Asia

On Thursday, the administration of Donald Trump lifted sanctions against Venezuela's oil sector to make it easier for U.S. firms to sell crude oil from Venezuela. It also said that more restrictions would be lifted soon. The Office of Foreign Assets Control of the Treasury authorizes U.S. firms to purchase, sell, transport and store Venezuelan crude oil but does not lift U.S. production sanctions. An official at the White House said that the measure would "help flow existing product" out of Venezuela, and that more announcements will be made soon on easing sanctions. Trump said that the United States will...

Reliance Industries, India's operator of the largest refinery complex in the world, said it would 'buy up to 150.000 barrels of Russian oil per day' from February, for its domestic-market-focused refinery. Reliance is set to receive Russian oil that complies with sanctions in February and march after a month-long pause, it was reported earlier this month. Reliance received its last shipment of Russian crude oil in December, after it secured a one-month U.S. It was able to extend its contract with Rosneft, the Russian oil producer beyond the November 21 deadline after securing a one-month?U.S. In October, the U.S. sanctioned...

The dollar recovered its footing after it had fallen sharply on Tuesday, when U.S. president Donald Trump appeared to "shrug off" its recent weakness. Meanwhile, positive earnings kept the world stock market near record highs ahead of a Federal Reserve interest rate decision. The?U.S. The?U.S. European stock markets declined, but U.S. futures indicated a positive opening for Wall Street. Japan's blue chip Nikkei also gained. The MSCI World Stock Index was hovering at record highs. "Last Week, when it seemed like there was a flight away from the U.S., you saw equities fall, Treasuries take a hit, and the Dollar...

Analysts and traders said that Russia's exports of naphtha to Asia will?fall? in January. The storage volumes are increasing as U.S. Sanctions pressure key buyers such as Taiwan, India, and Venezuela, forcing Moscow to find new markets. After Washington imposed sanctions against top Russian oil producers, buyers have become more cautious. Sellers are now forced to store naphtha in foreign storage or on ships, so that it can be reexported. Armaan Ashraf is the director of Asia oil and natural gas liquids at FGENexant. He said that this would mean premiums for "legitimate barrels" of full-range heavy naphtha or discounts...

Vikas Kaushal, chairman of India's Hindustan Petroleum Corp Ltd, said that the refiner will increase the heavy oil processing in the new fiscal year starting April. Indian refiners are Consideration Importing Venezuelan crude oil, which is offered by Vitol or Trafigura as part of a U.S. mandated sale following Washington's capture of Venezuelan President Nicolas Maduro in the first half of this month. "We're trying to increase the flexibility of our system, as we have two new installations, which will allow us to process heavy crudes more efficiently,"?Kaushal said to reporters at the Indian Energy Week Conference, referring specifically to...

The price of oil fell on Tuesday, despite a major winter storm that hit the crude production in the U.S. Gulf Coast and affected refineries. Brent crude futures fell 28 cents or 0.4% to $65.31 per barrel at 0145 GMT. U.S. West Texas Intermediate Crude was $60.39 per barrel, down by 24 cents or 0.4%. Analysts and traders estimate that oil producers in the U.S. lost up to two million barrels of oil per day, or about 15% of the nation's production, over the weekend. This was due to a winter storm which swept through the country and put strain...

Urals crude differentials were reduced on Monday as discounts for the 'grade' to dated Brent reached their highest levels since 2022 in India. Urals oil cargoes that will be delivered in Indian ports in February are trading at a discount of $10 per barrel compared to dated Brent. This is a rise of $3-$5 per barrelle compared to estimates for cargoes loaded in the autumn months last season and near?the largest discount ever recorded. Three OPEC+ delegates said that OPEC+ will likely keep its pause in?oil production increases for March during a meeting on 'Sunday. Prices are rising because of...

By Mike Dolan Jan 26th - What's important in the U.S. and Global Markets Today By Mike Dolan Editor-at-Large of Finance and Markets Gold was unstoppable Monday, as it reached $5,000 per ounce at its highest level ever. It has risen?more that 80% in the last 12 months. What is the cause of the recent surge? Pick your favorite: a falling dollar; a fractured world order; renewed trade tensions; concerns about Fed independence and an inflationary horizon. The central?bank?buying boom and retail speculation continue. Looking ahead, it appears that gold and precious metals, with silver also at record levels, will...

