China

Even though oil prices rose 15% in January on the back of fears that a new U.S. attack on Iran was imminent, they remain in a narrow range. A well-supplied oil market makes it unlikely that either side will be able to push prices higher. It would take a massive, sustained action to make a significant impact on the global supply-demand imbalance. Brent crude futures are at their highest level since July?last year. This puts the global benchmark in line for its largest monthly gain since January 20,22, when Russian troops were preparing to enter Ukraine. A series of major...

Four people who are familiar with these reports in recent days have expressed doubts that interim Venezuelan president Delcy Rod will cooperate with Trump's administration by cutting off ties to U.S. enemies. Officials of the United States have publicly stated that they want Venezuela's interim president to cut ties with allies such as Iran, China, and Russia. They also want their diplomats and advisors expelled from Venezuela. Rodriguez, who was sworn in by the representatives of these countries at the beginning of this month, has not yet publicly announced such a decision. She was elected president on January 3 after...

The U.S. economic system is experiencing a productivity boom, and it may even be spreading globally. Artificial intelligence will accelerate the trend of technological leaps that have been a hallmark of U.S. efficiency, flexibility and dynamism. However, there are some early signs that AI's benefits may be spreading. The Purchasing Managers' Index (PMI), released on Friday, showed that British businesses have started the year off on a good footing. Demand at home and abroad has been robust since April 2024. The pace of job loss has also increased since December. Since late 2024, the sub-indices of employment in Britain's PMI...

Sinochem, Pirelli's Chinese investor, said Monday that it had proposed a "structured" solution to end a dispute with the Italian investor of the tyremaker Camfin. The announcement comes at a time when the 'government' is evaluating options to limit Sinochem’s influence over Pirelli or even to turn it into a shareholder passive, in an effort to facilitate the expansion of the tyremaker in the U.S. Sinochem, a Beijing-based company, is the largest shareholder in Pirelli with a 34.1% stake. Camfin, a vehicle owned by Italian businessman Marco Tronchetti Provera, has a 25.3% share, and plans to increase this to up...

India and the European Union have completed negotiations on a long-coveted deal which will be announced Tuesday, said?the South Asian nation’s trade secretary on Monday. Both sides hail this agreement as?historic in light of strained U.S. relations. The agreement paves way for the free exchange of goods between India and the 27 European nations, who together account for a quarter the world's Gross Domestic Product and have a combined market of over 2 billion consumers. "It's a deal that is balanced and forward-looking for better integration of the EU into the economy." "The deal will boost trade and investment between...

The U.S. economic system is experiencing a productivity boom, and it may even be spreading globally. Artificial intelligence (AI) is expected to accelerate these trends. However, there are some early signs that AI's benefits may be spreading. The Purchasing Managers' Index (PMI), released on Friday, showed that British businesses have started the year off on a high note. Demand at home and abroad has been robust. This is the fastest growth in output since April 2024. The pace of job loss has also increased since December. Since late 2024, the sub-indices of employment in Britain's PMI have been below that...

The U.S. took over Venezuela's oil imports and redirected crude barrels which were used to pay off debts owed to China. What is the debt owed by Venezuela to China and why was it paid after Venezuela defaulted? HOW MUCH DO VENEZUELA OWES CHINA? The data on Venezuela's debt are sketchy, especially since 2017, when U.S. sanctioned triggered a default. AidData, a?research laboratory at the U.S. University William & Mary that tracks lending, estimated official sector Chinese lenders extended loan commitments of $106 billion to Venezuela from 2000 to 2018. Separately they calculated that $44 billion was outstanding in 2017....

The U.S.'s control over Venezuela's oil exports ensnared the barrels that were servicing debts to China. This could lead to another showdown between two superpowers, which would further complicate the South American nation's path towards avoiding default. Venezuela's $150billion foreign debt is believed to be a tenth loan from China, which the OPEC country was paying with oil cargoes – until the U.S. seized Venezuelan president Nicolas Maduro this month. Experts in debt said that the impact of China's claim to the cargoes?and?any conflict with the United States?could make it harder for Venezuelans to restructure their debts after a default...

