Nasdaq Commodities

Indonesia's palm oil exports in 2023 dropped by 2.7% on a yearly basis to 32.2 million metric tons from 33.1 million tons shipped in 2022, the Indonesia Palm Oil Association (GAPKI) said on Tuesday.

Cocoa arrivals at ports in top grower Ivory Coast had reached 1.163 million metric tons by Feb. 25 since the start of the season on Oct. 1, down about 30% from the same period last season, exporters estimated on Tuesday.

Puma on Tuesday said it expects a soft first half of 2024 as negative currency effects continue to put pressure on the German sportswear company, but stuck to the annual targets it gave in January.

Indonesia plans to double its palm oil replanting subsidy to 60 million rupiah ($3,833.87) per hectare, its chief economic minister Airlangga Hartarto said in a statement on Tuesday, in efforts to accelerate the programme.

John Hathaway, managing partner at Sprott (TSX:SII,NYSE:SII), shared his thoughts on the disconnect between the gold price and gold stocks, explaining why it's happening and what could make gold stocks start moving.In his view, the rise of passive investing is one reason gold stocks have gotten stuck. Hathaway noted that this style of investing dominates the markets today, and it doesn't favor smaller sectors like precious metals. The popularity of exchange-traded funds (ETFs) is another factor. "I think it's fair to say that the gold-backed ETFs have cannibalized demand for gold-mining equities," he said. "Before (gold ETFs existed) it was really difficult for equity investors to position in the macro thesis behind gold ... without owning gold stocks." The gold price is already historically high, but Hathway said more momentum could push gold stocks up. "Is it US$2,100? Is it US$2,500? Somewhere along the way higher gold prices will generate interest in gold-mining stocks because they're leveraged to the gold price," he said, adding, "At some point a higher gold price will lead to such incredible cashflow and profitability that even this tiny little space will catch somebody's eye." But aside from a higher gold price, there are other elements that could drive interest in the gold space. "What would that be? I think it would be a reversion to mean, not just in the gold-mining space, but a reversion to mean in the external markets. We all know that the stock market basically has been driven by seven names ... again, if you're a contrarian it's an easy trade to make — sell the Mag 7 like (Stanley) Druckenmiller just did and look for something that's completely discounted," Hathaway said during the conversation. "That's not just the gold-mining space, you can talk about oil and gas, you can talk about some cyclical names. So I think that's one thing." The other is potential issues in the banking system, possibly in terms of commercial real estate. "In a way, you could have ... the dot-com crash in 2000, 2001 and the global financial crisis in 2007, 2008 combining to turn consensus investment banking upside down. That's the sort of thing that would lead investors to look for diversification, which gold represents," he said. "I believe that that's the scenario I would point to for the gold-mining industry and gold itself to come back into favor." Watch the interview above for more from Hathaway on gold and gold stocks. Don't forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

A trade dispute with China over tariffs on Australian wine may be resolved "in a few weeks' time", Australian Trade Minister Don Farrell said on Tuesday, removing one of the final obstacles curbing its exports to China.

Indonesia's unblended biodiesel consumption in 2024 is seen rising to 12.5 million-13 million kilolitres from 12.2 million kilolitres last year, an energy ministry official said on Tuesday, leading to a possible fall in palm oil exports.

Malaysian palm oil futures rose on Monday for a third straight session, tracking gains in rival oils, while the market is waiting for a major conference due to be held in Kuala Lumpur next week.

Nickel prices were under pressure on Tuesday, as fears supply will be hit eased, while a weaker U.S. dollar lent some support. Three-month nickel on the London Metal Exchange (LME) was little moved at $17,170 per metric ton by 0504 GMT.

Chicago soybeans gained more ground on Tuesday, rising almost 1% as the market was supported by short-covering and expectations of lower output in Brazil, although ample world supplies kept a lid on prices.

Chinese state-owned planemaker COMAC will conduct flying displays of its C919 and ARJ21 jets in five Southeast Asian countries, it said on Tuesday, as it looks to lay the groundwork for future international sales.

