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Botswana's Debswana diamond sales fall over 50% in first nine months of 2024
Sales of rough diamonds at the Debswana Diamond Company fell about 52% in the very first nine months of 2024, information launched by Botswana's central bank on Tuesday showed, as the downturn in the worldwide diamond market continued. Debswana, similarly owned by Botswana and Anglo American Plc's. De Beers, offers 75% of its output to De Beers, with the. balance taken up by the state-owned Okavango Diamond Company. ( ODC). In 2015, Botswana and De Beers consented to a brand-new 10-year. diamond sales contract, where ODC will get 30% of. Debswana's produce and this will be scaled up to 50% by the end. of the new agreement. In the first three quarters of the year approximately September,. Debswana had actually offered diamonds worth $1.53 billion compared to $3.19. billion in the very same period in 2015, the Bank of Botswana stated. on Tuesday. In regional currency terms, sales were down 50.3% to 20.9. billion pula, which equates to about $1.55 billion based on. present currency exchange rate. Botswana gets 30% -40% of its profits, 75% of its foreign. exchange revenues, and a third of its national output from. diamonds. It is the world's leading manufacturer of the gem by value. The southern African nation will hold a general election on. Wednesday, with the poor performance of the economy-largely due. to the slump in the international diamond market-and high levels of. unemployment amongst the issues in focus. Our diamonds have not been selling given that April, so yes, our. profits are down however the economic fundamentals still remain. undamaged, President Mokgweetsi Masisi, who is seeking a 2nd. term, said at a presidential argument last week.
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Gold scales record peak as United States election jitters fuel safe-haven rush
Gold struck an alltime peak on Wednesday as financiers gathered towards the safehaven metal with less than a week left for the U.S. presidential election, while they likewise waited for economic data for ideas on the Federal Reserve's rate position. Area gold rose 0.3% to $2,783.72 per ounce, since 0545 GMT, after striking an all-time high of $2,783.96 earlier in the session. U.S. gold futures rose 0.5% to $2,795.60. Gold is very much being anchored on the U.S. election outcome ... In the near term, spot gold will face resistance at $ 2,800, then followed by $2,826, stated Kelvin Wong, OANDA senior market analyst for Asia Pacific. The Nov. 5 election has entered its final stretch, with recent polls showing an increasingly competitive race in between Donald Trump and Kamala Harris. Another factor to gold's record rally is expectations of additional U.S. interest rate cuts. Lower rates minimize the chance expense of holding zero-yield bullion. Fed policymakers are nearly certain to deliver a. quarter-point reduction in short-term borrowing costs next week,. as a U.S. Labor Department report showed job openings dropped in. September to their lowest level since January 2021. If we see hot inflation numbers or a strong jobs report,. then there might be a derailment in gold rates, Wong added. Other major data due this week consist of the ADP employment. report at 1215 GMT on Wednesday, U.S. Personal Consumption. Expenses (PCE) on Thursday and Friday's payrolls report. Goldman Sachs lowered its gold projection from $3,080 to. $ 3,000 by December 2025, however preserved its bullish stance. It. likewise expects a 7% upside from Western exchange-traded fund. ( ETF) holdings. On the retail front, Indian gold buyers overlooked record. high rates and made purchases for the Dhanteras and Diwali. festivals that started on Tuesday, according to market. officials. Area silver shed 0.6% to $34.25 per ounce. Palladium tipped over 2% to $1,197.75 per ounce,. while platinum rose 0.3% to $1,048.85. Stronger need and the risk of supply disruption are. anticipated to drive platinum and palladium prices higher in 2025. from this year's averages, a Reuters survey revealed.