Ankur Banerjee gives us a look at what the future holds for European and global markets Investors are unsure when and how the authorities may intervene. After Friday's volatile surge, the yen has risen to a 4-month high of US$153.81 from as low a USD159.23. On Friday, sources said that the New York Federal Reserve had contacted traders in order to check rates. This is often a precursor of an actual intervention. The markets have also been focused on the U.S. cooperation and have been "generally selling" the dollar during Asian hours. This kind of big yen movement without an...

Gold surged above $5,000 per ounce?Monday. This was boosted by safety flows amid dollar strength following a turbulent last week, where investors were rattled by tensions regarding Greenland and Iran, while markets remained on edge after violent spikes of the yen. After sharp spikes in the yen on Friday, speculation about possible intervention grew. Sources say that the New York Federal Reserve checked rates on Friday. This raises the possibility of a joint U.S. and Japanese intervention to stop the currency's decline. The market is inclined to short the yen, but with the possibility of coordination it is no longer...

The United States imposed sanctions Friday on 'nine vessels from what is called 'the shadow fleet' and eight firms related to them, according to the United States. The Treasury Department issued a statement as Washington sought to increase pressure on Iran for the recent killings of protesters. Treasury stated that the vessels, their owners, or management companies, including?entities located in India, Oman, and the United Arab Emirates have collectively "transported hundreds millions of dollars worth of Iranian petroleum and oil products to foreign markets." The sanctions imposed today are aimed at a key component in how Iran raises funds to...

Sources say that the U.S. is pushing Iraqi politicians to avoid armed groups in the new government Iraqi MPs with Iran links are to be excluded from the cabinet The Federal Reserve Bank controls the dollars of Iraq's oil revenues Maha El Dahan and Humeyra Pauk DUBAI/WASHINGTON - Four sources have confirmed that Washington has threatened to impose sanctions on the Iraqi government if Iran-backed groups were included in the new government. This could include a potential cut-off of the vital oil revenue coming from the Federal Reserve Bank of New York. This warning is the most stark example of...

Dalian iron-ore futures dropped on Friday as China's portside inventories accumulated towards the end of the pre Lunar New Year restocking period, but?demand is expected to increase. As of 0326 GMT, the?most-traded?May iron ore contract at China's Dalian Commodity Exchange traded 0.32% higher at 788.5 Yuan ($113.46). The contract is expected to continue declining for the second consecutive week. The benchmark March Iron Ore at the Singapore Exchange fell 0.79% to $103.95 per?ton and decreased 0.84% in this week. According to a report from the Shanghai Metals Market, China's iron ore portside inventories are continuing to grow, but that transaction...

The firms announced on Thursday that the Aluminium Corporation of China (Chinalco), and Rio Tinto had agreed to purchase a controlling interest in Companhia Brasileira de Aluminio, for a total amount of 4.69 billion Reis ($903.61 millions). The companies said that together they will purchase 68.6% or 446.6 millions shares of Brazilian aluminium manufacturer CBA at a price of 10.50 reais per share. They added that the Brazilian conglomerate Grupo Votrorantim will purchase the controlling stake. Both will launch a tender for the remaining CBA shares, a move that is required by Brazilian regulations and could lead to the removal...

The copper price spiked up to $14,000 per metric ton, a new record, on Thursday, as speculators continued their buying spree. They were encouraged by the expectation of high demand, and backed by a weaker dollar and geopolitical worries. Copper spiked with 'the biggest one-day increase in over 15 years, then lost most of its gains. Other metals also surged, before sliding into the negative. Benchmark three-month Copper on the London Metal Exchange rose 11%, reaching an all-time record high of $14,527.50 per metric ton. By 1700 GMT it had fallen to $13,612.50, which was a gain of 4%. Bulls,...

ArcelorMittal is a multinational steelmaker that was the former owner Acciaierie d'Italia, an Italian steel company. On Thursday, it announced that it filed a 1.8 billion euro claim ($2.2 billion) against the Italian Government over losses?linked with its investment in ADI's factories. This filing is a 'tit-fortat' move after Italy's state appointed administrators of ADI (formerly known as ILVA) sought around 8 billion euros in damages from ArcelorMittal alleging it mismanaged ADI’s steelworks. Early in 2024, the government assumed control of ADI after ArcelorMittal. ADI has struggled to maintain its production due to high energy costs and low demand. In...

