China

Holders of Pirelli's 500 million euro (582 million dollar)?bond? will decide on Monday if they want to convert the bond into shares. This could dilute the stakes that the existing investors hold in the group, who are fighting over the Italian tiremaker's governance. Sinochem, the Chinese state-owned company, and Marco Tronchetti Provera, an Italian businessman, both owning Camfin, have been at odds with each other in recent years. Camfin has complained that Sinochem's share is preventing the group from expanding into America. The tiremaker issued a five-year, no-coupon convertible bond at the end 2020. The bond is due to expire...

SolGold announced on Friday that it would "recommend to its shareholders, Jiangxi copper?an improved offer?valuing the gold and copper mining company at approximately?842?million pounds? ($1.13 billion) amid a worldwide race for copper assets. Jiangxi Copper has increased its offer to 28 pence per Share, marking the third time that it has proposed to buy SolGold. This is a 7.7% rise from their previous bid of 26 pence per Share which was rejected last month. SolGold, a company based in Ecuador, said that its board will tell shareholders to accept Jiangxi Copper's (JCC) offer if it is firm. JCC's pursuit for...

A judge in Ecuador ordered Monday that former president Lenin Moreno stand trial for alleged bribery related to the construction of Ecuador's largest hydroelectric plant. The case was first brought in March 2023 by the prosecutor’s office. It involved Moreno and members of his family as well as local and Chinese business partners in connection with bribes paid for the construction Coca Codo Sinclair, which started operations in 2016. Since then, it has been plagued by technical problems. According to the prosecutor, Sinohydro (the Chinese builder of the hydroelectric plant) allegedly paid around $76million in bribes between 2009 and 2018....

Two people familiar with the project said that a Chinese refinery operator, whose main business suffered when Washington sanctioned it in May over its purchase of Iranian oil, is pushing ahead with a $3.6billion petrochemicals extension project. Construction at the Xinhai Chemical Site in Cangzhou, north China, shows how independent refiners in the country, Iran's biggest oil customers, maintain their business despite being on the growing Western blacklists aimed to curtail oil revenues for governments such as Tehran and Moscow. State media reported that Hebei Xinhai Holdings Group, the parent company, announced a plan in early last year to convert...

The General Administration of Customs reported on Monday that coal imports from China, the largest buyer in the world, dropped 20% from their record high of the previous year. Imports in November, at 44.05 millions metric tons, were up by 6% compared to 41.74 tons in October. Imports in November of the previous year had reached 54.98 millions tons, a monthly record. The China Coal Transportation and Distribution Association's (CCTD) website reported in late November that although imported coal has a slight price advantage, this arbitrage has decreased as domestic coal prices have fallen. CCTD stated that due to supply...

A European lobbying group, looking for cover against the U.S. - China trade war, said Monday that China's tightening of export controls is pushing European firms into exploring new supply chain capacities outside the world's largest economy. According to the European Union Chamber of Commerce in China, one in three of its member companies are looking to move their sourcing from China because of Beijing's export controls regime. Forty percent of respondents to its recent flash survey reported that the Commerce Ministry is processing export licenses slower than promised. The chamber's President Jens Eskelund said that China's export controls had...

The price of iron ore futures fell on Friday but recorded their third consecutive weekly gain due to recent infrastructure demand. The day-traded contract for January iron ore on China's Dalian Commodity Exchange closed 0.19% lower, at 794 Yuan ($112.18) per metric ton. The contract rose 1.14% in the past week. As of 0717 GMT, the benchmark December iron ore traded on Singapore Exchange was down 0.89% at $105.75 per ton. The contract has gained 1.73% in the first week. Galaxy Futures, a Chinese broker, says that infrastructure demand has been increasing recently. Prices are expected to follow fundamentals on...

The iron ore futures price was little changed on the Friday but is headed to a third weekly gain in a row on recent infrastructure demand. As of 0301 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange was trading 0.06% higher. It was 796 yuan (US$112.48) per metric ton. This week, the contract has risen by 1.14%. The benchmark December Iron Ore at the Singapore Exchange fell 0.56% to $106.1 per ton. Galaxy Futures, a Chinese broker, says that recent infrastructure demand is increasing, resulting in a continued improvement in apparent steel demand. Prices are...

