China

The prices of China's coal futures continued to decline on Monday. This was due to the prospect of a rising supply following the resumption of production in coal-rich Shanxi, as well as from increasing imports. The Dalian Commodity Exchange's (DCE) most traded coking coal contract closed the daytime trading 1.39% lower, at $188.20 per metric ton. This is approximately 14% lower than the 1,486.5 Yuan that was reached on June 8th, the highest level since Oct 2024. The most active DCE contract dropped 0.49%, to 2,015.5?yuan per ton. According to a survey conducted by the consultancy Mysteel, as of June...

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...

The National Stock Exchange of India filed draft papers to?along-delayed listing? that will be one of the two mega initial public offerings in India this year. Alongside billionaire Mukesh?Ambani's Reliance Jio. NSE's IPO will likely?be worth $3.3 billion based on a?pricing of its shares in the private market, and it comes?after...years of regulatory delay. As part of this issue, existing investors will sell 6% equity in the company. This will be an offer-for sale with no new equity raised. Ambani’s AI-to Telecoms arm Reliance Jio Platforms, is also preparing for an IPO that could be the largest ever in India....

China's official media Xinhua reported that a former chief executive of state-owned oil giant CNOOC Ltd. was sentenced to a death sentence for accepting bribes, but the sentence has been stayed for two years. Yuan Guangyu retired from CNOOC as CEO in September 2019, after reaching mandatory retirement age. He was also the former deputy general director of CNOOC’s parent company, China National Offshore Oil Corporation. According to Xinhua, Yuan's political rights were also revoked for life in the ruling of the Xuzhou Intermediate People's Court. The court found that Yuan accepted illegally, directly or indirectly, more than 152,000,000 yuan...

Saudi Arabian crude oil sales to China will likely remain at record lows this month as the high 'prices' in the wake of the U.S. and Israeli war on Iran continue to impact demand. Market participants closely monitor the allocations as a measure of Chinese demand. They indicate that refiners are reluctant to import barrels at high prices after run cuts, and because they have exhausted their domestic stocks. Saudi Aramco will ship 12 million barrels to China customers for July loading. This is about 387.096 barrels a day. Sources'requested anonymity because they weren't authorized to speak with the media....

Investors said that the turmoil on the world markets over the past week showed the economic outlook was now on a razor's edge. There were equal odds for an AI boom to boost growth, or oil shocks from the U.S. - Iran war to send stocks and bonds into a tailspin. The global equities market hit its highest point on June 3 and then experienced their worst day since October the next day. This week, they have been reversing direction constantly to match President Donald Trump's volatile remarks about Iran. Florian Ielpo, head of multi-asset and macro portfolio management at...

Global trade doesn't cool in the shadow of tariffs, wars on trade, real wars, and energy shocks. It's heating. How durable is it when the price, and not volume, is what's stoking up the flames? Recent trade data, from the U.S., China and other major economies, shows that cross-border commerce has grown at a faster rate than economists expected. In many cases the price increases were the primary cause of increased activity and surprising export figures. This reflects the spike in inflation caused by the Iran War, particularly on the oil and energy markets. This was especially true in the...

Investors said that the turmoil on the world markets over the past week showed the economic outlook was 'now on a razor edge. There are equal odds for an AI boom to lift growth, or for oil shocks resulting from the U.S. - Iran war to send stocks and bonds into a tailspin. Global equities reached an all-time high on June 3 and then suffered their worst day in October the next day. This week, they have spent a lot of time reversing direction constantly to match U.S. president Donald Trump's volatile remarks about Iran as well as rapidly changing...

Global trade is not cooling in the shadow of tariffs and trade wars. It's heating. How durable is it when the price and not the volume is what's stoking up the flames? Recent trade data from the U.S., China and other major economies show that cross border commerce is growing at a faster rate than economists expected. In many cases the "increased activity" and the "surprisingly strong headline export numbers" were primarily driven by "higher prices". These reflect the spike in inflation caused by the Iran War, particularly on the oil and energy markets. This was especially true in the...

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 'prices' pared gains earlier to trade lower?Thursday, as concerns about demand prospects for steelmaking ingredients were fueled by a slump in steel consumption. Data from the consultancy Mysteel revealed that apparent consumption of five major steel products sank 6.5% on a week-on week basis as of Thursday. This compares to a gain of 3.1% during the previous week. Steel prices and feedstocks were under pressure due to the deteriorating market sentiment. The Dalian Commodity Exchange's (DCE) most traded coking coal contract closed the daytime trading 0.88% lower, at 1,238.5 Yuan ($181.99) a metric ton. The most actively traded...

Aluminum prices fell on Thursday as the Middle East war-risk premium faded, as the fragile peace in?region continued to hold. The Shanghai Futures Exchange's most traded aluminium contract fell 2.75% to?22.825 yuan (3,354.55) per ton after?falling?to an earlier 2026 record low price of 22.665 yuan per ton. The benchmark three-month aluminum on the London Metal Exchange was up 0.13% to $3,126.5 per metric ton at 0339 GMT. This marks an 8% decline since the beginning of the week. As ships passed through the Strait of Hormuz, prices for the light metal fell this week. A fragile peace seemed to hold....

