Asia / Pacific

United Arab Emirates (UAE) said that it was deeply concerned about the ongoing escalation of violence in Yemen, after Saudi-backed forces invaded areas captured?last week by UAE-backed separatists from the south seeking independence. Rapidly moving Crisis in Yemen Has opened a? major ?feud Between the two Gulf Powers and the Coalition of Forces The Houthi movement, backed by Iran, is being fought by a government that has been internationally recognized. In a statement, the UAE said Yemenis must exercise restraint in order to maintain security and stability. The announcement came just hours after the UAE-backed Southern Transitional Council announced that...

Data showed that the Middle East crude oil benchmark Dubai fell into a discount on Friday, for the first since December '2023. This was due to an excess of supply and low demand during 'the earliest day of trading for 2026. According to trade sources, the Dubai cash price for a barrel was $60.30, or a 13-cent discount to Dubai swaps. There were only two partials of March loading during the S&P Markets On Close price?assessment. Sources said that the immediate January-February Dubai crude price spread was converted into a contango on Friday of approximately 17-20 cents a barrel. In...

Indian Oil Corp bought its first Colombian crude oil as part of an 'optional supply agreement' with state oil company Ecopetrol. This was done to diversify away from Russian oil. Indian refiners have been searching for crude oil as the tighter sanctions imposed by the U.S. on Russian oil producers and vessels and those of the European Union are causing a disruption in Russian imports. India's Russian oil imports will plunge to a 3-year low of 1.2 million barrels per day in December. This is down from 1.84million bpd during November, according to Kpler, a ship tracking company. Sources said...

Tuesday's oil prices were unchanged after a rise of over 2% the previous day. Investors sought clarification on Ukraine peace negotiations to gauge potential supply disruptions. Brent crude futures, for delivery in February, expiring on Tuesday, fell 2 cents to $61.92 per barrel at 0314 GMT. The March contract, which is more active, was down 5 cents at $61.44. West Texas Intermediate crude oil in the United States fell 5 cents to $58.03. Brent and WTI benchmarks closed more than 2% higher the previous session, after Moscow accused Kyiv that it was targeting President Vladimir Putin's residence. This stoked fears...

China must stabilize grain and edible oils production, improve 'grain varieties' and enhance quality. This was the message of state-run news agency Xinhua on Tuesday following a meeting of the annual Central Rural Work Conference held from December 29-30. The group that sets China's agricultural priority has pledged to "enhance capacity for diversified supply" and promote high-quality development through?zoned- and categorised-planning". China relies heavily on imports to feed the population. Tensions with U.S.A., its'major trading partner in agriculture, have led it to invest more in seed technology and machinery. A Xinhua report on the meeting stated that "we must not...

Industry sources have told? Industry sources told?Einen on Friday that Russia had almost doubled its exports of liquefied petroleum gas to ex-Soviet republics in Central Asia and Afghanistan from January to November. The total was 1.016 million metric tons. Moscow had to divert LPG supplies from Europe. Europe imposed restrictions on LPG imports from Russia after the war in Ukraine. LPG is used primarily as a fuel for cars and heating, but also to produce other petrochemicals. According to traders, the total LPG exports of Russia to Afghanistan and other countries in Central Asia, including Tajikistan, Kazakhstan, Kyrgyzstan and Uzbekistan,...

Ukraine has launched British Storm Shadow missiles as well as its own?domestically-produced long-range drones in order to target several Russian oil and?gas?facilities. Ukraine used British-made missiles in the past to strike Russian industrial targets, which it claims help Moscow's war. The Ukrainian General Staff stated that the air force had used Storm Shadow missiles to attack the Novoshakhtinsk refinery located in the Rostov Region of Russia. "Multiple explosions have been recorded." On Thursday, the General Staff announced on Telegram that the target was "hit". The refinery was said to be one of the largest oil suppliers in southern Russia, and...

Volunteers lift a dead bird from the wind-swept beach of 'Odesa. The Black Sea port town where an oil spill, blamed by Ukrainian officials on Russian attacks, has left wildlife fighting for survival. Odesa is a Russian target, and has been since the Russian troops invaded Ukraine on February 20, 2022. However, the attacks are more intense now. Wildlife is also among the victims. Russia hasn't commented on the spill but previously denied targeting civilian infrastructure. Odesa Zoo is determined to save birds that survive after being coated with oil. Birds can no longer move due to their feathers becoming...