The major Gulf stock markets rose early on Thursday as they followed gains in Asian stocks, and expectations of a Federal Reserve rate cut next week grew. Investors are focused on Federal Reserve officials' statements this week, as there is a lack of data about the U.S. economic situation following the end to the government shutdown. CME FedWatch Tool shows that traders are now attributing an 85% chance of a rate reduction next month, up from 30% just a week earlier. The U.S.'s monetary policy changes have an important impact on Gulf markets where the majority of currencies are pegged...

On Monday, the Russian rouble fell against the U.S. Dollar and the Chinese yuan as the corporate sales of foreign currencies, which had supported the rouble over the past few weeks, decreased. The rouble fell more than 0.4% against the dollar at 1050 GMT and was down 0.2% against the yuan at 1140 on the Moscow Stock Exchange. The traders believe that the currency sales of Russia's two major oil companies, Rosneft & Lukoil - both sanctioned in the U.S. - have supported the rouble. The traders did, however, note the recent irregularity of corporate forex sales. The U.S. has...

Sources and data show that despite Ukraine's largest drone attacks, Russia's oil production has only fallen by 3% in this year. Refineries have avoided a sharp decline in fuel output by using spare capacity to offset the damage caused by the strikes. Ukraine has intensified drone attacks in Russia. The aim is to destroy oil refineries and depots, and shut down pipelines, as well as Moscow's main source of funding the war in Ukraine. The majority of attacks took place at the beginning of 2025, then resumed in August. At least 17 major refineries were targeted by Ukrainian drones, which...

The Russian rouble gained against the U.S. Dollar and China's Yuan on Thursday, despite lower oil prices in Russia. Oil firms converted their earnings into roubles prior to U.S. sanctions taking effect. At 1020 GMT the rouble had gained more than 1% against the dollar, trading at 80.45, and was 0.5% higher at 11,31 against the Yuan at the Moscow Stock Exchange where it is traded the most. Washington introduced sanctions last month against Russia's two largest oil producers, Rosneft Lukoil as part of President Donald Trump's efforts for an end to Moscow's conflict in Ukraine. The deadline set for...

Copper prices increased on Wednesday as persistent fears about possible shortages prompted speculators to buy. The benchmark three-month copper price on the London Metal Exchange gained?1.2%, to $11,721.50 per metric ton at 1110 GMT after losing 0.5% on Tuesday. LME copper prices have risen by 33% in the past year, and in recent weeks they've reached record highs. This is largely due to fears that mine disruptions will lead to a deficit in supply next year. Ewa Manthey, commodities strategist at ING, said that the copper market is still fundamentally tight. The risks are further disruptions of mines, and stronger...

The price of iron ore futures rose to a new high on Wednesday. This was due to the accelerated buying in the spot market, as steelmakers from the top consumer -China began stocking up feedstocks for consumption over the Lunar New Year holidays in February. The daytime trading price of the most traded iron ore contract at China's Dalian Commodity Exchange was 768 yuan (109.02 dollars) per metric ton. This is its highest level since December 11. As of 0751 GMT the benchmark January iron ore was up by 0.98%?at $103.55 per ton. This is the highest price since December...

The price of platinum futures at China's Guangzhou Futures Exchange increased for the fourth consecutive session, reaching a price ceiling on Wednesday. This was fueled by a growing demand for the precious metal after the record-breaking performance?of silver and gold. Platinum contracts for delivery in August, June, October, and December all reached the maximum. The June contract, the most active contract since its inception, soared 7% to $527.55 ($74.88), the highest price per gram. Palladium futures also surged, with the June contract, the most active, hitting the price ceiling with a 7% increase to 455,15 yuan a gram. This is...

Copper prices rose on Wednesday. The latest US labour market data revealed a rebound of?job creation but a higher unemployment rate in November. As of 0330 GMT, the most traded?copper contracts on the Shanghai Futures Exchange increased?0.30%, to?92550 yuan (about $13,139.40) per ton. The benchmark copper for three months on the London Metal Exchange rose 0.97%, to $11,704 per ton. Data showed that the U.S. job growth recovered in November despite unemployment being at a record high. Copper prices, on the other hand, have remained above $11,600 per ton. This is due to?supply concerns and prospects of a boom in...

