Latest News
-
Palm production likely to fall in June due to better demand
The price of palm oil in Malaysia rose on Wednesday as a result of improved demand, a rally of soyoil and a possible reduction of production for June. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for September delivery had gained 66 Ringgit or 1.66% to 4,034 Ringgit per metric ton. "Overall, the market has improved. Demand has returned to normalcy." Our preliminary assessment of lower production in the month of June, coupled with the rallying soyoil prices, helped keep palm prices competitive, said Paramalingam Supramaniam at Selangor brokerage Pelindung Bestari. Dalian's palm oil contract, which is the most active contract, gained 0.79%. The Chicago Board of Trade's (CBOT) soyoil price was 0.71% higher. As palm oil competes to gain a share in the global vegetable oils industry, it tracks the price fluctuations of competing edible oils. According to AmSpec Agri Malaysia (an independent inspection company), exports of Malaysian products containing palm oil rose by 4.3% in June compared to the previous month. Intertek Testing Services reported a 4.7% increase. The statistics bureau reported that Indonesian crude palm oil and refined palm oils exports increased by 53% from a year earlier in May. This was because the tropical oil began trading at a lower price than its competitors, which boosted demand from major buyers. Indonesia increased its crude palm oil benchmark price to $877.89 a metric ton, up from $856.38 a metric ton, in June. A trade ministry regulation published on Monday showed this increase. The palm ringgit's trade currency, the dollar, fell by 0.41%, making the commodity more affordable for buyers who hold foreign currencies. Technical analyst Wang Tao stated that palm oil could retest the resistance level of 4,015 Ringgit per metric tonne. A break above this would lead to gains in the range between 4,041 Ringgit and 4,063 Ringgit.
-
Iron ore futures are up on a supply decline, but China's property woes limit gains
Iron ore futures rose on Wednesday, as exports from Australia and Brazil fell. However, the persistent weakness of China's real estate market limited gains. As of 0357 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was trading 0.77% higher. It was 716 yuan (US$99.91) per metric ton. Singapore Exchange benchmark August iron ore was up by 0.86% to $94 per ton. Everbright Futures, a broker, said that iron ore exports from Australia and Brazil, two of the world's top iron ore producers, have decreased, while global iron ore shipment has also declined. Everbright reported that hot metal production, which is a measure of iron ore consumption, has continued to rise month-on-month. China's factory output has increased since November 2024, according to official PMI and Caixin PMI. Even so, the resale prices of homes in China dropped at a faster rate in June. Meanwhile, new home price growth slowed down, highlighting persistent weakness on the property market in China. Analysts at ANZ also noted that a proposed by the China Iron & Steel Association restricting exports of certain products of steel could increase supply in the country and potentially pressure prices. Coking coal and coke both gained 0.92% on the DCE. The benchmark steel prices on the Shanghai Futures Exchange have risen. Rebar climbed 1.44%; hot-rolled coil jumped 1.12%; wire rod grew by 0.45% and stainless steel jumped 1.04%.