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VEGOILS-Palm retreats on profit-taking, issues of widening premium over rival oils
Malaysian palm oil futures fell on Wednesday, weighed down by profittaking and concerns that a widening premium over rival oils might moisten need. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange moved 31 ringgit, or 0.67%, to 4,606 ringgit ($ 1,049.44) a metric ton throughout the midday break. The marketplace will be closed on Thursday for a holiday. Crude palm oil futures prices demonstrated strength in the previous session, nevertheless, a small retracement is anticipated due to benefit taking activities, stated Darren Lim, a products strategist with Singapore-based brokerage firm Philip Nova. The contract increased 2.38% on Tuesday. Optimism about an uptick in Chinese need following information of a prospective fresh stimulus plan had supported speculative buying above the 4,600 ringgit level, he stated. Traders will also be carefully keeping an eye on advancements in associated vegetable oils, as the expanding premium will ultimately minimize need for palm compared to its replacements, keeping gains capped, Lim added. Dalian's most-active soyoil contract fell 0.14%,. while its palm oil contract increased 0.28%. Soyoil prices. on the Chicago Board of Trade were down 0.07%. Palm oil tracks rate movements of competing edible oils, as. they compete for a share in the worldwide vegetable oils market. The ringgit, palm's currency of trade, damaged 0.41%. versus the dollar, making the commodity less expensive for buyers. holding foreign currencies. Oil costs stabilised on industry data showing a surprise. drop in U.S. crude and fuel inventories, following 2. previous sessions of losses on the prospect of hostilities. alleviating in the Middle East. Stronger crude oil futures make palm a more appealing. alternative for biodiesel feedstock. European Union soybean imports up until now in the 2024/25 season. that began in July had reached 3.78 million metric heaps by. Oct. 25, up 1% from a year previously, while palm oil imports were. down 21% to 988,458 tons, data published by the European. Commission showed.
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Copper prices suppressed ahead of US election, essential China meeting
Copper costs flitted in narrow varieties on Wednesday as traders braced for a securely contested U.S. presidential election and likewise waited for leading metals customer China to present further stimulus measures. Three-month copper on the London Metal Exchange (LME). alleviated 0.1% to $9,518.50 per metric heap, as of 0535 GMT,. while the most-traded December copper contract on the Shanghai. Futures Exchange (SHFE) edged 0.2% lower to 76,390 yuan. ($ 10,705.03) a load. Earlier in the session, both agreements. clocked in slight gains before relieving to trade lower. The neck-to-neck U.S. election, due on Nov. 5, will reveal. how financial policies will form worldwide's greatest economy. in the next four years, which might likewise supply hints on the. impact on metals. China's top legislative body will satisfy on Nov. 4-8. The. nation is considering authorizing next week the issuance of more. than 10 trillion yuan in extra debt in the next couple of years to. restore its vulnerable economy, sources told Reuters. Increasing tensions in the Middle East are likewise pushing. investors towards safe-haven possessions such as gold and the U.S. dollar, and decreased danger cravings in other markets such as base. metals, a metals trader stated. The dollar has actually been hovering around its greatest levels since. August, making greenback-priced metals more costly for. holders of other currencies. The premium to import copper into China has actually likewise been. falling and was at $48 a lot on Tuesday, the lowest because Aug. 5. and showing weaker need. LME aluminium was nearly flat at $2,660 a ton,. nickel edged 0.1% lower at $15,860, lead was up. 0.5% at $2,014, tin edged 0.1% higher to $31,100 and. zinc fell 0.4% to $3,108.50. SHFE aluminium edged down 0.2% at 20,730 yuan a. ton, nickel fell 0.3% to 124,120 yuan, zinc. decreased 0.5% to 24,950 yuan, lead shed 0.3% to 16,640. yuan and tin declined 0.6% to 253,990 yuan. For the leading stories in metals and other news, click or
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Verdane raises about $750 mln for energy transition fund
