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According to JLC Network Technologys calculations, as of the seventh working day on July 28th, the average price of benchmark crude oil was $89.27 per barrel, with a change rate of 14.64%. Domestic gasoline and diesel retail prices should be increased by 760 yuan per ton. The adjustments are based on: 1. the structure of domestic crude oil imports and the settlement benchmark commodities; 2. minor adjustments may be made during the pricing mechanisms operation based on import structure, etc., and JLC Network Technology will revise accordingly; 3. At 24:00 on July 17th, domestic gasoline and diesel retail prices were increased by 300 and 290 yuan per ton respectively. According to the "ten working days" principle, the adjustment window for this round is 24:00 on July 31st.July 28th, Futures News: Oil prices fell sharply, fuel oil news was unstable, and costs dragged down downstream traders purchasing and selling sentiment at high levels, with most awaiting the latest contract guidance from major refineries. Market trading was subdued, and it is expected that the focus of fuel oil negotiations will be lowered today.On July 28th, a research report from Everbright Futures pointed out that overnight, London spot precious metals fluctuated weakly, with the spot gold-silver ratio around 69.7 and the spot platinum-palladium price spread reaching $330/ounce. US core capital goods orders (excluding aircraft and non-defense capital goods) rose 0.9% month-on-month in June, exceeding market expectations, indicating continued robust corporate investment in equipment; Mays figure was revised upwards to 1.9%. Geopolitically, the US and Iran are conducting "very in-depth negotiations," showing patience and ample time to reach an agreement, but also indicating they will resume military action against Iran if diplomatic efforts fail. The US-Iran conflict has been put on hold again, causing oil prices to fall rapidly, but gold prices have not reacted significantly. The sticky inflation environment likely explains the hawkish expectation for the Feds July policy meeting. In the short term, a defensive approach is still recommended to cope with the high volatility environment, awaiting the FOMC meeting; a light position and observation are advised given the unclear market conditions. Geopolitically, we need to be wary of unexpected news regarding US-Iran negotiations, as any developments could trigger sudden and sharp fluctuations in oil and gold prices. The Feds interest rate decision is largely a done deal, but attention should be paid to whether the wording exceeds expectations. Silver, platinum, and palladium continue to fluctuate in tandem with gold prices, exhibiting significant volatility due to geopolitical influences. (This content and opinion are for reference only and do not constitute any investment advice.)According to foreign media reports on July 28th, Malaysian crude palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) are likely to open lower on Tuesday morning, following the decline in external markets. Affected by the US suspension of airstrikes against Iran, international crude oil futures fell sharply by nearly 9%. During Tuesdays electronic trading session, Brent crude futures further declined, coupled with a sharp drop in Chicago soybean oil futures, which will drag down the early performance of Malaysian crude palm oil futures. The strengthening of the ringgit is also unfavorable for prices, as this typically weakens the export competitiveness of Malaysian palm oil. However, improved Malaysian palm oil exports, Indonesias mandatory blending policy for B50 biodiesel which will boost domestic demand and tighten export supply, and the El Niño phenomenon threatening palm oil production in Southeast Asia will limit the downside potential of the palm oil market.International crude oil prices continued to fluctuate and decline. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.

Plastic Consumption Is Projected to Nearly Double by 2050, According to Studies

Haiden Holmes

Feb 27, 2023 14:08

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According to research published on Monday, plastic consumption in G20 nations is on track to nearly double by the middle of the 21st century unless a comprehensive and legally binding global treaty to reduce consumption is drafted.


According to Back to Blue, a research group operated by the Economist Impact think-tank and the Nippon Foundation, existing initiatives to increase recycling or reduce single-use plastic consumption have "barely scratched the surface" and a more comprehensive global plan is required.


In Uruguay, the United Nations began negotiations on an agreement to combat plastic pollution in November, with the goal of drafting a legally binding treaty by the end of the following year. 175 countries have joined up for the negotiations.


Nonetheless, if negotiations fail, annual plastic production in G20 nations could reach 451 million tonnes by 2050 based on current development rates, according to Back to Blue - an increase of nearly 75 percent from 2019.


The research group stated, "There should be no illusions that the treaty negotiations will be anything but difficult and treacherous." "The likelihood of failure is high, both in terms of no treaty emerging and a treaty that is insufficient to reverse the plastic tide."


It called for a stricter ban on single-use plastic, as well as increased production taxes and mandatory programs to hold companies accountable for the entire lifecycle of their products, including recycling and disposal.


Back to Blue stated that the combined measures could limit annual consumption to 325 million tonnes by 2050, but that would still be a 25 percent increase from 2019 and the equivalent of 238 million garbage vehicles.


Brazil, the United States, Indonesia, and Turkey are among the G20 countries that have yet to introduce national prohibitions on single-use plastic products, according to the report.


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