Malaysia expects crude palm oil to cost between 3,900 to 4,100 ringgit a ton by 2026.
Due to increased global production, the Malaysian government expects that crude palm oil prices will range between 3,900 Ringgit ($925.05), and 4,100 Ringgit ($4,100.05), per metric ton in 2019. The benchmark crude palm-oil contract traded at 4,589 Ringgit on Thursday, with an average price for the year of 4,252 Ringgit. In its Economic Outlook report, released Friday along with its 2026 Budget…
Trump signss order to lower Japanese auto tariffs
On Thursday, U.S. president Donald Trump signed an executive order to lower tariffs announced in July on Japanese auto imports and other products. Seven days after the publication of the order, lower auto tariffs will come into effect. The tariff relief extends back to August 7, in part. Trump's order will also result in a reduction of the U.S. Tariff rate on Japanese vehicles, from 27.5% down to 15%.
India's E20 fuel rollout sparks driver protest
The rapidly expanding ethanol program of the government aims to reduce costly oil imports through the blending of petrol with ethanol. This biofuel is derived from organic waste or agricultural products and burns cleaner than conventional gasoline. India achieved its goal of a 20% mix of ethanol in petrol (also known as E20 gasoline) five years earlier than expected.
Trump announces a 15% tariff on South Korean imports
Donald Trump announced on Wednesday that the United States will impose a 15% tariff for imports from South Korea, as part of a deal with the Asian trading partner to avoid even higher levies. Trump stated on Truth Social that he was "pleased to announce" the United States of America had agreed to a Full & Complete Trade Deal (FTC) with the Republic of Korea. It was not possible to reach the South Korean government for a comment immediately.
The fragile Middle East truce has knocked down the prices of crops that are tied to oil.
The price of crops around the globe has been impacted by a shaky truce between Iran and Israel, especially those that can be converted into biofuels. Prices are affected by the price for crude oil. The price of crude oil dropped sharply after President Trump announced a ceasefire. This hit futures contracts and stocks for vegetable oils like Malaysian palm, European rapeseed and Chicago soyoil.
Vietnam's PM announces that Vietnam will review duties on US LNG and high-tech products
A report on the website of the government said that Prime Minister Pham Minh Chinh had told the U.S. Ambassador to Vietnam that Vietnam was reviewing its duties against U.S. products. This includes liquefied gas, agricultural and high-tech goods. Southeast Asia's industrial hub, which relies heavily on exports to America and enjoys a large surplus in trade with Washington…
Palm oil is gaining on rival oils, but caution prevails in the face of US tariffs
Malaysian palm futures rose on Thursday as they tracked the movement of rival oils in Dalian and Chicago, but caution about U.S. Tariffs limited gains. By midday, the benchmark contract for palm oil delivery in May on the Bursa Derivatives Market had risen by 2 ringgit or 0.05% to 4,419 Ringgit ($998.42). Anilkumar bagani, research head at Mumbai-based Sunvin Group, says that the market remains cautious due to confusion regarding U.S.
VEGOILS - Palm oil gains over Chicago soyoil; inventory data to be released
After two sessions of losses on the Chicago Soyoil Market, the Malaysian Palm Oil Board's futures prices rose on Wednesday. By midday, the benchmark contract for palm oil delivery in May on the Bursa Derivatives exchange was up 21 Ringgit or 0.48% to 4,370 Ringgit ($983.13) per metric ton. On March 10, the Malaysian Palm Oil Board will release its monthly statistics. The Chicago Board of Trade's (CBOT), which trades soyoil, rose by 0.58%.
Russia, Pakistan Mull Energy Exploration JV
Russia and Pakistan discussed cooperation on oil and gas offshore exploration and refining at intergovernmental meetings this week in Moscow, the Interfax news agency reported, citing Russia's deputy energy minister.Talks also covered the prospect of Russia supplying Pakistan with crude oil and grains, according to the report."Yesterday we received a rather interesting proposal from Pakistan in the area of offshore oil and gas exploration…
RPT: How Trump's proposed tariffs could affect commodities and energy
Donald Trump, the president-elect of the United States, pledged on Monday to impose tariffs on three of its largest trading partners: Canada Mexico and China. He explained how he would implement his campaign promises which could lead to trade wars. The following commodities and energy sectors may be affected. According to government statistics, Canada will export energy products worth $177.19 billion to the United States by 2023.
