Asia / Pacific

Nepal has lowered fuel prices up to 17 percent, according to an official statement released on Wednesday. The Himalayan nation reacted to the fall in global prices after progress was made?towards a peaceful resolution of the war iin 'Iran. The sole distributor and importer of fuels in Nepal, the state-owned Nepal Oil Corporation, has reduced retail prices for petrol, diesel and cooking gas. It said that jet fuel prices have dropped by 14.8% for domestic flights from Kathmandu and by 14.47% for international flights from Pokhara. Prices have fallen sharply since recent highs, as fears of supply disruptions in the...

Prices of oil rose on Wednesday due to concerns that a breakdown in negotiations between the U.S. and?Iran? for a final deal to end their conflict could extend the supply disruptions throughout the Middle East. Brent futures increased 33 cents (0.45%) to $73.28 per barrel at 0339 GMT. U.S. West Texas Intermediate crude (WTI), however, rose 34 cents (0.49%) to $69.84 per barrel. "Hormuz is still reopening, but it's patchy and unpredictable. It's also not completely transparent." "Hormuz continues to reopen but it's patchy, unpredictable, and not fully transparent," Vandana said. Jared Kushner, the son-in law of Donald Trump, and...

Donald Trump's favourite word is "tariff". His continued use of the term last year sparked fear in the markets as his administration unilaterally implemented the most protectionist trade policies since 1930. The 'bark' was worse than the bite. Just over a month has passed since Trump declared "Liberation Day" and the average U.S. Tariff rate is lower in April 2025 than most feared. At just under 10% the daily effective rate of pre-substitution is still four times higher than it was at the end 2024. Tariffs are barely a factor on the financial markets. This is partly because investors are...

Cuba's Foreign Minister said that the talks started earlier this year between Cuba and its long-time enemy the United States have stagnated, leaving little hope of an end to U.S. Sanctions that have?seiged the islands economy. Top diplomat?Bruno? Rodriguez said that U.S. Sanctions are "causing death" in Cuba, as the islands economic collapse and severe shortages in food, fuel and medicine make life on the island's 9 million residents nearly unbearable. At a Havana press conference, Rodriguez stated that "talks between Cuban and US have not progressed." "The US delegations' generally respectful conduct has been accompanied with constant threats against...

?U.S. Treasury Secretary Scott Bessent on Tuesday urged gasoline retailers to lower their prices in honor of the?U.S. The United States celebrates its 250th birthday. President Donald?Trump reiterates his message that "we are watching." Bessent, in an interview with Fox News, said: "I'd encourage all gasoline retailers. Some of them are owned and operated by Big Oil. Others are independent. And some are international convenience stores." "I'd encourage them to act responsibly, particularly?during the 250th anniversary because we are watching." Bessent reiterated his boss's warning to gas stations Monday that they must lower their prices immediately, or else face "big...

U.S. Treasury Secretary Scott Bessent on Tuesday urged gasoline'retailers' to lower prices in celebration of the U.S.'s 250th birthday, reinforcing 'Trump's message with a warning 'we're monitoring' Bessent, in an interview with Fox News, said: "I'd encourage all gasoline retailers. Some of them are owned and operated by Big Oil. Others are independent. And some are international convenience stores." "I'd encourage them to act responsibly, especially during the 250th anniversary of the?Oil Industry, because we are watching." Bessent repeated his boss's warning to gas stations Monday that they must lower their prices immediately, or else face "big issues." "If Retailers...

Donald Trump's favourite word is "tariff", and his continued use of the term last year caused fear in the markets, as the U.S. administration unilaterally implemented the most protectionist trade policies since 1930s. The bark was worse than the bite. Just over a month has passed since Trump declared "Liberation Day" and the average U.S. Tariff rate is lower in April 2025 than many had feared. The daily effective pre-substitution rate, at just over 10%, is four times higher than it was at the end of 2024. Tariffs are barely a?record in today's financial markets. This is partly because investors...

Donald Trump's favourite word is "tariff". His administration's unilateral protectionist trade policies of the 1930s were a cause for concern in the markets. The bark was worse than the bite. Just over a month has passed since Trump declared "Liberation Day," but the average U.S. Tariff rate is now lower than what many had feared for April 2025. At just under 10%, however, the daily effective rate before substitution is still four-times its level at the end 2024. It's also the highest, barring last year, since the early 1940s. Tariffs barely register on the financial markets of today. This is...