-
EU adds international CO2 credits as part of next climate goal
A draft of the proposal revealed that the European Commission would propose on Wednesday an EU climate goal for 2040, which for the first will allow countries to utilize carbon credits from developing countries to meet a small share of their emission goals. The draft seen by said that the European Union executive will propose a legally binding target to reduce net greenhouse gas emission by 90% by 2040 from 1990 levels. This is to keep the EU on track to achieve its core climate goal of reaching net zero emissions in 2050. The draft EU proposal, however, includes flexibility that will soften the 90% emission target for European industry, following pressure from France, Germany and other governments, including Italy, Poland, and the Czech Republic. Prior EU emission targets were based solely on domestic emission reductions. The draft reflects Germany's public position that up to three percentage points of 2040 targets can be covered through carbon credits purchased from other countries via a U.N. supported market. This reduces the effort required for domestic industries. The draft stated that the carbon credits will be phased-in from 2036. "EU will propose legislation setting robust and high integrity standards and criteria, as well as conditions on origin, timing, and use of these credits," it said. The report said that countries would be given more flexibility in choosing the sectors of their economy that contribute most to the 2040 target. Climate change has made Europe one of the fastest-warming continents in the world. A heatwave that hit the continent this week caused wildfires, disruption and chaos. But Europe's aggressive policies to combat the temperature increase have stoked the tensions among the 27 member bloc. The European Commission's climate agenda is a way for the European Commission to improve Europe’s competitiveness and safety. However, some governments and legislators say that industries already struggling with high energy prices and U.S. tariffs cannot afford stricter emission rules. The draft stated that "Decarbonisation not only is crucial for the environment, but it can also be a key driver of growth in the economy when integrated with policies on industrial, trade, and competition." Un spokesperson for the Commission declined to comment on this draft which may change before publication. Carbon credits can be generated through projects that reduce CO2 emission abroad, such as forest restoration projects in Brazil. These carbon credits then raise money for these projects. Investigations have revealed that some credits did not deliver the claimed environmental benefits. The EU's Climate Science Advisors oppose counting them towards 2040 and say that spending money on carbon credits from abroad would divert investment away from local industries. EU legislators and countries must agree on the 2040 target. This lawmaking process may take many years, but by mid-September the EU must submit to the U.N. its new 2035 climate goal - which should be derived directly from the current 2040 target - as the Commission had stated. (Reporting and additional reporting by Michel Rose, editing by Barbara Lewis.)
-
Oil prices remain unchanged as OPEC+ increases weigh on the market
The price of oil futures was little changed on Tuesday as the markets considered the expectations for more supply next month from major producers, a weaker U.S. Dollar and a mix bag of economic indicators and market indicators coming from the U.S. Brent crude rose 2 cents to $67.13 a bar at 0345 GMT while U.S. West Texas Intermediate Crude fell 1 cent, down to $65.44 a bar. Brent oil has fluctuated between a high and a low of $69.05 per barrel since June 25. This is because concerns about supply disruptions have diminished following the ceasefire agreement between Iran and Israel. Sources said that American Petroleum Institute data released late Tuesday showed U.S. crude inventories had increased by 680,000 barrels over the past seven days, at a period when stocks are typically low during the summer season. "Today's oil prices are influenced by a combination of factors, including a potentially increasing OPEC+ production, unclear U.S. stock signals, an uncertain geopolitical scenario, and macro policy ambiguity," stated Phillip Nova Senior Market Analyst Priyanka Sahdeva. Investors have already factored in the planned increases by the Organization of the Petroleum Exporting Countries (OPEC+), which includes Russia. They are not likely to be caught off guard again soon, said Ms. Sher. Four OPEC+ source told us last week that the group will increase output by 411,000 barrels a day when it meets next month on July 6. This is a similar amount as what was agreed upon for May, June and even July. According to Kpler data, the market has already seen the effects of previous OPEC+ increases. Saudi Arabia, which is the largest oil exporter in the world, increased its shipments by 450,000 bpd in June from May. This was the highest level in over a year. Sachdeva said that, "With geopolitics at a minimum for the moment, oil futures are likely to trade in a tighter band this week as global economic worries persist. An easing dollar is the only exception which could extend any upward momentum." The greenback The number of people who are unemployed has fallen to its lowest level in three and a half years A weaker dollar could support prices, as it would encourage buyers to pay in other currencies. Tony Sycamore is an analyst at IG. He said that the Federal Reserve's interest rate reductions in the second half will be influenced by the non-farm payroll data released on Thursday. Lower interest rates would spur economic activity, which in turn would boost oil demand. The Energy Information Administration will release official data on the U.S. stockpile of oil by Wednesday morning at 10:30 am ET. ET. (Reporting and editing by Christian Schmollinger; Trixie Yap, Singapore; Sudarshan Varadahan in Singapore)
-
PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia
Malaysia’s oil and gas services Velesto has secured a drilling contract for its NAGA 5 jack-up drilling rig by PTTEP HK Offshore and PTTEP Sarawak Oil, collectively referred as PTTEP, for its 2025 - 2026 drilling campaign in Malaysia.Under the contract, Velesto will assign NAGA 5, one of its premium jack-up rigs, to drill a firm 15 wells with operations scheduled to commence in June 2025.The latest award follows Velesto’s recent announcements for NAGA 4 and NAGA 8 in May 2025, further strengthening the group’s fleet utilization outlook.Velesto continues to benefit from rising regional demand for jack-up rigs and anticipates a more active second half of 2025, supported by a robust tender pipeline and stable client activity.NAGA 5 is a premium independent-leg cantilever jack-up drilling rig with a rated operating water depth of 400 feet and drilling depth capability of 30,000 feet.“We thank PTTEP for their continued confidence and the opportunity to support their drilling operations in Malaysia. Our focus remains on safe, reliable execution, driven by consistent delivery across campaigns.“With several rigs under long-term contracts, we remain committed to operational discipline and value-driven execution that creates sustainable returns for our shareholders,” said Megat Zariman Abdul Rahim, President of Velesto.
