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Iraq's SOMO seeks more high-sulphur diesel shipments for Dec, sources state
Iraq's stateowned refiner SOMO is seeking to purchase more highsulphur diesel shipments for December arrival, after earlier buying interest for one October cargo, 3 trade sources who saw the tender document said on Friday. SOMO is looking for a total of 85,000 metric lots of 2500ppm sulphur diesel, to be divided into 2 42,500-ton cargoes, for delivery in between Dec. 1 and Dec. 31 to Khor Al Zubair, they stated. The tender closes on Nov. 5, with credibility of approximately 20 days later on. SOMO did not instantly react to a Reuters ask for comment. This is the 2nd time the refiner has actually wanted to buy 2500ppm sulphur diesel cargoes, after a purchase tender at end-September for one October 42,500-ton cargo. In May, the business looked for to offer 800-1000ppm gasoil term materials. This increase in need could be due to lowered domestic production since of refinery maintenance, among the 3 sources stated. SOMO did not import or export any gasoil for the very first half of 2024, while imports for 2023 totalled around 1.15 million tons, the company's website shows. Iraq's newly minted Karbala refinery was shut for scheduled maintenance at end-September and has actually just rebooted. A minimum of four more refinery sites in Iraq were scheduled for planned maintenance between September and November, a 4th source informed Reuters earlier.
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Asia Gold-Festivities trigger purchasing spree in India, but volumes lag
Gold demand in India leapt today amid festival purchases, although volumes were lower than typical due to recordhigh costs. Retail purchasing jumped as customers want to make purchases during the advantageous duration. However many were making token-buys because of higher costs, said a Hyderabad-based jeweller. In India, costs leapt to a record high of 79,775 rupees per 10 grams previously this week, marking a nearly 33%. boost considering that in 2015's Diwali. The share of coins and bars in total sales increased this. year than usual as buyers were unwilling to pay increased making. charges for jewellery, said a New Delhi-based jeweller. Indian dealerships previously today charged a premium. of up to $1 an ounce over official domestic rates. on Dhanteras, inclusive of 6% import and 3% sales levies, but. used a discount later on in the week of approximately $5, compared to. last week's $4 discount. In volumes, sales were lower this year than in 2015. Nevertheless, thinking about the price rally, even sales with modest. volume drops look promising considering that, in worth terms, they are much. greater, stated a Mumbai-based bullion dealer with a private bank. Diwali and Dhanteras, commemorated this week, are festivals. when purchasing gold is thought about advantageous. It was an excellent sales week due to festivities after a long. peaceful duration, stated Brian Lan, managing director at GoldSilver. Central. In Singapore, gold was offered between $0.80 discount to $2.20. premium . Demand for physical silver and platinum is rising in. Singapore based on dealers' inventory, Hugo Pascal, valuable. metals trader at InProved, stated. Dealerships in China provided discounts of $11-$ 14 . China's gold intake in the first 3 quarters of 2024. moved 11.18% as high prices dented jewellery need. The ongoing challenges within the Chinese economy continue. to impact customer behaviour regardless of stimulus package, Pascal. included. In Japan, traders priced quote at $0.25 discount to. $ 0.5 premium. There were some purchases and limited selling as people. focused on securing their possessions, a Tokyo-based trader stated.
