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China's Zhejiang Jiaao receives export license for sustainable aviation fuel
Zhejiang Jiaao Enprotech, a subsidiary of China's Zhejiang Jiaao Group, announced on Wednesday that its subsidiary has obtained an export license for sustainable aviation fuel up to 2025. Industry officials claim that this is the first permit Beijing has given to China's fledgling low-carbon aviation fuel sector. The industry has been awaiting export licences since last May, when a group of biofuel refiners led by private companies announced an investment of $1 billion or more to build new SAF facilities for domestic use and for export. The newly launched Jiaao subsidiary plant in Lianyungang in Jiangsu Province, eastern China, will be able to produce 372,400 tons of low carbon aviation fuel this year. This was revealed in a filing on the stock exchange. Jiaao stated in the filing that "after receiving the export license, the company will flexibly allot supplies from domestic and international suppliers... to maximize profitability." Oil major BP holds a 15% stake of the Lianyungang SAF factory. SAF plants convert waste cooking oil to fuel in most cases. Industry is also waiting on Beijing to announce that SAF will be included in traditional jet fuel. The companies hoped that the government would require 2%-5% SAF in traditional jet fuels by 2030. Beijing has not yet announced a mandate for blending, which is causing some refiners delay the start-up of new plants. China is the second largest aviation fuel market in the world. In September, a pilot program was launched for the first time to use SAF on a dozen domestic flights departing Beijing, Chengdu Zhengzhou, and Ningbo airports. In March, the scheme was extended to include all flights leaving these airports. Reporting by Trixie Aizhu and Chen Aizhu. Editing by Louise Heavens, Mark Potter and Mark Potter
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South Korea's NOFI buys estimated 132,000 T corn, traders say
European traders reported that the leading South Korean animal feed manufacturer Nonghyup Feed Inc., (NOFI), bought approximately 132,000 metric tonnes of animal feed corn from optional origins at an international auction on Wednesday. Two consignments of corn were purchased for South Korea, both to arrive in August. A consignment of approximately 65,000 tons of cargo was purchased at a cost and freight price (c&f), plus an additional $1.25 per ton for port unloading. Seller was thought to be Pan Ocean. The second consignment, which amounted to about 67,000 tonnes, was purchased at an outright price of $248.70 per ton cost c&f plus $1.25 surcharges for port unloading. The other half of the shipment was purchased at a premium rate of 199.30 U.S. Cents per bushel over the Chicago corn contract for September 2025. The seller is believed to be CJ International, a trading house. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. The first corn shipment in NOFI's bid was expected to arrive in South Korea on or around August 5. Shipping is required between July 3-22 if the product comes from the U.S. Pacific Northwest Coast, between June 13 and July 2, if it comes from the U.S. Gulf, between June 13 and August 2, unless the product is from South America, between June 8 to 27, or South Africa, between June 18 to 7. Around August 20, the second corn shipment is expected to arrive in South Korea. If the shipment comes from the U.S. Pacific Northwest Coast, it must be made between July 18 and August 6, or the Gulf of Mexico between June 28 and July 17, South America between June 23, July 12, or South Africa between July 3, 22. If the second shipment is sourced along the Pacific Northwest Coast of the United States, only 65,000 tonnes are required. (Reporting and editing by Mrigank Dahniwala; Michael Hogan)
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Shanghai copper prices to soar as stock withdrawals continue
The Shanghai Futures Exchange's (ShFE) copper inventories declined this week. This is the second consecutive week that there were double-digit withdrawals. Traders say it could lead to a spike in imports and prices. Copper inventories in the ShFE On Wednesday, the number of 89,307 metric tons fell by 27,446 tonnes, or 23.5%, from Friday. The 32% drop in the previous week was the biggest percentage decline ever. Four traders said they expected withdrawals to raise prices for ShFE Copper, a critical metal for China's vast industrial sector. They also expect more metal to be brought into the exchange warehouses. This will make a complete depletion of stock unlikely. Yangshan copper premium is already tightening up. It is a measure of China's appetite to import copper. The price of copper per ton was $94 on Tuesday. This is the highest level since December 2023, and an increase of more than 40% from January 2. Copper inventories in the ShFE Last week, the number of tons dropped by 32% as local buyers began to take delivery of metals purchased earlier in the month during a period of low prices. A trader had predicted that ShFE copper stock could drop another 10,000 tons, before the release of storage stocks on Wednesday. This was two days earlier than normal because China is celebrating public holidays from May 1 through May 5. Copper was diverted to the U.S. by traders in response to the threat of tariffs against U.S. imports. This led to a decline in ShFE stock and a rise in COMEX prices. COMEX stock grew to 137 759 tons of metric tons. On Tuesday, the stock market was up 45% from January 2, and their highest level since December 2018. The U.S.-China Trade War has reduced the supply of scrap metals from the United States, and consumers in China are having difficulty securing supplies on a market that is already very tight. (Reporting and editing by Violet Li, Lewis Jackson and Freya Whiworth)
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South Korea's NOFI buys estimated 132,000 T corn, traders say
European traders reported that the leading South Korean animal feed manufacturer Nonghyup Feed Inc., (NOFI), bought approximately 132,000 metric tonnes of animal feed corn at an international auction on Wednesday. Two consignments of corn were purchased for South Korea, both to arrive in August. A consignment weighing approximately 65,000 tons of cargo was purchased at a cost and freight price of $248.70 per ton plus an additional $1.25 per ton for port unloading. Seller was thought to be Pan Ocean trading house. The second consignment, which amounted to about 67,000 tonnes, was purchased at a combined price of estimated $248.70 per ton cost c&f and a surcharge of $1.25 per ton for port unloading. It was also partly bought at a premium 199.30 U.S. Cents a bushel over the Chicago corn contract of September 2025. Seller is believed to be CJ International. The reports reflect the assessments of traders, and it is still possible to estimate prices and volume later. Michael Hogan is reporting.
