(Illustration by Nick Scalise)
Grains
OMAHA (DTN) -- July corn is up 1 1/4 cents per bushel, July soybeans are down 8 1/2 cents per bushel. July KC wheat is up 18 cents per bushel, July Chicago wheat is up 16 1/4 cents per bushel and July Minneapolis wheat is up 12 3/4 cents. The Dow Jones Industrial Average is up 35.45 points at 38,721.77. The U.S. Dollar Index is down 0.140 at 104.53 and July crude oil is down $0.83 per barrel at $76.16. Monday morning, USDA announced a sale of old crop corn (2023-24) of 110,000 mt (4.3 million bushels) to Spain. Corn is a penny higher, wheat is soaring higher, while soybeans and products are lower to start the new week. The hot and dry weather pattern in the Black Sea continues to compromise wheat production potential.
Posted 19:08 (06/02) -- After the Sunday evening open, December corn is up 1/4 cent and November soybeans are down 1/4 cent. More light to moderate rain fell across much of the Corn Belt over the weekend, including the southwestern Plains and southern Plains to the Gulf. The five-day forecast continues to look wet for much of the central and upper Midwest. July KC wheat is up 9 1/2 cents and July Minneapolis wheat is up 8 cents as there is not much rain expected around the Black Sea region the next seven days. July crude oil is down $0.21 and Dow Jones futures are up 62 points. The U.S. Dollar Index is down 0.08 and August gold is steady. According to several media sources, OPEC+ agreed to extend its oil production cuts into the third quarter and possibly set a flexible timetable for phasing out 2.2 million barrels per day of cuts the following 12 months.
Livestock
Posted 08:35 -- August live cattle are down $0.10 at $178.35, August feeder cattle are up $0.08 at $256.475, July lean hogs are up $0.73 at $97.85, July corn is up 1/2 cent per bushel and July soybean meal is down $2.60. The Dow Jones Industrial Average is up 1.16 points. Following last week's slightly lower cash cattle trade, traders will be eager to see exactly how many cattle sold last week and how the cattle were committed. If there was a plethora of cattle committed to the nearby delivery, then this week's cash market could be under pressure again this week.
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https://www.dtnpf.com/agriculture/web/ag/news/article/2024/06/03/periodic-updates-grains-livestock-2
JAKARTA - Director of Indonesia Miner Dimas Abdillah said that the extension of the export permit for concentrate and anode mud until December 2024 is a form of government support for the related mining industry.
"What is clear is that the government supports our industry," said Dimas after the opening of Indonesia Miner 2024 in Jakarta, quoted from Antara, Tuesday, June 4.
Dimas considered that the extension of the export permit was the right step to support the productivity of the mining industry.
With the extension of the permit, said Dimas, production can be absorbed as long as the smelter is still being prepared to process the resulting concentrate.
"The plan is, (the smelter) may not be enough for all production (concentrate) to be absorbed, so rather than losing production, I think (the export extension) is right," said Dimas.
Previously, the Ministry of Energy and Mineral Resources (ESDM) officially extended the export permit for concentrate and anode sludge until December 2024 through the Regulation of the Minister of Energy and Mineral Resources (Permen ESDM) Number 6 of 2024.
"This regulation provides an opportunity for business entities that have entered the commissioning stage in the construction of refining facilities or smelters to export anode sludge and processed concentrate, until December 31, 2024," said Head of the Bureau of Communication, Public Information Services, and Cooperation (KLIK) of the Ministry of Energy and Mineral Resources Agus Cahyono Adi in Jakarta, Friday (31/5).
The extension of the concentrate export period, said Agus, is in accordance with the direction of President Joko Widodo who considers the continuity of production and the achievement of industrial downstreaming, so that it can contribute to economic growth.
ESDM Ministerial Regulation Number 6 of 2024 was followed by Trade Ministerial Regulation Number 10 of 2024 concerning Amendments to Trade Ministerial Regulation Number 22 of 2023 concerning Goods Prohibited for Export, the ban was enforced back from June 1 2024 to December 31, 2024.
