Commodity Prices – RR Reading Fri, 31 Dec 2021 15:47:14 +0000 en-US hourly 1 Commodity Prices – RR Reading 32 32 Bosnian regional government limits electricity price hike to 20% Fri, 31 Dec 2021 14:09:00 +0000

SARAJEVO, Dec.31 (Reuters) – Lawmakers in the Autonomous Bosnian-Croat Federation on Thursday evening passed a bill limiting electricity price hikes to 20% after large companies threatened not to sign new contracts with the dominant electricity supplier EPBiH.

EPBiH has offered new electricity contracts to large steel and metallurgical companies that include price increases of 50 to 200%. Many companies, some of which are Bosnia’s biggest exporters, have said such an increase will shut down their operations.

Bosnia is the only country in the Balkans that exports electricity.

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In an emergency online session on Thursday, the Federation’s parliament amended an electricity law allowing the government to intervene to limit price increases to businesses by more than 20% from the previous year .

The government has said it will act urgently to make the legislation effective.

The EPBiH has warned it would suffer an estimated loss of 85 million Bosnian marks ($ 49.2 million) if the legislation is passed.

($ 1 = 1,726 Bosnian marka)

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Reporting by Daria Sito-Sucic; Editing by Jan Harvey

Our Standards: Thomson Reuters Trust Principles.

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CME Cattle Futures Rise Amid Supply Problems Wed, 29 Dec 2021 21:32:00 +0000

CHICAGO, Dec.29 (Reuters) – Chicago Mercantile Exchange cattle futures soared on Wednesday, as spot cattle prices firmed amid concerns over the supply of meat to meet demand slated for next year, traders said.

Cattle futures ended higher, as prices for beef carcass cuts continued to strengthen and spot cattle traded higher, traders said.

Cash cattle traded between $ 138 and $ 140 in the Nebraska market on Tuesday, up from $ 135 last week, said Rich Nelson, chief strategist at commodity brokerage firm Allendale.

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“It looks like the three week decline in cash livestock is now over, and the market is responding to it,” Nelson said.

Wholesale canned beef prices have risen, with choice falling from $ 1.21 to $ 265.87 per cwt on Wednesday afternoon, according to data from the United States Department of Agriculture (USDA). Some cuts have increased, to $ 257.20 per cwt.

February CME live cattle futures were up 1.325 cents to 140.725 cents per pound. CME March feeder cattle ended the session up 2.825 cents to 168.050 cents.

US pork futures rose as wholesale prices fell. Prices for pork carcass cuts in the United States fell from $ 2.60 to $ 84.29 per cwt (cwt) on Wednesday, the USDA said. Prices for ham increased from $ 5.50 to $ 65.76.

The most active February pork futures settled the day up 1,200 cents to 83.825 cents per pound. April hogs gained 0.90 cents to 88.450 cents a pound.

Meanwhile, livestock traders have said uncertainty over California’s Proposition 12, which imposes new standards for animal housing, could create volatility in the pork market in the coming weeks.

Among other things, the law requires farmers to give sows a 24-foot space in barns and prohibits California companies from knowingly selling uncooked pork from animals housed in ways that do not meet that requirement.

The changes are expected to take effect on January 1. The measure is being challenged in court.

A key question, traders said, is pricing: how will pork prices change in California, and whether the law will affect how wholesale pork cut and spot pork prices are calculated.

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Reporting by PJ Huffstutter in Chicago; Editing by Shinjini Ganguli

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Oil nears one-month high as Omicron concerns allay Tue, 28 Dec 2021 01:37:00 +0000

An aerial view shows an Idemitsu Kosan Co. oil plant in Ichihara, east of Tokyo, Japan, Nov. 12, 2021, in this photo taken by Kyodo. Mandatory Credit Kyodo / via REUTERS

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  • US crude rises for 5th consecutive session, near one-month high
  • Prices supported by allaying concerns about the Omicron coronavirus

SINGAPORE, Dec.28 (Reuters) – Oil gained ground on Tuesday as prices traded near the month-long high of last session, given expectations that the Omicron coronavirus variant will only have limited impact on global demand.

Brent crude rose 7 cents, or 0.1%, to $ 78.67 a barrel as of 1:15 GMT. U.S. West Texas Intermediate (WTI) crude rose 18 cents, or 0.2%, to $ 75.75 a barrel, gaining for a fifth straight session.

Both markets were trading near Monday’s peaks, their highest prices since late November.

