Corn (Source: CME)
US corn futures close higher on renewed concerns about heat reducing output. Hot weather is expected to return to the Midwest by midweek after a heat wave stressed the crop this week. A cool-down early next week won't bring much relief, predicts Jim Gerlach of A/C Trading. "The overall temperature pattern over the next two weeks is hotter than normal," he says. Farmers need favorable conditions to grow a big crop to replenish low inventories. CBOT December corn climbs 12 1/2c to $6.85 1/2 a bushel.
Wheat (Source: CME)
US wheat futures climb on spillover support from a rallying corn market. Its late gains lifted wheat as both grains are used for livestock feed. Nearby corn and wheat futures are trading almost even with each other, unusual as wheat typically hold a premium to corn. That fuels projections that livestock producers will increasingly buy wheat to feed animals instead of corn. "There's obviously some wheat substitution going on," says Jim Gerlach of A/C Trading. CBOT September wheat climbs 15c to $6.92 1/4 a bushel, KCBT September advances 5 3/4c to $7.80 and MGEX September rises 4 3/4c to $8.38 1/2.
Corn rises after losses, wheat steady on supply pressure
SINGAPORE, July 22 (Reuters) - Chicago corn rose half a percent, lifted by bargain-hunting following two straight sessions of losses which were triggered by forecasts of milder weather in U.S. Midwest crop belt.
"The corn market is expected to stay volatile until we have a clear picture of the yields," said Lynette Tan, an analyst with Phillip Futures in Singapore. "Today's strength can be attributed to some bargain-hunting coming in after the decline."
POLL-S.Africa maize crop forecast seen down
JOHANNESBURG, July 22 (Reuters) - South Africa will likely lower its May 2010-April 2011 season maize estimates due to lower yields in some parts of the country, a Reuters survey showed on Friday.
The average estimate of seven trading houses polled by Reuters showed that South Africa's maize output for the 2010/11 season is likely to be 10.86 million tonnes.
Russian grain harvesting picking up, yields high
MOSCOW, July 23 (Reuters) - Russia's grain crop was lower year-on-year as of July 20, due to delays caused by rains at the start of the harvesting period, but the gap was smaller than a week ago, Agriculture Ministry data showed on Friday.
However, average grain yields had risen by 36 percent on year, the data showed, while the weather forecasting service said hot and dry weather favoured the harvesting campaign but worsened crop ripening conditions in the European part of Russia.
US Midwest turns dry as drought worsens in Plains
CHICAGO, July 21 (Reuters) - A historic drought in the southern U.S. Plains intensified in the last week and contributed to dry conditions emerging in the heart of the Midwest crop belt, a weekly U.S. climatologists' report said Thursday.
The weekly U.S. Drought Monitor, produced by a consortium of national climate experts, showed abnormally dry conditions affecting a significant area of the Midwest -- about 10 percent -- for the first time this summer.
Investors Raise Bullish Commodity Bets by Most in Year as Economy Expands (Source: Bloomberg)
Funds boosted bets on rising commodity prices by the most in almost a year on speculation that the global economic recovery will prove resilient. Speculators raised their net-long positions in 18 commodities by 16 percent to 1.26 million futures and options contracts in the week ended July 19, government data compiled by Bloomberg show. That’s the biggest gain since early August. Bullish silver holdings climbed to the highest since May 3. The Standard & Poor’s GSCI Spot Index rose for a fourth straight week, climbing to a one-month high on July 21. Commodity prices have gained even as the U.S. and Europe struggled with fiscal woes. The MSCI World (MXWO) Index of equities gained 2.7 percent last week as European leaders announced a plan to stem the debt turmoil.
North Dakota Soggy Wheat Fields Dimming Prospects for Spring-Crop Harvest (Source: Bloomberg)
Wheat production in North Dakota, the biggest U.S. grower, may lag behind government estimates after unrelenting rains delayed planting and made fields more vulnerable to damage from hot summer weather. Spring wheat, used to make bread and pizza crust, is maturing at the slowest pace in the state since 1995, U.S. Department of Agriculture data show. The agency, which already expects the crop to plunge 16 percent, said it may revise the forecast after another survey of farmers affected by record floods and rain. Analysts and industry officials begin a three- day tour of fields tomorrow. Keith Deutsch, who farms 3,000 acres (1,214 hectares) of crops including spring wheat and durum in Plaza, North Dakota, said he stopped planting on June 10, about 10 days later than usual, because fields were too muddy. About 30 percent of his land went unseeded because crops planted after that date would be in danger of damage from heat and pre-harvest frost.