The Ministry of Trade also revised the Minister of Trade Regulation Number 23 of 2023 concerning Export Policy and Regulation by issuing the Minister of Trade Regulation Number 11 of 2024 concerning Amendments to the Minister of Trade Regulation Number 23 of 2023 concerning Export Policy and Regulation.
One of the changes is the relaxation for laterite iron concentrate, copper concentrate, zinc concentrate, lead concentrate, and anode mud commodities, namely that exports can be carried out until December 31, 2024.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
Reuters/Michele Tantussi Prime Minister Shia Al-Sudani has advised Iraq's oil ministry to undertake a study on transporting oil and gas via the development road mega project
Backed by Qatar and UAE
May rival Suez Canal supply route
Fibre and power to accompany road
Iraq will undertake a new study to use its $17 billion development road from its southern region to Turkey to export oil and gas, prime minister Muhammad Shia Al-Sudani has said.
The oil ministry will prepare a consultancy study to integrate its projects for transporting and exporting oil and gas through the Qatar- and UAE-backed mega project, state-run Iraq News Agency reported, citing a statement from the prime minister’s office.
In April, the UAE, Iraq, Qatar and Turkey signed a quadrilateral cooperation agreement to advance the new route.
The collaboration aims to link the Al-Faw Grand Port in Iraq’s oil-rich south to Turkey, thereby shortening travel time between Asia and Europe.
The development road will include fibre optic cable lines, oil and gas pipelines, and electricity and renewable energy transmission grids, the statement added.
The project aims to stimulate economic growth and enhance regional and international cooperation, increasing global trade and establishing a new competitive transport route.
The broader scheme, dubbed the “Dry Canal” corridor, will include a highway and rail line, directly connecting the Gulf states to Turkey. This will be allow for faster deliveries than that of ships passing through the Suez Canal.
If constructed as planned, the scheme could challenge the dominance of the Suez Canal, through which about 12 percent of global trade passes.
Recent disruptions in the Red Sea demonstrated the need for another supply route.
However, it will be difficult to handle the thousands of containers that the ultra-large vessels transport through the Suez Canal. More than 26,000 ships travelled through in 2023.
“The development road is not just a road to move goods or passengers. It opens the door to the development of vast areas of Iraq,” Farhan Al Fartousi, director general of the General Company for Ports of Iraq, said last year.
The project is anticipated to be completed in 2029 if work starts early in 2024, he said.
https://www.agbi.com/energy/2024/06/iraq-plans-oil-exports-via-17bn-development-road/
About half a dozen investors, including Abu Dhabi Future Energy Company PJSC - Masdar of the UAE, Singapore's Sembcorp Industries Ltd. (SGX:U96), JSW Energy Limited (BSE:533148), Torrent Power Limited (NSEI:TORNTPOWER), Sekura Energy Limited and Oil and Natural Gas Corporation Limited (NSEI:ONGC), have submitted non-binding bids to acquire 760 MW of operational assets in India that have been put on the block by Italy's Enel Group, said people aware of the development. HSBC is advising Enel on the sale. The proposed deal may have an enterprise value of $500 million (INR 41.00 billion), the sources said.
The portfolio of Enel Green Power India Private Limited comprises 760 megawatts (MW) of operational wind and solar power assets and a development pipeline of 2 gigawatts (GW). Of the operational capacity, solar power projects comprise 420 MW, with the balance 340 MW coming from wind power. Last year, Norwegian Climate Investment Fund, managed by Norfund, and KLP, Norway's largest pension company, had together committed $100 million of equity and guarantees for a 168 MW wind power plant developed by Enel Green Power in India.
In 2020, Norfund and Enel Green Power (EGP) entered into a joint investment agreement for renewable energy projects in India. Their first project together, the 420 MW Thar solar plant, was announced in 2022. Enel Green Power, founded in 2008 within the Enel Group to develop and manage renewable power projects globally, operates over 63 GW of installed renewable capacity at 1,300 plants in Asia, Europe, Africa and America.