Malaysian palm oil futures rose on Monday, tracking gains in rival oils in Chicago and Dalian markets.

Nickel prices fell on Tuesday after Indonesia said it is working to approve more mining quotas, which are expected to help ease tight ore supply in the world's top producer of the metal.

Chicago soybeans gained more ground on Tuesday, with the market supported by short-covering and expectations of lower output in Brazil, although ample world supplies kept a lid on prices.

Mexican avocados grown on illegal orchards should not be exported to the United States, the largest importer of the popular staple used in guacamole, the U.S. ambassador to Mexico said Monday.

Brazilian food processor BRF SA on Monday reported net income of 823 million reais ($165.26 million) for the fourth quarter of 2023, the first gain after seven consecutive quarters of losses, according to an earnings statement.

Cuba's top cigar maker Habanos said on Monday its sales had soared to a record $721 million in 2023, a benchmark the company's executives attributed to booming demand for its most luxurious, high-end smokes in markets including China.

Bargain-hunting billionaire investment firms are chasing undervalued mining stocks.Those who follow the commodities markets are well aware that prices for many of the world’s important metals are facing continued downward pressure from weak global macroeconomics and heightened geopolitical volatility. As a result, mining companies have seen their valuations sink as institutional investors turn toward less risky ventures.However, with commodities demand forecast to surge as the green transition takes hold, there's plenty of optimism that tides are set to change, and big-name contrarians are beginning to position ahead of time. Elliott sets sights on mining investments Elliott Investment Management (US$65 billion assets under management) is set to launch Hyperion, a new investment company, with a US$1 billion war chest and a mandate to acquire global mining assets on the cheap.With former Newcrest Mining CEO Sandeep Biswas at the helm, Hyperion is on the hunt for underfinanced mines, whether via simple buyouts or equity positions, the Financial Times reported on February 22. Base metals, precious metals and commodities strategic for electric vehicle batteries and renewable energy infrastructure are reportedly on its shopping list — think lithium, nickel, cobalt and copper. Lithium in particular has faced headwinds recently, but a recent study by S&P Global shows that by 2035 demand for lithium, nickel and cobalt will be 23 times higher than in 2021, while demand for copper will double. ​Value investing trending in mining sector Elliot Management is not the only monied private equity group to see the opportunity presented by the mining sector at the moment. Appian Capital and billionaire Stanley Druckenmiller are just a couple of the other names in a broader trend taking shape in the lead-up to an expected upswing in global demand for mined metals.Appian Capital has said it plans to invest as much as US$2 billion in Latin America’s mining industry. “We believe there are many ways that investors can invest in critical minerals such as metals and mining that offer the best exposure and inflation protection,” the London-based private equity firms’s CEO Michael W. Scherb told BNAmericas in late 2023. “Mining is the first piece of the entire critical minerals supply chain and is protected from price increases because miners can pass those price increases down the supply chain.”Investors have also likely seen fresh headlines about Stanley Druckenmiller ditching a portion of his tech stocks for gold stocks. In the fourth quarter of 2023, he reportedly shed holdings in Google’s Alphabet (NASDAQ:GOOGL), Alibaba Group (NYSE:BABA) and Amazon (NASDAQ:AMZN) in favor of Barrick Gold (TSX:ABX,NYSE:GOLD) and Newmont (TSX:NGT,NYSE:NEM), the world’s two largest gold producers. He also increased his exposure to Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK). Don’t forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

U.S. corn and soybean futures bounced on short-covering on Monday, after large supplies earlier knocked nearby contracts to their lowest levels in more than three years, traders said.

FXEmpire.com - Last Friday natural gas retraced its prior advance to the 78.6% Fibonacci level before finding support at 1.58. Today, Monday, it found a higher support level at the day’s low of 1.59 and managed to exceed Friday’s high of 1.72 briefly before falling back into that