Drought Status Still In Parts Of East England-UK Agency (Source: CME)
Drought status still applies in parts of Eastern England along with water restrictions for some farmers there, the U.K. Environment Agency said, six weeks after a state of drought was officially declared there by the government. Voluntary irrigation restrictions remain in place for around 180 farmers in the Cambridgeshire Fens and 33 farmers have been instructed to stop water abstraction, the agency said. Lincolnshire, Cambridgeshire, parts of Bedfordshire and Northamptonshire, and West Norfolk remain in drought, it added. East Anglia accounts for 53% of the U.K.'s sugar-beet output, 17% of wheat and 13% of barley production. Anglian Water and Cambridge Water both said there is no threat to public water supply, with enough to last the entire summer. June 10, the U.K.'s farm ministry and the Environment Agency declared drought status in parts of East Anglia after the region received only 47% of its normal total rainfall in May.
The agency said an average of 29 millimeters of rain fell over the last week, approximately half of the expected total rainfall for the entire month of July. However, there are still very low water levels in Suffolk and voluntary irrigation restrictions could be imposed there, the agency added. "If the situation does not improve in the north west of Bury, Suffolk, we may have to impose restrictions on 20 farmers," the agency said. Meanwhile the U.K. Met office forecasts drier weather for most of England and Wales this weekend, although some showers could occur in the north and east of the country.
Eastern Australian Wheat Outlook Deteriorates On Dry Weather-Analysts (Source: CME)
Some wheat growing districts in eastern Australia are starting to deteriorate under the influence of poor growing conditions, raising questions about production and earnings of companies with exposure to crops, analysts reported. Luke Mathews, a farm commodities analyst at Commonwealth Bank of Australia who toured central west New South Wales this week, said recent conditions through the region have been too dry and cold for favorable crop development. Historically, New South Wales produces about 30% of national wheat output but this figure jumped to 40% last crop year when a severe drought limited output in Western Australia. In June, the Australian Bureau of Agricultural and Resource Economics and Sciences forecast wheat production of 26.2 million metric tons this crop year ending March 31, 2012, down 100,000 tons on year, with New South Wales estimated to produce 8.3 million tons or 32% of the national total. Most of the national crop typically is available for export.
Separately, in a review of the outlook for GrainCorp Ltd., Credit Suisse told investors to take profits on the stock due to increasing grain production risk from drier-than-ideal conditions on the east coast. "While crop conditions along the east coast generally remain favorable, drier cold frosty conditions through June and July have increased the prospect of downgrades to area sown and yields," CS analyst Grant Saligari said in a note. The brokerage sees downside risk to Abares' June forecast of 17 million tons of wheat and barley production along the east coast. That could negatively impact GrainCorp's intake into its grain storage system, revenue and earnings, he said.
Incoming FAO Chief Says Brazil Program Offers Model for Fighting Global Hunger (Source: CME)
Brazil's success in combating hunger could provide a template for governments in the growing fight to feed the world, said the director-general elect of the United Nations' flagship food body. The father of Brazil's much-lauded Zero Hunger program, Jose Graziano da Silva, said the world food system is undergoing a fundamental shift as rich and emerging countries alike struggle with the growing problem of food security. "Food consumption and production patterns have become a global issue for all, not only for poor countries," he said. "People used to believe there was a global supermarket that they could go into as long as they had the money -- that's not true anymore." Global food prices have surged to records for the second time in four years, sparking hunger riots in poor countries and pushing 44 million people into poverty, according to World Bank estimates.
Now the Food and Agriculture Organization and other agencies warn such price rises could be the shape of things to come as farmers struggle to produce the estimated 70% more food that will be needed by 2050, even as climate change hampers already sputtering crop-yield growth and biofuels consume a greater proportion of production. Yet as the first Latin American to head the FAO and the architect of Brazil's Zero Hunger program, which has lifted an estimated 24 million people out of poverty since 2003, Mr. Graziano stands in a unique position to bridge the gap between the developed and developing worlds that many argue is the key to solving global hunger. He said his experiences as Brazil's extraordinary minister of food security and fight against hunger have been key to shaping his belief that tackling hunger isn't just about producing enough food, but ensuring the poorest have access to it.
