China

Three people with knowledge of the matter said that Abu Dhabi National Oil Co (ADNOC), a trading firm in the face of supply disruptions caused by the Iran War, has purchased millions of barrels of discounted crude oil from Iraq's State Oil Firm. Two Iraqi energy sources reported that the state company through its trading arm was the largest lifter of Iraqi oil in August and September, helping to boost Iraqi exports, which had been severely cut in the early months of the war. One of the Iraqi sources said that ADNOC had agreed to purchase 32 million Iraqi barrels...

Two people who have direct knowledge of this matter say that the Swiss company Syngenta Group, which produces seeds and agrichemicals, has filed confidentially for a Hong Kong IPO, with a goal to raise at least five billion dollars. One of the sources said that the Basel-based firm, controlled by the Chinese state-owned Sinochem hopes to launch its offering as early as this year or, if not, as early as 2027. Sources said that depending on the response of the market, the size of the offering could reach $10 billion. According to LSEG, if the offering size is that large,...

The largest stock exchange in India, the National Stock Exchange (NSE), will open its initial public offer next week. The NSE IPO, which 'doesn't include any new capital being raised', would value the company at close to $46 billion. This would make it a third largest IPO in the country. Mukesh Ambani, the billionaire owner of Reliance Jio Platforms, is likely to launch his IPO later this year. It's expected to raise $3.8 billion and be the largest stock offering in India's history. The five biggest Indian IPOs so far: HYUNDAI MOTOR INDIANA Hyundai, India's 4th largest passenger vehicle manufacturer...

Brent crude, the global benchmark for oil prices, hit $100 per barrel Wednesday. This was the first time this has happened since late July. However the price increase is relatively slow despite the escalating conflict in the Middle East that fuels fears of more disruptions to oil shipments. Russell Hardy, CEO Vitol - the world's largest independent oil trader - told the APPEC Conference in Singapore on Tuesday that the Middle East has exported approximately 9 million barrels of crude per day and another 1 million bpd in refined products in recent days. This compares to roughly 20,000,000 barrels of...

Benchmark Brent crude futures surpassed $100 per barrel on Wednesday. This was the first time that the symbol had been breached since July 24, as the intensifying conflict in the Middle East fueled a growing concern about oil exports from the region. Brent crude futures were up $2.15 or 2.2% to $100.07 a bar by 0721 GMT. U.S. West Texas Intermediate crude rose $1.70 or 1.83% at $94.73 a bar. Brent crude prices are up by 25% since the beginning of last month, as hope for a permanent solution to the U.S.-Iran conflict fades. The attacks this week by the?Houthis,...

According to Sinopec, the research arm, China's oil consumption is expected to decline by 600,000 bbls per day or 8.9% in 2026. This will be the third consecutive annual decline, as high oil prices have curtailed consumption and electric vehicles are becoming more popular. The?decrease in oil demand, or a?long-term decline in consumption at?the largest oil importer in the world, has played a?key role in limiting China's crude oil imports and global prices despite the severe?disruption of supplies via the Strait?of Hormuz because?of the Iran war. The consumption of gasoline and diesel is expected to decline by 8.7% and 11,4%...

Data from the analytical agency Autostat revealed that new electric vehicle sales in Russia have more than doubled during the summer months as shortages caused a result of Ukrainian attacks on refineries, boosted demand for alternatives to cars powered by combustion engines. The data provided showed that sales of new plug-in or electric hybrid passenger cars were mainly manufactured in China. They reached 26,543 units from June to August of this year. This is up from 12,187 units during the same period in 2025. Kyiv's attacks on major Russian refineries intensified in early June. They forced some to stop operations...

Nvidia may be synonymous with AI, but a group of lesser-known power and cooling equipment providers is cashing in as developers rush to avoid infrastructure bottlenecks. The energy-hungry data centers have created a surge of demand for equipment from transformers to advanced cooling systems. This has created winners throughout Asia's supply chains, though earlier stock price gains have moderated. McKinsey predicts that data centres will be worth $7 trillion by 2030. Nvidia said 'last week' it expected AI spending to continue for many years. It is getting harder to build data centres quickly enough to meet the demand. According to...