EGP had strengthened its position in India through an acquisition of a majority stake in renewable energy company BLP Energy for INR 30 million (INR 2.20 billion) in 2015.Enel, ONGC, Masdar and Sekura Energy spokespersons declined to comment. JSW, Sembcorp and Torrent didn't respond to queries. Energy producers such as Sekura Energy, Sembcorp and Masdar Energy are already in the race for several Indian renewable assets that are on the block.
These three were among the contenders for the 2 GW renewable portfolio of Brookfield in India that's up for sale at an estimated enterprise value of $800 million - 1 billion (INR 66.00 billion - INR 83.00 billion). JSW Neo Energy and Sekura Energy are among the bidders that have made non-binding offers to acquire a controlling stake in Ayana Renewable Power, majority owned by National Investment and Infrastructure Fund (NIIF), at a valuation of about $2 billion, ET had reported. ONGC is another contender for several assets in the clean energy space as part of decarbonising its operations.
ONGC plans to have a renewable energy capacity of 10 GW by 2030 at an investment of INR 1 lakh crore. The outlook for the renewable energy (RE) sector remains stable, led by strong policy support from the government, superior tariff competitiveness and sustainability initiatives by large commercial and industrial (C&I) customers.
Copper prices fell below the $10,000 mark in June and are trading at $9,694 on Tuesday’s opening bell. It is down nearly 150 points in the day’s trade and dipped by close to 1.5% in the charts. However, leading hedge funds like Rokos Capital Management and Andurand Capital Management have placed aggressive bets on copper prices today.
The top hedge funds made significant bets on copper predicting that the prices could only double in the next five years. Both the hedge funds have placed an aggressive target of $20,000 on copper prices. That’s more than 100% in returns if their magnificent bet on copper prices turns out to be accurate.
Copper is among the top-performing assets in 2024 along with silver, gold, and the US dollar in the currency sector. While copper prices skyrocketed 25%, silver was up 27%, and gold surged by nearly 5%. On the other hand, the US dollar saw a spike of 2% this year outperforming all leading local currencies.
Coming back to copper prices, leading hedge fund Rokos Capital Management has put a target of $20,000 on the commodity. “We believe that we are at the beginning of the copper bull market and that the recent move higher in prices is just the start. Copper faces a decade-long supply deficit driven by the confluence of increasing demand due to the energy transition and persistent underinvestment in mine expansion,” they wrote.
Hedge funds claim that copper supply could fall short of demand which could lead to a rapid increase in prices. “A supply shock doesn’t get the price from $10,500 to $12,000. It’s what takes us from $15k to $20k,” said an analyst. However, the commodity market remains volatile due to conflicts around the world. A 100% spike from here needs to be treated cautiously.
https://watcher.guru/news/hedge-funds-aggressively-bet-on-copper-predict-100-rise-to-20000
The Canadian Government has announced a C$10m ($7.26m) investment to support critical minerals mining in Northern Ontario.
The government allocated C$5m ($3.63m) investments each to Mining Innovation Rehabilitation and Applied Research Corp (MIRARCO) and Electra Battery Materials to support the global demand for battery metals.
Canadian Minister of Energy and Natural Resources Jonathan Wilkinson said: “Today’s total investment of C$10m to Electra and MIRARCO will help to advance the development of dynamic and competitive critical minerals value chains in Canada and Northern Ontario.
“This funding will increase mineral and energy security, create good jobs and support economic opportunities — supporting our work to build a cleaner Canada and a prosperous, sustainable economy that works for everyone.”
The financing comes from the Critical Minerals Research, Development and Demonstration programme, which is integral to Canada's Critical Minerals Strategy.
MIRARCO will use the funding to enhance technological processes for recovering battery metals such as nickel, cobalt, and copper from mine tailings, particularly from the Vale and Glencore mines in the Sudbury area.
This initiative is expected to reduce the environmental and social costs associated with mine waste.
Electra Battery will use its funding to progress its battery materials recycling project.
Electra is in the process of constructing the only North American refinery capable of producing battery-grade cobalt.