"I am convinced that the Brazilian experience will help a lot to promote food security," he said, speaking by telephone from Santiago, Chile. Zero Hunger integrated 50 policies, involving everything from direct financial aid for small farmers to low-cost restaurants, in order to feed the poorest and alleviate extreme poverty -- the root cause of hunger. "To eradicate hunger is not a goal that a government can achieve; it is society that does this," Mr. Graziano said. "It shows that if you have a basic society already organized then you can organize it into common goals." To do this, he said, the FAO must work more closely with its Rome-based sister agencies -- the World Food Program, the World Food Council and the International Fund for Agricultural Development -- traditionally its rivals.
And as the FAO's own $1 billion annual budget comes under pressure from its expanding remit, Mr. Graziano said it will need to partner more with regional economic commissions and existing regional agencies to meet its goals. "We need to keep in mind that to eradicate hunger is more important than to fight for money," he said. "Donor countries should be more supportive of those partners and institutes that we already have in Africa and join their programs. What happens in Africa will give the answer for the future of the U.N. system." The private sector also has a role to play, he said, though to do so companies must become more transparent in how they operate. Many nongovernmental organizations have long argued that companies like Archer Daniels Midland Co., Bunge Ltd., Cargill Inc. and Louis Dreyfus -- which control an estimated 90% of the world's grain trade -- are responsible for many of the disconnects in the world food system.
"We have very important actors behind the food chain that sometimes we do not see," he said. "It will be impossible to deal with global issues in the food system without the private sector, but at the same time it will be necessary [for them] to be more transparent and accept more global rules." Much rests on Mr Graziano's success -- including, some argue, the future of the FAO itself. Previously one of the least-noted of the U.N.'s agencies, the body has now assumed center stage in the political push to improve world food security. Last month, it was given the task of overseeing a plan by the Group of 20 nations to create a database of global food stocks and output, even as ministers criticized it for not doing enough to solve world hunger.
Weather, Black Sea supplies in focus at grains meet
SINGAPORE, July 22 (Reuters) - Harsh weather in parts of Australia and the United States, rising wheat supplies from the Black Sea region and higher prices will take centre stage at a grains industry conference in Melbourne next week.
Hot and dry weather has threatened U.S. corn yields this week as the crop enters its crucial pollination stage, while lack of rain in some parts of eastern Australia is raising concern over high-protein wheat.
Russian trader sees good Russian exports prospects
MOSCOW, July 21 (Reuters) - Russia, enjoying a healthy crop outlook this year, is already on its way to restoring export volumes, but rival Ukraine will fall short of major buyers' quality needs, a major producer and exporter said.
Kirill Podolsky, 40, the head and core owner of the Valars Group, which grows Russian and Ukrainian grain for export, told Reuters that Russia's core clients, their confidence rocked by last year's export ban, have returned in search of cheap grain.
India can export 3 mln T sugar in 2011/12- ED & F MAN
MUMBAI, July 21 (Reuters) - India, the world's second biggest sugar producer, can export 3 million tonnes of the sweetener in the 2011/12 season beginning October as it is likely to produce a surplus for the second year in a row, a senior official from trade house ED & F Man said.
Any extra exports from India can help cool sugar prices after lower supplies from top producer Brazil pushed up white sugar futures to a record high earlier this month
ICE raw sugar rises on Brazil outlook, coffee eases
LONDON, July 22 (Reuters) - Sugar futures rose in early trade, supported mainly by a reduced outlook for Brazilian production while arabica coffee eased towards the prior session's six month low. ICE raw sugar futures rose in early trade and nearby premiums widened as diminishing prospects for production in Brazil remained the key supportive factor.
China 2011 cotton planting area seen up 5.5 pct -association
BEIJING, Jul 22 (Reuters) - China's cotton planting area this year is expected to rise 5.5 percent from 2010, a tad higher than earlier estimated, the China Cotton Association said on Friday.
Total cotton area in 2011 is estimated at 5.41 million tonnes, up slightly from the association's forecast of 5.4 million tonnes at the start of this month, it said .
Syngenta chemical sales to Ivorian cocoa farmers down
ABIDJAN, July 21 (Reuters) - Swiss agri-chemicals company Syngenta has seen a fall in its sales of fertiliser and pesticides to Ivorian cocoa farmers by 20-25 percent, hurting its business and boding ill for the upcoming main crop, local director Justin Yobouet said.
