Asia / Pacific








Energy Markets

Zelenskiy claims that the Ukrainian military can strike Russian logistical systems throughout occupied territories

Volodymyr Zelenskiy, the President of Ukraine, said on Monday that Ukraine was now capable of 'hitting Russian logistical?throughout occupied areas of Ukraine' and had caused shortages of fuel throughout Crimea and Russian-held regions. In his video nightly address, Zelenskiy said: "Our troops can now reach Russian military logistic across the?entire depth of the temporarily-occupied territories." "In reality, there are virtually?no roads safe for the occupiers in the south and the east of our country." In recent months, Ukraine has intensified its?strikes against targets at medium range and others hundreds of kilometers away from Ukraine's border. It is focusing on Russia’s...

Fossil Fuels

Oil & Gas

PMI: UAE non-oil businesses grow in May, but the war and Hormuz standoff are weighing on growth.

A business survey released on Wednesday showed that the UAE's private non-oil sector grew only modestly in May, as the war in the area weighed on the output and growth of new businesses. The S&P Global UAE Purchasing Managers' Index, adjusted for season, rose from 52.1 to 52.6 in the month of May. This index is still above 50 which separates growth from contraction. The continued disruption of maritime trade in the UAE had a cascading effect on the economy during May. Export orders fell in May due to both the shipping disruption and the uncertainty about how long the...

Oil & Gas

PMI data shows that Saudi Arabia's non-oil private industry activity reached a three-month peak in May.

A survey on Wednesday showed that the non-oil sector in Saudi Arabia expanded at its fastest pace in three month in May as domestic demand improved. Supply chains also stabilised. However, business optimism was still'subdued' due to conflict in the region. S&P Global's seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index rose from 51.5 to 52.8 in the month of May. The 50-mark?distinguishes growth from contraction. The output accelerated the most in three months after the March downturn that followed the start of the Iran War.?Firms cited normalising work conditions, renewed contracts, and stronger local demand. The subindex of...

Oil & Gas

Cambodia uses obscure UN processes to resolve maritime dispute between Thailand and Cambodia

Cambodia has been relying on the little-used UN arbitration procedure known as "compulsory reconciliation" to settle a long-running maritime border dispute with Thailand. It is hoping that this will resolve the dispute and allow it to unlock potential oil and natural gas resources worth billions of dollars. What is the CAMBODIA - Thailand dispute about? Since more than 25 years, Cambodia and Thailand both claim about 26,000 square kilometers of?sea? in the Gulf of Thailand. It is estimated that the disputed maritime belt contains nearly 12 trillion cubic foot of natural gas, and large quantities oil worth about $300 billion....

Fossil Fuels

Talks at a standstill in the Iran war as hostilities flare up again

On Wednesday, the Gulf was roiled again by reports of missile attacks against Kuwait. Meanwhile, diplomatic talks between Iran & the United States made little progress. Kuwait's army claimed that its air defenses intercepted hostile missiles and drones, while Bahrain reported a warning siren and advised residents to "go to the closest safe space". The United States claimed it had fired at a tanker heading toward Iran. The?news agency of Iran reported that there were explosions heard near Qeshm Island which is near the disputed Strait of Hormuz. This was just the latest in a series of similar flare-ups. The...

Coal

Indonesian business groups demand clarity on new commodity export rules

In a 'joint statement' received on Tuesday, business groups in Indonesia asked the government to provide technical guidance to its plan to centralise exports. The Indonesian Employers Association (IAA), along with associations of coal miners and nickel smelters, palm oil producers and miners, supported the new regulations, but expressed the hope that the government would collaborate with the private sector to implement them. They said that the government should "issue transparent technical guidelines" to eliminate negative speculative and maintain confidence on international markets in Indonesia as a global supplier of commodities. On May 20, President Prabowo announced that resource-rich Indonesia...

Fossil Fuels

US crude exports reach record highs in May, as the war with Iran tightens up global oil supplies

Ship tracking estimates revealed on Monday that U.S. crude oil exports reached a record of?5.6m barrels per day during May, as the Middle East Crisis boosted demand from Asian and European refiners for U.S. oil. U.S. and Israel's war against Iran caused the biggest ever disruption in the global energy market, with refiners scrambling to find alternatives to Middle Eastern supplies. The Strait of Hormuz is the conduit for a fifth of all oil and gas in the world. A key waterway was effectively shut down when the war began at the end February. According to Kpler data and analytics,...

