Asia / Pacific

According to data released by the Joint Organizations Data Initiative (JODI), Crude Oil exports from Saudi Arabia fell for the second consecutive month in April to a new record low. The Iran War?disrupted?shipments?from the Gulf Region. Exports dropped to 3.990 million barrels a day from 4.974 in March. JODI data on Saudi Arabian crude oil exports, and production, dates back to 2002. In April, crude oil production in the country was at its lowest ever level, 6.316 million barrels per day, down from 6.967 in March. Riyadh, along with other members of the Organization of the Petroleum Exporting Countries(OPEC), provides...

STOCKS: The benchmark BSE Senex added 0.38% to 77 094.07, while the broader NSE Index rose 0.37%?to?24,102.90. Reliance Industries led this rise,?following?its annual meeting, and a rebound of IT stocks. Meanwhile, improved sentiments from Middle East Peace Talks and lower oil prices helped to support broader risk appetite. RUPEE: The Indian rupee fell 0.38% against the?U.S. The dollar dropped to 94.6775 on Monday and ended a six-day run of gains. GOVERNMENT BONDS The benchmark 10-year bonds were quoted at 100.6475 Rupees with the yield remaining largely unchanged at 6.8473%. Traders were cautious due to the lingering U.S. Iran truce risk...

Mediators said that U.S. officials and Iranian officials had made "encouraging progress" during a first round of discussions in Switzerland, which ended early Monday morning, despite the tensions over Lebanon and Strait of Hormuz. Mediators Pakistan and Qatar said the parties agreed on a roadmap to a final deal to end their war within 60 days. This was despite the initial tension as 'Tehran' again closed the Strait of Hormuz and U.S. president Donald Trump threatened to restart attacks against Iran. The two sides said they had agreed on a mechanism that would end the fighting between U.S.-ally Israel and...

On Sunday, the United States and Iran will begin 'peace talks' in Switzerland. U.S. officials have disputed Iranian claims that the Strait of Hormuz is closed. Iranian state media reported that high-level Iranian officials arrived in Switzerland to hold peace talks with the U.S. The U.S. and Iran had agreed on a 60-day truce while negotiations are taking place. However, the Islamic Revolutionary Guard Corps of Iran declared the Strait of Hormuz closed, despite the U.S. Military stating that commercial vessels have continued to operate in the waterway. These developments could complicate negotiations between the two sides to implement an...

Israel and Hezbollah reached a ceasefire agreement in Lebanon on Friday, after an escalation of fighting in Lebanon threatened the chance that an interim deal to end the war in Iran would become a lasting Middle East Peace Deal. U.S. - Iran talks?in Switzerland scheduled for Friday have been cancelled due to the fighting in?Lebanon. This has created new uncertainty regarding the timing of the negotiations crucial to ensure that the Strait of Hormuz is reopened to global shipping. Just before 4 pm, Lebanon time (1300 GMT), a senior U.S. government official announced that a ceasefire was to be implemented...

The Crude Oil differentials in Europe that help set the Brent benchmark for the world have dropped further this week, as increased flows via the Strait of Hormuz has eased fears about Middle East supply disruptions. JD Vance, the Vice president of the United States, said that on Thursday 12.5 million barrels flowed through strait since the U.S. signed an interim agreement with Iran to end their conflict. Since the beginning of the fighting in late February, the strait has been closed to oil flow. It used to carry up 20 million barrels a day before. Six grades are used...

Reliance Jio Platforms, owned by Indian billionaire MukeshAmbani, filed?regulatory documents for an IPO that would raise $3.8 billion. This is the largest-ever stock offer in India. The National Stock Exchange of India is preparing to launch another IPO, which will likely be worth $3.3 billion. The five biggest Indian IPOs so far: HYUNDAI MOTOR INDIANA In October 2024, Hyundai, India's largest passenger vehicle manufacturer and the third-largest carmaker in the world, raised $2.95 billion in India's largest-ever IPO. The South Korean parent company of the manufacturer sold a 17.5% share in a "pure offer for sale", where existing shareholders sold...

Rumen Radev, Bulgaria's Prime Minister, said that the country will veto the latest European Union sanctions package against Russia. This is because they may negatively impact its economy. Also, because their government does not agree with the sanctions against a Russian Bishop. The EU's sanctions list was expanded on Monday by adding a total of?34 people and 47 entities that are linked to Russia’s military and industrial complex. It also includes a shadow fleet?of?oil-and-gas tankers?and others who have been involved in political interference. This includes a Russian Orthodox bishop. Radev said that the operation of Lukoil, the Russian oil company,...