In a telephone interview overnight, Yobouet told Reuters the political crisis between December and April, which dried up bank liquidity and shut down cocoa exports for three months, had left cocoa farmers unable to buy enough treatments.
Australia trade bonanza surpasses 140-yr peak in Q2
SYDNEY, July 22 (Reuters) - Australia's export prices jumped past expectations last quarter as insatiable Asian demand for coal and iron ore provided powerful support to incomes, employment and investment in the resource-rich country.
Friday data showed export prices climbed 6.0 percent in the three months to June, handily beating forecasts and a second straight quarter of hefty gains. Prices were up 10.5 percent on June last year, far outstripping import prices which were down 1.0 percent on the year.
Euro Coal-S.Africa prices boosted by strike threat
LONDON, July 21 (Reuters) - European and prompt South African physical coal prices rose by around 50 U.S. cents on Thursday as coal continued to track oil but prices were also slightly boosted by increased buying interests from traders for DES ARA and South African cargoes.
The threat of a strike by South African coal miners is also helping to support coal prices.
S.African unions to strike in coal sector from Monday
JOHANNESBURG, July 21 (Reuters) - Employers in South Africa's coal sector have been served with a strike notice on Thursday after talks with unions the previous day had failed, the chamber of mines said.
The strike is likely to commence on Monday, said Frans Barker, the chamber's negotiator for the coal sector, adding that the industry would not improve its offer any further.
Grande Cache Coal warns on FY sales volume
July 21 (Reuters) - Canadian coal miner Grande Cache Coal Corp warned that sales volumes for the year would be at the low end of its forecast after first-quarter sales were hit by lower production at a mine and vessel delays at Westshore Terminals ports.
The Alberta-based metallurgical coal miner said sales volumes in the current quarter would be the lowest of the year as volumes at the No. 8 pit were hurt by tight mining conditions.
Thermal coal may hit $130/T yr-end -Indonesian assoc
JAKARTA, July 21 (Reuters) - Thermal coal may reach $130 a tonne at the end of this year after Australia slashed export forecasts, although slowing demand from Japan could keep prices from rising further, the Indonesian Coal Mining Association said on Thursday.
While India has overtaken Japan as Indonesia's largest coal importer, a pick up in domestic consumption in the Southeast Asian country, as well as potential imports from China after the current lull underpinned sentiment, said Bob Kamandanu, chairman of the association.
Oil Falls in New York After U.S. Lawmakers Fail to Reach Debt Agreement (Source: Bloomberg)
Oil declined for the first time in five days on concern a failure to reach a deal on raising the U.S. debt limit may cause the nation to default, threatening the economy of the world's biggest crude consumer. Futures slipped as much as 0.9 percent after House Speaker John Boehner told Republicans that there’s no agreement on a plan for increasing the ceiling before a default threatened for Aug. 2. The impasse has boosted the chance Standard & Poor’s will cut the U.S. credit rating from AAA within three months to 50 percent, the company said July 21. European leaders announced a new rescue package for Greece last week as they sought to halt the spread of the region’s sovereign debt crisis. “It weighs on sentiment about demand prospects in the U.S. and adds to the uncertainty of what is an uncertain time at the moment,” said Ben Westmore, a minerals and energy economist at National Australia Bank Ltd. in Melbourne, who predicts oil will average $113 a barrel in the third quarter.
“The longer-term structural problems in Europe still remain and it’s likely to continue to be a risk for global growth for some time.”
Goldman Sachs prepares to trade physical iron ore
LONDON, July 21 (Reuters) - Goldman Sachs started to trade iron ore swaps earlier this year and is preparing to enter the physical iron ore market, market sources said.
Growing liquidity levels in the iron ore swaps market attracted many banks to invest in it and some have also decided to set up physical iron ore desks to strengthen their positions.
Citi considers trading physical iron ore
LONDON, July 21 (Reuters) - Citi said it was considering trading physical iron ore in the future to strengthen its position in the iron ore market.
The bank already trades iron ore swaps.
"We are building our capability in the upstream and downstream business for the purpose of warehousing risks in physical and paper markets," said Citi iron ore swaps trader Habib Esfahanian in an interview on Wednesday.