-
Copper gains as traders continue to ship ahead of potential US tariffs
On Wednesday, copper prices rose at the London Metal Exchange (LME) and Shanghai Futures Exchange, as traders were expected to continue to rush metal shipments into the U.S. before potential import tariffs. This would further reduce inventories that are already very low. As of 0105 GMT the most traded copper contract on SHFE rose 0.62%, to 80,520 Yuan ($11238.43), per metric ton. This is the highest price range in 2025 so far, around the second half of March. The LME's three-month copper also increased 0.12%, to $9,945.5. Low copper inventories in the SHFE and LME, along with the continued shipment to the U.S. prior to the imposition on import tariffs, have supported the price. Copper Stocks Copper inventories in LME-registered storage shed 66% between the middle of February and now stand at 91 250 tons. In the warehouses monitored, the SHFE has also seen a 66% drop in stock since early March. The summer months are usually the time when copper inventories in China tend to increase due to a low season demand. ANZ reported that "U.S. Treasury Sec. Scott Bessent stated that Washington's negotiation with Beijing would focus first on reciprocal duties, and then on duties on raw materials such as copper." "A delayed tariff decision would justify a premium for U.S. Copper, giving traders more shipping time before levies are implemented." SHFE aluminium rose 0.61%, to 20,685 Yuan per ton. Tin gained 0.4%, to 268,420 Yuan. Lead increased by 0.2%, to 17,170 Yuan. Nickel grew by 0.16%, to 120,580 Yan, while Zinc fell 0.4%, to 22,165 Yan. LME aluminium rose 0.33%, to $2607 per ton. Lead gained 0.2%, to $2042, while zinc grew 0.06%, to $2715.5. Click or to see the latest news in metals, and other related stories. Data/Events (GMT 0900 EU Unemployment May Rate ($1 = 7.1647 Chinese Yuan) (Reporting and Editing by Rashmi aich; Reporting by Hongmei Li)
-
Investors weigh Fed rate stance as they assess US data and gold prices.
The gold price fell on Wednesday, as investors waited for U.S. employment data and assessed Federal Reserve Chairman Jerome Powell's cautious approach to rate cuts. However, a weaker greenback helped limit losses on bullion priced in dollars. As of 0217 GMT spot gold fell 0.2% to $3,330.68 an ounce while U.S. Gold Futures dropped 0.3%, falling to $3,340.60. Holders of other currencies can now afford to buy bullion because the U.S. Dollar index has fallen to its lowest level in over three years. Gold prices have been consolidating since posting their strongest gains in the past two weeks. "The overall trend bias continues in favour of the upside at this time," said Ilya SPivak, Tastylive's head of global macro. Powell said that the U.S. Central Bank will "wait and see" how tariffs impact inflation before it lowers interest rates. This is a further rejection of President Donald Trump's demand for immediate rate cuts. The number of U.S. jobs opened in May was unexpectedly higher, but the decline in hiring is a sign that the labour markets has shifted down gear due to the uncertainty surrounding the Trump administration’s tariffs against imports. Investors will now be awaiting the U.S. ADP Employment data due later today, as well as nonfarm payroll numbers on Thursday, for more insight into the labour market. Spivak stated that the biggest risk to gold is an unexpectedly high (NFP) result, but this seems unlikely. The U.S. Senate Republicans passed Trump's tax and spending bill Tuesday by a narrow margin. It is a package that cuts taxes, reduces social safety net programs, increases military expenditures, while adding $3.3 billion to the national debt. Trump was optimistic on Tuesday regarding a possible trade agreement with India, but sceptical about a similar deal with Japan. He also said that he would not consider extending the deadline of July 9 for countries to reach trade agreements. Spot silver fell 0.1% per ounce to $36.01, platinum dropped 0.4% at $1,344.91, and palladium rose 0.4% to $ 1,104.92.