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London copper gains on softer dollar but heads for weekly fall
London copper edged up on Friday as a. softer U.S. dollar made greenbackpriced metals more affordable to. holders of other currencies, however was set for a weekly decline. in the middle of caution ahead of the U.S. presidential election and a secret. policy meeting in China. Three-month copper on the London Metal Exchange (LME). increased 0.7% to $9,569 per metric load by 0647 GMT, while. the most-traded December copper contract on the Shanghai Futures. Exchange (SHFE) increased 0.1% to 76,570 yuan ($ 10,748.63) a. ton. LME copper is set for a fifth straight week of decrease, down. 0.4% up until now this week. The dollar index was headed for its very first weekly loss in. 5 weeks and steadied on Friday, as financiers awaited the U.S. tasks report ahead of the Federal Reserve's monetary policy. conference and a close-call U.S. governmental election next week. The outcome of the Nov. 5 election will choose how the. policies on the planet's biggest economy will shape in the next. 4 years. The election's far-reaching implications for international. economic policies and trade relations seal its position as the. main driver for metals price movements, currently, said. analysts at BMI. The Chinese legislative body will satisfy between Nov. 4 and. Nov. 8 and market participants are wishing for stimulus steps. that might increase physical metals demand. The premium to import copper into China has actually been stable at. $ 48 a heap, below $69 last month, showing softer need. LME aluminium increased 0.7% to $2,636 a load, nickel. increased 0.8% to $15,840, zinc advanced 0.5% to. $ 3,043.50, lead climbed 1.3% to $2,046.50 and tin. gotten 0.2% at $31,275. SHFE aluminium edged up 0.2% at 20,780 yuan a lot,. tin included 0.7% to 255,970 yuan, lead edged up. 0.9% at 16,840 yuan, nickel rose 0.1% to 123,930 yuan,. while zinc fell 1.1% to 24,865 yuan. For the top stories in metals and other news, click. or
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Botswana's ruling celebration loses election, ending 58-year guideline
Botswana's President Mokgweetsi Masisi on Friday conceded defeat after initial results showed his party had lost its parliamentary majority in this week's election, ending nearly 6 years in power. The personal Mmegi paper and state radio reported that the judgment Botswana Democratic Celebration (BDP) had actually lost by a. landslide, citing results from over half the constituencies. The opposition coalition Umbrella for Democratic Change. ( UDC) was leading, putting its leader, lawyer Duma Boko, on. track to win the presidency. Boko has not yet openly spoken. Although I wished to remain on as your president, I respect. the will of individuals and I praise the president-elect. I. will step aside and I will support the new administration,. Masisi stated at an interview. Experts had said the election would be competitive,. although the BDP had still been widely anticipated to dominate. It. has actually ruled the southern African nation of 2.3 million people. considering that its self-reliance from Britain in 1966. Mmegi stated based on results from 36 of the 61 constituencies. up for grabs that opposition celebrations had won over half the. seats in parliament, which elects the president. State radio had the same tally. It stated out of the 36. constituencies so far the BDP had just won one. The UDC had actually won. 25. A party requires to win 31 constituencies to get a majority in. this election. Botswana has actually taken pleasure in stability and relative prosperity. thanks to its diamond wealth and small population, which gets. totally free health care and education. It is the world's leading manufacturer by. worth of the gem. However a recession in the diamond market has put a squeeze on. revenues in the last couple of years, and the country has had a hard time to. diversify its economy.
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MORNING BID EUROPE-A November to keep in mind ...
A take a look at the day ahead in European and international markets from Stella Qiu Asian markets started what guarantees to be a special month on the careful side, with financiers avoiding danger assets ahead of Friday's U.S. jobs data and next week's governmental election. A lot of Asian shares were down, led by a 2.3% drop in the Nikkei. Chinese stocks were an outperformer, with Hong Kong's. Hang Seng index up 1.6% after a personal survey revealed. that China's vast production sector returned to expansion in. October. The Caixin/S&& P International production PMI for China strengthened. upbeat findings the day before in an official study and. recommends that the downturn on the planet's second-largest economy. may have troughed, as a series of federal government stimulus measures. begins starting to boost development. Oil extended its newest rally into a third day, up almost 2%. on Friday after reports that Iran was preparing a retaliatory. strike on Israel from Iraq in the coming days. The dollar recouped some of its losses on the yen, however. currencies were range-bound overall. Looking ahead to Europe, financiers discovered some solace in an. earnings beat by Amazon, which jumped 5.3% after the bell and. added $104 billion to its market cap. Both EUROSTOXX 50 futures. and FTSE futures inched up 0.1%. Investors will be enjoying if UK gilts extend their