The Russian 'anti-monopoly' watchdog asked for an explanation on Thursday from a major petrol retailer in Moscow after they raised prices by 19% for 95-octane fuel in the past week. FAS, the watchdog sent the request?to Neftmagistral a company that runs about 100 petrol stations in the Moscow area and the capital. The price hike was a result of Ukrainian drone attacks against a Moscow oil refining facility, which supplies fuel to the Moscow region. Neftmagistral declined to comment on the regulator's request. On Thursday, the price of 95-octane gasoline at Neftmagistral was around 95 roubles per litre ($1.30), up...

Aramco chairman Yasir al-Rumayyan stated on Thursday that the Iran War had disrupted energy supplies through the 'Strait of Hormuz. Rumayyan is the governor of the Saudi sovereign wealth fund PIF. Rumayyan spoke at the FII PRIORITY Europe'summit', held in Rome by the 'Saudi non profit institute Future Investing Initiative, which has the backing of PIF. FII organizes Riyadh’s annual flagship summit. Known to some as “Davos in the Desert”, this event brings together world leaders and bankers, along with business executives. Rumayyan stated that PIF has invested EUR98 billion ($112,86 billion) in Europe and Britain from 2017 to 2025...

Sources say that Aramco invited banks to bid for Project Yellowstone last month. One source estimated that the sulphur stake sale could generate up to $7 billion. Sources said that Aramco also considers the sale of oil terminals and real estate, as well as power plants. By Hadeel Al Sayegh, Federico Maccioni and ?Yousef Saba DUBAI, 17 June - Saudi Aramco, the world's largest crude exporter, is "considering" the sale of its sulphur business, according to three sources familiar with the matter. This strategy extends a strategy that taps into its infrastructure assets in order to raise tens and tens...

Donald 'Trump' said on Wednesday, that Israeli Prime Minister Benjamin Netanyahu could use "softer touches" in his fight against Hezbollah militants. This is the latest public rebuke from the U.S. President to his partner in war on Iran. Trump said to reporters at the end of the G7 summit on Wednesday that Netanyahu is a good person, but he gets a bit 'excited' sometimes. According to U.S. officials and Israelis, the Israeli leader convinced Trump to go to war with Iran and participated in attacks launched on 28 February. Netanyahu 'insisted that Israel was not bound by any U.S.Iran agreement...

Gold rebounded Monday, ending a three-session loss streak, supported by a fall in Brent crude oil on the back of positive progress in U.S. Iran talks. Investors were also on edge due to the Federal Reserve’s hawkish position. After falling to its lowest levels since June 11, spot gold rose 1.2% by 1205 GMT. U.S. Gold Futures?for August Delivery fell by 0.4% to $4228.30. Ross Norman, an independent analyst, said that gold may benefit from hot money flowing out of oil and into gold. Press TV reported that progress had been made by a spokesperson for the Iranian Foreign Ministry,...

Prices of industrial metals rose on Monday due to optimism that the initial U.S. - Iran talks may pave a way for a peace deal. Benchmark copper on the London Metal Exchange traded 1.2% higher, at $13,760 per metric ton. The price of copper, which investors use as a measure of economic health, has increased by more than 15 percent since March 23. Mediators said that U.S. officials and Iranian officials had made "encouraging" progress in agreeing on a 60-day timeline to end the war. Toutefois, tensions?persisted?over Lebanon and the Strait of Hormuz?after Tehran once again closed the waterway?and?U.S. Donald...

Prices of industrial?metals rose on Monday as optimism grew that initial U.S.-Iran negotiations could pave the path for a deal ending the war. At 1039 GMT, the benchmark copper price on the London Metal Exchange was up 0.9% to $13,723 per metric ton. The price of copper, which investors use as a measure of economic health has risen by more than 15 percent since March 23. Mediators said that U.S. officials and Iranian officials had made "encouraging" progress in agreeing on a 60-day plan to end the 'war. But tensions remained over Lebanon and Strait of Hormuz, after Tehran again'shut...

Jozef Sikela, EU Commissioner for International Partnerships, said on Saturday that the European Union sees Brazil as a partner to help diversify Brazil's mineral supply. The deal, he says, will benefit Brazil's development goals. The Commissioner visited the Rare Earth Research & Processing Center of Australian Mining Company Viridis in Pocos de Caldas in the southeastern state Minas Gerais. This is one of the four priority projects chosen to accelerate the collaboration between EU and Brazil. Sikela stated that the European approach places emphasis on sustainable business practices and local rare earth processing. This is in line with Brazil's efforts...