POSCO warns of slow steel demand, high costs in H2
SEOUL, July 22 (Reuters) - POSCO , the world's No.3 steelmaker, warned of weakening demand growth and persistently high input costs in the second half, after posting a 17 percent fall in quarterly operating profit.
Steelmakers' earnings are set to be further squeezed as record production in China floods the market when demand is crumbling amid tightening monetary policy in China and debt problems in Europe and the United States.
Iron Ore-Shanghai rebar gains for 3rd week, outlook upbeat
SINGAPORE, July 22 (Reuters) - Shanghai rebar futures edged up on Friday and extended their winning streak to a third consecutive week on brisk construction demand in top steel producer China.
Higher steel prices helped boost demand for iron ore, the key steelmaking ingredient, lifting price indexes on Thursday, although traders said some Chinese mills were more keen on buying lower-grade material.
China steel production to remain strong in H2, 2011 -CISA
SHANGHAI, July 22 (Reuters) - Steel output in China, the world's top producer, will stay strong in the second half of this year as investment in infrastructure and social housing underpins demand, the country's steel association said on Friday.
"China will continue to maintain high fixed asset investment for the remainder of the year, with water conservation and social housing construction coming on top, which will boost steel demand," the China Iron & Steel Association (CISA) said in its monthly market report.
POLL-Shutdowns, supply problems to lift nickel this year
LONDON, July 21 (Reuters) - Refinery shutdowns and supply disruptions will lift the price of stainless steel material nickel by more than previously expected this year, but the ramp-up of new mines and restart of others will boost supply and cap prices in 2012, according to a Reuters poll.
The survey of 41 analysts was carried out over the last three weeks, and not all contributors responded to all questions.
POLL-Battery demand to boost lead, surplus weighs on zinc
LONDON July 21 (Reuters) - Rising battery demand will boost lead prices as the market moves towards a deficit, while zinc will rise less than previously forecast under the weight of a large oversupply which will offset demand growth, a Reuters poll showed.
The survey of 41 analysts was carried out over the last three weeks. Not all contributors responded to all questions.
China Zhongjin reopens refining capacity at Shaoguan smelter
HONG KONG, July 22 (Reuters) - Shenzhen Zhongjin Lingnan Nonfemet , China's third-largest zinc producer, reopened refining facilities at its Shaoguan smelter in Guangdong province on July 19 after a nearly 10-month closure linked to water pollution, the firm said on Friday.
The firm will keep the smelting facilities at Shaoguan shut and is upgrading most of those facilities, Zhongjin said in a statement filed with the Shenzhen Stock Exchange.
Steelmakers sue EU over carbon market rules
BRUSSELS/LONDON, July 21 (Reuters) - European steelmakers said they started legal action on Thursday to overturn the way the sector has been included in the European Union's carbon market.
Industry body Eurofer says the rules for the Emissions Trading Scheme (ETS) do not set a fair benchmark for allowing the industry's most efficient 10 percent of factories to get all their pollution permits for free after 2013.
China steel production to remain strong in H2, 2011 -CISA
SHANGHAI, July 22 (Reuters) - Steel output in China, the world's top producer, will stay strong in the second half of this year as investment in infrastructure and social housing underpins demand, the country's steel association said on Friday.
"China will continue to maintain high fixed asset investment for the remainder of the year, with water conservation and social housing construction coming on top, which will boost steel demand," the China Iron & Steel Association (CISA) said in its monthly market report.
Reuters base metals poll 2011/2012
LONDON, July 21 (Reuters) - Following are a selection of analysts' comments on the outlook for aluminium, copper, lead, nickel, tin and zinc prices, gathered as part of the Reuters base metal price survey for 2011 and 2012.
The poll of 41 analysts was carried out over the past three weeks. All prices are in dollars per tonne.
POLL-Slower growth to curb copper 2011 gains
LONDON, July 21 (Reuters) - Copper will not trade as high this year as previously thought, with analysts downgrading their price forecasts as global growth for base metals slows from 2010, according to a Reuters poll.
However, the metal used in power and construction is seen climbing to $9,995 a tonne next year, buoyed by tight global supplies and hopes of firm demand from top consumer China.
Jan-April refined copper deficit 69,000 T -ICSG
LONDON, July 21 (Reuters) - The world refined copper market saw a deficit of 69,000 tonnes in the January to April period compared with a deficit of 57,000 tonnes in the same period last year, an industry report showed on Thursday.
