MARKET MOVEMENTS:
--Brent crude oil rose 1.2% to $115.15 a barrel.
--European natural gas prices rose 7.9% to EUR139.35 a megawatt
hour.
--Copper prices in London rise 1% to $8,485 a metric ton.
--Gold edges up 0.3% to $1,825 a troy ounce.
TOP STORY:
Zero Hunger Is Unlikely to Be Achieved by 2030, UN and OECD
Say
The goal of removing world hunger is unlikely to be achieved by
2030, despite improvements in crop yields and agricultural
practices, according to a new report on Wednesday from the
Organization for Economic Co-operation and Development and the Food
and Agriculture Organization of the United Nations.
Food output and farming practices are likely to improve
agricultural productivity over the next decade, but at the moment
these improvements are unlikely to reduce emissions from
agriculture or achieve zero hunger by 2030.
OTHER STORIES:
Rice Is Saving Asia as Ukraine War Drives Up Food Prices
Russia's invasion of Ukraine has driven up food prices around
the world, but the situation is less grim in Asia. Thank rice.
Following successive bumper crops, rice has emerged as a rare
food commodity that has generally been cheaper this year than it
was last year. That's great news for the billions of people who
live across the swath of Asia where the grain is a popular staple,
from India to Thailand, Vietnam and Japan. The region encompassing
South, Southeast and East Asia produces and consumes more than 80%
of the world's rice, according to data from the U.S. Agriculture
department.
---
Anglo American's Subsidiary Extends Diamond Sale Deal in
Botswana
Anglo American PLC's subsidiary De Beers Group said on Wednesday
that it has extended its agreement with the government of Botswana
on the sale of Debswana's rough-diamond production.
---
Shell Faces Further Industrial Action in Australia
Shell PLC is facing further industrial action in Australia after
the country's CEPU union set out additional work bans at the
Prelude FLNG facility.
The work bans, which will begin on July 1, come in addition to
the 29 already in effect between June 10 and July 14. The
additional action will affect activities relating to the mooring of
tankers or vessels, helicopter transportation, work permits for
contractors, and the restarting of steam turbine generators.
MARKET TALKS:
European Natural Gas Prices Jump on Reports of U.K. Emergency
Plan -- Market TalkPalm Oil Ends Lower as Supply-Demand Outlook
Turns Less Favorable
1150 GMT - European gas prices jump after reports that the U.K.
is considering a plan that would cut off gas supplies to mainland
Europe in the event of a severe shortage. Benchmark European
natural gas futures jump 6.8% to EUR138 a megawatt-hour while U.K.
gas prices jump 11% to GBP1.85 a therm. The plan by the U.K.'s
National Grid would see pipelines that allow supplies to flow
between Britain and the Netherlands and Belgium shut off if the
energy crisis worsens. The plan would help the U.K. keep gas
supplies, including imported LNG, in Britain. However, it would
also mean it couldn't import gas supplies from continental Europe
during high-demand winter months. (william.horner@wsj.com)
---
1106 GMT - Palm oil prices ended lower in Asia, resuming a
downturn in June amid easing concerns about a supply shortage,
which earlier this year sent prices of the edible oil to record
highs. Fitch Ratings analysts have pointed to the prospect of
further output increases in the coming months, which would weigh on
palm oil futures. Indonesia's recent move to approve more exports
of the commodity soothed supply concerns further and damped buying
interest in the edible oil. The benchmark Bursa Malaysia
Derivatives contract for September delivery fell MYR86 to MYR4,903
a ton. (yifan.wang@wsj.com)
---
Gold Continues to Fetch Above $1,800/oz on Long-Term Interest,
UBS Says
0959 GMT - Gold prices have struggled to push past $1,850 a troy
ounce in recent days, but long-term interest is helping to keep the
precious metal above $1,800 an ounce, according to analysts at UBS.
"On the one hand, monetary policy tightening and rising global
rates ultimately create headwinds, as the opportunity cost of
holding gold increases. But on the other hand, diversification
interest remains intact as fears of a recession rise," UBS
strategist Joni Teves says in a note. Teves added that interest
from long-term players is key in supporting gold prices and that
"this type of buying does not tend to chase the market higher, but
its long-term nature makes the market more resilient." Futures in
New York are hovering at $1,817 an ounce currently.
(yusuf.khan@wsj.com)
---
Oil Edges Up on Saudi Arabia, UAE Supply Concerns
0826 GMT - Oil prices edge higher, erasing earlier session
losses, as concerns build over the ability of OPEC producers to
increase supply. Brent crude oil edges up 0.1% to $113.96 a barrel.
WTI gains 0.1% to $111.84 a barrel. OPEC members, particularly
leading producers Saudi Arabia and the U.A.E., are being seen as
increasingly unlikely to be able to increase supply to compensate
for lost Russian barrels. "The market's perception that OPEC+ is
struggling to meet existing supply commitments, and even more so to
expand supply is supporting prices," Tobin Gorey at CBA says. The
cartel's technical committee meets later today ahead of a full
ministerial meeting Thursday. (william.horner@wsj.com)
---
Metals Slide on Downbeat Consumer Confidence
0721 GMT - Metals markets are sliding in early trading with
sentiment hampered by a lack of optimism from consumers in the
economy. Three-month copper prices are down 1% to $8,319.50 a
metric ton while aluminum is down 0.6% to $2,473 a ton. Gold is
also slipping 0.1% in New York to $1,818.70 a troy ounce. Data on
Tuesday showed that consumers' short-term outlook for the U.S.
economy fell to its lowest point in nearly a decade. "Inflation
worries continue to be propagated around," Marex's Asian metals
team says in a note. "[...] the West [is] just seemingly not that
convinced that a global recession can be avoided altogether." A
rate hike from the European Central Bank is likely, it says.
(yusuf.khan@wsj.com)
---
Energy Crisis Could Speed Up Miners' Transitions
0438 GMT - Higher diesel and electricity costs on Australia's
east coast are pressuring a number of energy-intensive mining
operations and could push some companies to accelerate their
energy-transition plans, Macquarie analysts say in a note. Rio
Tinto earlier this month called for proposals to develop
large-scale wind and solar power in Queensland state, where it runs
aluminum assets, the analysts note. They also highlight other
recent renewable-power supply deals, including one at BHP's Olympic
Dam copper operation in southern Australia, which is due to begin
next month. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
Write to Will Horner at william.horner@wsj.com
(END) Dow Jones Newswires
June 29, 2022 09:13 ET (13:13 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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