According to trade sources, and a document that was reviewed by us, 'Iraq SOMO offered large discounts on its official selling price to encourage term buyers to lift Basrah oil?from the terminal inside the Middle East Gulf this July. Discounts for Basrah Medium Crude ranged between $14 and $16 per barrel. Basrah Heavy Crude discounts varied from $16.80 to $18.80 per barrel depending on the loading period. Discounts for cargoes that load between July 1-5 are greater, while they narrower for those loading between July 6-10 or July 11-31. SOMO has asked buyers to "submit" their quantity nominations within one...

Wang Di, China's embassy to Canada, said that the Lotus electric cars from Geely Holding Group will be arriving in Canada by next month as a result of an agreement signed between Chinese President Xi Jinping and Prime Minister Xi Carney. The vehicles will be the 'first' Chinese-owned, manufactured and sold vehicles under an agreement that allows for up to 49,000 Chinese electric cars to enter Canada at a reduced rate of tariffs each year. Carney is trying to diversify Canada’s trade away form the United States. Wang stated that "Geely EVs are coming to Canada next month, and there...

Alexei Zabotkin said that the Russian economy will likely be affected by Ukrainian drone attacks against Russian oil refineries in the second half. Kyiv's increasing frequency of drone attacks has caused fuel shortages throughout Russia, the world's largest oil producer. Queues at petrol stations and restrictions on what each customer can purchase have been seen. Russia's refinery industry has reduced petrol production by 25% in the first half of this year, compared with last year. President Vladimir Putin asked officials to look for ways to boost the growth of the?Russian Economy. Zabotkin said to reporters that "of course,?the situation in...

Wang Di, China's ambassador in Canada, said that Geely Holding Group Lotus electric vehicles would arrive in Canada within the next month as a result of an agreement reached between Prime Minister Mark Carney and Chinese president Xi Jinping. The vehicles will be the first Chinese owned and manufactured cars to be sold under an agreement that allows for up to 49,000 Chinese electric vehicles to enter Canada at a reduced rate every year, as Carney attempts to diversify Canada’s trade away the United States. Wang stated that "Geely EVs are coming to Canada next month, and there will be...

Aluminum prices fell to their lowest level in four months Wednesday, and copper also lost ground as funds liquidated bullish 'positions due to concerns over rising?U.S. Interest rates and uncertainty about negotiations to end the Iran conflict. The benchmark three-month aluminum on the London Metal Exchange fell 0.9%, to $3,058 per metric ton, by 0930 GMT. It had previously reached its lowest level since February 19, at $3,045.50. Tuesday, metals used for transport, packaging, and construction saw their biggest quarterly and month-to-month declines in years. Ole Hansen is the head of commodity strategy for Saxo Bank, a Copenhagen-based bank. The...

Aluminum prices fell to their lowest level in four months on Wednesday as investors unwound risk premiums associated with the Gulf, despite new uncertainty surrounding U.S. diplomacy towards Iran. As of 0715 GMT the benchmark 'aluminium' for three months on the London Metal Exchange was down 0.73% to $3,063 per tonne, after hitting a four-month-low at $3055.50 earlier during the session. On Tuesday, it posted its largest quarterly and monthly drops in years. The Shanghai Futures Exchange's most traded aluminium contract tracked the LME. It closed daytime trade at 22,370 Yuan ($3,292.47) per tonne, down 0.95% from its six-month-low of...

South32, an Australian company, announced on Wednesday that it had agreed to sell the'majority' of its aluminium assets for up to $5.6 billion. Alcoa acquired the individual interests of the diversified mining company in Australia's Worsley Alumina, South Africa’s Hillside Aluminium and Brazil's MRN Bauxite Mine, Brazil Alumina Refinery, and Brazil Aluminium Smelter. South32 said that the U.S. aluminium giant will also assume rehabilitation provisions of around $1.2 billion. Matthew Daley, the new CEO, said that "our business will be simpler, with a portfolio of upstream operations with higher margins, reduced complexity, and greater resilience." This will allow for a...

CopperTech Metals announced a delay in its U.S. initial public offering on Tuesday. The company cited volatility in the global copper equity sector. Postponement is despite a resurgence in investor appetite for new listings. This has been bolstered by buoyant equity market and several blockbuster initial public offerings. Copper prices are volatile due to the expectations of new U.S. Tariffs, and the supply restrictions that will be imposed in response to the surge in AI-related demand. After a review, U.S. commerce secretary Howard Lutnick will?update the president on the refined copper?market and domestic refining capacity on Tuesday. Global X Copper...

