China

The Dow Jones Industrial Average reached a new high on Tuesday as oil companies and financials gained. The U.S. oil industry got a boost after the military raid that took place in the U.S. over the weekend, which captured Venezuelan president Nicolas Maduro. Crude oil fell back $1 per barrel after it rose overnight as traders assessed possible impacts on crude oil flows from Venezuela. Venezuela is home to the largest oil reserves in the world. The events have had a limited impact on the risk sentiment. Equities are driven by momentum, while currencies are based on macroeconomic data. The...

Data showed that the Middle East crude oil benchmark Dubai fell into a discount on Friday, for the first since December '2023. This was due to an excess of supply and low demand during 'the earliest day of trading for 2026. According to trade sources, the Dubai cash price for a barrel was $60.30, or a 13-cent discount to Dubai swaps. There were only two partials of March loading during the S&P Markets On Close price?assessment. Sources said that the immediate January-February Dubai crude price spread was converted into a contango on Friday of approximately 17-20 cents a barrel. In...

China must stabilize grain and edible oils production, improve 'grain varieties' and enhance quality. This was the message of state-run news agency Xinhua on Tuesday following a meeting of the annual Central Rural Work Conference held from December 29-30. The group that sets China's agricultural priority has pledged to "enhance capacity for diversified supply" and promote high-quality development through?zoned- and categorised-planning". China relies heavily on imports to feed the population. Tensions with U.S.A., its'major trading partner in agriculture, have led it to invest more in seed technology and machinery. A Xinhua report on the meeting stated that "we must not...

Donald Trump's decision imposing a partial Venezuelan blockade marks a dramatic increase in U.S. political pressure on Venezuelan President Nicolas Maduro. But it could also undermine a key U.S. goal: deterring an eventual Chinese naval encirclement. The U.S. President on Tuesday ordered a "total and complete blockade" against all sanctioned oil tanks entering or leaving Venezuela. This was a move to choke off the main source of revenue for the Maduro regime. The action immediately raised questions about its legal status under international law. Military planners in the Indo-Pacific have feared for years that China could use a blockade of...

Pirelli, a tiremaker, said that on Thursday the majority of holders of the 500 million euro bond due to expire this month have chosen to convert the bond into new shares in the company. This has diluted the stakes owned by existing investors. Pirelli announced that bond holders had chosen to convert their bonds into shares at a price of 5.8493 euros per share, which was announced in June. Pirelli said that to meet the conversion, it would issue around 84.88 millions new shares, which will dilution its shareholder's?holdings. Sinochem, the largest shareholder in Pirelli, is expected to reduce its...

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...

Prices of copper soared to record levels on Monday, as fears about supply?intensified after a strike in a Chilean mining facility and forecasts of deficits?as well as low stocks at London Metal Exchange-approved warehouses. The benchmark copper price on the London Metal Exchange rose 2.7% to $12,811 per metric tonne at 1138 GMT, from an earlier peak of $12,905.5. The metal used for power and construction reached a record price of $12,960 per ton. The theme of shortages was reinforced by traders after a strike took place at Capstone Copper’s Mantoverde gold and copper mine in northern Chile. Mantoverde is...

China's Iron Ore Futures rose in the first trading session of the New Year on Monday. Strong?demand and supply constraints supported the rise. The May contract for iron ore on the Dalian Commodity Exchange gained 7.5 Yuan or 0.95% to 797 Yuan ($114.16). After the New Year's?holiday, Chinese markets resumed their trading. The benchmark iron ore contract for February on the Singapore Exchange rose 0.29% at $105.65 per ton by 0704 GMT. Steelmakers are restocking iron ore ahead of the Lunar New Year holiday, which is in February. Tight domestic supplies also support prices. According to a report from the?Shanghai...

Iron ore futures rose on Monday as the New Year began on a positive note. This was aided by?strong Chinese demand and ongoing supply restrictions. After the Chinese New Year holidays, the Shanghai Futures Exchange and the Dalian Commodity Exchange resumed trading after the New Year. As of 0243 GMT, the most-traded contract for May iron ore on?the DCE was trading 0.76% higher. It was 795.5 Yuan ($113.94). The benchmark iron ore contract for February?on Singapore Exchange increased 0.29% to $100.65 a ton. Steelmakers are restocking iron ore ahead of the Lunar New Year holiday in February. Tight domestic supplies...

