Asia

Donald Trump, the U.S. president, made his comments at the end of a G7 summit in France on Wednesday. He said he didn't want an economic disaster that could have resulted from a prolonged war in the Middle East. "The one thing I did not want to see was an economic catastrophe. Trump said to reporters at the resort on Evian-les-Bains' lake that if you had kept going with this, "that could have happened." The?U.S. The?U.S. The conflict, which began on February 28, with U.S.-Israeli strikes against Iran, and has since spiraled out of control, has caused energy prices to...

Four sources familiar with this matter claim that Shandong Yulong Petrochemical in China, the country's newest refiner which began operations less than two year ago, has shut down one of its two crude units since last week to perform maintenance. Two of the sources said that the shutdown of the crude oil unit producing 200,000 barrels per day is expected to take a little over a month. The company has also closed a reforming unit that produces aromatics typically from heavy naphtha. This was for a similar period. The two people said that Yulong's other crude oil unit, which produces...

According to LSEG and market sources, Russia's seaborne exports of oil products fell 15% a month on a monthly basis to about 3.3 mt in the first 15 days of June. This was due to?unplanned maintenance?following repeated ukranian drone attacks. Shipping data shows that the number of diesel loadings at the Baltic port Primorsk - Russia's main outlet for ultra-low sulphur fuel (ULSD) – dropped by 18% to 520,000 tonnes in the first half of June compared with the same period last year. Ukraine has intensified drone strikes on Russia's energy infrastructure, with the number of oil refining facilities targeted...

Indian shares closed higher 'on Tuesday. They advanced for a third consecutive session as a preliminary U.S. - Iran peace deal cooled down oil prices & improved risk appetite. The Nifty?50 increased 0.57%, to?23989.15. Meanwhile, the BSE Sensex rose 0.71%, to 76 808.48. This represents gains of 3.6% and 4% respectively in just three sessions. The small-cap and middle-cap indexes each rose 0.4%. Brent crude dropped about 2%, to $81.6 per barrel. This was a good thing for India, which imports oil. The?moderation in oil prices, to around $82 per barrel, along with India's stable macro-fundamentals, steady interest rates, and...

Sources say that the Indian miner IREL has been in contact with Rosneft to source samples of rare earth minerals from Tomtor. This is the Siberian deposit purchased by Rosneft last year. New Delhi wants to secure supplies dominated by China. Source: The talks take place via government channels. Samples will be processed in Russia and then shipped to India. The source who was familiar with the issue and spoke on condition of anonymity because the discussions were confidential, stated that India would like to examine the mineral composition of the deposit prior to considering a deeper engagement. IREL, a...

Kommersant reported that the Russian government had authorized a few oil refineries to produce fuels at lower environmental standards for the domestic market. This is because the country has been experiencing fuel supply disruptions. According to data collected by, media reports and social media posts have indicated that there are supply disruptions in Russia in a dozen different regions. Only two regions of Siberia, besides the Russian-held Crimea have formally?confirmed these disruptions. Last week, Deputy Prime Minister Alexander Novak requested fuel market forecasts in order to avoid problems with fuel distribution and meet domestic demand. Ukraine has been targeting Russian...

Kommersant reported that the Russian government had authorized a few oil refineries to produce gasoline and diesel fuel with lower environmental specifications for the domestic market. According to data compiled by, fuel shortages have been reported in Russia by media and social media users?in about a dozen different regions. Only two regions in Siberia, besides the Russian-held Crimea have confirmed shortages. Last week, Deputy Prime Minister Alexander Novak called for fuel market forecasts to protect against difficulties in fuel distribution. Ukraine has been targeting Russian refineries, fuel depots, and pipelines for several months in order to limit Moscow's financial support...

Indian shares rose a little higher at the opening of trading on Monday. They were following a global rally as oil prices fell after U.S. President Donald 'Trump'?and Iran’s deputy foreign minister announced an initial agreement to end the conflict and resume traffic in the Strait of Hormuz. Shehbaz Sherif, Pakistani Prime Minister, who served as the'mediator in these negotiations, announced that on Friday they will sign a Memorandum of Understanding in Switzerland. As of 9:15 a.m., the benchmark Nifty rose by 1.53% to 23984.85, and?the BSE Sensex increased by 1.59% to 76,725.27. IST. The Nifty and Sensex gained about...