Oliver Blume, the head of Volkswagen, is planning a historic overhaul to adapt to structural changes in the global automotive market. Rising Chinese competitors, tariffs, and weak demand for cars in Europe are all affecting its business model. The crisis has increased scrutiny on Europe's largest automaker. It has been struggling for years with a complex structural design, a weak share performance, and some stakeholders' resistance to painful costs cuts. PARALYSED CONGLOMERATED Volkswagen's "governance" and "structure and ownership" are unique to the auto industry. They combine powerful unions and the billionaire Porsche-Piech family, who control the majority of the voting...

The dollar was firmer amid expectations that U.S. rates will be raised, and gold edged up from a near seven-month low. As of 1150 GMT spot gold was up 0.4% to $4,031.29 an ounce after hitting its lowest level in November 2025 earlier in session. U.S. gold futures for August delivery fell 0.2% to $4.045.30/oz. "The failure to maintain gains (for gold), highlights the current fragile mood, where traders continue to?sell into strength instead of buying into weakness, which is a noticeable shift from behaviour seen in the past few years," said Saxo Bank Analyst Ole Hansen. Bullion fell more...

Ferrari and BMW have introduced new models with lightweight, cost-effective aluminum wiring. This is accelerating the shift away from copper as the dominant material for electric wiring ever since the invention two centuries ago of the electric batteries. JPMorgan predicts that the decisions will affect around 2% global copper demand in this year. Tesla and Chinese EV makers have also made similar moves. The structural increase in copper prices could lead to even more copper being switched over to aluminium. This is due to the increased demand for data centres and green energy, as well as the shortage of copper....

Guinea's mines minister said that the country aims to be a regional hub for gold refining. This is part of a wider push by West African producers to 'process bullion locally instead of exporting it into the Middle East. Gold prices are high, and the move aims to preserve more value for consumers at home. Bouna Sylla, Mines Minister Bouna Sylla said over the weekend that there was no problem if each country (in West Africa) had a refinery. "If you are not competitive in the market, your refinery will either fail or succeed due to economics and not politics."...

Gold prices fell on Monday as recent hostilities in Gulf added to inflation fears and expectations of rate hikes by the U.S. Federal Reserve, putting pressure on the non-yielding material. As of 1053 GMT, spot gold was down by 1.3% to $4,036.19 an ounce. U.S. Gold Futures for August Delivery fell by 1.1%, to $4.051/oz. Bullion experienced a weekly decline of 1.7% on Friday, and is on course for a monthly loss in excess of 10%. A U.S. official announced on Sunday that Iran and the United States had agreed to cease recent hostilities and re-start talks regarding their dispute...

Gold fell on Monday, as recent hostilities in the Gulf increased inflation fears that fueled expectations of a rate hike by the U.S. Federal Reserve. This pushed the non-yielding material down. As of 857 GMT, spot gold was down by 0.9% to $4,049.90 an ounce. U.S. Gold Futures for August Delivery lost 0.8%, to $4.063.50/oz. Bullion experienced a weekly drop of 1.7% on Friday, and was on course for a monthly decline of over 10%. A U.S. official announced on Sunday that Iran and the United States had agreed to cease recent hostilities and resume talks about their dispute over...

Gold prices?reduced on Monday, as the recent U.S. - Iran?strikes in the Gulf pushed up oil prices. Expectations of U.S. Federal Reserve rate hikes also weighed on this non-yielding material. As of 0602 GMT, spot gold was down by 0.8%, at $4,057.77 an ounce. U.S. Gold Futures for August Delivery fell 0.6% to $4072.20. Metal was heading for a fourth consecutive monthly loss of 10.5%. Tim Waterer is the chief market analyst for KCM Trade. He said: "U.S.-Iran were back at it over the weekend with new military strikes reported from both parties. This casts doubt on how long oil...

Gold prices?reduced on Monday, as the recent U.S. - Iran?strikes in the Gulf pushed up oil prices. Expectations of U.S. Federal Reserve rate hikes also weighed on this non-yielding material. As of 0242 GMT, spot gold was down 0.7%, at $4,061.35 an ounce. U.S. Gold Futures for August Delivery lost 0.5%, to $4076.40. Metal was heading for a fourth consecutive monthly loss of 10.4%. Tim Waterer is the chief market analyst for KCM Trade. He said: "U.S.-Iran were back at it over the weekend with new military?strikes from both parties. This casts doubt on how long oil will remain at...