-
Investors' expectations for the OPEC+ summit have not changed much in terms of oil prices
The price of oil futures was little changed on the day of Wednesday, as investors were cautious ahead of this week's meeting of major producers to decide output levels for August. Brent crude rose 1 cent to $67.12 a bar at 0124 GMT. U.S. West Texas Intermediate Crude fell 5 cents, falling to $65.40 a bar. Analysts said that demand expectations were boosted on Tuesday by a survey conducted by the private sector, which showed that factory activity in China, world's largest oil importer, increased in June. Brent oil has fluctuated between a high and low of $68.40 and $66.34 a barrel since June 25 as fears of disruptions to supply in the Middle East region producing region have diminished. Oil prices are in a tight range, as there is less geopolitical uncertainty and more nervousness about what OPEC might do to increase production. This was said by Phil Flynn. Senior analyst at Price Futures Group. The price has been held down by the expectation that the Organization of the Petroleum Exporting Countries (OPEC+) and its allies, including Russia, will increase their crude oil production in August by a similar amount to the large increases agreed upon in May, July, and June. Four OPEC+ members told four sources last week that the group intends to increase output by 411,000 barrels a day when it meets next month on July 6. According to Kpler data, the market has already seen the effects of previous OPEC+ increases. Saudi Arabia, which is the largest oil exporter in the world, increased its shipments by 450,000 bpd in June from May. This was the highest level in over a year. According to American Petroleum Institute figures, the crude oil inventory in the U.S. has increased by 680,000 barrels over the last week. The Energy Information Administration will release official data on Wednesday, 10:30 am ET. ET. Tony Sycamore is an analyst at IG. He said that the non-farm payrolls numbers due Thursday will determine the timing and depth of the interest rate reductions by the Federal Reserve in the second half this year. Lower interest rates would spur economic activity, which in turn would boost oil demand. Investors also watch trade negotiations in advance of the tariff deadline set by U.S. president Donald Trump on July 9. Trump said on Tuesday that he does not plan to extend the deadline. (Reporting from Sudarshan Varadahan in Singapore, Editing by Christian Schmollinger).
What Trump 2.0 could indicate for trade, migrants, climate change and electric automobiles
Donald Trump's second presidential term might have big implications for U.S. trade policy, climate change, the war in Ukraine, electrical automobiles, Americans' taxes and prohibited immigration.
Trump on Monday vowed to enforce tariffs on the United States' leading 3 trading partners including a 25% tariff on all products from Mexico and Canada and an extra 10% tariff on goods from China.
While a few of his campaign propositions would require congressional approval, here is a summary of the policies he has said he will pursue when he takes office on Jan. 20:
MORE TARIFFS
In his very first significant tariff pledge given that the election, Trump vowed an extra 10% tariff on Chinese items, and said he would provide executive orders on his first day in workplace to charge Mexico and Canada a 25% tariff on all imports from the two U.S. next-door neighbors. Critics state tariffs could cause greater prices for American consumers and international economic instability.
New tariffs would appear to violate the regards to the U.S.-Mexico-Canada Agreement on trade, which Trump signed into law throughout his first term in workplace and took effect in 2020.
He has likewise stated he needs to have the authority to set greater tariffs on countries that have actually put tariffs on U.S. imports. He has threatened to impose a 200% tariff on some imported cars and trucks, saying he is identified in specific to keep cars and trucks from Mexico from entering the country.
