Global Commodities, Energy, Metals and Agriculture
Energy • Russian oil output: 11.21MMbbls/d was what Russia managed to produce over the month of November, which is slightly below the record 11.23MMbbls/d pumped over October. Russia has said that they will gradually reduce crude output over 1H 2017, as part of non-OPEC cuts, with the Russian energy minister saying that the country will cut output by as much as 300Mbbls/d. • Indian coal production: Coal India output over the month of November totalled 50m tonnes, up 5.3% YoY, however still short of a targeted 53.85m tonnes. This takes cumulative Indian coal output since the start of April 2016 to 323.6m tonnes, compared to 321.4m tonnes at the same stage last year.
Metals • Indian aluminium imports: There are reports that the Indian government will soon impose a minimum import price (MIP) on primary aluminium imports. The Aluminium Association of India has been pushing for the government to impose a MIP of 15% of the LME’s price. • Peru copper output: According to government data, copper production in Peru over the month of October increased 38% YoY to 218,685 tonnes. The increase in output that has been seen in Peru this year has been a result of a ramp up at a couple of mines in the country.
Agriculture • French sugar: CGB, the French sugarbeet growers association has said that post production quotas, sugarbeet area in the county could expand by 20%. Meanwhile for the current season, the association are expecting poorer yields YoY as a result of poor weather conditions over the summer. • EU wheat exports: The EU Commission has lowered its estimate of EU wheat exports for the current 2016/17 season by 1m tonnes to 24m tonnes. The EU has had a poor wheat crop this season, which was largely driven by wet weather over the early summer in France.