Nickel reached its highest level in over 14 months Friday, 'after Vale Indonesia suspended mining operations. Aluminium crossed the $3,000 barrier for the first time since 2022. The London Metal Exchange's three-month nickel rose as much as 1,8% to $16,945 per metric ton, its highest level since October 2024. By 1037 GMT, the metal used to make stainless steel and batteries had risen 1.4% to $16,875. PT Vale Indonesia Tbk said it was unable to?conduct mining operations due to a delay in the approval of its annual production plan. The company said that it believes this delay won't?disrupt the overall...

Hong Kong's anti graft agency announced on Friday that 21 people were arrested on suspicion of corruption relating to renovations at two residential estates. Hong Kong has intensified a 'crackdown on corruption related to building renovations after a fire in November which destroyed seven high-rise buildings and killed over 160 people. John Lee, Hong Kong's leader, set up an independent panel last month to investigate the fire, the construction industry and determine if there was any bid-rigging. In a press release, the Independent Commission Against Corruption said it had conducted enforcement operations against a triad corruption syndicate involved in building...

Iron ore futures were traded in a narrow band on Wednesday but defied fears of a decline in the first quarter of 2025 on?the back of resilient demand from China, a top consumer of iron ore. The May contract for iron ore on China's Dalian Commodity Exchange closed the daytime trading 0.57% lower, at 789.5 Yuan ($112.97) per metric ton. However, it posted an annual increase of 1.3%. As of 0736 GMT the benchmark February iron ore traded on?the Singapore Exchange had risen 0.2% to $105.55 per ton. This represents a 5.1% annual gain. Prices for the main steelmaking ingredient...

The copper price was on track to make its largest annual gain since 2009. This makes it the best performing base metal. Supply concerns and the?prospects for surging demand due to the AI boom and the energy transition fueled a blistering rise. Red metal is a material that's widely used in construction and power sectors. It's gaining a lot of?investor? interest due to its role in energy transformation technologies, and the expanding infrastructure for artificial Intelligence and data centres. The benchmark three-month price of copper on the London Metal Exchange dipped by 0.49% at $12,497 a metric ton as of...

The copper price was set to make its largest annual gain since 2009. This makes it the best performing base metal. Supply concerns and the prospect of surging demand due to the AI boom and energy transition fueled a blistering rise. Investors are increasingly interested in red metal, which is widely used in construction and the power sector. It also plays a critical role in energy transition technologies, and in expanding infrastructures for artificial intelligence, data centres, and other advanced technologies. The benchmark three-month price of copper on the London Metal Exchange dipped by 0.16% at $12,538 a metric ton...

Dalian iron-ore futures fell on Wednesday for the second consecutive session due to a weakening of steel demand. However, better than expected factory data from China's top consumer helped limit losses. As of 0247 GMT the?most-traded iron ore contract for May on China's Dalian Commodity Exchange?traded at?0.94% less than its previous price, which was 786.5 Yuan ($112.55) per metric ton. However, it has gained 9.71% in this year. The benchmark iron ore for February on the Singapore Exchange, however, traded at 0.07% more, $105.75 per ton. This represents a 10.12% gain so far in this year. Everbright Securities in China...

According to an order from the Finance Ministry published on Tuesday, India has imposed a tariff between 11% and 12% for three years on certain steel products. The government wants to stop cheap shipments coming from China. Locally known as the safeguard duty, the levy will be imposed in three years at a rate of 12% in the first, 11.5% in the second and 11% in third. The measure was published in the official government gazette and excludes imports of certain developing countries. However, China, Vietnam, Nepal, and other Asian countries will be subject to the levy. The levy will...

Shanghai copper fell on Tuesday as profit-taking, a weaker Chinese economy and a general risk-off trend weighed on the markets. As of?0330 GMT the most traded contract on the Shanghai Futures Exchange fell 1.96% to $14,064.78, per metric ton. It briefly touched 96,010, its lowest level since December 25. Losses in the first minutes of trading have narrowed, after gains in the benchmark 3-month copper at the London Metal Exchange which rose 2.19% to $12,489.50 per ton. Traders said that lower copper prices encouraged dip-buying and helped reduce losses. Shanghai copper prices fell as profit-taking and a weaker Chinese demand...

On Monday, copper prices spiked to an all-time high of just $13,000 per metric ton. The London market was racing to catch up to gains in China and?the?US. While?it was closed Friday. LME copper prices have risen by 41% in the past year. This is due to fears of shortages, a weaker dollar and gains on other financial markets. The benchmark three-month copper price on the London Metal Exchange soared 6.6% in Asian trading to a record of $12,960 per ton, but then fell to $12,415 (up 2.1%) by 1030 GMT. The Shanghai Futures Exchange, the U.S. Comex and the...