The price of iron ore futures rose to an all-time high on Wednesday. This was due to the accelerated buying in the spot market, as steelmakers restocked feedstocks in preparation for consumption during 'the Lunar New Year holidays in February. By 0212 GMT, the most traded iron ore contract at China's Dalian Commodity Exchange rose 1.05% to reach 766.5 Yuan ($108.84). It reached its highest level since December 11, at 769 Yuan, earlier in the session. As of 0202 GMT, the benchmark January 'iron ore' on the Singapore Exchange had risen by 0.59% to $103.15 per ton. The price of...

The Chinese court sentenced 27 people to jail and fined them for exporting antimony ingots without export licenses. This ruling demonstrates how China is tightening its controls on'strategic mineral'. China is the largest producer of antimony in the world. It is used for batteries, chips and flame retardants, as well as the defence industry. Beijing added antinomy in September 2024 to its export list. China announced last month that it had lifted a 'ban' on the export of antimony and gallium to the United States after a meeting between Presidents Xi Jinping & Donald Trump. However, the metals are still...

Copper prices fell on Tuesday as traders remained cautious ahead of the U.S. employment data and year-end liquidity. The benchmark three-month 'copper price on the London Metal Exchange dropped 0.6% to?$11,592 per?metric ton at 0943 GMT. On Friday, it reached a new record high of $11,952 due to concerns about tight supply. Analysts at Sucden Financial say that with thin liquidity and no new fundamental direction, the price swings of base metals have become increasingly exaggerated. This leaves the complex vulnerable to sudden moves towards year-end. Metals used in construction and power are up 33% this year. This is the...

Prices of copper fell on Tuesday as a result of weak economic data coming from the world's largest consumer, China, and renewed fears about an artificial-intelligence bubble. The Shanghai Futures Exchange's most traded copper?contract closed daytime trade down 0.79% to?91.840 yuan (about $13,041.01) per metric ton. As of 0700 GMT, the benchmark three-month price for copper at the London Metal Exchange dropped 0.42% to $10,607 per ton. According to Monday's data, China's factory production slowed down to its lowest level in 15 months, and new home prices also continued to fall. Red metal, used in construction, manufacturing, and power plants,...

Prices of copper fell on Tuesday as a result of weak economic data coming from China, the world's largest consumer. There were also renewed fears about a possible artificial intelligence bubble. As of 0315 GMT, the most traded copper contract at the Shanghai Futures Exchange fell 1.29%, to 91380?yuan (12,975.87 dollars) per metric ton. The benchmark copper for three months on the?the?London Metal Exchange dropped 0.91% to $11,550 per ton. According to Monday's data, China's factory production slowed down to its lowest level in 15 months, and new home prices also continued to fall. Red metal, used in construction, manufacturing,...

The price of iron ore futures rebounded Tuesday, after hitting a five-month-low in the previous?session. This was due to the expectation that steel mills will restock for the Lunar New Year holiday in China, the top consumer. As of 0215 GMT on Tuesday, the most traded iron ore contract at China's Dalian Commodity Exchange added 0.66%, to 758 Yuan ($107.63), a metric tonne, after dropping 0.92% Monday. As of 0205 GMT, the benchmark January 'iron ore' on the Singapore Exchange had risen 0.41%, to $101.95 per ton. It had previously approached the psychologically important level of $100. Chinese steelmakers book...

The copper price rose on Monday, as traders moved forward their?positions in anticipation of a contract that expires this week. This helped the?market put aside worries about weak data and the property sector in China's top consumer for now. The benchmark three-month copper price on the London Metal Exchange increased 1.4% to $11,670 a metric ton at 1058 GMT. On Friday, copper hit a new record of $11,952 due to concerns about a tight supply. Then there was a "sell-off" amid renewed fears that the AI bubble would burst. Alastair Munro is a senior metals analyst at Marex. He said...

Shanghai copper prices fell on Monday, after hitting a record in the previous session. This was due to renewed demand concerns triggered by an array of 'weak' data in China, which is a major consumer. As of 0228 GMT, the most traded copper contract at the Shanghai Futures Exchange fell 1.49%, to 92180 yuan per metric tonne ($13,068.87). The price of copper reached a record-high?of 94.570 yuan last Friday. The red metal widely used in power plants, construction and manufacturing has seen its largest daily drop since December 9. China's growth in?factory production and retail sales slowed down further in...