European private equity company Verdane has actually raised 700 million euros ($ 755 million) for its second fund concentrated on business assisting to decarbonise the economy, its handling partner informed Reuters. Verdane Idun II had reached its hard cap at more than double the size of its predecessor fund in an indication of growing demand from a series of institutional investors from pension plans to endowments and insurers, Bjarne Lie stated. This is one of the, if not the, biggest decarb( onisation). pure-play growth funds in Europe, he said, adding it showed. big pockets of capital are beginning to realise that our. biggest issues are our largest financial investment opportunities. Investors in the fund consist of Norway's state environment. mutual fund, Nysnø Climate Investments; Banque de. Luxembourg; the European Investment Fund; Dutch pension manager. MN; and Finnish financier Tesi. Almost a 3rd of the investor base comes from the United. States. The fund would intend to invest in between 20 million euros and. 100 million euros in companies across a range of sectors, with a. concentrate on the energy shift or resource efficiency, consisting of. heat pumps and waste-to-value activities, Lie said. In addition to targeting a gross internal rate of return of 25%,. all financial investments from Idun funds need to guarantee that for every. million euros invested at least 5,000 lots of greenhouse gases. are eased off. Part of the firm's carried interest - its share of revenues. sustained over the life of its financial investments - would also be connected. to striking the sustainability goal, Lie stated, without giving. information. Norway-based Verdane has made more than 400 investments. since 2003 and now has more than 150 investment and operations. staff in its workplaces in Berlin, Munich, Copenhagen, Helsinki,. London, Oslo and Stockholm.
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China's Baosteel anticipates Simandou to mine first freight by end 2025
China's most significant listed steelmaker, Baoshan Iron & & Steel, expects the Simandou iron ore project in Guinea to finish facilities building and construction and my own its very first freight by the end of 2025, the business said on Wednesday. With annual production capability of 120 million metric loads, the project in the African country's southeast is set to be the world's largest mine for the highest grade of iron ore, key to the green transition in the international steel value chain. Simandou has 4 mining blocks with two in the northern area established by a consortium of Singapore-based Winning International Group, Weiqiao Aluminium, which is part of China Hongqiao Group, and United Mining Providers. Baowu has ended up being a crucial investor after completion of the transfer in June of shareholding rights by Winning Consortium Simandou (WCS), as it is known. Because Simandou is abundant in high grade-resources with favourable mining conditions, production expense will be relatively competitive, the business said in a briefing on its third-quarter outcome. The company hopes to optimise its ore blending structure after Simandou begins production, it included. Baosteel is an unit of state-owned China Baowu Steel Group, the world's largest steelmaker by output. The business likewise said the structure for its zero-carbon plant, with an investment of 4.5 billion yuan ($ 631 million) and powered by green hydrogen and green electrical energy in Zhanjiang in the southern province of Guangdong, will be finished in 2025. On Tuesday, Baosteel reported a plunge of almost 65% in its third-quarter net earnings, undermined by a fall in steel costs. Its export orders in the first three quarters struck a record high of 4.66 million loads, well on track for its 2024 target of 6 million lots.
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Toyota worldwide output drops for 8th straight month in September
Toyota Motor stated on Wednesday its around the world production fell for a 8th straight month in September, as both sales and output decreased in its two biggest markets, the United States and China. The Japanese car manufacturer's international output for September fell 8%. compared to the very same month a year previously to 826,556 cars,. with U.S. production down 14% which in China dropping 19%. U.S. output suffered from a production and delivery. suspension of the Grand Highlander and Lexus TX sport energy. automobiles due to an air bag issue. Toyota resumed production of the suspended designs on Oct. 21, it said. In China, the world's most significant car manufacturer continued to face. heavy pressure from the shift to electric automobiles and plug-in. hybrids offered by Chinese brands. Toyota reported a 7% drop in global sales in September to. 853,149 lorries, with U.S. sales dropping 20%, those in China. down 9% and domestic sales slipping 6%. Toyota has actually sold 7.4 million vehicles throughout the very first nine. months of the year, down 2% year-on-year. The production and sales figures include its high-end Lexus. brand.