Indian shares will open higher on Monday as they track a global rally. Oil prices, however, have fallen after U.S. president Donald Trump?and Iran’s deputy foreign minister announced an initial agreement to end the war and resume traffic through Strait of?Hormuz. Shehbaz Sherif, the Pakistani Prime Minister, who served as a facilitator in these negotiations, announced that the countries would sign a Memorandum of Understanding in Switzerland this Friday. As of 7:38 am IST, the GIFT Nifty Futures were trading at 23983.5. This means that Nifty 50 will open 1.5% above Friday's closing price of 23,622.90. The Nifty and BSE...

SpaceX jumped more than 20% on its Nasdaq debut, bringing its valuation up to $2 trillion. Investors piled in to the world's biggest IPO on Friday and?betted on Elon Musk’s sprawling empire spanning from rockets to ai. Stocks opened trading at $150 compared to the IPO price per share of $135. It was last trading at $164 and is the sixth-largest U.S. firm by market value. Bankers warned that the IPO market could be affected if SpaceX's shares close below the Thursday pricing level. Market participants are watching the company's debut as a rehearsal for the next generation of mega-listings....

SpaceX's stock market debut was on Friday. Investors backed Elon Musk's vision of an empire spanning from reusable rockets to orbital artificial intelligence at a valuation among the world's largest. Here's a?timeline for SpaceX to its blockbuster IPO. Elon Musk launches SpaceX in March 2002, using the money he earned from selling PayPal. March 2006: SpaceX launches its first rocket, Falcon 1, but it fails. Falcon 1 launched successfully in September 2008 and became the first liquid-fuel rocket developed by private industry to reach Earth orbit. SpaceX signs its first major contract in December 2008 with NASA for the transportation...

The U.S. is helping to export 7 million barrels of oil a day from the Persian Gulf. Energy Secretary Chris Wright, speaking at a Houston event on Friday, said that the U.S. military is helping to move oil out of the Persian Gulf. Wright stated that the oil flow in the Strait of Hormuz has been about half of what it was before the U.S. - Israel war began with Iran. Wright stated that "we have a recent military effort which began to remove cargoes" Wright, speaking at Bloomberg Energy's event, said that no?Iranian oil is leaving the Strait. He...

As part of its efforts to reduce its dependence on China, the Trump administration is stepping up efforts to secure U.S. supplies chains for essential minerals and semiconductors. Federal grants are being converted into equity stakes within companies. The U.S. Department of Commerce awarded $500 million on Wednesday to SandboxAQ, a company backed by Nvidia. This money will be used to develop new materials to make chips. The following companies are linked to the strategic investments push: SANDBOXAQ In exchange for a small stake in the company, the U.S. Commerce Department awarded $500 million to SandboxAQ, a Nvidia-backed company. The...

The London Metal Exchange and its Shanghai counterpart agreed on Wednesday to use Chinese futures prices for a new LME Contract, advancing China's agenda of boosting influence in commodity price. The LME is hoping to??boost volumes and attract new clients by mirroring the Shanghai Futures Exchange's one of the most liquid steel contracts in the world. Launch of the contract is due in October In a joint announcement, the LME and SHFE announced that the trading of the contract?based on the Shanghai Hot-Rolled Coil Futures would begin in October. A steel trader said, "It's a good idea from a 'price...

Four sources familiar with the matter have confirmed that C hina's leading copper producers are looking to expand the membership of their smelter team in order to improve their negotiating position with the miners regarding?raw materials supply. A group of 16 large producers who traditionally set the 'floor price' for copper concentrate processing contracts, called The China Smelters Purchase Team invited several potential 'new members to its quarterly meeting in Yantai, Shandong Province on Wednesday. Chinese smelters have begun negotiating with Antofagasta, a Chilean miner, about?concentrate supply deals. Smelters charge treatment and refining fees (TC/RCs), which are paid by miners...

Data showed that the Middle East crude market fell sharply, and even slid into discounts. This was after the United States, Iran, and other countries reached a framework agreement to reopen Strait of Hormuz. The 'Asian refining market led by China is still subdued despite months of?run-cuts.' Hopes for higher supply following the deal have pushed Dubai and Middle East benchmarks to contango, and provided rare arbitrage opportunities in Europe and the United States. Benchmark Dubai’s premium to swaps fell into a 46-cent discount on Tuesday. This is the first contango structure in January. A contango market structure is one...