Tesla plans to double its capital expenditures to an all-time high of $20 billion this year, but only a small portion of that will be spent on the company's traditional business of selling cars to humans. According to comments made by executives on Wednesday's earnings conference, the company, which lost last year's global EV sales crown in China to BYD's BYD, will instead invest in yet-unproven businesses such as fully autonomous cars and humanoid robotics. Elon Musk, Tesla's CEO, announced that the company would stop producing its Model X SUVs and Model S sedans. Instead, it will use the space...

Gold and silver have been making headlines for their massive rise in recent months, but industrial metals are also performing well. The fundamentals of copper, aluminium, and nickel have been a strong factor in the recent gains. These metals are at record highs or multiple-year highs, even though they do not appear to be sufficient for these rallies. Base metals are showing strength for a number of reasons, the majority of which relate to Chinese import demand and easing exports. Metals may also be benefiting from the same speculative dynamics that drive gold and silver. This is a desire for...

Japan's No. Idemitsu Kosan, Japan's No. Idemitsu collaborates with Toyota Motor in order to commercialise the next-generation batteries. This will help Toyota Motor achieve its goal of launching all-solid state batteries-equipped electric vehicles by 2027-2028. This decision marks the beginning of a 'next phase towards commercialisation. Solid-state batteries are a hot topic among automakers and battery manufacturers. They're hailed as a key component to?longer-lasting, safer and more affordable electric vehicles. Idemitsu develops mass-production technologies for solid electrolytes - a key component of solid state batteries - and manufactures samples in two small-scale facilities, one of which is primarily focused on...

Vedanta, an Indian conglomerate that converts metals into oil, reported a rise in its third-quarter profits on Thursday due to strong base metal prices. Mumbai-based miner’s?consolidated?net profit increased to 57.10bn rupees ($621m) for the quarter ending December 31st from 35.47bn rupees one year earlier. Elara Capital analysts said that the price of aluminium was supported by higher costs for Chinese producers due to winter power cuts and stricter environmental regulations across 'the supply chain. The brokerage said that lower inventories and production disruptions at the major aluminium producer China will likely keep prices stable in the near-term. In the quarter...

The World Gold Council (WGC), which announced the news on Thursday, said that India's demand for gold is likely to drop in 2026 after a 11% decline last year. A surge in prices will dampen jewellery sales, and offset an increase in investment purchases. Sachin Jain is the chief executive officer of the WGC Indian operations. He said that the demand for gold could be between 600 and 700 tons compared to the 710.9 tonnes last year. This was the lowest level in five years. Jain, the jeweller, said that jewellery buyers prefer stable gold prices. However, recent price increases...

Tungsten prices in January reached record levels, due to tightening inventories, Chinese export controls, and industrial demand. This has left consumers scrambling in an already constrained market. According to traders, the price of ammonium paratungstate (used to make tungsten) was 'trading' at $1,125-1,150 per metric tonne unit (mtu). This is a new record. Rotterdam prices reached a record high of $1,100. The prices are expected to rise further in the next few weeks. Tungsten, a crucial industrial metal with the highest melting temperature of all metals, is prized for its high hardness. Tungsten carbide is used in cutting tools, wear...

Vietnam's President?said Thursday that the two sides had agreed to intensify diplomatic ties. Both sides are seeking to expand their international partnerships in light of disruptions caused by U.S. tariffs. The move is primarily diplomatic and does not involve any binding commitments. However, it carries political significance at a moment when the EU and Vietnam both seek to deepen and expand their international ties in light of the higher tariffs they are both facing on their exports to the United States. At the start of the meeting in Hanoi with Antonio Costa, President of the European Council, Luong Cuong described...

The gold price surpassed $5,300 an ounce on Wednesday for the 'first time,' driven by economic uncertainties and a weakening?U.S. dollar. Investors waited for the Federal Reserve to announce its policy amid growing concerns about their independence. By 12:45 pm, spot gold had risen 1.9% to $5,289.48 per ounce. After reaching a record of $5,311.31, ET (1745 GMT), gold prices fell to $5,289.48 an ounce. The previous session saw prices rise by more than 3%. U.S. Gold Futures for February Delivery jumped by 4% to $5286.50 per ounce. Dollar-priced gold is now cheaper for foreign buyers. Peter Grant, senior metals...