However he has actually also recommended that allies such as the European Union could see higher responsibilities on their goods. Trump has targeted China in particular. He proposes phasing out Chinese imports of products such as electronic devices, steel and pharmaceuticals over four years. He seeks to forbid Chinese companies from owning U.S. real estate and facilities in the energy and tech sectors.
Trump has stated tariff is his preferred word and views them as income generators that would help fill government coffers.
MASS DEPORTATIONS
Trump has actually pledged to reinstate his first-term policies targeting prohibited border crossings and to advance with sweeping new constraints.
He has vowed to restrict access to asylum at the U.S.-Mexico border and to embark on the most significant deportation effort in American history, which would likely trigger legal obstacles and opposition from Democrats in Congress.
He has said he will use the National Guard, and, if required, federal soldiers, to accomplish his objective, and he has not ruled out establishing internment camps to process people for deportation.
Trump has stated he would look for to end automatic citizenship for kids born to immigrants, a relocation that would run versus the long-running interpretation of the U.S. Constitution's 14th Amendment.
He has likewise recommended he would withdraw protected legal status for some populations such as Haitians or Venezuelans.
Trump says he will reinstitute the so-called travel ban that restricts entry into the United States of individuals from a. list of mostly Muslim-dominant countries, which stimulated. several legal battles throughout his very first term. A few of Trump's earliest appointments showed an urgency to. follow through on his migration agenda. Trump has named a. border czar, Tom Homan, and will make Stephen Miller, the. architect of his immigration plans, a White Home deputy chief. of staff.
DRILLING AWAY
Trump has actually pledged to increase U.S. production of nonrenewable fuel sources. by alleviating the allowing procedure for drilling on federal land. and would motivate brand-new natural gas pipelines. He has actually stated he. would reauthorize oil drilling in the Arctic National Wildlife. Refuge in Alaska. Trump has pledged to create a National Energy Council to. coordinate policies to enhance U.S. energy production that will be. led by his choice for interior secretary, North Dakota Governor. Doug Burgum.
Whether the oil market follows through and raises. production at a time when oil and gas rates are reasonably low. remains to be seen.
Trump has actually stated he will again pull the United States out of. the Paris Climate Accords, a framework for minimizing worldwide. greenhouse gas emissions, and would support increased nuclear. energy production. He would likewise roll back Democratic President Joe Biden's. electric-vehicle mandates and other policies targeted at minimizing. auto emissions.
He has actually argued that the U.S. requires to be able to boost energy. production to be competitive in establishing synthetic. intelligence systems, which take in large amounts of power.
TAX RELIEF. Along with his trade and energy agendas, Trump has actually assured to. slash federal guidelines that he states limitation job development. He. has actually pledged to keep in place a broad 2017 tax cut that he signed. while in workplace, and his economic team has actually gone over a further. round of specific and corporate tax cuts beyond those enacted. in his very first term.
Trump has actually promised to reduce the business tax rate to 15%. from 21% for companies that make their products in the U.S.
. He has actually said he would seek legislation to end the tax of. tips and overtime incomes to help waiters and other service. employees. He has vowed not to tax or cut Social Security. advantages.
Trump has also said that as president he would pressure the. Federal Reserve to lower rates of interest - however would stop short. of demanding it.
Most, if not all, of his tax proposals would need. congressional action. Budget analysts have actually alerted that the bevy. of tax cuts would swell the federal financial obligation.
GETTING RID OF DIVERSITY PROGRAMS
Trump has vowed to need U.S. colleges and universities. to defend American custom and Western civilization and to. purge them of diversity programs. He said he would direct the. Justice Department to pursue civil rights cases against schools. that take part in racial discrimination.
At K-12 schools, Trump would support programs permitting. parents to use public funds for private or spiritual. instruction.
Trump also wishes to eliminate the federal Department of. Education, and leave states in control of schooling.
