Wednesday, September 29

PMN Economy

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CME hog futures surge on bullish USDA data; cattle futures sag

Article content CHICAGO — Chicago Mercantile Exchange (CME) lean hog futures soared on Monday, with the most-active December contract rising its daily limit after a quarterly US Department of Agriculture report showed a smaller-than-expected US hog herd. CME October lean hogs settled up 2.975 cents at 90.250 cents per lb, and the December contract rose its daily maximum of 4.750 cents to finish at 81.550 cents per lb. Limits will expand to 7 cents for Tuesday's session, the exchange said. Article content Hog futures roared higher after the USDA late Friday said the US Sept. 1 hog inventory was down 4% from a year ago and the number of hogs kept for breeding was down 2%, both below trade expectations. In particular, analysts noted that the June-to-August pig crop was down 6% from last s...
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PennEast becomes the latest to scuttle a natural gas pipeline project

Breadcrumb Trail Links PMN Economy PMN Business Author of the article: Article content PennEast Pipeline said on Monday it would stop developing a proposed pipeline from Pennsylvania to New Jersey, the latest in a series of natural gas lines to run aground due to legal and regulatory challenges. The project was one of several proposed in recent years to draw gas from the fast-growing Appalachian region, only to run into local or environmental opposition to more fossil-fuel infrastructure. Gas prices have surged worldwide due to rising demand and lack of supply. Advertisement This advertisement has not loaded yet, but your article continues below. Article content In the United States, there is plenty of product available for heating and power generation. But ...
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Generali’s board to back new mandate for CEO Donnet-sources

Article content MILAN — The board of Assicurazioni Generali decided on Monday to back the reappointment of current CEO Philippe Donnet as part of a slate of nominees it will put forward next spring when shareholders in Italy's biggest insurer vote to name a new board, two sources close to the matter said. One of the sources told Reuters the decision was backed by nine members of the 13-strong board. (Reporting by Gianluca Semeraro, editing by Valentina Za) financialpost.com
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Toronto shares rise on energy boost

Article content Canada's energy-heavy main stock index opened higher on Monday, as oil prices jumped over 1% on prospects of improving demand, although further gains were capped by a slide in technology stocks. At 9:31 am ET (13:31 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 41.54 points, or 0.2%, at 20,444.2. (Reporting by Amal S in Bengaluru; Editing by Shailesh Kuber) financialpost.com
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China State Grid vows to ensure people’s basic power supply

Article content BEIJING — The State Grid Corporation of China pledged it would take comprehensive measures to ensure people's basic power usage demand and will “try its best” to avoid the situation of power cuts, it said in a statement on Monday. The company will coordinate the deployment of resources and fully take advantage of the power grid platform, it said. It also vows to strictly implement government's orderly electricity use plan and to ensure safe and reliable power usage. Chinese provinces and regions had recently been undergoing power curbs from residential to industrial sectors amid government's energy consumption controls and tight coal supply. (Reporting by Min Zhang and Dominique Patton, Editing by Louise Heavens) financialpost.com
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Shanghai shares fall as power crunch weighs

Article content SHANGHAI — Shanghai shares fell on Monday as recent power curbs began to weigh on economic outlook, while energy and consumer staples led Hong Kong stocks higher. The Shanghai Composite Index lost 1.3% to 3,565.94 by the end of the morning session, while the CSI300 index rose 0.3% to 4,861.58. The Hang Seng index added 0.3% to 24,259.75. The Hong Kong China Enterprises Index was unchanged at 8,604.72. ** The energy sub-index dropped 1.6% amid intensified power crunch in recent weeks. Beijing has vowed to resolve supply shortages and curb price rises as the peak winter consumption season approaches. Article content ** The power curbs caused by Beijing's carbon emission targets and surging coal prices and coal shortages have disrupted production in some companies, sending...
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Yuan buoyed by prospects for improved Sino-US ties

Breadcrumb Trail Links PMN Economy PMN Business Author of the article: Article content SHANGHAI — China's yuan recovered on Monday, bouncing from a near one-week low against the dollar hit last week, as the market pinned its hopes on positive developments over the weekend that could lead to better Sino-US relations. Huawei Technologies Co's Chief Financial Officer Meng Wanzhou flew back to China on Friday after reaching an agreement with US prosecutors to end a bank fraud case against her. The release of Meng is an opportunity for a reboot of bilateral relations with the United States and Canada but “toxic Advertisement This advertisement has not loaded yet, but your article continues below. Article content political rhetoric" could still "poison" the at...
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Surging coal prices split Asian buyers into rich and poor: Russell

Breadcrumb Trail Links PMN Economy PMN Business Author of the article: Article content LAUNCESTON — As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers such as India. While global seaborne coal volumes have been trending higher in recent months, the market is increasingly becoming split between those importers willing to pay the high prices, and those cutting back on the number of cargoes they are buying. The total volume of exports of all grades of coal worldwide for September is estimated at 122.8 million tonnes by commodity consultants Kpler, the strongest month since December 2019. Advertisement This advertisement has not loaded yet, but your article continues below. ...
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Copper rises on falling inventories in China

Article content Copper prices rose on Monday, as falling stockpiles in exchange warehouses in top consumer China and shortage of scrap metal boosted demand for refined copper. Three-month copper on the London Metal Exchange rose 0.6% to $9,384.50 a tonne by 0257 GMT, while the most-traded October copper contract on the Shanghai Futures Exchange advanced 0.8% to 69,580 yuan ($10,760.55) a tonne. ShFE copper inventories on Friday fell for the seventh straight week to 44,629 tonnes, their lowest since June 2009. Article content Tighter restrictions and supply disruptions also limited supplies of scrap copper, forcing some users to switch to copper cathode for consumption. Yangshan copper premium rose to $114 a tonne, suggesting improving demand to import the metal into China, and LME ca...