A U.S. official stated on Thursday that the Trump administration allows China to purchase Venezuelan crude oil, but not at the "unfair and undercutting" prices which Caracas had sold it at before the U.S. ousted President Nicolas Maduro. The official, who spoke on condition of anonymity, said that while the oil would be sold globally, the U.S. government has insisted that the majority is sold to them. The U.S. claims it will continue to control Venezuela's oil sales after seizing Maduro in January. The official stated that "thanks to President Donald Trump's successful and decisive law enforcement operation, Venezuelans will...

China has praised the visit by Canadian Prime Minister Mark Carney to Beijing on Thursday, calling it a "pivotal step" in efforts to recalibrate relations following months of intensive re-engagement. The remarks by China's top diplomat Wang Yi came during a meeting between Carney and his Canadian counterpart Anita Anand. Anita is a member of Carney's delegation on this first visit to Canada since 2017. Wang stated that this was the first time in eight years that the Canadian Prime Minister had visited China. This is a landmark and pivotal moment for our bilateral relationship. Wang said that China was...

China's crude imports increased 17% in December compared to a year earlier, and total imports for 2025 will rise 4.4%. The daily volumes of crude oil imported in December 2025 and throughout the year will be at all-time records. According to the General Administration of Customs, the world's biggest crude importer imported 55.97 millions metric tons of petroleum in December. This is equivalent to 13,18 million barrels of oil per day. The increase was 10% compared to 50.89 in November. The data shows that China will import 557.73 millions tons of crude oil by 2025 or 11,55?million barrels per day,...

Next week, business and political leaders will be attending the World Economic Forum’s annual meeting in Davos to test their vision of a global economic order based on rules. The expected appearance of U.S. president Donald 'Trump' in the Swiss resort shows the difference between his agenda, and the consensus-driven approach taken by the?the?WEF. This organization has been criticized for years as a talk shop for the rich. His "America First' policy has resulted in trade tariffs as punishment, military interventions in Venezuela, a threat to take over Greenland with force, and the U.S. retreating from international cooperation on climate...

The copper price fell on Friday due to a stronger dollar, and investors locking in profits after the previous session’s record high. Benchmark three-month Copper on the London Metal Exchange fell?3.3%?to $13,161 per metric ton at 1706 GMT, but held above its moving average of 21 days which provides support for $13,011. The copper price is up by 6% in this month. It has reached a new record high of $14,527.50 as speculators continued their buying spree on Thursday. This drove the LME index of six base-metals contracts to a new'record high. In a recent note, Stonex analyst Natalie Scott...

Mozambique President Daniel Chapo inaugurated a 200,000-metric-ton-per-year graphite-processing plant on Friday at a Chinese mine, as the country boosts its output of the battery mineral. The United States Geological Survey estimates that the annual global production of graphite is 1.6 millions metric tons. Mozambique, meanwhile, is one of world's leading producers of this mineral. It is an?excellent conductor of electricity and heat, and is used to make?batteries and mobile phones for electric cars. China is the largest graphite producer and miner in the world. Chapo said Mozambique was making the most of its resources, including a liquefied gas project worth...

Dalian ore futures were unable to find direction on Friday, as traders weighed China's increasing portside iron ore inventory at the end of the pre-Lunar New Year window against the expectation that the demand for feedstock would soon increase. The May contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 0.06% higher, at 791.5 Yuan ($113.91). This week's contract gained 0.18%, reversing the previous week’s decline. As of 0717 GMT, the benchmark March iron ore traded on Singapore Exchange was down 1.03% at $103.7 per?ton and had declined by 1.08% for this week. According to a...

Dalian iron-ore futures dropped on Friday as China's portside inventories accumulated towards the end of the pre Lunar New Year restocking period, but?demand is expected to increase. As of 0326 GMT, the?most-traded?May iron ore contract at China's Dalian Commodity Exchange traded 0.32% higher at 788.5 Yuan ($113.46). The contract is expected to continue declining for the second consecutive week. The benchmark March Iron Ore at the Singapore Exchange fell 0.79% to $103.95 per?ton and decreased 0.84% in this week. According to a report from the Shanghai Metals Market, China's iron ore portside inventories are continuing to grow, but that transaction...