Merchant bankers and investors said that the high yields on corporate bonds and the cancellation of four planned issues in three weeks has led some issuers?to delay the big-ticket fundraising until the next quarter. Companies, including Micro Units Development and Refinance Agency and Indian Bank as well as ONGC Petro Additions, have delayed debt sales of 150 billion rupees (1.68 billion dollars) that were originally scheduled for the December-January quarter. Non-banking finance companies have also chosen the wait until the next quarter before tapping the market. The yields on AAA-rated bonds for corporates have risen by 20-30 basis point this...

U.S. Secretary Marco Rubio told reporters on Friday that the United States was not worried about an escalation in Venezuela with Russia, while?President Donald?Trump?s administration is building up military forces throughout the Caribbean. The Trump administration sent thousands of soldiers to the Caribbean, along with an air carrier, warships, and fighter jets. Rubio said to reporters that he was not worried about an escalation between Venezuela and Russia. Rubio said, "We have always expected Russia to give rhetorical support for the Maduro government... but it is not a factor when we look at this whole thing." Foreign Ministry of Russia...

Donald Trump's decision imposing a partial Venezuelan blockade marks a dramatic increase in U.S. political pressure on Venezuelan President Nicolas Maduro. But it could also undermine a key U.S. goal: deterring an eventual Chinese naval encirclement. The U.S. President on Tuesday ordered a "total and complete blockade" against all sanctioned oil tanks entering or leaving Venezuela. This was a move to choke off the main source of revenue for the Maduro regime. The action immediately raised questions about its legal status under international law. Military planners in the Indo-Pacific have feared for years that China could use a blockade of...

Pirelli, a tiremaker, said that on Thursday the majority of holders of the 500 million euro bond due to expire this month have chosen to convert the bond into new shares in the company. This has diluted the stakes owned by existing investors. Pirelli announced that bond holders had chosen to convert their bonds into shares at a price of 5.8493 euros per share, which was announced in June. Pirelli said that to meet the conversion, it would issue around 84.88 millions new shares, which will dilution its shareholder's?holdings. Sinochem, the largest shareholder in Pirelli, is expected to reduce its...

Gold demand is high as geopolitical tensions and the expectation of U.S. interest rate cuts keeps precious metals on the rise. As of 12:24 pm, spot gold had increased 0.3%, to $4,328.49 an ounce. ET (17:24 GMT), having risen as high as $4402,06 earlier in session. Bullion reached a record-high of $4,549.71/oz in December?26 and registered a 64% increase in 2025. U.S. Gold Futures for February Delivery were unchanged at $4,339.60/oz. Bart Melek is global head of commodity strategies at TD Securities. He said: "We are continuing to hear the market talk about possible cuts in March, as well as...

After talks broke down between the main union and Capstone Copper over new labour contracts, hundreds of miner began a strike at the Mantoverde copper-and-gold?mine located in northern Chile. In a Friday statement, the Union No. In a statement released on Friday, the Union No. After failing to reach a deal late on Thursday, the union's 645 members went on strike at 8 a.m. local (1100 GMT). Negotiations broke down after the company refused to agree to the union’s?final requests, estimated at $500,000 per year, or 0.03% of the $1.4 billion projected revenue of the company. Chile is the largest...

Nickel reached its highest level in over 14 months Friday, 'after Vale Indonesia suspended mining operations. Aluminium crossed the $3,000 barrier for the first time since 2022. The London Metal Exchange's three-month nickel rose as much as 1,8% to $16,945 per metric ton, its highest level since October 2024. By 1037 GMT, the metal used to make stainless steel and batteries had risen 1.4% to $16,875. PT Vale Indonesia Tbk said it was unable to?conduct mining operations due to a delay in the approval of its annual production plan. The company said that it believes this delay won't?disrupt the overall...

Nickel miner PT Vale Indonesia Tbk announced on Friday that it would suspend?mining operations in Southeast Asia's biggest economy due...to delays in approving...its annual....production plan. The government sets output quotas in the resource-rich Indonesia. All miners are required to submit a production plan known as RKAB for official approval. Prices rose as investors anticipated a lower nickel production quota for Indonesia, the world's largest nickel producer. Soaring towards the end last year Vale stated that it would not be able to carry out mining operations unless the RKAB approved them. The company believes this delay won't disrupt overall operational sustainability,...

