Palm slips on Dalian palm oil
The price of Malaysian palm olein futures dropped for the second session in a row on Tuesday. This was due to profit taking. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for delivery in November had fallen 8 ringgit or 0.18% to 4,484 Ringgit ($1,066.35) per metric ton. A Kuala Lumpur based trader reported that crude palm oil futures continued to fall amid pressure from Dalian Palm Olein.
Palm slips on demand as prices rise
Malaysian palm futures fell on Monday as fears that recent high prices could dampen future demand weigh on the market. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for November delivery fell 36 ringgit or 0.79% to 4,493 Ringgit ($1,068.49). The contract increased by 1.55% during the previous session. Crude palm futures fell, retracing a portion of the gains made last week, as high prices could curb future demand.
Palm prices fall as demand is threatened by high prices
Malaysian palm futures fell on Monday amid fears that recent high prices may dampen future demand. At the midday break, the benchmark palm oil contract on Bursa Derivatives exchange for delivery in November fell 22 ringgit or 0.49% to 4,507 Ringgit ($1,073.86) per metric ton. The contract increased by 1.55% during the previous session. Crude palm futures fell, retracing a portion of the gains made last week, as high prices could curb future demand.
After WTO ruling, Indonesia calls on the EU to remove biodiesel countervailing duties
The Indonesian trade ministry urged on Monday the European Union (EU) to remove immediately countervailing duty on biodiesel imported after the World Trade Organization (WTO) backed Indonesia on several key claims made in a complaint filed with the trade body. In 2023, Indonesia filed a complaint with the WTO alleging that the EU imposed duties on biodiesel imports from Indonesia in violation of the rules of the body.
WTO panel supports Indonesia on multiple counts in biodiesel dispute with EU
An official copy of Friday's ruling revealed that a World Trade Organization panel had sided with Indonesia in several important claims made in its complaint against countervailing duty imposed by the European Union for biodiesel imported from the country. In 2023, Indonesia filed a dispute with the WTO alleging that the EU imposed duties on biodiesel imports from Southeast Asia in violation of the rules of the body.
WTO panel supports Indonesia on multiple counts in biodiesel dispute with EU
An official copy of Friday's ruling revealed that a World Trade Organization panel had backed Indonesia in several key claims made in its complaint about countervailing duty imposed by the European Union against biodiesel imported from the country. In 2023, Indonesia filed a dispute with the WTO alleging that EU duties imposed on biodiesel imports from the Southeast Asian country violated the rules of the body.
EU Chief: EU to counter new US tariffs
The European Commission's Ursula von der Leyen said that Donald Trump's tariffs on all goods and services were a serious blow to the global economy. She also stated that the European Union would be prepared to take countermeasures in the event of a failure to reach an agreement with Washington. Von der Leyen stated that the EU had already finalised a first set of tariffs for mid-April on goods worth up to 28.4 billion dollars ($26 billion) from the United States in response to U.S.
Sources say that the White House is considering an executive order to speed up deep-sea mines.
Two sources who are directly involved in the White House's deliberations say that they are considering an executive order which would expedite permits for deep sea mining in international waters. This would allow mining companies to bypass a United Nations review process. The order, if signed, would be the latest effort by U.S. president Donald Trump to tap into international deposits of nickel and copper…
Uzbekistan introduces tariffs on raw material exports before joining WTO
The Uzbek Tax Committee announced that Uzbekistan would introduce export duties for 86 raw materials including natural gas and cotton fibres, silk, wheat, copper, and wheat in preparation for its application to join the World Trade Organization. The new measure will be effective on July 1. It is intended to improve Uzbekistan’s export regulations and to encourage local producers, Azizbek Urunov said Tuesday.
How Trump's tariffs could affect the commodity and energy sector
Donald Trump, the U.S. president, imposed duties on Canada and Mexico of 25% each and China a 10% tax on Saturday. He said the measures were necessary to fight illegal immigration and drug trafficking. Canada and Mexico immediately pledged retaliatory actions, while China announced it would challenge Trump’s tariffs at the World Trade Organization as well as take other countermeasures. Trump's decision has caused volatility on the commodities markets.