Oil & Gas

Indian automakers sales increase in May despite rising fuel costs

India's leading?carmakers have reported increased sales in May. Maruti Suzuki, the market leader, said that bookings for its compressed -natural -gas vehicles had risen by 40% as fuel prices rose because of the energy shock caused by the Iran War. India increased petrol and diesel prices four times in May to offset losses due to soaring crude oil costs related to the Iran conflict. This added to the automakers' woes, as they are also dealing with higher raw materials costs, supply chain disruptions, and labour issues. All automakers reported increased domestic sales on Monday. Mahindra &?Mahindra, a maker of SUVs,...

Fossil Fuels

Summit rises as lung cancer drug trial results show 15% higher survival rates than rival's

Summit Therapeutics shares rose up to 7% before bell ringing?after its ivonescimab treatment with China-based Akeso helped advanced lung cancer patients?live 15% longer than BeOne Medicines Tevimbra immunotherapy. Late-stage trial results revealed that in a head to head study conducted in China, patients with advanced non-small-cell lung cancer squamous who were treated with ivonescimab, chemotherapy and Tevimbra lived on average 27.9 months compared to 23.7 months when they received Tevimbra, chemotherapy and Tevimbra. Tyler Van Buren, TD Cowen's analyst, said: "This is a significant advancement in a situation?where other treatments have never found success." Ivonescimab belongs to a class of...

Oil & Gas

Putin's fifth wartime "Russian Davos" is short on ideas for growth

The Russian President Vladimir Putin will host his fifth conference on wartime economics in St. Petersburg. His government is struggling to find a growth strategy, as the?Ukrainian attacks on the economy are hitting the economy. Businesses also see no end to this war. The $3 trillion economy of Russia, which is heavily dependent on commodities, shrank to 0.2% growth in the first quarter 2026 from 4.9% in 2024. Officials blamed high interest rates, Western sanctions and a strong ruble. The growth rate is expected to be a modest 0.4% in 2018. The Ukrainian drone attacks on Russian refineries, fertiliser factories...

Oil & Gas

Authorities claim that Ukrainian drones have struck a port and oil depot in southern Russia.

Authorities in the southern regions Rostov-Krasnodar reported that Ukrainian drones had struck a tanker overnight at Taganrog, a Russian port. They also reportedly hit an oil depot?in?Armavir. Yury Slyusar, Governor of the Rostov Region, said via Telegram that the fires in Taganrog's port and on the tanker had been put out. No oil spillage was reported. He said that two people were injured. Svetlana kambulova, the mayor of the?city, announced that a local emergency state, which was introduced on May 27th, had been prolonged. The Russian Defence Ministry announced that its forces?had?downed 127 drones over night. Authorities in Armavir in...

Fossil Fuels

Authorities claim that Ukrainian drones have struck a port and oil depot in southern Russia.

Authorities in the southern regions Rostov and Krasnodar reported on Saturday that Ukrainian drones had struck a tanker overnight at the port of Taganrog in Russia and also hit an oil depot in Armavir. Yury Slyusar, Governor of Rostov Region, said via Telegram that the fires in Taganrog (a city with a population of 240,000) and on the tanker had been put out. No oil spillage was reported. He said that two people were injured. Svetlana kambulova, the mayor of the?city, confirmed that a local state of emergency introduced on May 27 had been extended. Authorities in Armavir in Krasnodar,...

Oil & Gas

Reliance gets relief from India's highest court in securities fraud case

The Indian Supreme Court granted relief to Reliance Industries Ltd on Friday in a securities?fraud?case, overturning both a lower court decision and a 2020 order by the markets regulator that claimed the 'firm' engaged in manipulative trading. According to the order, the court ordered the Securities and Exchange Board of India to refund the 2.5 billion rupees (26.32 millions dollars) that it collected from Mukesh Ambani's company while the appeal was pending. RIL and SEBI didn't immediately respond to requests for comment. Requests for comment from RIL and SEBI were not immediately responded to. The case is about RIL's decision...

Crude Oil

Crude Oil

MORNING BID EUROPE - Marvelll is a suitable name for the newest AI darling

Tom Westbrook gives us a look at what the markets will be like tomorrow in Europe and globally. AI shares drove Asian equity markets to new records on Wednesday, despite fresh hostilities across the Middle East. Jensen Huang, the CEO of Nvidia and AI kingmaker, has announced that Marvell Technology, a chipmaker with a superhero-sounding name is the next trillion dollar company. This announcement sent its stock price higher than 30%. Market cap of $254bn is far from $1trillion, but peers are closing the gap at a rapid pace. In the past year, SK Hynix and Micron had barely $100...

Crude Oil

Oil prices rise on Mideast missiles, while AI bulls drive stocks higher

The dollar was on the verge of breaking above 160 yen on Wednesday as new hostilities flared up in the Gulf following the failure of U.S.Iran peace negotiations. U.S. crude futures jumped about 2%, to $95.40 per barrel. The?dollar reached 160 yen and then stopped as traders became 'wary' of possible Japanese intervention at that level. S&P 500 futures fell, but the AI bull ran in Asia continued, with stock indexes reaching record highs in Taiwan, Japan, and other Asian countries. South Korean markets are closed. U.S. Central Command reported that Iran launched missiles against Kuwait and Bahrain. These were...