The price of aluminium fell to pre-Iran war levels on Wednesday as the U.S. Dollar strengthened and the Middle East Risk Premium continued to decline. This outweighed any signs of disagreement between Washington and Tehran regarding key terms of a peace agreement. Benchmark three-month aluminum on the London Metal Exchange fell 3.3% to $3,124 per metric ton at 1601 GMT. It had earlier fallen as low as $3,110 and was below the support of the 200 day moving average, which is around $3142. The price of'metal for construction, packaging, and transport has fallen 18% after the Iran War caused Gulf...

Lingyi iTech, a Chinese company, priced its Hong Kong IPO at HK$10.18 ($1.06bn), allowing it to raise HK$8.3bn ($1.06bn), which will be used in part to expand its AI capabilities. Apple's supplier is aiming to capitalize on the rising demand for AI computing and advanced equipment. In its prospectus, it stated that approximately 37.6%, or about HK$3,07 billion, of the IPO proceeds would be used to upgrade core manufacturing processes and increase production capacity. The next three years will see a total of?HK$1,71 billion invested in the manufacturing of high-density AI server, humanoid robotic hardware and AI optical communications infrastructure....

The European Commission announced on Wednesday a series of'measures' to help Europol, the EU law enforcement agency, respond more quickly and effectively to cross-border crime. Europol warned in 2017 that organized crime groups were using AI scams to target their victims. Many governments continue to make it a priority to combat smuggler gangs who illegally transport migrants across Europe. * The Commission stated that 'Europol will create a?shared data space? and a sovereign cloud to enable investigators to more easily collaborate on joint cases. The Commission announced that the agency would also open support offices in EU member states, which...

China announced Wednesday plans to create a 'whistleblower hotline' that will encourage citizens to report the smuggling?of restricted?critical minerals. Beijing is continuing its crackdown against a sector which has given it so much diplomatic leverage. The Ministry of Commerce will reward organisations and individuals who report violations of export controls, such as transshipment. Callers must call during normal business hours. The hotline is closed for 2.5 hours over lunch. You can also submit information?via a?form online. China processed the majority of rare earths in the world and used its production control to great diplomatic advantage during the U.S. trade war....

Iron ore prices rebounded on Wednesday after hitting multi-month lows the day before. This was aided by traders who bought dips and covered shorts as demand for iron ore in China, the top consumer of the commodity, remains resilient. After touching a low of 11 months on Tuesday, the most-traded contract for iron ore on China's Dalian Commodity Exchange closed daytime trading up 0.74% to 744 yuan (109.35 dollars) per metric ton. As of 0805 GMT the benchmark July 'iron ore' on the Singapore Exchange had risen by 0.84% to $98.25 per ton after Tuesday's near four-month low. In anticipation...

The 'London Metal Exchange' saw aluminium prices remain near their three-month lows on Wednesday as the strong 'dollar and expectations of Middle East supply returning weighed. LME benchmark?aluminum for three months edged up by 0.17% to $3,238 per metric tonne at 0300 GMT after plunging in the previous session. The Shanghai Futures Exchange's most traded aluminium contract fell 1.12%, to 23,480 Yuan ($3,453.50), a ton. It fell earlier in the session to a three month low of 23,320 Yuan per ton. After three months of war, there was hope that tensions would ease between the U.S. The LME Cash-to-three Month?Premium...

The price of aluminum fell to its lowest level in nearly three months on Tuesday, as the United States granted Iran an?60-day sanction waiver following initial peace talks. This improved prospects for a resumed Gulf shipping through the Strait of Hormuz. By 0944 GMT the benchmark three-month aluminum on the London Metal Exchange had fallen 3.0% to $3,262.50 per metric ton after having hit $3,225.5 - its lowest level since March 26. Ole Hansen is the head of commodity strategy at Saxo Bank. He said that "aluminum prices have been impacted by expectations?that Middle Eastern supplies may gradually improve following...

Copper prices fell on Tuesday amid fears of growth headwinds resulting from a Federal Reserve rate hike after yesterday's closely watched U.S. Iran talks. By 0300 GMT, the benchmark three-month copper price on?the London Metal Exchange?fell by 0.51%. It was now $13,580 per?metric?ton. The Shanghai Futures Exchange's most traded copper contract was down by 0.61% to 104,060 Yuan ($15.353.97) per ton. Many banks have predicted that the Fed will raise interest rates in this year because of persistent inflation, and due to a hawkish attitude from new chair Kevin Warsh. Increased interest rates can dampen industrial metals' growth prospects by...

Iron ore prices continued to fall on Tuesday, hitting a near -four-month-low. This was due to expectations of rising shipments by major suppliers as we approach the end of the second quarter and a seasonally weakening steel demand. The most traded iron ore contract at China's Dalian Commodity Exchange fell 0.74% by 0300 GMT to 737 Yuan ($108.81), after reaching its lowest since February 24, 736 yuan. By 0250 GMT the benchmark 'July Iron Ore' on the Singapore Exchange had fallen 0.45% to $97.8 per ton. This was its lowest price since February 25. For a fourth consecutive session, the...

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...