sell-off. and whether the pound would break its 200-day moving average as. markets hand down their judgment on Chancellor Rachel Reeves'. debut budget. Experts fear the spending-heavy spending plan might put upward. pressure on inflation and had financiers wagering that the Bank of. England may have to slow the rate of future rate cuts. Two-year. gilt yields have actually risen 27 basis points so far this. week to the greatest because May, although that appears tame compared. with the 89-basis-point rout that followed Liz Truss' 2022. effort. In the U.S., profits are due from Exxon Mobil and Chevron,. in addition to the high-profile ISM production study and the. non-farm payrolls report. Hurricanes and strikes have made it difficult to read the tasks. data. Projections are centred on an increase of 113,000 new jobs in. October however a strong ADP report and lower jobless claims data. suggest the dangers are to the advantage. The joblessness rate most likely stayed at 4.1%, so barring a. major surprise, markets will likely adhere to wagers that the. Federal Reserve will cut by a quarter-point next Wednesday. That. is more than 94% priced in. Of course, the day before that there is the U.S. governmental election, with prospects Donald Trump and Kamala. Harris running neck and neck. Some financiers have actually been trading. on expectations that a Trump win could bring inflationary. policies. Key advancements that could influence markets on Friday: -- UK producing PMI -- U.S. non-farm payrolls -- ISM Production survey -- Exxon Mobil, Chevron profits
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London copper gains on softer dollar, but heads for weekly fall
London copper edged up on Friday as a. softer U.S. dollar made greenbackpriced metals cheaper to. holders of other currencies, however was set for a weekly decrease. in the middle of care ahead of the U.S. governmental election and a key. policy meeting in China. Three-month copper on the London Metal Exchange (LME). rose 1% to $9,596 per metric load by 0403 GMT, while the. most-traded December copper agreement on the Shanghai Futures. Exchange (SHFE) rose 0.2% to 76,610 yuan ($ 10,751.83) a. lot. LME copper is set for a fifth straight week of decline, down. 0.1% so far today. The dollar index was headed for its very first weekly loss in. 5 weeks and steadied on Friday, as financiers waited for the U.S. jobs report ahead of the Federal Reserve's monetary policy. meeting and a close-call U.S. governmental election next week. The outcome of the Nov. 5 election will choose how the. policies on the planet's greatest economy will shape in the next. 4 years. The Chinese legislative body will fulfill in between Nov. 4 and. Nov. 8 and market participants are expecting stimulus procedures. that could enhance physical metals demand. The premium to import copper into China has been steady at. $ 48 a load, below $69 last month, suggesting softer demand. LME aluminium rose 1% to $2,642.50 a lot, nickel. increased 0.4% to $15,775, zinc advanced 0.9% to. $ 3,057, lead climbed 1.1% to $2,041.50 and tin. gained 0.8% at $31,470. SHFE aluminium edged up 0.5% at 20,845 yuan a ton,. tin included 1.3% to 257,550 yuan, lead edged up. 0.6% at 16,790 yuan, nickel rose 0.3% to 124,140 yuan,. while zinc fell 0.4% to 25,030 yuan. For the top stories in metals and other news, click. or.
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Iron ore dips on demand concerns but headed for weekly rise
Iron ore futures costs dipped on Friday, however were on track for weekly gains as investors weighed a softer international demand outlook against much better financial information from top consumer China and potential customers of more stimulus from Beijing. The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) ended early morning trade 0.77%. lower at 776.0 yuan ($ 108.95) a metric heap. It has acquired 1.37%. up until now today. The benchmark December iron ore on the Singapore. Exchange was 0.61% lower at $103.05 a lot, since 0340 GMT. It. has actually risen 2.35% so far today. China's brand-new home prices increased at a faster pace in October,. suggesting that recent support procedures might be having some. early effect in a crisis-hit market. Production activity on the planet's second-largest economy. swung back to development last month as a growth in brand-new orders. led to a pick-up in production development. Nevertheless, brand-new export orders decreased to an eight-month low,. signalling weakening external demand, which has actually been among the. main drivers behind a stronger-than-expected production. efficiency for much of 2024, ING analysts said. Moving forward, we'll need to see if the stimulus rollout. can cause a healing of domestic demand to offset potentially. softer external demand image, which might be even less. beneficial if we see a Trump success and subsequent escalation. of tariffs, said the ING experts. On the other hand, imported iron ore stocks at 45 significant Chinese. ports posted their fourth consecutively weekly rise in the week. to Oct. 31, showing a lower discharge volume, consultancy. Mysteel said in a note. Other steelmaking ingredients on the DCE lost ground, with. coking coal and coke down 0.37% and 0.59%,. respectively. Steel criteria on the Shanghai Futures Exchange were. weaker. Rebar lost almost 0.6%, hot-rolled coil. dipped about 0.3%, wire rod shed nearly 1.2%. and stainless-steel edged around 0.1% lower.