The International Copper Study Group (ICSG) said in its latest monthly bulletin that world refined copper output between January and April this year was 6.268 million tonnes and consumption was 6.337 million tonnes.
Freeport profit up but costs, copper price drag
NEW YORK, July 21 (Reuters) - Freeport-McMoRan Copper & Gold Inc's second-quarter profit doubled, beating Wall Street estimates, but the company said costs are creeping up and it expects to sell less copper in the third quarter.
That outlook, combined with a fall in the copper price on Thursday, sent Freeport shares down 0.8 percent to $55.47 in afternoon trading on the New York Stock Exchange.
Freeport Indonesia, union pay talks enter third day
JAKARTA, July 22 (Reuters) - Negotiations between Freeport McMoran Copper & Gold and its workers in Indonesia over pay entered the third day on Friday, industry sources said, as the mining giant reported losses of copper and gold after a strike at its massive mine.
Chief executive Richard Adkerson said on Thursday the aggregate impact of production lost during an eight-day strike at the Grasberg mine in Papua province was 35 million pounds of copper and 60,000 ounces of gold.
Collahuasi's key port resumes copper shipments
SANTIAGO, July 21 (Reuters) - Chile's giant Collahuasi copper mine has resumed loading concentrate shipments from its key port and will not longer need to divert deliveries through other sea terminals, the mine operator said on Thursday.
The mine operator said in a statement that a second vessel with copper concentrate departed from the Patache port on Thursday after repairs to its shiploader.
METALS-LME copper steadies, eyes fourth week of gains
SINGAPORE, July 22 (Reuters) - London copper futures steadied on Friday after losses in the previous session as investors weighed progress in efforts in the United States and euro zone to avoid a debt default against a brittle global economic recovery.
Private-sector growth in the euro zone ground to a halt this month and China's factory sector contracted for the first time in a year, surveys showed on Thursday, deepening evidence of a global slowdown.
PRECIOUS-Gold steady after Europe debt deal, US deficit talks eyed
SINGAPORE, July 22 (Reuters) - Gold held steady below $1,600 on Friday, after the euro zone leaders reached an agreement on a Greece bailout plan, but prices are expected to be rangebound as investors keep an eye on the progress made in U.S. debt talks.
Euro zone leaders agreed at an emergency summit on Thursday to give their financial rescue fund sweeping new powers to help Greece overcome its debt crisis and prevent market instability from spreading through the region.
Gold Gains to Record as Failure to Raise Debt Limit Spurs Default Concern (Source: Bloomberg)
Gold for August delivery surged as much as 0.9 percent, extending its rally to a record $1,616.50 an ounce in New York. The metal traded at $1,615 an ounce at 8:19 a.m. in Melbourne. Republicans challenged a presidential veto threat by preparing for a short-term extension of the U.S. debt limit, hardening partisan differences in the face of warnings that a stalemate risks roiling financial markets.
Berge Bulk to charter out 4 mega bulk carriers to Vale
SINGAPORE, July 22 (Reuters) - Privately-held shipping firm Berge Bulk will receive four 388,000-tonne mega ore carriers over the next year and will charter them out to Brazilian mining giant Vale , its chief executive told Reuters on Friday.
China's Bohai Shipbuilding Heavy Industry is expected to deliver the first of Berge Bulk's huge vessels at the end of August, adding more tonnage to an ever expanding global fleet which has led to plummeting freight rates.
Baltic index falls again despite higher fixing activity
BANGALORE, July 21 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, dropped yet again on Thursday as ship oversupply in both the basins negated a pick up in fixing activity.
The index -- which gauges the cost of shipping commodities including iron ore, cement, grain, coal and fertiliser -- fell 3 points, or 0.23 percent, to 1,325 points. The index has traded this year between 1,300 and 1,500 points as ship oversupply outpaces demand to ship commodities.
Asia Dry Bulk-Panamax rates to rebound after sharp sell-off
SINGAPORE, July 21 (Reuters) - Rates for panamax dry bulk carriers on key Asian freight routes are expected to rebound slightly over the next week as intra-Asia coal activity drives a short-term recovery.
In the capesize market, rates are seen lower because of a slowdown in coal shipments to China and India, shipbrokers said on Thursday.
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