Asia

The Japanese yen rose sharply on Wednesday against the U.S. Dollar after retracing approximately half of the gains made at the end July following a rare, joint intervention between the U.S. The motive for the intervention was not immediately apparent. The yen had fallen to a 40-year-low of 163.98 per dollar prior to the intervention. It rose as high as 155.21, before giving up some of its gains. The yen last rose 0.79% to 158.92 dollars. Chris Scicluna is the head of Daiwa Capital Markets Europe's economic research. He said: "It would be convenient for the U.S. to conduct a...

Investors awaited new developments in the U.S. - Iran conflict and the Japanese yen rose sharply against U.S. dollars. The yen's move was not immediately apparent. Over the past month, the currency has retraced approximately half of its gains made following a rare joint action by the U.S. On Wednesday, the yen rose by 0.92% to 158.72 dollars. Treasury yields in the United States have fallen from their multi-year highs. The increase in borrowing costs in major economies has heightened concerns over tighter monetary policies and worsening fiscal conditions. Investors remain focused on Iran a day after U.S. airstrikes on...

Three sources 'close to the issue' told us that OPEC+ will likely keep its oil production?policy for October unchanged at a meeting this Sunday. The producer group has completed the unwinding one layer of cuts in production and is now focusing on 2027 quota negotiation. The Iran War continues to disrupt oil exports via the Strait of Hormuz. This reduces OPEC+’s influence on prices and market share. The group's decisions on supply now have less impact on the market than in the past. The meeting on Sunday will include seven core OPEC+ countries: Saudi Arabia (and Russia), Kuwait, Algeria and...

Uganda named its blended crude grade "Pearl Sweet" on Wednesday, a major step in preparation for the planned commercial oil production by the East African nation at the end of this year. Uganda discovered commercial crude reserves in the Albertine Rift basin along its border with Democratic Republic of Congo two decades ago. The lack of infrastructure has repeatedly delayed commercial production, as have disagreements between government officials and international oil companies about development plans. The name was revealed by President Yoweri Mueveni at a ceremony held in the Kikuube District, located about 250 km (155 mi) west of Kampala....

The world stock market fell on Wednesday as fresh U.S. strikes on Iran pushed oil prices up to a five-week high, fueling inflation fears and extending the global bond saleoff. The U.S. attacked Iranian military targets near Strait of Hormuz while Tehran claimed it had targeted U.S. resources across the region. This was the largest exchange of fire for weeks. Brent crude futures rose 0.1% to $94.87 per barrel on fears of further disruptions in energy supplies. Kiran Ganesh is a multi-assets strategist at UBS Global Wealth Management. She said that the recent rise in energy prices had put further...

The dollar reached a two-week peak on Wednesday, as investors flocked to the U.S. dollar amid growing concerns over the impact of the energy crisis and diverging monetary policies?across major economies. After the largest exchange of fire for weeks, the U.S. and Iran were back in a war-like situation on Wednesday. The dollar tends to gain from higher oil costs because the U.S. is less vulnerable to energy shocks compared to other major economies. This attracts demand to the detriment of currencies like the euro and the yen. The Federal Reserve faces a growing threat of tightening policy in 2027,...

Gregor Stuart Hunter gives us a look at what the future holds for European and global markets. Bond yields are hitting new milestones, as the U.S. resumes its fight with?Iran. Oil prices have also surged. Brent crude is now above $95 a barrel and the yield on the 10-year Treasury bond in the U.S. has reached a three-year peak. After?the?U.S. The United States and Iran renewed their attacks on each another on Tuesday. The Pentagon said it had completed a series of strikes on targets in the Islamic Revolutionary Guard Corps, while Tehran claimed it had struck U.S. assets located...

The stock market in Asia slumped on Wednesday, as the global selloff triggered by the bond markets spilled into?the region after renewed U.S. attacks on Iran drove oil prices higher. MSCI's broadest Asia-Pacific share index outside Japan fell 1.5%, as South Korea's KOSPI plunged more than 3% and the Nikkei was down 2.6%. S&P 500 futures fell 0.1%. Brent crude futures continued to rise as trading resumed on the Asian continent, rising by 1.3% to $95.91 per barrel. This was after U.S. airstrikes against Iran, which had pushed prices up to a 5-week high, on Tuesday. Westpac analysts noted that...