What impact Trump's tariffs on commodities and energy might have
President-elect Donald Trump on Monday pledged tariffs on the United States' three largest trading partners - Canada, Mexico and China - detailing how he will implement campaign promises that could trigger trade wars. Canada exported some $177.19 billion in energy products to the United States in 2023, according to government data. Canada's crude imports make up more than a fifth of all the oil that U.S. refineries process.
Palm oil is ahead of Malaysian supply-demand reports
Malaysian palm futures declined on Wednesday, reversing gains made earlier, as participants in the market awaited official data about domestic demand and supply. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was down 20 Ringgit or 0.47% to 4,251 Ringgit ($993.22) per metric ton. The contract rose by as much as 0.73 % in the afternoon session.
Palm oil prices rise ahead of Malaysian supply-demand report
Malaysian palm futures reversing previous losses, the market watched for official data on domestic demand and supply to provide further direction. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery was up 18 Ringgit (0.42%) to 4,289 Ringgit ($1,001.63) per metric ton. The contract dropped as much as 1,80% in an earlier session due to weaker Dalian edible oil and a stronger Ringgit.
China Opening May Spark Iron Ore Markets
In the relatively short space of the past decade the paper iron ore market has grown from virtually nothing to exceed the physical market, but now the industry is grappling with what comes next. While the growth in iron ore futures and exchanged-cleared swaps has been impressive, iron ore is still a long way behind other commodity markets, such as crude oil and some agricultural products, where paper trade exceeds physical by large multiples.
Canada Moves Crude One Truckload at a Time
At an Alberta oil loading terminal, a convoy of big rigs are gearing up to haul Canadian crude oil hundreds of miles through bone dry fields across the U.S. border into Montana, where the oil will be transferred to pipelines and rail cars headed south and west. Trucks loaded with crude are an increasingly common sight at the border. Production has risen in the world's…
Oil Hits Two-week Low After China Hits U.S. Goods With Tariffs
U.S. crude inventories also likely saw build for 2nd week. Oil fell to its lowest in two weeks on Wednesday after China said it would impose tariffs on a number of U.S. goods including agricultural products, raising the prospect of a growing trade war that could impact global growth. China, the world's largest importer of raw materials, hit back at the Trump administration's plan to levy tariffs on $50 billion of its goods…
Limits of Analysis on Commitments of Traders: Kemp
Futures and options markets play an increasingly important role in pricing crude oil but little is known about the identity and behaviour of market participants or their impact on prices. The only comprehensive information on traders’ positions regularly available comes from the commitments of traders (COT) reports issued weekly by regulators and exchanges. In theory…
Top Trading Houses Weigh in at Commodities Conference
Top executives from the world's largest commodity trading houses discuss trends in trading at the FT Commodities Global Summit in Lausanne, Switzerland, this week. "Trade policies coupled with foreign aid and sound development policy is critical. "We all have to make the case for free trade," he said, arguing that "we have to help political leaders speak to their base". MacLennan has yet to be invited to meet U.S.
Iran says extension of sanctions act shows U.S. unreliable
A U.S. Senate vote to extend the Iran Sanctions Act (ISA) for 10 years shows the world that Washington cannot be relied upon to act on its commitments, Iranian Foreign Minister Mohammad Javad Zarif said on Saturday. Iran has vowed to retaliate against the ISA extension, passed unanimously on Thursday, saying it violated last year's agreement with six major powers to curb its nuclear programme in return for lifting of international financial sanctions.
LPC-Vitol Signs $8bn Loan Refinancing
Geneva-headquartered energy trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2015, the company announced on Wednesday. The transaction includes a 12-month maturity extension to the company's existing US$7.076bn three-year revolver. The company's existing US$924.2bn 364-day revolving credit facility has also been refinanced for the same amount after the facility was increased from the launch amount of US$750m.