After EU ruling, Indonesia expects EU to change its stance on palm oil biofuels
Indonesia has welcomed the World Trade Organization's ruling in the case of the European Union involving palm oil-based Biodiesel. The bloc is expected to amend its regulations to conform to the ruling. Indonesia, the world's biggest palm oil producer, brought the case before the WTO dispute panel in 2019. The EU had decided that palm-oil-based diesel was not to be considered as a biofuel because of its connection to deforestation.
WTO panel backs EU in palm case against Indonesia
The World Trade Organization panel ruled in favor of the European Union in the case filed by Indonesia on Friday against the bloc's ban on biofuels based on palm oil. Indonesia, the largest palm oil producer in the world, took the case before the WTO after the EU concluded palm oil cultivation leads to excessive deforestation, and shouldn't count towards its renewable energy target. Palm oil-based diesel was not considered a biofuel…
Canada opens Pacific trade pact to new members following Taiwan's complaint
Canada's government confirmed that a major Trans-Pacific Trade Pact is still open for other aspirant member countries, including Taiwan, to join. This was after Taipei complained about the lack of a working group that would consider Taiwan's entry. Taiwan's Government expressed its disappointment Friday at the fact that members of Comprehensive and Progressive Agreement for Trans-Pacific Partnership…
COP29: Climate agenda clashes with trade demands
At the COP29 Climate Summit, trade tensions are escalating. According to U.N. documents, and negotiators, China, Brazil, and a number of other developing countries have complained that perceived barriers, like the European Union’s carbon border levy will undermine climate efforts. Nearly 200 nations are fighting over the climate talks about a deal that would provide hundreds of millions of dollars per year to help poorer states cope with climate changes.
Malaysia to Sue EU Over Palm Biofuel Restrictions
Malaysia, the world's second-largest palm oil producer, will take legal action against the European Union's restrictions on palm oil-based biofuels with the World Trade Organization (WTO), calling the policy a "discriminatory action."Plantation Industries and Commodities Minister Mohd Khairuddin Aman Razali said on Wednesday the EU's renewable energy directive "restricts free trade practices.""The…
MHI Vestas: Brexit Will Not Deter Investment in Britain's Wind Sector
Japanese-Danish joint venture MHI Vestas plans to continue investing in its wind turbine blade manufacturing plant in Britain, despite the country's impending departure from the European Union, its chief executive told Reuters.MHI Vestas, a venture between Denmark's Vestas Wind Systems A/S and Japan's Mitsubishi Heavy Industries, makes wind turbine blades on the Isle of Wight, off the southern…
Oil Slips as Trade War Worries Outweigh Iran Sanctions
Oil prices slipped on Friday as concerns over the impact of a global trade war depressed sentiment, although impending U.S. sanctions on Iran and falling Venezuelan output limited losses.Benchmark Brent crude oil was down 40 cents at $77.37 a barrel by 1310 GMT. U.S. light crude was 30 cents lower at $69.95.U.S. President Donald Trump threatened on Thursday to withdraw from the World Trade Organization…
Russia Loses Bulk of WTO Challenge to EU Gas Pipeline Rules
Russia largely failed in its bid to overturn the European Union's gas market rules in a World Trade Organization ruling published on Friday.Russia launched the dispute in 2014, claiming that the EU's "Third Energy Package" discriminated against its gas export monopoly Gazprom by requiring the "unbundling" of transmission assets and production and supply assets.Either side can appeal within 60 days.Reporting by Tom Miles
Fate of Argentine Biodiesel Industry Hinges on EU Sanctions
Argentina's biodiesel industry is at risk after the European Union threatened to impose tariffs on imports from the South American country, following accusations that the nation unfairly subsidized its biofuel sector. The threat of tariffs has halted Argentine biofuel sales to the EU, industry sources told Reuters, adding that imposing a tax would leave 85 percent of the country's biofuel exports without a viable market and may force suppliers to close shop.
US Rejects EU Alternatives to Solar Safeguard Tariffs
The United States has rejected European Union proposals for an alternative to U.S. safeguard tariffs imposed on solar power goods, the two trading powers said in a joint filing published by the World Trade Organization on Tuesday. They also said they had not reached any agreement on U.S. compensation for its tariffs, but they would monitor the impact on trade flows and continue discussions. Reporting by Tom Miles