Chris Wright, the U.S. Energy Secretary, said that after arriving in Venezuela on Tuesday that the 'deals' that oil companies from the U.S. The oil companies from the United States and other countries will sign deals in Caracas tomorrow that will result in a more-than-doubling of crude oil production over the next few decades. Wright is on a one day trip to Venezuela, the founding OPEC member. This is his second visit since U.S. troops seized Venezuela's Nicolas Maduro as leader in January. Venezuelan oil production peaked at over 3?million barrels a day in the late 1990s, but then?plummeted due...

Early trade on Wednesday saw oil prices rise by nearly 1%, continuing the previous session's increase, as fears of supply disruption increased?after the U.S. & Iran exchanged strikes, dimming hope for a rapid easing?of tensions?in the Middle East. Brent crude futures rose 87 cents or 0.92% to $95.52 a barge by 0008 GMT. U.S. West Texas Intermediate futures rose 80 cents or 0.89% to $91.02. Both contracts rose more than $4 Tuesday. Brent's biggest gain since July 24, and WTI's biggest since July 23. The United States announced that it launched a series of airstrikes overnight against Iranian targets, prompting...

The global bond yields reached new highs as the renewed fighting in the Middle East pushed up oil prices. Traders were preparing for an interest rate increase, which put pressure on stock markets around the world. Investors were also worried about the ever-increasing public debt. The yield on Britain's 10-year bond hit its highest level since 2008, above 5.25%. Meanwhile, the German equivalent yield reached a 15-year record at 3.36%. Ryutaro kimura, senior strategist at BNPParibas Asset Management, Tokyo, said: "I think that there is now a sense -- tinged by helplessness -- of resignation about rising interest rates." The...

In August, the crisis caused by the conflict in Iran in Asia's supply of refined fuels continued. The region that imports the most refined fuels dropped to its lowest level since the start of the war. According to data compiled by Kpler - a commodities analyst - Asia's imports for light and middle distillates in August were estimated at 5,10 million barrels a day (bpd), down from 5.61 millions bpd during July. Imports have dropped by about 2 million bpd from the 7.06 million bpd average in the three months prior to February 28, when Israel and the U.S. launched...

Aluminium prices rose for the fifth consecutive session on Thursday. They reached their highest price in over three weeks due to tight supply and a weaker dollar. As of 1600 GMT, the benchmark three-month aluminum?on London Metal Exchange was up 0.8% to $3,308.50 per metric tonne. Metal prices had risen to $3,328.50 earlier today. This was the highest since August 12. EwaManthey, commodities analyst at ING, said: "Aluminium's price is being supported by tightening physical markets and the expectation of stronger seasonal demand in China." LME aluminium stocks The Shanghai Futures Exchange inventories of metals in China are at the...

A record low smelter treatment term, a year of underperformance by mines and a scramble to get metal at the London Metal Exchange. If you think this is the description of the copper markets, then think again. Zinc is under pressure now, even though copper may face a structural shortage in the future. LME zinc for three months hit a four-year-high of $3,990 per ton on Monday. LME stocks have remained low throughout the year. The registered inventory is 100,525?tons but nearly a third are in the form?cancelled warrants? awaiting physical loading-out. The time-spreads will be emphasized in a similar...

Copper and zinc were the two base metals that fell the most on Wednesday, as the conflict in the Middle East intensified. U.S. troops struck Iran, while Iranian forces fired at American bases throughout the region. This stoked fears of inflation due to higher oil prices. Benchmark three-month Copper on the London Metal Exchange fell by 1% to $14,133 per metric ton at 1007 GMT after reaching $14,092, which was its lowest level since August 21. Metal also fell below the support of the 21-day average price of $14,162. John Meyer, analyst at SP Angel, said that "all the base...

Gulf equities fell in the early trade on Wednesday, after the United States and Iran exchanged strikes over night. This dampened hopes for a rapid easing of tensions?in?the Middle East. Washington claimed to have carried out airstrikes overnight on Iranian targets, provoking a reaction from Tehran. This is the most serious escalation of tensions between the two nations in recent weeks. Iran's Revolutionary Guards claimed to have?fired missiles at an American military base in Jordan and alleged that they?had inflicted severe casualties. Iranian state media reported that a drone attack was also carried out on a U.S. military base in...

