U.S. IS A NET EXPORTER OF NATURAL GAS FOR 1ST TIME IN 59-YEAR
The U.S. has been a net exporter of natural gas for three of the first five months of 2017, according to a note released by the EIA. This is historically significant, as February, April and May are so far, the only months in which the U.S has been a net exporter of natural gas since 1958. The U.S. natural gas trade is dominated by pipelines, with pipelines from Canada supplying the vast majority of all imported gas. The TransCanada Pipeline was completed in 1958, transporting gas from western Canada to the northeastern U.S.
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EGYPT RICE PRODUCTION TO COVER LOCAL NEEDS UNTIL OCTOBER 2018
Egypt’s rice production is enough to cover local needs until October of next year. Egypt expects to produce about 4 million tones of white rice during its harvest this season, which begins this month, higher than its annual consumption of about 3.3 million tones per year.
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CHINA’S TOP ALUMINUM FOIL MAKERS TO CHALLENGE U.S DUMPING DUTIES
China’s top aluminum foil producers are preparing a legal defence challenging a preliminary US ruling on Wednesday that would impose hefty penalties on imports from the world’s top producers. Loften Aluminum, China’s top foil exporter to the United States, is joining 11 other firms to fight the ruling, the first such case since the inauguration of US President Donald Trump. The China Nonferrous Metals Industry Association (CNIA) is leading the charge on the case, which will be filed with the US International Trade Commission.
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INDIA RANKS 1ST IN MILK PRODUCTION, GOVERNMENT SETS NATIONAL GOAL OF 300 MN TON MILK PRODUCTION BY 2024
Giving a major boost to the production of milk in India, the government has set a National Goal of 300 million ton milk production by 2024. India ranks first in milk production. The Agriculture Ministry said that India has achieved an annual output of 155.48 million tons during 2015-16 accounting for 19 percent of world production.
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GOLD, SILVER GAIN ON INCREASING TENSION BETWEEN US-NORTH KOREA
Precious metals gold and silver were trading higher in morning trade on Wednesday amid rising tensions between the United States and North Korea. Demand for metals from investors, industries and jewellers further supported gold and silver on Wednesday. MCX Gold was up 0.67 percent, or Rs 191, at Rs 28570 per 10 gram, while MCX Silver was up 0.81 percent, or Rs 304, at Rs 37803 per 1 kg. Latest holdings at the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell a slight 0.03 per cent to 786.87 tones on Wednesday, the lowest since March 2016.
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PALM OIL STOCKS IN MALAYSIA HIT HIGHEST IN OVER A YEAR
Palm oil inventories in Malaysia, the world’s No.2 producer of the commodity, jumped to their highest in over a year in July as stronger-than-forecast production outpaced export gains. Stockpiles of the tropical oil climbed 16.8 percent to 1.78 million tones from June, according to data from industry regulator the Malaysian Palm Oil Board (MPOB) on Thursday. That marked the first such rise in three months. Gains in end-stocks of palm oil, used to churn out everything from soap to chocolate, could drag on benchmark prices, which have risen over 7 percent so far this quarter.
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OIL INCREASES TOWARDS $53 BEFORE US INVENTORY REPORT
Oil rose towards $53 a barrel on Wednesday ahead of a US inventory report expected to show crude stocks dropped for a sixth week, although gains were capped by doubts about compliance with OPEC-led supply cuts. Crude inventories last week fell by 7.8 million barrels, more than expected, but gasoline stocks rose unexpectedly, data from the American Petroleum Institute (API) showed on Tuesday. Brent crude, the global benchmark, was up 50 cents at $52.64 at 1304 GMT, after two days of decline.
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JORDAN BUYS 50,000 TONES HARD WHEAT IN TENDER
Jordan’s state grains buyer purchased 50,000 tones of hard milling wheat to be sourced from optional origins in a tender for up to 100,000 tones which closed on Wednesday. It was bought at $221.50 a tone c&f for shipment in the first half of December. The seller was trading house Ameropa. Two other companies also participated in the tender. Jordan has struggled to make purchases in a series of wheat tenders in recent months, with traders saying uncertainty about new quality controls and payment terms has reduced tender participation by major grain exporting houses. But recent tenders had been more successful, with 50,000 tones also purchased in a tender which closed on Aug. 2.