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England will not get any new COVID-19 restrictions until the end of 2021, UK Health Minister Sajid Javid said on Monday, as the government awaits more evidence on whether health services can cope with high infection rates. Read more

However, more than 1,300 flights were canceled by U.S. airlines on Sunday as COVID-19 reduced the number of available crews while several cruise ships had to cancel stopovers. Read more

Oil prices have risen by around 50% this year, supported by renewed demand and supply cuts by the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC +.

Investors are awaiting an OPEC + meeting on January 4, at which the alliance decides to go ahead with a planned production increase of 400,000 barrels per day in February.

At its last meeting, OPEC + stuck to its plans to increase production for January despite Omicron.

Fund managers increased their net long positions in US crude futures and options during the week to December 21, the US Commodity Futures Trading Commission said on Monday.

The speculative group increased its combined position on futures and options in New York and London from 4,634 contracts to 259,093 during the period.

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Reporting by Naveen Thukral; edited by Richard Pullin

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Auto industry expects smooth ride, but Omicron could be a speed breaker Sun, 26 Dec 2021 09:45:34 +0000

The Indian auto industry expects continued healthy demand as well as an easing of semiconductor supply issues over the coming year.

However, speed brakes such as the third wave of Covid triggered by the spread of the Omicron variant in India as well as rising commodity prices could slow the industry’s recovery.

“The auto industry is hopeful that Omicron’s new variant of Covid-19 will not play a major turmoil. We hope that once the semiconductor crisis subsides, the industry can continue to experience strong demand. and do better in 2022, ”Rajesh said. Menon, Managing Director, Company of Indian Automobile Manufacturers (SIAM).

“The industry hopes that favorable government policies, for example the PLI programs for the automotive and automotive components sector, the advanced chemistry cell, the extension of the FAME-II program until 2024 and the Announcing a PLI program of Rs 76,000 crore for semiconductor manufacturing will provide the much-needed boost to the industry. “

Lately, rising commodity prices have pushed up auto prices.

Likewise, the semiconductor shortage has prolonged the waiting period as well as the escalation of prices.

Today, semiconductors play an essential role in the production of internal combustion engines. They are an integral part of all kinds of sensors and controls in any vehicle.

“We see 2022 as a neutral year, as Omicron’s rise to power has created fear in the world again,” said Vinkesh Gulati, president of the Federation of Automobile Dealers Associations (FADA).

“This may have an additional impact on the supply in passenger vehicles if the chip-producing countries are blocked or prioritize the manufacture of chips for electronics used for ‘work from home’.

In addition, Gulati said the two-wheeler market, which continues to face headwinds in demand, could further collapse if the third wave becomes a reality.

“We anticipate that the second half of CY 2022 could see supply as well as demand slowly return to normal. As previously mentioned, the auto industry may not fully recover until 2023 and return to its levels of before covid if covid becomes a story. “

Currently, the industry fears the advent of a third wave of Covid-19 triggered via the Omicron variant.

“Overall, the auto industry is expected to be doing better than in FY21 as we will likely see continued production throughout the year with no downtime provided Omicron is not very tough and that there are no localized blockages, ”said Hemal Thakkar, director of Crisil Research.

“Additionally, semiconductor shortages are easing from earlier, but will continue to persist through 2022.”

Additionally, Thakkar said the momentum from the electric vehicle side would be “better” with players wanting to invest in battery cells and vehicles due to the PLI released by the Center, which will facilitate ecosystem growth and demand side incentives under “FAME II” and state policies.

On the semiconductor crisis, Shamsher Dewan, Vice President & Group Leader of ICRA said, “Standardization of the supply chain will likely only be achieved within the next 12-18 months, as new capacities are brought into service. “

“Major global value chain players have indicated that production deficits will continue for much of 2022; supplies are only expected to return to normal levels by the first quarter of CY2023. “

Additionally, Dewan said OEMs will continue to invest in new product development, with significant investments in new technologies, such as electric vehicles (EVs).

“Within the various automotive segments, the 2W segment is expected to be at the forefront of India’s automotive electrification campaign, with the EV policy environment becoming favorable for the segment.”

“Significant financial incentives are offered to e2Ws under the centre’s FAME-II program and certain national policies for electric vehicles; the same has dramatically shifted the total cost of ownership (TCO) in favor of electric vehicles and resulted in increased demand for the segment. over the past few months. “

According to Tanu Sharma, director of ratings at Brickwork Ratings, BWR’s passenger vehicle revenue growth estimates could be revised down to 15% for 2022 amid more severe semiconductor chip shortages affecting shipments and muted sales for the holiday season.