Crude Oil

Gunvor claims it is not the target of Swiss Prosecutor in bribery investigation

Global commodity trading company Gunvor confirmed on Tuesday that its Geneva office was searched by Swiss prosecutors in May. However, it said in a press release that they were not the subject of the investigation. The Office of the Attorney General of Switzerland stated that the search was part of an?investigation into the bribery of officials abroad by unknown persons. The prosecutor stated that it could not provide any further information?on a ongoing investigation. Gunvor stated in its statement that it had reported "issues" to the Swiss authorities over a year ago. It stated that it was cooperating with the...

Mining

Shares of Revolution Summit rise as cancer drugs that have been tested show promise in improving survival rates

Shares of Revolution Medicines, Summit Therapeutics and Summit Therapeutics rose in premarket trading Monday after their experimental cancer treatment boosted'survival rates for patients' in late-stage clinical trials. Daraxonrasib is an experimental cancer pill that doubles survival when compared with chemotherapy. Summit's ivonescimab treatment, in collaboration with Akeso, a Chinese partner, helped lung cancer patients to live 15 percent longer than BeOne Medicines Tevimbra. On Sunday, the companies presented their data at the American Society of Clinical Oncology in Chicago. Summit's stock gained 3.6%, while Revolution's shares rose 7.3%. Summit's shares are essentially flat this year while Revolution's has almost doubled....

Mineral Resources

Mineral Resources

Gold remains stable amid Middle East tensions and US economic data is in focus

As 'investors' watched for a?development?in the Middle East, amid increasing inflation fears, and awaited US economic data to be released on Thursday, gold prices held steady. Gold spot was unchanged at $4485.17 an ounce as of 0319 GMT after rising by over 1% the previous session. U.S. Gold Futures for August Delivery fell 0.1% to $4,513.60. The market is now looking at the possibility that Trump will push for a resolution to a peace agreement, even though Trump wants to see a ceasefire with Iran. Kelvin Wong said. If we see a further increase in the price of gold, it...

Mineral Resources

Copper falls from two-week highs as investors pause following rally

Copper prices fell on Wednesday, as investors locked-in profits after the metal reached a two week high. However, uncertainty around a U.S. Tariff on the metal limited losses. As of 0245 GMT, the benchmark three-month price for copper at the London Metal Exchange fell?0.43%. It was $13,980.50 per metric ton. It?touched an over two-week-high and surged beyond the $14,000 mark on Tuesday. The Shanghai Futures Exchange's most active copper contract gained 0.78%, to 106 820 yuan (15 785.90 dollars) per ton. This is lower than the evening trading high of 107.420 yuan, which was set three weeks ago. As the...

Mineral Resources

Iron ore prices fall due to a weak steel market and dwindling margins

Iron ore fell on Wednesday due to a thinning of steel margins and a seasonal decline in demand from the top consumer, China. As of 0309 GMT, the most-traded contract for iron ore on China's Dalian Commodity Exchange dropped 0.57%, to 780 yuan ($115.27), per metric ton. As of 0259 GMT, the benchmark July iron ore traded on Singapore Exchange fell 1.22% and was at its lowest level since April 15, $103.95 per ton. In a post on WeChat late Tuesday, the steel association, a state-backed organization, said that the steel market had entered its traditionally low demand season sooner...

Mineral Resources

Gold prices rise as oil prices fall, easing inflation and rate hike fears

Gold prices rose by 1% on Tuesday, boosted by lower U.S. Treasury yields. Meanwhile, oil prices fell, easing fears of rising inflation and interest rates. By 1136 GMT, spot gold had risen 1% to $4,526.7 per ounce. U.S. gold for August delivery rose 1.2% to $4,58.60. After U.S. president Donald Trump announced that talks with Iran are ongoing, oil prices dropped. Lower fuel prices reduce inflation fears and may also help to reduce bets on higher interest rates. Gold is traditionally viewed as a hedge to inflation. However, in an environment of high interest rates it loses its appeal as...

Mineral Resources

Copper reaches a two-week high amid US Tariff Uncertainty

The market was supported by tighter supply and tariff uncertainty outside the United States, as well as by a rise in copper. Aluminium also reached a four-year high. Benchmark three-month copper on the London Metal Exchange was up 1% to $13,966 per metric tonne at 0915 GMT, after touching $13,994 earlier. Investors will be waiting for a possible tariff recommendation by the U.S. Department of Commerce at the end of this month. Last year, the prospect of a similar duty helped to boost prices. However, it never materialised. Tom Price, an analyst at Panmure Liberum, said that investors with whom...

