Asia

Sinopec Shanghai Petrochemical Co reported a net loss for the first six months of 2025 due to lower demand in refining products and chemical products. According to the report, Sinopec posted a net loss between January and June of 462.1 millions yuan (64.40million dollars). This compares to a profit of 27.9 millions yuan the previous year. Net sales fell 10.66%, to 33.498 billion Yuan, while sales of chemicals and refining products were down 16.14% and 3.21 %, respectively. The company stated that the market is still challenging with a strong supply and a weak demand. New-energy vehicles are increasing in...

Ukraine's Prime Minister said that at least 14 people were injured in a Russian attack overnight on the northern Ukrainian region of Sumy. This included a family with 3 children. The strike occurred at a moment when President Donald Trump was making intense efforts to end the Russian war in Ukraine. Local prosecutors reported on Telegram that Russia had launched 15 drones early Wednesday morning in an attack on the Okhtyrka region. Yulia Shvyrydenko, the Prime Minister, wrote on X that the children who were injured in the attack in a residential area of the town were aged 5, 4...

Officials from the South Korean government announced on Wednesday that ten petrochemical firms have agreed to restructure operations and reduce their capacity to crack naphtha. The South Korean government is putting pressure on the petrochemical industry, which it claims is "in crisis", to accelerate restructuring in order to increase efficiency and boost margins. At a meeting with the Minister of Trade, Industry and Energy Kim Jung Kwan, executives from the companies signed a restructuring agreement that was industry-wide. According to the industry ministry, companies have agreed that they will reduce their annual capacity for naphtha cracking by between 2.7 and...

Peter Magyar, the leader of Hungary's opposition party, has asked Russia to refrain from interfering in its politics. He said that there was no way for meaningful co-operation without respecting his country's sovereignty. The Russian Foreign Intelligence Service published a statement earlier this week in which it described Magyars as loyal to the "globalist elites", and claimed that the European Commission is considering "regime changes in Budapest." Magyar's Tisza Party, which is ahead of Prime Minister Viktor Orban’s Fidesz at the polls in the majority of polls before the parliamentary elections next spring, has published an open-letter to Russia's ambassador...

Peter Navarro, White House's trade adviser, said that India's purchases were funding the war in Ukraine by Moscow and must stop. He added that New Delhi is "now cozying up with both Russia and China." Navarro, in a recent opinion piece, wrote: "If India wishes to be treated like a strategic partner by the U.S. it must act as such." Published by: Financial Times. India's Foreign Ministry said that the country was unfairly singled-out for purchasing Russian oil, while the United States continues to buy goods from Russia. U.S. president Donald Trump imposed an additional 25% tariff on Indian products...

The oil prices fell on Monday, as the U.S. failed to exert further pressure on Russia in order to end the Ukraine conflict by implementing additional measures to disrupt Russian crude exports following the Friday meeting between the presidents of both countries. Brent crude futures fell 26 cents or 0.39% to $65.59 a bar by 0028 GMT, while U.S. West Texas intermediate crude was down 18 cents or 0.29% at $62.62 a bar. The U.S. president Donald Trump met with Russian President Vladimir Putin on Friday in Alaska and came away more aligned to Moscow regarding the need for a...

U.S. president Donald Trump said that he would not be negotiating on behalf of Ukraine during his meeting with Russian President Vladimir Putin last Friday and would allow Kyiv to decide whether it would engage in territorial exchanges with Russia. Trump stated that his goal was for the two sides of the conflict to begin a dialogue, and any territorial swaps would be discussed at this time. "They will be discussed but I have to let Ukraine decide, and I believe they will make the right decision." "I'm not here for Ukraine to negotiate, I'm there to get them to...

QatarEnergy lowered its term price for al-Shaheen oil loadings in October. It now stands at $2.52 per barrel, a dollar higher than the Dubai quotations, according to sources on Friday. This was a drop of 81 cents compared to the high of $3.33 per barrel in September for oil loading, which was a five-month-high. The price reduction followed a drop in spot premiums on Middle East crude this month. This was due to rising supply, as the Organization of the Petroleum Exporting Countries (OPEC+) and its allies continued their policy of increasing output to regain market share. Qatar sold al-Shaheen...