NO FEDERAL ABORTION BAN
Trump selected three justices to the U.S. Supreme Court who. became part of the majority that got rid of Roe v. Wade's. constitutional defense for abortion. He likely would continue. to select federal judges who would uphold abortion limitations.
At the exact same time, he has said a federal abortion ban is. unneeded and that the problem ought to be fixed at the state. level. He has actually argued that a six-week restriction favored by some. Republicans is overly harsh and that any legislation should. include exceptions for rape, incest and the health of the. mom.
Trump has actually suggested he would not seek to restrict access to the. abortion drug mifepristone after the U.S. Supreme Court rejected. a challenge to the federal government's approach to controling it.
He supports policies that advance in vitro. fertilization (IVF), birth control and prenatal care.
A PUSH TO END WARS. Trump has been vital of U.S. support for Ukraine in its war. with Russia, and has stated he might end the war in 24 hours if. elected - although he has not said how he would achieve this.
He has actually recommended Ukraine might need to yield a few of its. area if a peace offer is to be struck, a concept Ukraine has. regularly declined. Trump's choice for his nationwide security consultant, U.S. Agent Michael Waltz, was important of the Biden. administration's decision in November to enable Ukraine to utilize. U.S.-provided rockets to strike within Russian territory.
Trump has likewise stated that under his presidency the U.S. would. fundamentally reassess NATO's function and NATO's mission.
Trump named U.S. Senator Marco Rubio, a China hawk, as his. secretary of state, charged with carrying out his foreign policy. goals. Trump has actually backed Israel in its fight versus Hamas in Gaza but. has prompted it to wrap up its offensive. He can be anticipated to. continue the Biden administration's policy of equipping Israel. At. the exact same time, Trump is likely to promote historic. normalization of relations between Israel and Saudi Arabia, an. effort he made during his 2017-2021 presidency and which Biden. has likewise pursued.
Trump has actually stated if he becomes president, he will stop the. suffering and destruction in Lebanon, however has actually not stated how he. will attain that.
He has recommended building an iron dome - a huge. missile-defense guard comparable to Israel's - over the whole. continental United States.
Trump has likewise floated sending armed forces into Mexico to. fight drug cartels and using the U.S. Navy to form a blockade. of that nation to stop the smuggling of fentanyl and its. precursors. His shift group has been drawing up lists of potential. high-ranking U.S. military officers to fire as part of a purge. of the Pentagon of those thought to be disloyal to Trump.
EXAMINING OPPONENTS, AIDING ALLIES. Trump has vowed at times to use federal law enforcement. companies to examine his political foes, consisting of election. authorities, attorneys and party donors.
Trump tapped previous Florida Chief law officer Pam Bondi as. his U.S. attorney general. Bondi has said those who brought. criminal charges against Trump should have trials of their own,. telling Fox News in 2023 that the district attorneys will be. prosecuted, the bad ones.
Along that line, Trump has stated he will consider appointing. a special prosecutor to probe Biden, though he has actually not defined. the grounds for such an investigation.
And he has actually said he would think about firing a U.S. attorney who. did not follow his instructions - which would constitute a break. with the longstanding U.S. policy of an independent federal law. enforcement device.
Trump has actually stated he will consider pardoning all of those who. have actually been convicted of crimes in connection with the Jan. 6,. 2021, attack on the U.S. Capitol.
In addition to criminal examinations, he has recommended. utilizing the federal government's regulative powers to penalize those he. deem critics, such as tv networks.
PURGING THE FEDERAL BUREAUCRACY
Trump would look for to decimate what he terms the deep state. -- profession federal workers he says are clandestinely pursuing. their own programs-- through an executive order that would. reclassify thousands of workers to enable them to be fired. That. would likely be challenged in court. He has actually said he will establish an independent federal government effectiveness. panel headed by billionaire supporter Elon Musk and previous. governmental prospect Vivek Ramaswamy to root out waste in the. federal government. The federal government already has watchdogs such as. the Office of Management and Budget, and private investigators basic. at federal firms.
Trump would punish federal whistleblowers, who are. usually shielded by law, and would institute an independent. body to keep an eye on U.S. intelligence companies.
(source: Reuters)