Nvidia may be synonymous with AI, but a group of lesser-known power and cooling equipment providers is taking advantage of a global construction frenzy as developers rush to avoid infrastructure bottlenecks. The energy-hungry data centers have created a?surge in demand for equipment from transformers and advanced cooling systems. This has resulted in?winners throughout Asia's supply chains, although earlier stock price gains have moderated. McKinsey predicts that nearly $7 trillion will be invested in data centres worldwide by 2030. Nvidia said last week it expects AI expenditures to continue for many years. It is getting harder to build data centres quickly...

Nvidia may be synonymous with AI, but a group of lesser-known power and cooling equipment providers is also cashing in on the global data center construction boom as developers rush to avoid infrastructure bottlenecks. The energy-hungry data centers have created a surge of demand for equipment from transformers to advanced cooling systems. This has created winners throughout Asia's supply chains, though earlier stock price gains have moderated. McKinsey predicts that data centres will be worth $7 trillion by 2030. Nvidia said last week it expected AI spending to continue for many years. It is getting harder to build data centres...

The Iranian conflict has continued to affect the supply of refined petroleum products in Asia. In August, the region that consumes the most refined fuels saw its imports drop to their lowest level since the start of the war. Asia's imports of light and medium distillates were estimated at 5,10 million barrels a day (bpd), down from 5,61 million bpd during July, according to Kpler data, a commodities analyst. Imports are down by about 2 million bpd, compared to the 7.06 million bpd average in the three months prior to February 28, when Israel and the U.S. launched airstrikes against...

The 'Amur Gas Chemical Complex', located in Russia's Far East, announced on Thursday that the death toll from a fire which broke out earlier this week was now 15. The plant announced on Wednesday that six Chinese citizens were among the seven victims of the fire. In a Thursday?Telegram, it said that 14 of the 15 victims were foreigners without revealing their nationalities. The report said that 39 people are still?in hospital, nine of whom were airlifted to Moscow. The complex is a joint venture between Sinopec and Sibur, a Chinese oil and gas firm. It claims to be one...

The copper price rose on Thursday, as Chinese buyers returned to market after a recent selloff. Demand prospects also improved and the market shrugged off the?US rate hike. Benchmark 'copper' on the London Metal Exchange traded 1.2% higher at $14,408 per metric ton. Prices for the metal used in construction and power industries have fallen 4% since September 10, when they reached a record high price of $14,875 per ton. The dollar increased after the US Federal Reserve raised interest rates and reaffirmed their commitment to curbing inflation. The demand for industrial metals has been impacted by the rising dollar,...

Iron ore prices increased for a second time on Thursday as Chinese steelmakers increased seaborne purchases in anticipation of a holiday. However, shrinking steel margins clouded the demand outlook. Iron ore, the most traded contract at China's Dalian Commodity Exchange(DCE), closed daytime trading 0.28% higher than its previous high of 745 Yuan on September 8, still 4.6% lower. As of 0751 GMT the benchmark October iron ore on the Singapore Exchange had increased by 0.52%, to $96.3 per ton. It has been hovering below the psychologically important level of $100 in six consecutive sessions. Steelmakers have booked seaborne cargoes for...

Prices of copper rose on Wednesday as a result of signs of demand from 'China, the world's largest consumer, although traders were wary of possible volatility in advance of the Federal Reserve of America's decision to raise interest rates. In open-outcry official trading, the price of a metric tonne of three-month 'copper' on the London Metal Exchange rose by 1.1% to $14,231 per metric ton. Metal used for power and construction is down by 4% after hitting a record-high of $14,875 in the past week. The premium of COMEX futures prices against the?London price fell dramatically. The Yangshan copper premium...

The copper price fell to its lowest level in over three weeks on Tuesday as the London Metal Exchange increased their inventories, and oil prices rose. The benchmark copper price on the London Metal Exchange was 0.5% higher, at $14.075 per metric ton of official rings. This is the lowest level since August 20, and it's been trading there for a year. Copper recovered thanks to bargain hunters, traders said. Due to higher premiums on nearby contracts against longer-dated forwards, copper stocks in LME warehouses rose nearly 20% to 242,900 tonnes since the middle of August. The traders expect that...

