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Iron ore futures are rising on a dip in supply and firming demand
All benchmarks of iron ore futures rose on Wednesday, as top exporters Australia & Brazil saw their shipments drop. Meanwhile, an increase in the hot metal production boosted investor sentiment. The daytime trading price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 722.5 yuan (US$100.81). As of 0806 GMT, the benchmark August iron ore traded on Singapore Exchange was up by 1.82% to $94.9 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. Still, the resale prices of homes in China dropped at a faster rate in June. Meanwhile, new home price growth slowed down, underscoring the persistent weakness of China's real estate market. Analysts at ANZ also noted that a proposed by the China Iron & Steel Association restricting exports of some steel products may keep more supplies within the country and potentially pressure prices. Coking coal and coke, which are used in the steelmaking process, have both gained in value, rising by 3.18% and 3.15 percent, respectively. The benchmark steel prices on the Shanghai Futures Exchange have risen. Rebar climbed 2.61%; hot-rolled coil grew 2.24%; wire rod climbed 1.03% and stainless steel jumped 1.08%.
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Volvo Cars sales drop 12% in June; fully electric cars fall 26%
Volvo Cars, based in Sweden, reported Wednesday that sales volume had fallen for the fourth consecutive month due to trade tariffs as well as a weaker demand for electric vehicles. Volvo Cars, owned by China's Geely in majority, announced in a press release that it had sold 62 858 cars in the month of June, down 12% from a year ago. In April, the group, in response to tariffs, retracted its earnings forecasts for the next two-year period. The sales of electric vehicles fell by 26%, accounting for 22% in total sales. The sales of all electrified vehicles, including plug-in hybrids and electric cars, fell by 19%, accounting for 44%. Volvo Cars In May, it announced that it would be cutting 3,000 jobs - mostly in the white collar sector - as it battles with rising costs, a decline in demand for electric vehicles and uncertainty in global trade. Sales volumes were down by 14% in Europe, while they were down by 7% in the U.S. Early trade saw shares of the company rise 1%, bringing their year-to date fall to 27%. Volvo Cars didn't comment on sales figures. (Reporting and editing by Anna Ringstrom, Louise Heavens and Jagoda darlak)
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India's palm oil imports in June jump by 61%, reaching an 11-month high
Five dealers report that India's imports of palm oil reached an 11-month peak in June. This was due to lower domestic stocks and a discount on rivals such as soyoil or sunflower oil, which encouraged refiners and retailers to increase their purchases. India's increased palm oil imports, as the world's largest buyer of vegetable oil, will help to reduce stocks in top producers Indonesia, and Malaysia, and support benchmark Malaysian Palm Oil futures. According to estimates by dealers, palm oil imports increased 61% in June compared to the previous month, reaching 953,000 metric tonnes, which is the highest level since July 2024. Since last month, palm oil has gained lost market share. Sandeep Bajoria is the CEO of Sunvin Group and a vegetable oil broker. He said that palm oil was now $100 cheaper per ton than other oils. According to the Solvent Extractors' Association of India (SEAI), which will publish its June import figures by mid-July, India imported an average of 475,699 tonnes of palm oil per month in the first seven months of this current marketing year, ending October 2025. India imported more than 750,000 tonnes of palm oil per month in the last marketing period. Dealers estimated that soyoil imports fell by 9% in June, to 363,000 tonnes, while imports of sunflower oil rose 18%, to 216,000 tonnes. Dealers estimate that the increase in palm oil and sunflower oils imports to India increased the country's total edible imports by 30% from June to 1,53 million tonnes, the highest level since November. According to Rajesh Patel of GGN Research (an edible oil trader), palm oil imports will remain strong in the months ahead due to its attractive prices and a rise in production in major producing countries. India imports mainly palm oil from Indonesia and Malaysia. It also imports sunflower oil and soyoil from Argentina, Brazil and Ukraine. GGN Research estimates that Nepal's edible oils imports fell to 75,000 tonnes in June from 155,000 tons a month earlier. (Reporting by Rajendra Jadhav. Mark Potter edited the story.
