China

Iran's ambassador in Moscow was quoted on Monday as saying that the Strait of Hormuz would be open, but with new?conditions set by Iran? and?Oman?, including a?transit fee. The U.S. and Israeli war?on Iran 'has largely reduced oil flows through the strait. Before the conflict, one-fifth the world's crude oil passed through the strait. Recently, several tankers left the Gulf. However, oil and LNG flows remain severely constrained. In an interview published Monday, Ambassador Kazem Jalali said that the strait would be opened, but new conditions would be set by the Iranians and Omanis. We understand that Iran, Oman and...

According to shipping data, and analysts, Iranian crude oil exports and condensate fell to their lowest levels?in six years?in?May. They were well below 300,000. barrels per day. This was mainly because of the U.S. Naval Blockade. The U.S. started enforcing its blockade in April, which choked Iranian exports. This is because the oil market has been facing a shortage of supply due to the Iranian closure of the Strait of Hormuz, cutting off exports from Saudi Arabia. Vortexa data indicates that Iran's exports in May averaged around 209,000 bpd, down sharply from the 1.34 million in April and almost 1.9...

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...

Chinese coking coal prices slid on Friday, but are headed for the best week in six as Beijing's calls to ensure energy supplies during?the summer peak demand period? only partially offset supply fears sparked by mine closures following a fatal accident. According to a late-night statement posted on WeChat by China's official planner, efforts should be made to ensure the production and supply primary energy sources like coal and natural gases to meet peak electricity generation needs. Analysts said that this helped ease concerns about coal supply losses caused by?production halts at coal-rich Shanxi Province mines after a deadly gas...

VCI, the German chemicals lobby, said on Friday that the first-quarter production, sales, and prices all fell. The sector is also facing a lack of optimism due to the 'increase in energy, raw materials, and transportation costs linked to the Iran war. Chemicals, including pharmaceuticals, saw a 6% decline in production figures for the quarter. VCI reported that producer prices dropped by 1%, and sales fell 5.4% compared to a year earlier. Third-largest industrial sector in Europe's economic powerhouse, Germany, can be seen to be a barometer for the region's economy. It produces components that are used across industries ranging...

Chinese coking coal fell on Friday, but are headed for their best week in six weeks. Beijing's call to ensure energy supplies during summer peak demand only partially offset the supply fears sparked by mine closures following a fatal accident. According to a late-night statement posted on China's WeChat account, efforts should be made to ensure the production and supply primary energy sources like coal and natural gases to meet peak electricity generation needs. Analysts said that this 'helped ease concerns about coal supply losses caused by production halts in mines?in coal rich Shanxi Province after a deadly gas explosion...

The U.S. announced on Thursday that it had imposed 'new sanctions' on the?Irani military oil trade. Washington and Tehran have reached an agreement to extend the ceasefire and remove restrictions on shipping in and out of the Strait of Hormuz. Treasury Department announced that it sanctioned eight vessels transporting Iranian crude and petroleum products to international markets. The eight vessels were the Flora oil tanker, flagged by the Marshall Islands; the Hauncayo crude oil tanker, flagged by the Comoros; and the Ill Gap tanker, flagged with the Panamanian flag. Treasury Secretary Scott Bessent stated in a press release that "we...

State media reported that a preliminary investigation into the 'deadliest mining disaster in China in over 15 years' revealed unmarked tunnels, fake doors, and missing trackers. The government has pledged to investigate the incident thoroughly, despite the fact that it is still early in the process. A gas explosion at the Liushenyu Mine in the coal-rich Shanxi province in northern China killed 82 people late Friday night. State media reported that two people were still missing and 128 others hospitalized. This is the worst mining accident to have occurred in China since 2009. A gas explosion in the Xinxing Mine,...

Three trade sources familiar with the issue said that China will only see a small increase in refined fuel exports from May to June, because Beijing plans to maintain export restrictions for a fourth month in order to protect domestic supply. Two sources said that June exports were estimated to be around 550,000 metric tonnes or slightly more than expected, compared to about 500,000 tons in May. The two sources and another person said that state oil firms must now seek approval from the government on a regular basis for every shipment they export. This is because China, the world's...

Hengli Group has been thrust in the middle of a geopolitical struggle. The group, which was built over 30 years by a husband and wife team from a failed textile mill to a Fortune Global 500 company and one of China’s largest private oil refiners is now a Fortune Global 500 firm. The United States imposed sanctions on its Hengli Petrochemical unit, which operates a 400,000 barrel per day refinery in Dalian (northeast China), for allegedly buying Iranian oil. Hengli, along with about 40 other shipping?firms? and vessels? were blacklisted as Donald Trump and Xi Jinping met and Washington was...

Analysts and traders alike predicted a market Armageddon if U.S. - Iran war continued and the Strait of Hormuz remained closed. Five weeks after the peace talks stalled and the strait remained largely closed, oil prices did not rise but instead fell to between $100-$110 per barrel. This fall was caused by several factors: Chinese refiners reduced refining and imports, and used crude oil from their tanks instead. The United States' refiners, traders and producers exported more fuel and oil to the global market to fill the supply gap from the Middle East. The Strait of Hormuz was the route...