The price of copper fell to a new low on Monday. It reached a three-week low as a rise in London Metal Exchange inventory?easened tightness, and the stronger dollar added further pressure to industrial?metals after last week's drop due to uncertainty over U.S. Tariffs. Benchmark 'three-month' LME copper fell by 1.2% to $14,065 per metric ton during official open outcry. It hit a low of $14 018.50 in the session, its lowest level since August 20, and it is already down 5.9% compared with the record high that was reached last Thursday. In a note published by Britannia Global Markets'...

A leading union representative in Germany said that IG Metall demands Volkswagen honour a landmark labor deal signed in 2024. He cited fears of mass job losses due to a recent turnaround agreement. Thorsten Groeger, a Hanover-based reporter, told reporters that IG Metall members 'decided on Friday to invoke a clause in the agreement signed?in December of 2024. This move is a significant step in the 'fight for Volkswagen's Future', where management has been pitted against state governments and workers over a plan to double layoffs and dramatically cut production. Volkswagen did not immediately comment on the move. Daniela Cavallo...

The copper price was headed for its first weekly decline?since June. They also stabilized on Friday after a steep drop in the previous session following reports?that White House had not yet made a decision on imposing tariffs on the metal. The London Metal Exchange's three-month copper was unchanged at $14,230 per metric ton during the official open outcry. It fell 3.6% on Friday after reaching a record high price of $14,875; it is expected to finish the week at a loss of?1.6%. This would put an end to its 10-week winning streak. Alastair Mudro, senior base metals analyst at Marex...

Copper prices reached record levels on Wednesday due to a shortage of supplies in the United States. As 'hostilities' in the Middle East flared, concerns were raised about global demand and growth. The price of three-month copper at the London Metal Exchange fell 0.5% by 1045 GMT to $14,641 per metric ton after reaching an all-time record high of $14 779 on Tuesday. After the escalation of attacks by Iran and the U.S., oil prices soared above $100 per barrel. This is a six-week high. Ewa Manthey is a commodities?strategist with ING. She said that copper?is easing off record highs,...

China's aluminum smelters are booming this year. Shanghai's aluminium price has risen to three-month highs. Raw material costs have been historically low, and margins remain strong. Each producer is encouraged to run their plant at full capacity. Indeed, national output has exceeded Beijing's 45-million-metric-ton capacity cap for the past couple of months, as smelters flex their full production ?potential. However, the mandated ceiling remains in place. Chinese producers have embraced this reality and are investing heavily in smelter projects abroad. While Donald Trump claims that the United States needs more aluminum "desperately", the world's biggest producer consolidates its position as...

The 'price of copper' continued to rise on Tuesday. It reached a record high on speculative purchases on the backs of tight supply outside the U.S. and weak mine production. In open-outcry official trading, three-month copper on the London Metal Exchange rose 1.3% to $14,503 per metric ton, breaking the previous record. LME copper is up 18% in this year. This is largely because a large amount of metal has been moving to the U.S., anticipating?tariffs to be imposed on refined copper. Alice Fox, an analyst at Macquarie, stated that falling inventories outside of the U.S. - including in China...

The dollar was weaker on Monday and the prospects of shortages outside the U.S. boosted the price of copper. The traders said that the U.S. holiday meant volumes would be muted and that they were focusing on copper and zinc. The benchmark copper price on the London Metal Exchange was 0.2% higher, at $14.443 per metric ton. It reached $14,467 earlier in trade, its highest level since January's all-time high of $14,527.50. Since President Donald Trump proposed import tariffs last February, traders and producers have shipped large amounts of copper to the U.S. Comex copper stock levels are at a...

Volkswagen announced on Monday a preliminary agreement that will see one of its German plants switch over to defense production. This is a major step in the automaker’s effort to restructure factories struggling to compete against lower-cost Chinese competitors. The deal could be a blueprint for other Volkswagen plants facing an uncertain future, as Europe's biggest carmaker embarks upon its largest ever restructuring in order to revive margins while combating chronic overcapacity on its stagnant European markets. Volkswagen, under the initial terms of this deal, will sell its Osnabrueck factory to Israel's Aurelius Capital, and Volkswagen's own state of Lower...