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Copper gains as US shipments likely to continue despite possible 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 0702 GMT the most traded copper contract on SHFE rose 0.65% to 80.540 yuan per metric ton after reaching 80.930 yuan in the second half of March and remaining at its highest price range to date. The LME's three-month copper price rose 0.06%, to $9939.5. Low copper inventories on the SHFE and LME, along with continued shipments to the U.S. prior to the imposition of import tariffs, have supported prices. This is according to a Beijing-based futures analyst. 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. In the summer, copper inventories in China tend to rise due to a weakening of seasonal 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 nickel increased by 0.69%, to 121.220 yuan per ton. Tin gained 0.44%, to 268,520, aluminium rose 0.36%, to 20,635 and lead grew by 0.23%, to 17,175 while zinc fell 0.11%, to 22,230. LME aluminium rose 0.12%, to $2.601.5 per ton. Lead also rose 0.12%, to $2.040.5. Nickel also increased 0.12%, to $15.225. Tin fell 0.58%, to $33,465, while zinc dropped 0.15%, to $2.710. Click or to see the latest news in metals, and other related stories.
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Handelsblatt: German government does not hold talks about TKMS stake
Handelsblatt, citing sources in the government, reported Wednesday that the new German government has not yet entered into any discussions aimed at acquiring a share in Thyssenkrupp’s defence division TKMS. According to the report the Chancellery and the Ministries involved have agreed to not push for state involvement in this period. The German economy and defense ministries have not responded to email requests for comments. Thyssenkrupp didn't immediately respond to an email or phone call seeking comment. Handelsblatt reported that the government would instead seek to establish a "security accord" in order to protect national security and jobs despite a spinoff. This agreement would require regular consultations. Handelsblatt reported that the agreement would include a government right of refusal in the event a strategic shareholder wanted to purchase TKMS. However, this is not expected. Thyssenkrupp said that in the past, government participation was not a precondition to any divestment from TKMS. The planned spin-off will go ahead without it. (Reporting and Writing by Anneli Palmer, Miranda Murray; Editing Kim Coghill & Lincoln Feast).
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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.
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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%.
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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.)
EUROPE GAS-Prices remain near annual highs on sanction worries, lower stock levels
Dutch and British wholesale prices hovered near annual highs on Friday as fresh U.S. sanctions on Russia's Gazprombank raised worries over remaining gas materials from Russia and as cold temperatures resulted in drawdowns in European gas stores.
The benchmark front-month agreement at the Dutch TTF hub was down 0.15 euro at 48.45 euros per megawatt hour ( MWh), or $14.81/ mmbtu, by 0910 GMT, having touched a fresh 1 year high of 48.90 euros/MWh in earlier trade.
In Britain, the front-month agreement rose 0.13 pence to 121.22 p/therm, also near to the intraday yearly high of 121.48 p/therm reached on Thursday.
The United States imposed new sanctions on Russia's. Gazprombank on Thursday, among Russia's largest banks,. partially owned by gas business Gazprom.
This is considerable as in recent years Russia enforced brand-new. processes to just enable payments for Russian gas in Rubles. With. European gamers making use of Gazprombank to transform currency to. settle in regional currency. With that procedure now under risk,. this could be problematic analysts at consultancy Auxilione. stated.
Traders said the move has added to concerns over existing. supplies of gas from Russia, with the transit offer in between. Russia and Ukraine to allow gas streams to Europe, due to end. at the end of the year.
Gas need has actually also risen amid cooler temperatures in. Europe, causing a withdrawal in stock levels. The. International Energy Firm (IEA) stated EU gas storage. withdrawals have actually surged to more than 5 billion cubic metres from. Nov. 1-18.
Making sure adequate gas storage for later on this winter is. important to mitigate market risks, with a potential halt to. Russian gas transit through Ukraine looming, Fatih Birol, IEA's. executive director, stated in a post on X.
Europe's gas shops are 89.4% full, latest data from Gas. Infrastructure Europe showed.
In the European carbon market, the criteria. agreement fell 0.28 euro to 69.71 euros a metric lot.
(source: Reuters)