Data exclusively shared with shows that demand for electric vehicles has risen in Europe as fuel prices linked to the 'Iran War' have pushed sales of second-hand and new EVs. This is a boost for the auto industry. While?sales for fully electric cars in Europe are expected to grow 30% by 2025, the adoption of EVs on the continent is still behind industry expectations. 'Carmakers - from Fiat-owned Stellantis to Volkswagen, who had invested heavily to meet the expectation of a much higher EV market, have booked multi-billion dollar charges in the past year to cover asset writedowns. The rise...

The copper price was little changed Tuesday, as the?support of dwindling London Metal Exchange inventory offset the?pressures from Middle East tensions and high oil prices. Benchmark three-month copper prices on the London Metal Exchange were down 0.22% by 0300 GMT, at $13,585.5 per metric ton. The Shanghai Futures Exchange's most traded copper contract rose 0.02% to 104,090 Yuan ($15,356.58) a ton. The London Metal Exchange has seen a decline in stocks, which is causing traders to shift their metals?towards the United States before the U.S. announces its decision on tariffs on copper imports at the end of June. Data released...

London copper was near its one-week lows Monday due to a combination of 'weaker Chinese metal prices' and a growing expectation that the Federal Reserve will be pushed towards rate hikes by strong U.S. job data and higher oil costs. Benchmark 'three-month copper' on the London Metal Exchange rose 0.38% at $13,570.5 per metric ton as of 0331 GMT. LME copper fell to its lowest level since May 28 due to a rising dollar, and inflation fears. Industrial metals are more dependent on economic growth, so higher interest rates can dampen their prospects. Official data showed that the U.S. economy...

Five sources familiar with the matter have confirmed that 'Cargill' is in discussions to sell its metals division to Macquarie Group, as a global trading house wants to concentrate on its core operations of food and agriculture. The five sources all spoke under condition of anonymity as the sale had not yet been announced. They were also not authorized to speak to media. They didn't disclose any further details about the discussions, which may not result in a deal. Cargill did not respond to requests for comments via phone and email. Macquarie has declined to comment. Cargill's metals unit in...

Iron ore prices are headed for a fourth consecutive weekly loss even though they were mixed on Friday as declining margins for steelmakers' in the world's largest consumer, China, curbed buying appetite for this key ingredient. The most-traded contract for iron ore on China's Dalian Commodity Exchange closed daytime trading down 0.91% to 766 yuan (113.07 dollars) per metric ton. This marked a 2.1% weekly drop. The contract reached its lowest level in over a year at 760.5 Yuan during the session. As of 813 GMT, the benchmark July iron ore traded on Singapore Exchange was trading at $101.9 per?ton....

The copper price was set to rise despite the drop on Friday, as tighter supplies and a bullish mood helped counteract wider macroeconomic concerns linked to 'the Iran War' and 'inflation. Benchmark -three-month copper at the London Metal Exchange fell 1.34%, to $13,745 per metric ton as of 0700 GMT. The week-over-week increase was 0.7%. The Shanghai Futures Exchange's most active copper contract fell by 0.46%, to 105150 yuan (15,521.90 dollars) per tonne. Daniel Hynes is a senior commodity analyst at ANZ. He said that copper has been resilient to macroeconomic headwinds. "Structurally driven demand offsets cyclical 'weakness,'" he wrote...

Gold demand in India was subdued as buyers were on the sidelines because of?volatile overseas prices. Premiums?in China also eased slightly. On Friday, the price of domestic gold was around 158.400 rupees for 10 grams. Dealers quoted discounts This week you can save up to $87 per ounce on official domestic prices, including 15% import duty and 3% sales tax. Last week, you could save up to $106 per ounce. The wedding season is coming to an end. The retail demand is continuing to moderate and jewellery stores are reporting lower footfall in the country, said a Mumbai bullion dealer...

The price of copper was expected to rise despite the?drop on Friday. Tighter supplies and a?bullish mood helped to offset macroeconomic worries related to?the Iran War and inflation. Benchmark three-month Copper on the?London Metal Exchange fell 1.23% at $13,761 per metric ton as of 0300 GMT. This still represents a 0.8% rise for the week. The Shanghai Futures Exchange's most active copper contract fell 0.39%, to 105230 yuan (15,529.81 dollars) per ton. Daniel Hynes is a senior commodity strategist at ANZ. He wrote a note Friday that copper has shown?resilience to macroeconomic headwinds. "Structurally driven demand offsets cyclical weaknesses," he...

The price of iron ore continued to fall on Friday, and was'set for a fourth consecutive weekly loss' as falling margins at steelmakers in China, the top steel-making consumer, curbed demand for this?key ingredient. By 0245 GMT, the most traded iron ore contract at China's Dalian Commodity Exchange(DCE) had fallen 0.95%, to 766 Yuan ($113.05), a metric tonne, and has lost 2.1% for the week. Earlier in the session, the contract reached its lowest level since 15 April? at 760.5 Yuan. As of 0235 GMT the benchmark July iron ore traded on?the Singapore Exchange remained unchanged at $101.5 per ton....

Iron ore prices continued to fall on Thursday, reaching a 'lowest level in over six weeks.' This was due to rising concerns regarding demand from 'China, the worlds largest steel consumer. Iron ore, the most traded contract on China's Dalian Commodity Exchange(DCE), fell by 0.96% at 0327 GMT to 774.5 Yuan ($114.32) per metric ton. This was its lowest level since April 20, As of 0317 GMT the benchmark?July Iron Ore traded on the Singapore Exchange had fallen 0.93% to $102.7 per tonne, after having hit its lowest level since April 14, at $102.5. Analysts said that demand for iron...

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...

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...

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...