Multiple sources confirmed on Friday that China's Changyi Petrochemical (recently sold by the state-owned Sinochem Group) has been granted a crude oil import quota until 2025. The company used this quota to purchase Brazilian oil. Three sources confirmed that the refiner in Shandong was allocated 2.5 million metric tonnes (18 million barrels), on a prorated scale, for the rest of the year. The sources claim that Changyi has a right to 5,000,000 tons for a whole year. Changyi declined comment. Hongrun declined to comment on a phone conversation, and the company didn't immediately respond to e-mail requests. The Commerce Ministry,...

Empresas Copec, a Chilean conglomerate of industrial companies, reported a 21% decline in its second-quarter profits despite revenue exceeding expectations. The forestry giant is facing falling pulp prices as well as trade war impacts due to the U.S. and China. The net profit for the quarter ended June was $228 million, which is in line with expectations of LSEG's analysts. Revenues were down 1% at $7.18 billion. The revenue of Copec, the owner of a large forestry company, as well as fuel distribution and mining operations, was higher than analysts' estimates at $6.84 billion. Copec attributes the drop in sales...

Donald Trump stated on Thursday that, he believes that Russian President Vladimir Putin is willing to make a deal and that sanctions against Russia played a part in Moscow wanting a meeting. Trump is scheduled Meet Putin on Friday in Alaska. The U.S. President said that he was unsure if an immediate ceasefire could be achieved, but expressed his interest in brokering peace agreements. "He really, I think now, is he convinced that he will make a bargain, he will make a bargain." Trump told Fox News Radio that he believes he will, and they would find out. Early in...

India's Vodafone Idea on Thursday named insider Abhijith Kishore as CEO and reported a smaller-than-expected first-quarter loss as the telecom operator continued to benefit from the previous year's price hikes. Kishore, who is currently the chief operating officer of the company, will succeed Akshaya when her term ends on 18 August, according to a filing with an exchange. The debt-ridden telecom operator's loss after tax increased to 66.08 trillion rupees (roughly $754.49 million) for the quarter ending June 30 from a loss 64.32 trillion rupees one year earlier. According to LSEG data, analysts expected an average loss of 70 billion...

Aluminium was the best performing metal on Thursday, as signs of improved demand from China's top consumer and lower inventories boosted sentiment. The Shanghai Futures Exchange's most traded aluminium contract rose by 0.49% to 20,620 yuan (2,872.83 dollars) per metric tonne. As of 0700 GMT, the benchmark three-month aluminum on London Metal Exchange had not changed much, at $2,575 per ton. The price of aluminium has been supported by the improvement in spot demand. This, coupled with the destocking of certain products, was said under condition of anonymity because he wasn't authorized to speak to journalists. Analysts at Guosen Futures...

Iron ore futures recovered on Thursday, as the production cut mandated ahead of a Chinese military parade seemed to be less severe than expected and shorter. This eased demand concerns. The daytime trading price of the most traded January iron ore contract at China's Dalian Commodity Exchange was 0.78% higher, closing at 772.5 Yuan ($107.63). By 0704 GMT, the benchmark September iron ore price on Singapore Exchange had risen 0.55% to $100.30 per ton. The benchmarks fell for six consecutive sessions, up to Wednesday. This was due to concerns about demand as steelmakers at the top Chinese production hub Tangshan...

Iron ore futures recovered on Thursday, as a mandatory production cut in China ahead of a parade military proved to be less severe and shorter that expected. This eased demand concerns. The January contract for iron ore on China's Dalian Commodity Exchange closed the morning trade at 777.5 Yuan ($108.39). As of 0321GMT, the benchmark September iron ore traded on Singapore Exchange was up 1.44% at $102.2 per ton. The benchmarks fell for six consecutive sessions until Wednesday. This was due to concerns about demand, as steelmakers at China's largest steelmaking hub Tangshan had been asked to reduce production in...

CNBC-TV18, an Indian news channel, reported Wednesday that the Indian government had objected to Vedanta’s proposed split into four new firms, claiming the demerger would make it more difficult to collect dues. CNBC reported that the Indian government claimed at a hearing held by the National Company Law Tribunal that Vedanta had modified its demerger plan after receiving a certificate of no objection from the Securities and Exchange Board of India. The NCLT is an independent quasi-judicial tribunal that decides on matters relating to companies. Could not verify the court proceedings immediately. Vedanta said in a press release that it...