Hong Kong's anti graft agency announced on Friday that 21 people were arrested on suspicion of corruption relating to renovations at two residential estates. Hong Kong has intensified a 'crackdown on corruption related to building renovations after a fire in November which destroyed seven high-rise buildings and killed over 160 people. John Lee, Hong Kong's leader, set up an independent panel last month to investigate the fire, the construction industry and determine if there was any bid-rigging. In a press release, the Independent Commission Against Corruption said it had conducted enforcement operations against a triad corruption syndicate involved in building...

Critical Metals' top boss said that the company expects to complete the remaining 25% of "offtake agreements" for its Tanbreez project in Greenland by early 2026. It will also be open to investment from Washington. Tony Sage, CEO of Rare Earths, said that the Middle East's interest, which includes potential partners in Saudi Arabia and other energy-rich countries such as Bahrain, Oman, Qatar and Saudi Arabia, is a reflection of the efforts made by states with high energy costs to develop a processing capacity for rare earths, supported by lower electricity costs and quicker permits than the U.S. And Europe....

Iron ore futures were traded in a narrow band on Wednesday but defied fears of a decline in the first quarter of 2025 on?the back of resilient demand from China, a top consumer of iron ore. The May contract for iron ore on China's Dalian Commodity Exchange closed the daytime trading 0.57% lower, at 789.5 Yuan ($112.97) per metric ton. However, it posted an annual increase of 1.3%. As of 0736 GMT the benchmark February iron ore traded on?the Singapore Exchange had risen 0.2% to $105.55 per ton. This represents a 5.1% annual gain. Prices for the main steelmaking ingredient...

The copper price was on track to make its largest annual gain since 2009. This makes it the best performing base metal. Supply concerns and the?prospects for surging demand due to the AI boom and the energy transition fueled a blistering rise. Red metal is a material that's widely used in construction and power sectors. It's gaining a lot of?investor? interest due to its role in energy transformation technologies, and the expanding infrastructure for artificial Intelligence and data centres. The benchmark three-month price of copper on the London Metal Exchange dipped by 0.49% at $12,497 a metric ton as of...

Arif Perdana Kumara, chairman of Indonesia's Nickel Smelter Association?FINI, said that the association expects domestic smelters to demand nickel ore in excess of 350 million metric tonnes next year. He said that the demand outlook is for an annual growth of between 40 and 50 million tons. New production capacity will be online by next year. Indonesia, with the largest nickel ore reserves in the world, announced plans to reduce mineral production quotas for next year to boost prices and government revenues. Details are not yet available. Arif stated that the 'policy' could cause ore shortages in smelting plants and...

The copper price was set to make its largest annual gain since 2009. This makes it the best performing base metal. Supply concerns and the prospect of surging demand due to the AI boom and energy transition fueled a blistering rise. Investors are increasingly interested in red metal, which is widely used in construction and the power sector. It also plays a critical role in energy transition technologies, and in expanding infrastructures for artificial intelligence, data centres, and other advanced technologies. The benchmark three-month price of copper on the London Metal Exchange dipped by 0.16% at $12,538 a metric ton...

India's equity benchmarks rose Wednesday, led primarily by metal stocks, after the government imposed an import tariff of three years on certain?steel? products. However, concerns about foreign fund outflows limited the?gains? in the final session of the year. As of 10:03 a.m. IST, the Nifty 50 index increased by 0.21% and the BSE Sensex gained 0.12%. At the opening, 14 of 16 major sectors were up. Small-caps and midcaps both rose by about?0.6%. The metal index rose by 1.3%. Steelmakers like Tata Steel, Jindal Steel and JSW Steel saw their shares rise by 2%, 4.6%, and 3% respectively. The import...

Dalian iron-ore futures fell on Wednesday for the second consecutive session due to a weakening of steel demand. However, better than expected factory data from China's top consumer helped limit losses. As of 0247 GMT the?most-traded iron ore contract for May on China's Dalian Commodity Exchange?traded at?0.94% less than its previous price, which was 786.5 Yuan ($112.55) per metric ton. However, it has gained 9.71% in this year. The benchmark iron ore for February on the Singapore Exchange, however, traded at 0.07% more, $105.75 per ton. This represents a 10.12% gain so far in this year. Everbright Securities in China...