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South Korea's NOFI offers to purchase up to 138,000 t corn
European traders reported on Wednesday that the leading South Korean feedmaker Nonghyup Feed Inc. (NOFI) had issued an international bid to purchase up 138,000 metric tonnes of animal feed corn. The deadline to submit price offers for the tender is Wednesday, 30 April. Two consignments ranging from 45,000 to 69,000 tonnes of corn are expected in South Korea in August. This week, Asian buyers continue to purchase corn in large quantities after Chicago corn futures fell due to the rapid pace of planting in the U.S. and favorable weather conditions in South America. Deals from other buyers were reported in Korea and Taiwan on Tuesday. The first corn shipment in NOFI's bid was expected to arrive in South Korea on or around August 5. Shipping is required between July 3-22 if the product comes from the U.S. Pacific Northwest Coast, between June 13 and July 2, if it comes from the U.S. Gulf, between June 13 and August 2, unless the product comes from South America, between June 8 to 27, or South Africa, between June 18 to 7. Around August 20, the second corn shipment is expected to arrive in South Korea. If the shipment comes from the U.S. Pacific Northwest Coast, it must be made between July 18 and August 6, or the Gulf of Mexico between June 28 and July 17, South America between June 23, July 12, or South Africa between July 3, 22. The sellers have the right of choice in the origins they supply. The traders sought offers in both outright costs per ton and freight included (c&f), as well as at a premium compared to the Chicago September 2025 Corn contract. NOFI also released a separate bid on Wednesday for up to 60,000 tonnes of animal feed wheat. (Reporting and editing by Sonia Cheema, with Michael Hogan)
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South Korea's NOFI has bid for up to 60,000 t of feed wheat, traders claim
European traders reported on Wednesday that the leading South Korean feed manufacturer Nonghyup Feed Inc. has launched an international tender for up to 60,000 tons of animal feed grain. The deadline to submit price offers for the tender is Wednesday, 30 April. Wheat is expected to arrive in South Korea as a single consignment by September 30. Wheat can come from anywhere in the world, except for Russia, Argentina and Pakistan. Denmark, China, and Denmark are also excluded. The Black Sea ports of Russia and Ukraine are not allowed to be used for wheat that is sourced locally, or even from another origin. However, loading from Russian Far Eastern port is allowed. Shipments are needed between August 28 and September 16 if the source is from the U.S. Pacific Northwest Coast, Australia, or Canadian West Coast. Shipments from the U.S. Gulf Coast, Europe, or Canadian East coast are required between August 8 and 27. Shipments of European wheat via Cape of Good Hope are increasingly being made to avoid attacks against ships in the Red Sea. They should be sent between July 24 and August 12. Shipments of wheat from South America or South Africa should take place between August 3-22, and between August 13-September 1, respectively. The offers are being sought as outright costs per ton and freight included, or at a higher price than Chicago December Wheat Futures. NOFI also released a separate bid for up to 138, 000 tons of feed corn that closes on Wednesday. (Reporting and editing by Louise Heavens, Michael Hogan)
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Wall Street Journal April 30,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Starbucks has announced that a new pilot program at dozens U.S. cafés has reduced the average beverage preparation by two minutes. The coffee chain plans to extend the initiative to another hundreds of its 10,000 U.S. stores by the fall. Amazon.com canceled a plan that would have shown how tariffs could raise the prices of its budget shopping website Haul, after U.S. president Donald Trump spoke to founder Jeff Bezos. The White House called this a "hostile" and "political" move. United Parcel Service is cutting 20,000 operational positions and closing 73 facilities leased or owned this year in order to cut costs. This comes after Amazon, the company's largest customer, reduced package deliveries. After nonprofits filed a lawsuit over the termination in March of a contract that provided congressionally-approved funds, a federal judge in California ruled the Trump administration had to continue funding attorneys for unaccompanied children migrant. President Donald Trump of the United States is asking Egypt to pay for the United States' military efforts to secure shipping lanes to the Suez Canal. This puts the already financially strapped country in an awkward political position. (Compiled by Bengaluru newsroom) - The Trump Administration has dismissed scientists working on the National Climate Assessment. This has prompted concerns from environmental groups and climate scientists as the government claims it needs to reassess the approach. (Compiled by Bengaluru Newsroom)
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Shanghai copper prices surge on the back of dwindling stock