Investors are looking for clues about future rate cuts in the Federal Reserve meeting minutes from July and the Jackson Hole symposium of central banks this week. As of 0832 GMT on August 1, spot gold rose 0.2% to $3,321.33 an ounce. U.S. Gold Futures for December Delivery rose by 0.2% to $3364.20. The U.S. Dollar Index was stable after reaching a high of more than a week earlier in the session. This made gold more expensive for holders of other currencies. Han Tan, Chief Market Analyst at Nemo.Money, said that spot gold will likely remain in its sideways range,...

Aluminum prices fell on Wednesday, reaching their lowest levels in over two weeks as the United States increased the import tariff by 50% to metal-made products. However, the hope of a seasonal improvement in demand in the top consumer China helped limit losses. The Shanghai Futures Exchange's most traded aluminium contract closed the daytime trading 0.1% lower, at 20,570 Yuan ($2,864.38) a metric ton. In the early part of the session it reached the lowest level since 4 August at 20,430 yuan. The benchmark three-month aluminum on the London Metal Exchange rose 0.1%, to $2,566 per ton at 0741 GMT,...

Frank Ha, the CEO of China's Tianqi Lithium, said that Tianqi Lithium was open to renegotiating with joint venture partner IGO its stake in Kwinana Lithium Refinery in Western Australia. A lithium price slump has caused operational problems and production delays at the refinery. IGO, the company that owns 49% of the refinery, has written down its value and expressed low confidence in the ability to improve the asset when it filed a report last month. Ha stated during a press briefing that he was "open to any of their suggestions we can discuss." However, he said they had not...

China's rare earth magnet exports have recovered and reached a six-month peak in July. This shows that trade flows for the minerals essential to electric vehicles are back to their pre-export curb levels. The General Administration of Customs reported on Wednesday that exports of the world's biggest rare earth magnet supplier increased by nearly 75% in June, reaching the highest monthly total since January with 5,577 tons. The volume in July, which was in line analysts' expectations was also 5.7% more than the 5,278 tonnes shipped in the same period last year. Exports continued to recover after Beijing signed a...

The price of iron ore futures fell on Wednesday due to a mandatory production cut in China ahead of an upcoming military parade and U.S. restrictions on steel imports. As of 0247 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange was trading 0.65% lower. It was trading at 765.5 Yuan ($106.51), per metric ton. On the Singapore Exchange, the benchmark iron ore for September was down 0.69% at $100.35 per ton. Galaxy Futures said that the upcoming military parade (in Beijing), which will commemorate the end of World War II, and the mandated reductions in...

James Hardie, a fiber cement manufacturer, forecast underlying earnings for the full year below expectations on Wednesday as rising borrowing costs and tariffs in the U.S. dampened housing market activity and demand. James Hardie predicted adjusted operating earnings of between $1.05 and $1.15 for fiscal year 2026. This is below Visible Alpha's consensus estimate of $1.23. It earned $1.1billion in fiscal 2025. In a press release, CEO Aaron Erter stated that "over the course of the summer the single-family construction activity was weaker than expected and we have adjusted expectations to account for the softer demand." Homeowners defer large-ticket remodeling...

Gold prices were mostly unchanged on Monday as investors focused their attention on U.S. president Donald Trump's later-in-the day meeting with Ukrainian leaders and European leaders, and on the Federal Reserve's symposium this week in Jackson Hole. At 11:56 am, spot gold was unchanged at $3334.81 an ounce. ET (1556 GMT), having hit its lowest level in the previous session since August 1. U.S. Gold futures for delivery in December fell by 0.1%, to $3.379.70. The U.S. Dollar gained 0.3% making bullion priced in greenbacks more expensive for holders of other currencies. Investors will be watching closely the White House...

Gold prices rose on Monday as a result of lower U.S. Treasury rates. Investors also focused on the Federal Reserve annual symposium and Donald Trump's meetings with Ukrainian and European leaders. At 9:56 am, spot gold was up 0.1% at $3383.20 an ounce. ET (1355 GMT) after it hit its lowest level in August 1. U.S. Gold futures for delivery in December rose 0.2% to $ 3,388,80. Gold that does not yield is less appealing as the benchmark 10-year U.S. Treasury has fallen from its two-week-high. Investors will be focused on a White House summit between Trump and Ukrainian president...