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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)
Sea drone warfare has actually gotten here. The U.S. is floundering.
The U.S. Navy's efforts to construct a. fleet of unmanned vessels are faltering because the Pentagon. stays wedded to big shipbuilding tasks, according to some. authorities and company executives, exposing a weakness as sea. drones reshape naval warfare.
The lethal efficiency of sea drones has been shown. in the Black Sea where Ukraine has actually released remote-controlled. speed boats packed with explosives to sink Russian frigates and. minesweepers because late 2022.
Yemeni-backed Houthi rebels have actually used comparable vessels. against business shipping in the Red Sea in current months,. albeit without success.
These tactics have actually captured the attention of the Pentagon,. which is including lessons from Ukraine and the Red Sea into. its plans to counter China's increasing marine power in the Pacific,. Pentagon Spokesperson Eric Pahon informed .
In a signal of the Pentagon's intent, Deputy Secretary of. Defense Kathleen Hicks revealed an effort in August - called. Replicator - to deploy hundreds of little, relatively inexpensive air. and sea drones within the next 18-24 months to match China's. growing military danger.
This public show of dedication masks years of doubt by. the U.S. Navy to develop a fleet of unmanned vessels regardless of. duplicated warnings this was the future of maritime warfare,. according to interviews with a lots people with direct. understanding of the U.S. sea drone strategies, consisting of Navy officers,. Pentagon authorities, and sea drone business executives.
Two Navy sources and three executives at sea drone. makers stated the most significant impediment to progress has actually been a. Department of Defense (DoD) budget procedure that focuses on big. ships and submarines constructed by legacy defense specialists.
Eventually, you struck the D.C. issue, said Philipp. Stratmann, CEO at Ocean Power Technologies (OPT), a New. Jersey-based firm that provides the U.S. Navy with the WAM-V, an. autonomous surface area drone.
You hit the reality that there is a military commercial. complex that has the very best lobbyists and understands exactly how the. money circulations and contracting works in the DOD.
A Navy spokesperson said it obtains capabilities based on. fleet need signals, describing the messages headquarters. get from commanders at sea.
The Navy has a budget plan of $172 million this year for small. and medium-sized underwater sea drones, being up to $101.8. million in 2025, the spokesperson said. That's a tiny portion. of the $63 billion Navy procurement budget plan proposed by President. Joe Biden's administration for 2025.
Military sea drones can vary from missile-armed speed boats. to minehunting miniature submarines and solar-powered sailboats. equipped with high-definition spy cams, underwater sensing units. and speakers utilized to shriek cautions at enemy ships.
However when the Navy has actually released sea drones on reconnaissance. objectives recently, it hasn't always had the fleet. competence to use them, the 2 Navy sources said, asking not to. be called due to the level of sensitivity of the matter.
There aren't enough Navy sailors trained to pilot drones or. to analyze large swathes of information sent back from the craft's. cameras and sensing units, the sources said.
The spokesperson said the Navy was in the procedure of. enhancing its information collection and analysis from sensing units.
Pentagon representative Pahon stated the DoD has been. laser-focused on speeding up innovation over the last three. years, consisting of using sea drones.
Acknowledging spending plan obstacles, Pahon said the Pentagon was. using ingenious methods to cross the valley of death, a term. utilized to explain the excruciating approval process new innovations. travel through to be acquired in big amounts.
REPLICATOR
One example Pahon cited was the Replicator program: the. short-term, $500 million-a-year project is developed to cut. through bureaucracy and fast track the release of thousands. of inexpensive aerial and sea drones.
These drones will be utilized to match China's rapidly-growing. air and naval power in the Asia-Pacific region, the Pentagon's. Hicks said at the job's launch in August. She stated. Replicator is being moneyed primarily by reallocating funds from the. existing Pentagon budget plan.
As part of the effort, the Pentagon in January released a. solicitation for private business to deliver small sea drones. to the Navy, demanding production capacity of 120 vessels per. year, with implementation beginning in April 2025.
On Monday, the Pentagon
stated the Switchblade
-600, an aerial loitering munition made by AeroVironment Inc. , was the first weapon publicly confirmed to be included. in the Replicator effort. The program's first tranche also. includes concealed maritime surface products, other aerial. drones and counter-drone systems (c-UAS), the Pentagon stated.