Reports citing four traders indicate that copper inventories at the Shanghai Futures Exchange will continue to fall this week. This would be a continuation of the steep drop, and could trigger a price spike. Traders said that the surge in prices for ShFE copper, an important metal used by China's massive manufacturing sector, would attract more metal into the exchange warehouses. This will make a complete depletion of the stock unlikely. Yangshan copper premium is already tightening up. It is a measure of China's appetite to import copper. On Monday, it was at $93 per ton, its highest level since December 2023. It has also increased by more than 40% from January 2. Copper inventories in the ShFE Last week, metal prices fell 32%, to 116.753 tons, the steepest decline in percentage ever recorded. This was due to local buyers taking delivery of metal they had purchased earlier in the month during a slump. A trader said that ShFE copper stock could drop another 10,000 tons if warehouse stocks are released two days earlier on Wednesday than normal due to public holidays in China between May 1 and May 5. Copper was diverted to the U.S. by traders in response to a tariff threat on U.S. imported copper. This led to a decline in ShFE stock and a rise in COMEX prices. COMEX stock grew to 137 759 tons of metric tons. On Tuesday, the stock market was up 45% from January 2, and their highest level since December 2018. COMEX inventories increased as a result of the tariff threat against U.S. imports, and the anticipation of higher COMEX prices. Due to U.S.-China tensions over trade, consumers are finding it difficult to get supplies on a crowded Chinese market. This is because the United States has been cut off as a major scrap metal source, causing inventories to drop. Copper prices are usually higher on the ShFE than the COMEX because of differences in demand and supply in China and in the U.S., as well as other factors such freight and taxes. Since mid-March the COMEX copper price has been higher because of the buying frenzy due to import tariffs. The traders expect that the price-relationship will return to normality as the Chinese inventory replenishment takes priority. A trader stated that the prospect of higher ShFE prices could also attract metal stored in Shanghai’s bonded storage warehouses . On April 24, stocks were 75,500 tonnes. This was a 5% drop from the previous week but still nearly five times higher than January 16's record low of 15,200 tones. (Reporting and editing by Sumana Niandy; Violet Li, Lewis Jackson)
Adani settlement claims delayed by India regulator review of processes
Two sources with knowledge of the issue said that India's market regulator had put on hold the Adani Group and its offshore investors' requests to settle a number of regulatory charges, until the internal processes were reviewed.
Last month, SEBI, where a new CEO took over in March, announced that it was reviewing the rules of settlement appeals. The review was prompted by a lack of uniformity and confusion in the rules governing the type of penalties that can be imposed.
Second source with direct knowledge said that the review could last three months, after which Adani's appeals would be heard under a new process.
SEBI's settlement procedure allows investors and market participants to pay a fine or accept regulatory directives without admitting or denying guilt.
Sources declined to identify themselves as investigations and court cases are confidential.
SEBI and Adani did not reply to emails seeking a comment.
SEBI started investigating the Adani Group in 2023, after US shortseller Hindenburg accused the group of improper use of tax hashes and stock manipulating. This led to a $150 billion sale despite Adani's denials. Since then, the shares have recovered.
The U.S. authorities have also indicted Gautam Adani, and the top executives of Adani Green. They claim that they paid bribes for Indian power supply contracts and lied to U.S. investors when raising funds. The company informed the stock exchanges of India on Monday that an independent review had not found any violation of the law by Adani officials.
SEBI in India was investigating 24 allegations against group companies in India and their offshore investors. This was stated in a 2023 filing to the Supreme Court.
Second source: Thirty Adani Group entities have filed applications to settle some regulatory charges.
Source: The Adani appeals are part of over 300 pending settlement applications, but they are being considered as the most important ones. SEBI has accused Adani Enterprises, Adani Ports, Adani Energy, and Adani Power, of incorrectly classifying certain shareholders as being public, according financial statements filed by the four companies.
Source: 26 other Adani Group and related entities were charged with reclassifying three Mauritius-based offshore funds' shareholdings as public shares when they were linked to Vinod Adani – brother of Adani Group Chairman Gautam Adani.
According to Indian law, a minimum of one-fourth (or more) of the shares in a publicly listed company should be owned by public shareholders.
The second source stated that these Adani entities wanted to pay a fine to settle the market infraction without proposing reclassifying the shares.
The other source said that in order for the settlement to be finalized, Adani Group companies would have to reclassify the shares owned by these funds to non-public holdings.
Separately, a dozen offshore fund invested in Adani Group companies were charged last year with violating disclosure rules and breaching regulatory prescribed investment limits. (Reporting and editing by Raju G. Gopalakrishnan; Jayshree Upadhyay)
(source: Reuters)