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As of 09:30 Beijing time, WTI crude oil futures rose 0.06%, and US natural gas futures rose 0.36%.The Peoples Bank of China announced today that it conducted 215 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 215 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.Indonesias Ministry of Economic Affairs stated that the statement was released after Indonesias chief tariff negotiator for the U.S. met with U.S. Trade Representative Greer in Paris to discuss Section 301.June 5th Futures News: According to JLC Networks calculations, as of June 5th, the first working day, the change rate was -1.07%, with the average price of benchmark crude oil at $94.04/barrel. Domestic gasoline and diesel prices should be reduced by 60 yuan/ton. The price adjustment window for this round is at 24:00 on June 18th. 1. Shandong Local Refineries: Lower international crude oil prices created downward pressure, coupled with weak sales of refined oil products from Shandong local refineries yesterday. The gasoline and diesel production-to-sales ratio was low, and refinery inventories continued to accumulate. It is expected that refined oil prices from Shandong local refineries will be under pressure and fall by 30-50 yuan/ton today. 2. East China: On Friday, crude oil prices stopped rising and fell back, and this was the first day of the retail price reduction. The news was bearish. It is expected that refined oil prices from major oil companies in East China will be under pressure today, with traders cautious in their immediate needs and a sluggish trading atmosphere. 3. South China: On Friday, international crude oil prices closed lower after a rebound, and the retail price reduction was implemented as expected. It is expected that gasoline and diesel prices in South China will remain stable to slightly lower today. Terminal market demand is weak, and traders are cautiously purchasing only as needed, resulting in a quiet trading atmosphere. 4. North China: On Friday, international oil prices closed lower overnight, and news has turned bearish. It is expected that gasoline and diesel prices in North China will remain stable to slightly weaker. Weather factors are dragging down immediate demand, coupled with strong crude oil volatility, leading to a cautious trading atmosphere. 5. Central China: On Friday, crude oil prices rebounded and fell back, and the retail price reduction was just implemented. News is pointing to a bearish trend, and it is expected that gasoline and diesel prices in Central China will be under pressure today. Traders are mostly reducing inventory and observing the market, resulting in a quiet and stable trading environment.The South Korean won fell to its lowest level against the US dollar since March 2009, trading at 1541.4.

The conclusion of the Argentine truckers' strike increases grain shipments

Charlie Brooks

Jul 01, 2022 11:36


The Argentine truckers' strike ended on Thursday, when several unions incensed by fuel shortages reached an agreement to terminate the one-week protest near the vital port of Rosario, which is expected to assist future grain exports.


The truck driver's protest over high gasoline prices has halted shipments of corn and other goods, just as the bulk of the harvest was making its way to ports for export to worldwide markets.


Due to the exclusion of a few tiny truckers groups from the deal, however, it is possible that certain protests may continue.


Argentina is the second-largest exporter of maize, the top exporter of processed soy oil and meal, and a major supplier of wheat and beef.


One of the unions, Autoconvocados Unidos, issued the following statement: "Despite our dissatisfaction (with the latest settlement of truck freight rates) and in light of the present crisis in our country, we have chosen to halt the strike."


The union described their action as an act of kindness.


The number of trucks entering ports surged by 70 percent on Thursday compared to the previous day, reaching approximately 1,500 vehicles, as reported by the Rosario grains market.


The Rosario ports are the departure point for 80 percent of Argentina's agricultural exports, the vast majority of which are transported by truck.


The ability of trucks to access the port is returning to normal, according to the manager of the country's marine port chamber, Guillermo Wade.


Additionally on Wednesday, the transport ministry secured a deal with non-striking agricultural and transport groups to hike grain freight charges by 25%.


However, the majority of protesting unions, led by the UNTRA truckers' union, felt the rate increase insufficient and chose to dismantle highway blockades.


The head of the UNTRA, Carlos Geneiro, said, "We have far greater expenses than that."