Duane Fotheringham, president of unmanned systems at. Huntington Ingalls Industries (HII), the largest U.S. military shipbuilder, acknowledged the Pentagon and Navy had. revealed their intent to speed up the deployment of sea drones. however he stated the industry wished to see long-lasting financing in the. defense spending plan.
We hear the need signal ... however all of us need to work. together very carefully to understand what that need is and when. it will be offered, Fotheringham told .
At an expense ranging in between $1 million and $3 million each,. according to Navy and defense specialist sources, drones use a. relatively cheap and quick way to expand the Navy's fleet,. especially as several large standard shipbuilding projects -. like a brand-new class of frigate warships - are running years behind. schedule.
The U.S. is testing using robot ships in active fight. circumstances. But their more instant use is for missions that are. too expensive and many for manned marine fleets.
This includes maritime monitoring, minehunting, and. securing important undersea facilities, like gas pipelines. and fiber-optic cables, four drone companies informed .
Swarms of small sea drones could also function as a guard for. valuable crewed possessions like attack aircraft carrier and submarines,. and tangle up troop-carrying ships in case China tries to. get into Taiwan, stated Bryan Clark, a consultant to the Navy on. autonomous craft and a senior fellow at the Hudson Institute - a. think tank headquartered in Washington.
Clark estimates the Navy has around 100 little drones for usage. on the ocean surface and another 100 underwater drones, while. China has a similar-sized autonomous force that is growing quickly. The Navy representative declined to comment on how many drones it. has in operation.
Ukraine has shown how efficient they can be and how they. can be used in existing operations, Clark stated. The U.S. Navy needs to welcome that lesson and field battle (sea drones). immediately.
The Navy's 5th fleet, which runs out of Bahrain, has. been checking unmanned vessels for 3 years, led by its Task. Force 59 system.
The job has released monitoring drones developed by. personal firms, including start-ups, as well as those backed by. defense heavyweights like Lockheed Martin and HII.
The circumstance in the Red Sea provides the work of Job Force. 59 added urgency and we anticipate fielding options to. aid counter Houthi malign behaviour, Colin Corridan, leader. of the job force, informed .
MISSILE TEST
In October, the Navy carried out its first live rocket test. from an unmanned speedboat in the Arabian Peninsula.
The T38 Devil Ray, constructed by Florida-based sea drone firm. MARTAC, effectively released a miniature missile system to. destroy a target boat, with a human operator ashore giving the. order, according to a Navy announcement and video.
MARTAC's Chief Marketing Officer, Stephen Ferretti, referred. concerns about the operation to the Navy.
The use of unmanned vessels was expanded to the Navy's fourth. Fleet in central America in 2015 where they have actually been used to. crack down on human smuggling off the northern coast of Haiti.
One of the companies operating there is Saildrone, a. California-based firm that makes wind-, solar- and. diesel-powered autonomous vessels that gather images and data. with electronic cameras and sensors.
Saildrone has circumnavigated Washington's financing politics. Since the company operates and preserves its own vessels, and. charges a service fee for the data they gather, the Navy can. pay to use the drones out of its business expenses rather than. procurement budget plan.
Saildrone launched the Surveyor, its largest vessel, which. has been tailored for the military, at an event in March. participated in by Chief of Naval Operations Lisa Franchetti.
The drone firm, which also supplies coast guards and ocean. study departments, has a fleet of 130 vessels and is constructing. numerous more each month, stated Richard Jenkins, the company's. creator.
Today, we are having a hard time to stay up to date with need,. Jenkins informed in an interview. He decreased to talk about. how much Saildrone charges the Navy.
Ocean Aero constructs the autonomous Triton vessel, which can. move on the surface or underwater to collect information and hunt for. mines using sensors. The company, which is backed by Lockheed. Martin, opened a 63,000 feet making center in Gulfport,. Mississippi last October that is capable of churning out 150. Tritons a year.
Lockheed Martin did not respond to a request for remark.
HII was granted a contract last October to construct 9 little. underwater drones for the U.S. Navy's Lionfish program, with the. possible for this to increase to 200 cars over the next 5. years. The agreement might amount to $347 million, although that is. far from guaranteed.
The Lionfish program - which is focused on the Indo-Pacific. where the U.S. is competing for control with China - is based upon. HII's Remus 300, a minehunting drone that can be launched like a. torpedo from a crewed ship or submarine.
These programs are evidence that the Pentagon is trying to move. faster to deploy sea drones, spokesperson Pahon informed .
We know we require to keep pressing to stay ahead, he stated.
(source: Reuters)