Gold rose for a 'fifth consecutive day' on Wednesday, as a sigh of relief over a U.S. - Iran peace deal eased expectations that the U.S. would raise interest rates. Investors awaited more details about the agreement and the Federal Reserve policy meeting. As of 0230 GMT spot gold was trading at $4,341.12 an ounce. This is near the one-week high reached on Monday. U.S. Gold Futures for August Delivery?rose by 0.2% to $4361.10. Details are beginning to emerge about a U.S. - Iran interim deal that will end the Middle East conflict. Donald Trump said it would prevent Tehran...

Source: 'Indian miner IREL has been in 'talks with Rosneft about sourcing rare?earth -samples - from Tomtor, the Siberian deposit that the Russian oil company acquired last year. New Delhi is seeking to secure supplies of vital minerals dominated by China. Source: The talks take place via government channels. Samples will be processed in Russia and then shipped to India. The source who spoke under the condition of anonymity because the discussions were confidential said that India is keen to examine the mineral composition of deposit before considering further engagement. IREL, a state-owned company, is 'at the forefront of India’s...

China's aluminium production rose by 1.7% in May compared to a year ago, marking the ninth consecutive month of gains. This was aided by higher overseas prices. Prices have since eased and may even fall further now that Washington and Tehran have signed a ceasefire. The National Bureau of Statistics reported on Tuesday that China's aluminum output reached 3.89 million tons in May. The first five months of this year saw a 3.5% increase in output to 19.22 millions metric tons. There was still a lot of uncertainty in May about a U.S. - Iran peace deal. The Strait of...

Iron ore miner's in Australia stressed on Tuesday that a?growing demand for steel in India and Southeast Asia?would offset the stagnating markets in China and other top customers. India, already the second-largest steel producer in the world, plans to double its current output from 168 million to 400 million ton by 2035-2036. The new targets, while still only a fraction of China’s production of almost 1 billion tons, will require huge additional quantities of metallurgical coal and iron ore, both of which India imports in large amounts. Michiel Hovers, BHP's group sales and marketing officer, said at a conference on...

The World Gold Council said on Tuesday that a record 45% (up 2 percentage points) of reserve managers, who were surveyed, expect to increase the gold held by their institutions over the next 12 months. The majority of central banks -- 54% -- who responded to WGC's survey conducted between February 5, 2005 and May 19, 2005, said that their holdings will remain the same, while only 1% expect a decrease. The majority of responses came after the Middle East conflict began in late February. This triggered an increase?in the price of oil and drove down the gold price. Shaokai...

Gold prices rose on Tuesday, extending gains to a fourth session. Investors awaited more details about the deal, which was a result of a preliminary U.S. peace agreement with Iran. As of 0431 GMT spot gold was up by 0.4% to $4,322.99 an ounce after a rise as high as 3.6% on Sunday, when it reached its highest level since the 5th of June. U.S. Gold Futures for August delivery were down by 0.2% to $4,343.50. U.S. president Donald Trump announced on Monday that the U.S. had signed a preliminary agreement with Iran to end the war in the Persian...

Investors awaited more details about the U.S. - Iran peace deal. Gold prices were mostly stable on Tuesday. As of 0231 GMT spot gold was up by 0.2% to $4,315.87 an ounce after rising as high as 3.6% on Sunday, when it reached its highest level since the 5th of June. U.S. Gold Futures for August delivery fell 0.3% to $4,337.10. U.S. president Donald Trump announced on Monday that the U.S. had signed a preliminary deal with Iran to end the Gulf War, but no details were made public. Both countries also said they have yet to negotiate a permanent...

Manufacturing trade body Make UK warned that the soaring exports of scrap?aluminum could leave Britain without a critical material required for defence, digital technologies, clean energy and the automotive industry. The UK could face a serious crisis if scrap exports continue to increase, as industry moves abroad to find better scrap markets. This puts jobs, investments and supply chain resilience at risk. Make UK stated that domestic industry may need up to 6 million metric tonnes of "available scrap" for recycling in order to meet the 8 million tonne aluminium demand projected by 2035 under the government's "Critical Minerals Strategy"...