The firms announced on Thursday that the Aluminium Corporation of China (Chinalco), and Rio Tinto had agreed to purchase a controlling interest in Companhia Brasileira de Aluminio, for a total amount of 4.69 billion Reis ($903.61 millions). The companies said that together they will purchase 68.6% or 446.6 millions shares of Brazilian aluminium manufacturer CBA at a price of 10.50 reais per share. They added that the Brazilian conglomerate Grupo Votrorantim will purchase the controlling stake. Both will launch a tender for the remaining CBA shares, a move that is required by Brazilian regulations and could lead to the removal...

The copper price spiked up to $14,000 per metric ton, a new record, on Thursday, as speculators continued their buying spree. They were encouraged by the expectation of high demand, and backed by a weaker dollar and geopolitical worries. Copper spiked with 'the biggest one-day increase in over 15 years, then lost most of its gains. Other metals also surged, before sliding into the negative. Benchmark three-month Copper on the London Metal Exchange rose 11%, reaching an all-time record high of $14,527.50 per metric ton. By 1700 GMT it had fallen to $13,612.50, which was a gain of 4%. Bulls,...

Tesla plans to double its capital expenditures to an all-time high of $20 billion this year, but only a small portion of that will be spent on the company's traditional business of selling cars to humans. According to comments made by executives on Wednesday's earnings conference, the company, which lost last year's global EV sales crown in China to BYD's BYD, will instead invest in yet-unproven businesses such as fully autonomous cars and humanoid robotics. Elon Musk, Tesla's CEO, announced that the company would stop producing its Model X SUVs and Model S sedans. Instead, it will use the space...

Gold and silver have been making headlines for their massive rise in recent months, but industrial metals are also performing well. The fundamentals of copper, aluminium, and nickel have been a strong factor in the recent gains. These metals are at record highs or multiple-year highs, even though they do not appear to be sufficient for these rallies. Base metals are showing strength for a number of reasons, the majority of which relate to Chinese import demand and easing exports. Metals may also be benefiting from the same speculative dynamics that drive gold and silver. This is a desire for...

Tungsten prices in January reached record levels, due to tightening inventories, Chinese export controls, and industrial demand. This has left consumers scrambling in an already constrained market. According to traders, the price of ammonium paratungstate (used to make tungsten) was 'trading' at $1,125-1,150 per metric tonne unit (mtu). This is a new record. Rotterdam prices reached a record high of $1,100. The prices are expected to rise further in the next few weeks. Tungsten, a crucial industrial metal with the highest melting temperature of all metals, is prized for its high hardness. Tungsten carbide is used in cutting tools, wear...

After the U.S. Dollar fell to a?four-year low, speculative traders continued to make?bullish investments in industrial metals. At 1700 GMT, the benchmark three-month copper price on 'the?London Metal Exchange' was up 0.6% to $13,088 per metric ton. Aluminium rose 1.6% to $3.258, reaching its highest level since April 2022. Zinc was up 0.5% to $3.366.50, after hitting its highest level since January 2023. The dollar has stabilized after Tuesday's?lowest level since February 2022. The dollar's weakness makes dollar-denominated commodities more affordable to those who hold other currencies, and this can increase demand. Analysts from brokerage Sucden Financial stated on a...

The price of iron ore continued to fall on Wednesday as the Chinese Lunar New Year dragged down the demand for steel, and feedstocks. The most-traded contract for May iron ore on China's Dalian Commodity Exchange ended the daytime trading 0.7% lower, at 783 Yuan ($112.74) per metric ton. As of?0705, the benchmark March iron ore traded on Singapore Exchange was down 0.79% at $103 per ton. According to Chinese?broker Everbright Futures, the downstream steel demand has shrunk with the cessation in construction projects as we approach the Chinese Lunar New Year Holiday. The company Vale announced on Tuesday that...

The price of iron ore continued to fall on Wednesday as the Chinese Lunar New Year approaches, and construction projects slow down. This is affecting the demand for steel, feedstocks, and other metals. As of 0311 GMT, the most-traded contract for May?iron ore on China's Dalian Commodity Exchange was trading 0.44% lower. It was 785 yuan (US$113.02) per metric ton. The benchmark March ore at the Singapore Exchange fell 0.5% to $103.3 per ton. According to Chinese broker Everbright Futures, the?demand for downstream steel has decreased as construction projects have ceased in the run-up to Chinese Lunar New Year. The...