Copper and zinc declined?on Wednesday as a stronger dollar and concerns?of higher interest rates for longer weighed down on the wider industrial metals complex. This offset support from tight supply. The benchmark three-month copper price on the London Metal Exchange fell 0.86% to $14,152 per metric tonne by 0700 GMT. Shanghai Futures Exchange's most traded copper contract fell by 1.35%, to 108.040 yuan (16,069.97 dollars) per ton. The dollar held steady after overnight gains as renewed hostilities erupted in the Middle East, pushing oil prices higher. Inflation concerns were revived and the bond market was sparked by a sale. Analysts...

Four sources said that the top?global aluminum producers offered Japanese buyers a premium of $310-$325 per metric tonne for primary metal shipments in October and December, down by 18%-22% on the current quarter. Japan is the largest importer of light metals, and the premiums it agrees to each quarter for primary metal shipments over the London Metal Exchange cash price are the benchmarks in the region. Japanese buyers had agreed to pay a premium of $395 per ton for the period July-September The increase was between 12% and 13% compared to the previous quarter. A source from a Japanese trading...

BHP's commercial officer Rag Udd will step down by the end of January in order to pursue a career outside the company. This was revealed in a memo sent out on Tuesday. The miner is now left with a difficult role -- negotiating iron-ore deals with China. Some analysts and investors had considered Udd as a candidate for the "top job" at BHP. Brandon Craig, who started in July, was given the position. According to the memo, Udd will have been working at BHP in Singapore for 30 years by the time he leaves. Udd?was responsible for BHP's negotiation with...

Two sources confirmed that India has resumed discussions with Zambia about investment opportunities in copper, and other minerals of importance, as New Delhi increasingly looks overseas to source raw materials for its growing economy. Two people who were familiar with the talks, who requested anonymity due to the confidentiality of the discussion, said that officials from India's Ministry of Mines had preliminary discussions on August 26 with Zambian officials. One source said that the two parties did not discuss an stalled project which had stopped talks earlier. Reports in April indicated that the talks between India, Zambia and other countries...

London zinc prices rose Tuesday to their highest level in more than four years, supported by concerns about supply and the limited availability of zinc outside China. As of 0300 GMT, the benchmark three-month 'zinc contract on the London Metal Exchange was up by 2.29% at $3,972 per metric ton. The contract had reached $3,990 earlier, its highest level since May 2022. The Shanghai Futures Exchange's most traded zinc contract was up 2.71 percent at 27,070 Yuan ($4,027.97). The price of zinc reached a high of 27,165 yuan per tonne earlier this year, the highest level since January 2026. Zinc...

Two U.S. officials said on Monday that the U.S. company North American Blue Energy Partners would take over oilfields controlled by several Chinese firms and a Russian firm. They said that the 'takeover' will be part of an oil production agreement President Donald Trump has announced with Venezuela. According to officials, the projects were part of 14 new contracts awarded to U.S.-backed North American Blue Energy Partners. NABEP, owned by U.S. oil magnate Harry Sargeant, is now controlled and managed by Venezuelan Alejandro Betancourt. Last week, Trump said that the U.S. has secured access to 64 billion barrels (or a...

Shanghai zinc rose on Monday as a result of tightening supply outside China. This is the best month for Shanghai zinc since January. By 0715 GMT, the?most traded zinc contract at?the Shanghai Futures Exchange had risen?1.66%. It was now worth?26.710 yuan (US$3,975.35) per metric ton. This brought its August gain up to 5.57%. It is the largest monthly increase since January. The metal is mainly used to galvanize steel. Zinc shortages outside China are encouraging exports of zinc from?China. Daniel Hynes is a senior commodities analyst at ANZ. He said that the stockpiles in zinc LME warehouses have fallen by...

Two?sources who are familiar with the situation said that the head of China Iron Ore at Radiant World is leaving the company. The trading 'company' has been under scrutiny and many counterparties have stopped doing business with it. Sources said that Leon Jin was on his last day of work at the trading house, Monday. According to 'his LinkedIn profile', he joined Radiant World after spending more than 10 year with Trafigura. The sources requested anonymity because they were not authorized to speak with media. Some banks have frozen accounts of 'Radiant World,' and some trading houses have cut ties...