Four?sources? with knowledge of the situation said that Cargill aims to sell its iron ore and trading business by late July?or early august, as it refocuses its operations on food and agriculture. According to Cargill, the Singapore-based company is a large one, with a trading volume of 60 to 70 millions metric tons of iron ore per year and up to 4 million tons steel. This makes it a target for companies that are looking to expand their physical trading. Sources say that the original deadline for the sale was late May, which is the end of Cargill’s financial year....

The London Metal Exchange saw a rise in copper?prices on Monday as the market digested the weekend's tense U.S. Iran?peace talks. Benchmark three-month Copper?on LME gained 0.71% to $13,692?a metric tonne by 0700 GMT. The Shanghai Futures Exchange's most traded copper contract fell by 0.08%, to 104 890 yuan per ton ($15 476.21). After the peace talks between the U.S.A. and Iran, traders closely monitored the macroeconomic climate. David Wilson, BNP Paribas' head of metals strategy, stated that the market was just waiting and watching to see what would happen. Mediators confirmed that the first round of high level peace...

?Gold recovered from a more than one-week-low on Monday as oil prices dropped after Iran cited the progress of U.S. - Iran peace talks. However, bets on higher interest rates following hawkish U.S. Federal Reserve signaling weighed on metal's prospects. As of 0608 GMT spot gold was up 0.8% to $4,194.99 an ounce after dropping to its lowest level since June 11, on Friday. U.S. Gold Futures for August Delivery fell 0.8% to $4213.10. According to Press TV, the first round of talks between senior U.S. officials and Iranian officials took place in Switzerland on Monday. An Iranian spokesperson for...

Guinea, a country in West Africa, is now the world's largest producer of bauxite - the raw material that ultimately becomes aluminium. It is now trying to use its newfound dominance in order to exert greater control over price and industry structure. Just as Indonesia did in nickel, and the Democratic Republic of Congo in cobalt. Three resource giants struggle to control mining sectors which have?grown too large too fast, flooding global markets and crashing the prices. Indonesia uses mining quotas. The Congo has export quotas. Guinea is considering a combination of the two to stop operators from exporting more...

?Gold recovered from a more than?one week low on Monday as oil prices dropped after Iran cited the progress of U.S. - Iran peace talks. However, bets for higher interest rates following hawkish U.S. Federal Reserve signalling limited the metal's gain. As of 0424 GMT spot gold was up 0.4% to $4,176.34 an ounce after dropping to its lowest level since June 11, on Friday. U.S. Gold Futures for August Delivery fell 1.2% to $4194.40. According to Press TV, the first round of talks between senior U.S. officials and Iranian officials ended in Switzerland on Monday. An Iranian spokesperson said...

China's futures for coking coal continued to fall on Monday. They were weighed down by the prospect of rising supplies amid a continued production resume after a fatal mine accident in coal rich Shanxi, and?growing imported coal. By 0330 GMT, the most traded coking coal contract at the Dalian Commodity Exchange (DCE), had fallen 1.93% to $187.32 per metric ton. The DCE's most actively traded coke contract dropped 0.74%, to 2,010.5 Yuan per ton. According to a survey conducted by Mysteel, as of June 17, 63% of the coal mines which had suspended production after the fatal mine disaster in...

The copper price fell on Friday for the second consecutive session, and is now heading towards a weekly loss. This was after 'peace talks' between Iran and the United States were postponed. The benchmark three-month 'copper price on the London Metal Exchange was 'down 0.7% to $13,594 per metric ton, in open outcry official activity. Switzerland announced that U.S. negotiations with Iranian negotiators to end the Middle East Conflict would not be taking place on Friday. Meanwhile, fighting erupted in Lebanon, increasing uncertainty over whether a lasting "truce" can be reached. Copper's four-day winning streak was aided by the prior...

A Mozambique executive said that the new law, which requires the state to have a 15% share in all mining ventures, could discourage foreign investment. The'southern African nation' is among the world's leading producers of graphite. This material is used to make batteries for electric cars and energy storage. Mozambique claims it has amended its mining law to "strengthen its management of strategic resource in defence of?national interests", but the Chamber of Mines of the country fears that it may upset?investors. Geert Kok, vice-president of the industry group, said at a mining conference held in Victoria Falls, Zimbabwe, "We regret...