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RWE to Employ Innovative Ecosystem Monitoring Tech at Kaskasi Offshore Wind Farm
RWE has launched the SeaMe project in partnership with leading scientists to gain better understanding of the interactions between offshore wind farms and the ecosystem through the use of scientific approach combined with new AI-based and CO2 minimizing monitoring technologies.The three-year SeaMe project, short for Sustainable ecosystem approach in Monitoring the marine environment, will uses cutting-edge monitoring technologies – including environmental DNA sampling as well as a drone and an autonomous underwater vehicle, both equipped with AI-based cameras.Taking place at RWE’s 342 MW Kaskasi offshore wind farm in Germany, the project will investigate how innovative techniques can make monitoring less invasive and more sustainable compared to the current monitoring techniques.SeaMe aims to replace traditional monitoring methods with a drone equipped with an AI-based camera system. The project will also collect water samples and analyze them for environmental DNA. AI-based fish video monitoring will be performed using an autonomous underwater vehicle.Simultaneous integration of all collected data will enable monitoring of the ecosystem within the Kaskasi offshore wind farm with the goal of reducing carbon intensity of monitoring as well as minimizing the impact on marine lifeThe project will be carried out in collaboration with partners including the Helmholtz Institute for Functional Marine Biodiversity at the University of Oldenburg (HIFMB), the Alfred Wegener Institute Helmholtz Centre for Polar and Marine Research (AWI), BioConsult SH, the Danish company DHI and the German Research Centre for Artificial Intelligence (DFKI).The partners plan to share the results on a dedicated online public platform.“As a global leading player in offshore wind, we feel responsible for building and operating our wind farms in harmony with nature. To deliver green electricity, we invest billions of euros annually in offshore wind. We are committed to expanding our portfolio in an environmentally friendly way.“With this in mind, we have set ourselves ambitious sustainability targets and are making all efforts to find ways to improve. With the SeaMe project we are pioneering new techniques that will enable us to better understand the impact of offshore wind on the marine ecosystem,” said Sven Utermöhlen, CEO RWE Offshore Wind.
Iron ore slips as EU tariff hike concerns outweigh China's financial stimulus optimism
Iron ore futures moved on Wednesday, as concerns over steel need in leading customer China sparked by the European Union's decision to hike tariff on Chinese electric lorries surpassed prospects of more fiscal stimulus from Beijing.
The most-traded January iron ore contract on China's Dalian Commodity Exchange (DCE) ended daytime trade 0.7%. lower at 777 yuan ($ 108.88) a metric load.
The benchmark December iron ore on the Singapore. Exchange slipped 1.3% to $102.6 a load, since 0351 GMT.
The EU has chosen to increase tariffs on Chinese-built EVs. to as much as 45.3% at the end of its highest-profile trade. examination, raising concerns over exports ahead, which could. weigh usage for steel items locally.
The resumed self-confidence on prospects of more fiscal stimulus. after a Reuters report pressed rates higher overnight and. earlier the session.
China is considering approving next week the issuance of. over 10 trillion yuan in extra debt in the next couple of years to. revive its fragile economy, Reuters reported after daytime. trading closed on Tuesday.
Other steelmaking ingredients on the DCE lost ground, with. coking coal and coke down 1.72% and 0.58%,. respectively.
Steel standards on the Shanghai Futures Exchange were. mainly lower. Rebar shed 0.47%, hot-rolled coil. lost 0.67%, stainless steel fell 0.88% while
wire rod gained 0.7%.
We expect steel output increase will decrease amid. narrowing margins and ecological cautions in some northern. areas, analysts at Galaxy Futures said in a note.
But steel fundamentals continued to deteriorate as need. moved with weather condition getting colder, which will press costs.
Failing steel costs dragged by feeble demand had squeezed. margins amongst steelmakers with China's most significant listed. steelmaker, Baoshan Iron & & Steel, reporting on. Tuesday a nearly 65% plunge in its third-quarter net profit.
(source: Reuters)