The new capital injection will enable the continuous demonstration of Electra's proprietary technology, proving its scalability and profitability.
Electra Battery CEO Trent Mell said: “We are strengthening our development timelines through our partnerships with government and industry, such as with Three Fires Group with which we are exploring developing a battery material shredding facility in Ontario.
“Our refinery is positioned to be the first-of-its-kind for recycling, a low-carbon hydrometallurgical black mass facility in North America and could provide recycling as a service to the many gigafactories coming to Ontario.”
The projects are among almost 130 mining projects planned or under development in Canada over the next decade, with a combined value of C$93.5bn, according to Natural Resources Canada.
"Canada boosts critical minerals mining with $7.3m investment" was originally created and published by Mining Technology, a GlobalData owned brand.
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https://finance.yahoo.com/news/canada-boosts-critical-minerals-mining-115736128.html
President Xi Jinping’s government has rolled out various measures to steady growth and stabilize the property sector, but Monday’s data triggered calls for more powerful action. Declines in real estate investment and home prices both gathered pace in May.
“The Chinese property sector continues to weaken despite a series of easing policies,” said Wang Yingying, an analyst with Galaxy Futures Co. “People are very pessimistic about the property market.”
Copper hit a record above $11,000 just last month, but has rapidly retreated due to worries about rising global inventories and signs of weakness in China. Metals also came under pressure last week as the Federal Reserve dialed back expectations for rate hikes.
Aluminum dropped as much as 1.6% to hit a two-month low below $2,500 a ton, after data showed China’s production of the metal hit a record last month as smelters brought back idled capacity. Heavy rains have improved hydropower reserves in Yunnan and allowed smelters to recommence operations after drought sapped their electricity supply in recent years.
“While China leads output growth, it is close to maxing out,” Bank of America Corp. analysts led by Michael Widmer said in a note, adding that smelters are nearing a government-mandated production cap. “Hence, production additions should slow from here, limiting the risk of sustained surpluses.”
Copper traded 0.9% lower at $9,655 a ton at 3:38 p.m. local time on the LME. Other base metals were mixed, with aluminum down 0.4% and zinc 2.1% higher.
https://www.mining.com/web/copper-slides-to-eight-week-low-after-more-soft-data-from-china/
Hyderabad, June 19 (UNI) To enhance domestic coal production and ensure energy security for the nation, the Ministry of Coal is set to launch the next tranche of coal block auctions. Union Minister of Coal and Mines, G. Kishan Reddy will launch the 10th round of Commercial Coal Mining auction for 60 coal blocks in Hyderabad on Friday.
Minister of State for Coal and Mines Satish Chandra Dubey, Telangana Deputy Chief Minister Mallu Bhatti Vikramarka and Coal Ministry Secretary Amrit Lal Meena will be present on the occasion, an official release on Wednesday.
The upcoming auction round includes 60 coal blocks located at Eight states— Bihar, Chhattisgarh, Jharkhand, MP, Maharashtra, Odisha, Telangana and West Bengal--, encompassing a diverse range of coking and non-coking coal mines.
Strategically located across different States/Regions, these blocks will support regional economic development and employment generation.
The forthcoming 10th round of Commercial Coal mining auctions, in the wake of previous successful auctions signifies the Ministry’s unwavering commitment to propel the sector forward.
A total of 60 coal mines will be offered in the upcoming round and in which, 24 coal mines are Fully Explored, while 36 are Partially Explored.
Additionally, 5 coal mines are being offered under the 2nd Attempt of round 9 of Commercial Coal. Of these, 4 are Fully Explored, and 1 is partially explored.
Two coal mines also are being offered under the 2nd Attempt of round 8. Of these, 1 is Fully Explored, and 1 is partially explored.
The launch of this auction tranche represents a pivotal moment in the mission to achieve self-reliance in the coal sector.
By opening up more blocks for transparent and competitive bidding, the GOI is unlocking India's vast coal reserves to drive economic growth and energy security.
The Government is committed to sustainable mining practices that balance economic development with environmental stewardship.