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RWE Secures All Permits for Construction of Denmark’s Largest Offshore Wind Farm
The Danish Energy Agency has granted RWE the offshore construction permit for 1.1 GW Thor offshore wind farm, marking the final authorization ahead of construction start set for spring 2025.Good progress is already being made on land, with the laying of cables and the construction of an onshore substation in the municipality of Lemvig.At the beginning of 2025, RWE will prepare the seabed for the construction activities, which will kick off in spring when the foundations are installed.Turbine installation is scheduled to begin in 2026, RWE said.Located approximately 22 kilometres off the west coast of Jutland, Thor will consist of 72 Siemens Gamesa wind turbines of SG 14-236 DD type.Half of the turbines will be equipped with CO2-reduced steel towers and 40 turbines will use recyclable rotor blades.The plan is to perform the turbine installation works from the port of Esbjerg. The port of Thorsminde will serve as an operations and maintenance base, creating 50-60 local jobs.Construction of RWE’s new service building is expected to start later this year. Thor is expected to be fully operational by no later than the end of 2027.“With our Thor project we are delivering Denmark’s largest offshore wind farm to date. But it is not just the size of the project that makes us ambitious.“We are also leading the way with investments in new sustainable technology with recyclable rotor blades and turbine towers made of greener steel. Denmark is already a pioneer when it comes to renewable energy and innovative solutions. We are proud to contribute to this journey with Thor,” said Thomas Michel, COO RWE Offshore Wind.
IMF jobs 4% growth rebound in Middle East and North Africa next year
Growth in the Middle East and North Africa area is expected to rebound to 4% next year, but will depend upon a stage out of oil production cuts and headwinds going away, consisting of from disputes, the International Monetary Fund stated on Thursday.
Development in the region will stay sluggish at 2.1% in 2024, according to the IMF's latest Regional Economic Outlook, released in Dubai, lower than earlier forecasts as geopolitical and macroeconomic aspects weigh.
The IMF warned that risks to the outlook for the whole region, consisting of the Caucasus and Central Asia, stay slanted to the downside, and required a velocity of structural reforms, including in governance and labour markets, to lift potential customers for medium term development.
For 2024, the MENA growth price quote has been revised downwards by 0.6% from April's report, generally due to the extension of the Israel-Hamas dispute and further extensions of OPEC+ voluntary oil production cuts, Jihad Azour, the IMF's. director for the Middle East and Central Asia department, said. in an interview.
He included that the good news was that inflation was. gradually being brought under control throughout the region, and. expected to average the 3% target rate in 2024, with the. exception of Egypt, Iran and Sudan.
However, the outlook varies considerably across the region,. with oil exporting countries anticipated to cope better with. potential threats, supported by strong non-oil sector development,. Azour stated.
Amid lower oil prices and lower oil production this year,. non-oil growth in the Gulf Cooperation Council (GCC) area, has. mainly exceeded total development as government led financial investment. programmes assist drive domestic demand. Saudi Arabia, Kuwait, the. United Arab Emirates, Qatar, Bahrain and Oman are part of the. GCC.
Middle East and North Africa oil importers stay more. susceptible to ongoing disputes and high funding requirements.
Even as these concerns slowly abate, unpredictability stays. high and structural gaps will likely keep back efficiency. growth in many economies over the projection horizon, the IMF. report said.
The IMF has approved $13.4 billion in new financing to Middle. East and Main Asian nations considering that January 2024, consisting of. for programs in Egypt, Jordan and Pakistan.
(source: Reuters)