“The utility vehicle segment is, however, expected to grow 20% year-on-year in 2022 thanks to the resumption of construction, agriculture and e-commerce activities, coupled with a weak base. Due to rising commodity prices and rising fuel prices, vehicle price increases will be inevitable. and pose a high cost of ownership challenge for mid-term buyers, ”said Sharma.

“Increases in vehicle prices may not fully cover rising inflationary costs and could hurt the profitability of automakers. in solving semiconductor chip shortages remain relevant. “

Further, Sridhar V., Partner at Grant Thornton Bharat LLP, said: “The automotive industry looks optimistically to 2022 despite several challenges it faces in the form of a shortage of chips, Omicron, increased input prices. . “

“Government kick-off of the PLI program with clear directional indicators supported by actions under FAME, introduction of scrapping policy, increased demand, positive sentiments and Indicators of overall economic growth should bolster optimism Chip shortages are expected to ease in the near term to keep pace with demand expectations 2022 is expected to be a wake-up year for the industry.

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Europe’s missteps fuel gas prices, Russia says as fuel flows east Fri, 24 Dec 2021 11:44:00 +0000
  • The price of gas in Europe hit a record high this week, rising nearly 800%
  • Yamal-Europe pipeline flows in reverse for day four
  • Novak says prices are cheaper with long-term contracts
  • Ukrainian officials see politics behind reduced flows

MOSCOW / KYIV, Dec.24 (Reuters) – Europe is paying record gas prices due to its inability to sign long-term supply contracts and could ease the pressure by ending delays on the Nord Stream 2 pipeline which connects Russia to Germany, a senior Russian official said on Friday.

The benchmark gas price in Europe hit a new record on Tuesday, up nearly 800% since the start of the year. The price fell on Friday, but it was still up over 400%.

Adding to the compression, the Yamal-Europe pipeline that usually sends Russian gas to Western Europe was flowing upside down for a fourth day on Friday, pumping fuel from Germany to Poland, operator data shows. of the German Gascade network.

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Russia has said the reversal is not a political decision, although it comes amid growing tension between Moscow and the West over Ukraine and a long-standing dispute over Nord Stream 2, which has been built but has not yet started commercial operations.

The project faces opposition from the United States and in particular from several Eastern European states, who say the pipeline will make the European Union even more dependent on Russian gas, which already supplies 35% of needs. in European Union gas.

In Ukraine, another Russian gas transit route to Europe, the head of the gas transport operator said Russian company Gazprom had reduced daily gas transit through Ukrainian territory to 87.7 million cubic meters (mcm) versus 109 mcm.

“The reduction in gas supplies to the European Union at a time when prices were reaching $ 2,000 suggests that these are not economic decisions but purely political ones, aimed at increasing pressure on the EU to launch Nord Stream 2 under the Russian Federation, “he added. Makogon wrote on Facebook.

The benchmark price for European gas climbed above 2,200 euros ($ 2,495) for 1,000 cubic meters on Tuesday.

Makogon said Europe has set a record for extracting gas from storage due to supply shortages.

Russia has repeatedly rejected accusations that it has been playing politics with gas and has said it is paying all the amounts it has pledged to provide. Companies with supply agreements also said their contracts were honored. Read more

Russian Deputy Prime Minister Alexander Novak said Europe is running out of additional Russian supplies due to delays in Nord Stream 2, which still needs German approval to start.


“In my opinion, European consumers are very interested in the project to start working, while the companies, which participate in it, could have submitted additional requests within the framework of long-term relations on gas supplies through this new pipeline, ”he added. Rossiya-24 told Russian public broadcaster. Read more

He also said EU leaders made mistakes in reducing reliance on long-term supply agreements in favor of the spot market, where prices are more volatile.

“Countries, which receive gas through long-term agreements, receive it much cheaper,” Novak said.

The flaring gas market in Europe could find some relief from the reorientation of liquefied natural gas (LNG) shipments from Asia, as European prices make this diversion attractive. Read more

Gazprom, which holds the monopoly on Russian gas exports by pipeline, did not reserve gas transit capacity for exports through the Yamal-Europe pipeline for December 24, auction results revealed on Friday.

Gascade data on the Yamal-Europe pipelines showed throughputs at the Mallnow metering point on the German-Polish border going from Germany to Poland at an hourly volume of approximately 1,218,000 kilowatt-hours (kWh / h) Friday and had to stay at these levels during the day.

Data from Slovak gas pipeline operator Eustream showed that capacity nominations for Friday’s Russian gas flow from Ukraine to Slovakia through the Velke Kapusany border point were 739,843 MWh, compared to 785,160 MWh on Thursday. .

