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Shanghai steel futures jump on expectations of output controls | Hellenic Shipping News Worldwide
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VEGOILS-Palm snaps six-day losing streak, rises 2%
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Palm oil heading for first daily gain after six-day losing streak
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Palm oil falls over 2% on weaker rivals
Malaysian palm oil futures fell more than 2% on Thursday as they tracked cheaper rivals on the Chicago Board of Trade (CBOT) and the Dalian Commodity Exchange.
The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange fell 2.5% to 3,924 ringgit ($947.83) a tonne by midday.
“Palm oil is playing catch-up with external markets after a day of closure,” a Kuala Lumpur trader told Reuters.
The Bursa Malaysia was closed on Wednesday for the Vesak Day holiday.
CBOT soybeans slid overnight, touching their lowest in more than a month, as prices were pressured by crop-boosting rains in the United States.
Iron Ore Price Soars as China-Australia Trade Uncertainties Linger
CHINA STRINGER NETWORK
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Sputnik International
As inflation rises, market demand for steel will edge down.
China s iron ore prices have hit record highs, driven by a surge in steel demand as well as speculation on fluctuations in the Chinese-Australian iron ore trade, industry experts told the Global Times. They also warned of a possible price plunge with market liquidity tightening and rising inflation levels.
On Monday, the most active iron ore contract for September 2021 delivery gained 10 percent to close at a record high of 1,326 yuan ($206.2) per ton, according to data released by the Dalian Commodity Exchange. The contracts for February 2022 and March 2022 rose by 9.98 and 9.96 percent respectively.