Gottesdiener, in Monterrey; Stefanie Eschenbacher, in Mexico City; and Sarah Kinosian, in Miami; Additional reporting by Emily Green, in Mexico City. Editing by Claudia Parsons.
(source: Reuters)