RIYADH: Copper prices in China rose to their highest in more than a month on Friday, bolstered by hopes for more stimulus measures by top metals consumer China and worries over tight supply amid the Ukraine crisis.
The most-active May copper contract on the Shanghai Futures Exchange was up 1.2 percent at $11,744.21 a ton.
Forced labor: Ferrero halts buying Malaysian palm oil
Italian confectionery giant Ferrero said it will stop sourcing palm oil from Sime Darby Plantation after the US found the Malaysian planter used forced labor, in a reputational blow for the palm producer and Malaysia.
Labor practices across the Southeast Asian country have come under scrutiny in the past two years, with six companies including Sime Darby banned by the US customs over forced labor allegations.
Palm oil, the most widely used vegetable oil, is a key ingredient in Ferrero Rocher chocolates and Nutella spread, giving the iconic products their smooth texture and shelf life.
“On 6th April, we have requested all our direct suppliers to stop supplying Ferrero with palm oil and palm kernel oil sourced indirectly from Sime Darby, until further notice,” Ferrero told Reuters by email.
“Ferrero will comply with the US Customs and Border Protection’s decision,” it said.
Ukraine restricts food supply export
Ukraine’s state-owned railway company has temporarily restricted the transportation of some agricultural goods through border crossings to Poland and Romania, consultancy APK-Inform said on Saturday.
It gave no reason for the restrictions.
Ukraine, a major agricultural producer, used to export most of its goods through seaports but since Russia’s invasion has been forced to export by train via its western border.
APK-Inform said restrictions on the movement of goods to Poland through Yahodyn have been put in place from April 16 to April 18.
There are also restrictions on the transportation of cereals, oilseeds, grains, and other food products through Izov to Poland.
From April 16 until further notice, the consultancy said there are restrictions on the export of grain and seeds to Romania.
(With inputs from Reuters)