This decline was offset by higher nominations for flows from the Czech Republic to Slovakia, meaning that nominations for flows from Slovakia to the Austrian Baumgarten hub were roughly stable compared to the previous day.

($ 1 = 0.8818 euros)

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Report by Vladimir Soldatkin; Additional reporting by Jason Hovet in Prague and Natalia Zinets in Kiev; Written by Edmund Blair; Editing by Alexander Smith

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Cotton exports could drop due to higher prices Wed, 22 Dec 2021 11:45:49 +0000

While Indian cotton prices remain high, trade fears a drop in exports for the current season through September 2022. Cotton exports started on a slow note and shipments from October to November, the first two. months of the season, are down 42 percent from the same a year ago.

According to Cotton Association of India (CAI) estimates, exports were seven lakh bales (170 kg each) in the first two months of the season, compared to 12 lakh bales in the same period a year ago. .

“At these high rates, we won’t be able to meet our export target of 48 lakh bales. We can barely touch 35-40 lakh bales in exports, which will be 50% less compared to exports of 78 lakh bales last year, ”said Atul S Ganatra, President of CAI.

Higher prices

Cotton prices are high across the country and producers are seen withholding their produce, anticipating better prices. This is reflected in market arrivals, which were down 15 percent until the end of November.

On the benchmark Intercontinental Exchange or ICE, the March futures contract is trading around 106 cents a pound. At current price levels, Indian cotton prices are equivalent to around 120 cents per pound on the ICE, making it expensive for overseas buyers.

Trade sources said there is not much buying interest in exports at the moment, in a market with higher prices, even during this peak season. Sources said prices are only higher due to insecurity of low arrivals and harvest expectations. The non-seasonal rains from October to November impacted the harvest, causing quality problems.

“Exporters are buying at a very slow pace,” said Ramanuj Das Boob, a sourcing agent for national factories and multinationals in Raichur, Karnataka. At going prices, exports will certainly be lower in the coming year, he said.

Preserve the products

Ganatra said although arrivals improve in December, farmers are not selling the premium cotton and are holding back. Farmers market the cotton harvested in the third and fourth harvests, while they keep the first and second harvests at home, expecting higher prices.

Ganatra estimates that farmers across the country hold around 150 lakh bales of premium cotton. The first and second picking of the cotton is considered to be of the best quality. “It’s coming to market very slowly,” he said.

According to recent estimates for the 2021-22 season, CAI set the crop size at 360.13 lakh bales, more than the 353 lakh bales from the previous year. The trade body expects domestic demand to remain stable at last year’s levels of 335 lakh bales.

“Although it is unlikely that there will be a major change in the size of the crop, the marketing season may extend until August-September, as farmers can continue to retain their produce,” said Ganatra.

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Commentary: Global food price increases are spiraling out of control Mon, 20 Dec 2021 22:05:39 +0000

Global buffer stocks of these crops have been declining since 2017 as demand outstrips supply. The store closures have helped stabilize global markets, but prices have risen sharply from 2019.

Again, the reasons for individual fluctuations are complicated.

But something that deserves attention is the number of times since the year 2000 “unpredictable” and “adverse weather conditions” have been reported by FAO as having caused “reduced harvest forecasts”, “unscheduled harvests”. and a “drop in production”.

Europeans could worry about the price of pasta as Canadian droughts reduce wheat crops.

But, as the real grain price index reaches levels that turned bread price riots into general uprisings in 2011, there is an urgent need to examine how communities in poorer regions can overcome these tensions and avoid troubles.


Our technological capacity and socio-economic organization cannot successfully cope with unpredictable and adverse weather conditions.

Now would be a good time to imagine the food supply in a warmer world over 2 degrees Celsius – an outcome now seen as increasingly likely according to the latest report from the Intergovernmental Panel on Climate Developments. weather.

Without radical changes, climate degradation will continue to reduce international access to imported food, well beyond any historical precedent.

Higher prices will reduce food security, and if there is a strong social science law, it is that hungry people take drastic measures to secure their livelihoods – especially when leaders are perceived to have failed.

Alastair Smith is a Senior Lecturer in Global Sustainable Development at the University of Warwick. This comment first appearance on La Conversation.

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Business News | Stock market and stock market news | Financial news Sun, 19 Dec 2021 07:06:07 +0000

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While global macros are expected to dominate, investors should keep an eye on FII activity to gauge trends and stick to an equity-centric investment strategy amid the range-related index movements. , advised Yesha Shah of Samco.

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