Mineral Resources

Gold prices rise as oil prices drop, easing inflation and rate hike fears

Gold prices rose by more than 1% on Tuesday as a result of lower U.S. Treasury yields. Meanwhile, oil prices fell, easing fears about higher interest rates and inflation. By 0900 GMT, spot gold had risen 1% to $4,525.72 per ounce. U.S. Gold Futures for August Delivery rose 1.1% to $4,556. Oil prices dropped after U.S. president Donald Trump announced that talks with Iran are ongoing. Lower fuel prices reduce inflation fears and bets on higher interest rates. Gold is traditionally viewed as a "hedge" against inflation. However, in an environment of high interest rates it becomes less attractive as...

Mineral Resources

Sources say that China has told steelmakers to not talk to Fortescue about a new iron ore product.

Two sources with knowledge of the matter said that China Mineral Resources Group, a state iron ore buyer, has instructed some?domestic iron ore producers not to discuss a new product with?Australian Fortescue. The demand 'has stoked' speculation that CMRG might impose a purchase ban on certain Fortescue products, as it did in the long-running negotiations with BHP which concluded earlier this summer. Sources who asked to remain anonymous due to the sensitive nature of the matter said that CMRG and Fortescue are in negotiations over a new contract. CMRG didn't immediately respond to a comment request. A Fortescue spokesman said...

Mineral Resources

Gold prices rise on lower Treasury yields amid Middle East uncertainty

Gold prices rose on Tuesday due to a decrease in Treasury yields, as well as a partial ceasefire between Hezbollah, Israel and Hezbollah. Investors waited for more information on the U.S. Iran peace talks, despite conflicting reports. Gold spot rose by 1.1% at $4,532.74 an ounce as of 0731 GMT. U.S. Gold Futures for August Delivery gained 1.3%, reaching $4,562.90. Gold prices are rising due to the ceasefire agreement between Hezbollah and Israel, said GoldSilver Central's Managing Director Brian Lan. He added that lower Treasury yields also helped the metal. The yield on the benchmark U.S. Treasury 10-year note has...

Mineral Resources

Gold prices rise on lower Treasury yields amid Middle East uncertainty

Gold prices rose on Tuesday due to a decrease in Treasury yields, as well as a partial ceasefire between Hezbollah, Israel and Hezbollah. Investors awaited more details about the U.S. Iran peace talks, despite conflicting reports. By 0556 GMT, spot gold had risen 0.8% to $4,517.33 per ounce. U.S. gold for August delivery rose 0.9% to $4,47.80. GoldSilver Central's Managing Director Brian Lan said, "It appears that the ceasefire between Israel and Hezbollah has led to a slight increase in gold prices." He added that lower Treasury yields had also helped the metal. The yield on the benchmark U.S. Treasury...

Mineral Resources

Gold prices rise on lower Treasury yields amid Mideast unrest

Gold prices edged up a bit on Tuesday due to lower Treasury yields, a partial ceasefire between Hezbollah, and Israel. Investors waited for more details about the U.S. Iran peace talks, despite conflicting reports. By 0420 GMT, spot gold had risen 0.5% to $4,507.56 per ounce. U.S. Gold Futures for August Delivery rose 0.7% to $4,539. Gold prices are rising due to the ceasefire agreement between Hezbollah and Israel, said GoldSilver Central's Managing Director Brian Lan. He added that lower Treasury yields also helped the metal. The yield on the benchmark 10-year U.S. Treasury Note ticked down, reducing the cost...

Mineral Resources

Official: India could revisit its Scotch Whisky tariff reductions if UK steel curbs

An Indian official stated that New Delhi could reconsider the tariff concessions it made to Britain on Scotch Whisky, if London does not address New Delhi's concerns about its steel safety measures. The India-UK Free Trade Agreement, signed last May and expected to come into effect this year, has hit a snag after Britain proposed tighter safeguards for steel imports in order to protect the?domestic?industry. An Indian trade official told journalists on Monday that the ball was now in their court (UK). If they do not leverage their Free Trade Agreement, we can always revisit the concessions that we offered....

Mineral Resources

India's April Industrial Output grows by 4.9% according to the first data release of a new series

India's industrial production stood at 4.9% last April, according to government data released on Monday. The surge in energy costs and the disruption of supply caused by the Iran War, which has lasted for months, weighed heavily on parts of Asia's third-largest economic system. This was the first data in a series that had 2022-23 set as the base. The latest data cannot be compared to the growth of 4.1% in March. Economists surveyed by expected industrial production to grow by 3.9%. The reading for April is the second one since the Iran War broke out in February. This sparked...