East Asia

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...

Eli Lilly's market value surpassed $1 trillion on Friday. It is the first pharmaceutical company to join the exclusive club of tech giants, and it highlights its growth as a weight loss powerhouse. The explosive growth in the weight loss drug market has been a major factor behind the more than 35% increase in the stock price of the company this year. As new and highly effective treatments for obesity have hit the market in the past two years, this category has become one of the most profitable segments in healthcare. The world's top-selling drug is now Lilly's Tirzepatide. It's...

Eli Lilly's market value surpassed $1 trillion on Friday. It is the first pharmaceutical company to join the exclusive club of tech giants, and it highlights its growth as a weight loss powerhouse. The explosive growth in the weight loss drug market has been a major factor behind the more than 35% increase in the stock price of the company this year. Obesity treatments, once considered a niche, are now among the most lucrative segments of healthcare. Demand is steadily increasing. Novo Nordisk was the first to market, but Lilly’s drugs Mounjaro & Zepbound have grown in popularity & helped...

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...

The U.S. released some details on a new trade agreement with South Korea. The United States and South Korea released a joint factsheet on the recent summit between President Donald Trump of the U.S. and President Lee Jae Myung of South Korea. Washington and Seoul have agreed to lower the tariffs on U.S. autos and auto part imports from Korea to 15%. This is a reduction of 25%. Seoul said that the effective date for auto tariffs would be November 1, after the agreement was finalised, and when a bill relating to the $350 billion package of investment is presented...

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...

The Russian rouble is stable against the U.S. Dollar and weaker than the Chinese yuan after the central banks reported an increase in exporters' foreign currency sales last month. Some analysts attribute this to U.S. sanctioned. The rouble traded at 81.20 dollars in the over-the-counter market and at 11.43 yuan at the Moscow Stock Exchange, which was down 0.5% at 0840 GMT. The central bank of Russia announced Monday that foreign currency sales for October were up 68% compared to a month ago, reaching $8.2 billion. The central bank attributed the increase to exporters repaying their foreign debt. In a...

The Gulf's major stock exchanges rose early on Tuesday. This was aided in part by the rising expectations of a Federal Reserve rate cut in December and signs that the U.S. shutdown may be nearing its end. The U.S. economy lost jobs last week. Retail and government sectors were the main culprits. A survey released on Friday showed that the U.S. consumer's sentiment had fallen to its lowest level in 3-1/2 years at the beginning of November, due to concerns about the effects the shutdown would have on the economy. The shutdown has delayed important economic metrics including the non-farm...

PetroChina, a major oil company in China, announced on Monday that it will close its Yunnan Petrochemical Plant from November 15th, 2025 to January 15th, 2026 for maintenance. It said that the overhaul covered about 23,000 tasks, with a broad scope and considerable depth. During the maintenance period, operational and supply adjustments will take place. According to a July report by the company, this refinery in Southwestern China produces mainly China VI standard gasoline, diesel and jet fuel for Southwestern China as well as Southeast Asia. The report stated that since its launch in 2017, the company has processed 83,000,000...

The Japan Industry Ministry announced on Friday that it would temporarily increase gasoline and diesel subsides from next week to try and smooth out the impact of planned tax reductions on fuels. To ease the burden of households, the ruling and opposition parties in the country agreed to abolish the gasoline tax by December 31, and the diesel tax by April 1, next year. The government is hoping that by temporarily increasing subsidies on gasoline, diesel and other fuels, consumers won't be tempted into delaying purchases until the tax reductions are implemented. This move will also help Japan avoid long...

London Metal Exchange announced on Friday that it will reduce transaction fees to its customers in order to increase liquidity on the LMEselect platform and support physical market trading. The LME announced that the electronic trading system's client trading and clearing fees will be reduced by 7.4% to 8.5 percent. The bourse announced that member electronic transaction fees would be subject to a "inflationary" increase of between 3.4% and 3.7%. However, it added that "all-in transaction costs" for an outright client trade on LMEselect will fall by 4.5%. The 148-year old exchange announced that the new fees would take effect...

The demand for gold was muted across the major Asian markets during this week. High prices slowed retail purchases even as India began its wedding season. In China, the elimination of tax exemptions on gold purchases lowered consumer interest. This week, Indian dealers offered a discount The discount is now up to $18 an ounce, inclusive of import duties and sales taxes. This is a smaller discount than the one of last week of up $21. On Friday, domestic gold prices traded at around 126.100 rupees for 10 grams, an increase of 4.4% over the previous week's lowest price of...

The price of copper is expected to rise on Friday, as the Federal Reserve's rate-cutting expectations are bolstered by soft economic data in the United States. As of 0330 GMT the most traded copper contract at the Shanghai Futures Exchange rose 0.41% to 87,430 Yuan ($12356.37) per kilogram, a gain of 1.66% for the week. The benchmark three-month copper price on the London Metal Exchange increased 0.50%, to $10,994 per ton. It is expected to finish the week with a 1.99% gain. London's contract was met with resistance at $11,000 per ton. This shows that there are no major triggers...

Plans to build a series of new smelters have been shelved The industry still expects to gain new capacity through projects in construction The move is seen as a sign of more to come Amy Lv. Lewis Jackson, and Dylan Duan Industry insiders say that the decision by China to suspend a number of planned copper smelters will not have a significant impact on historically tight copper markets, unless more measures are taken to reduce output. Due to the disruption of mines, copper concentrate supplies are becoming scarcer and more expensive. The growth in smelting capacity in China has increased...

The spot platinum price rose on Thursday, as the opening of futures trading at the Guangzhou Stock Exchange in China helped to increase the overall liquidity. These contracts represent the first domestic price-hedging mechanisms for platinum and palladium, which are used in automakers and other industries including jewellery and investment goods. On their first trading day, Guangzhou's June platinum futures jumped 6% while palladium rose 1.5%. After hitting a one-month high of $1,641, spot platinum prices in London rose 1.0% to $1,604 per troy inch by 1226 GMT. Palladium spot prices were unchanged at $1,423. China is the largest consumer...

The copper prices were under pressure Thursday due to a stronger dollar, and poor data from China's top metals consumer. They had hit their highest level in nearly a month the previous session. The benchmark three-month copper price on the London Metal Exchange fell 0.7% to $10,893.50 per metric tonne by 1121 GMT. On Wednesday, the metal reached $11,025 - its highest level since October 30 - on expectations that the U.S. Federal Reserve would cut interest rates by December. The metal reached a record-high of $11,200 due to disruptions in mine supply on October 29. The metals market focused...

Plans to build a series of new smelters have been shelved The industry still expects to gain new capacity through projects in construction The move is seen as a sign of more to come Amy Lv. Lewis Jackson, and Dylan Duan Industry insiders say that the decision by China to shelve plans for a number of copper smelters will not have a significant impact on historically tight copper markets, unless more measures are taken to reduce output. Due to the disruptions in mines, supplies of copper concentrate have been stretched and increased. The fees paid for processing copper (also known...

Shanghai copper gained for the fourth consecutive session on Thursday as renewed hopes of a December rate cut by U.S. Federal Reserve boosted sentiment. After hitting the highest price since November 14, 87,300 Yuan, the most traded copper contract at the Shanghai Futures Exchange, closed the day's trading up by 0.35%, to 86990 yuan per metric ton. As of 0753 GMT, the benchmark three-month price for copper fell 0.44%, to $10,927 per ton. The London copper price eased after it broke through $11,000 per ton on the previous Wednesday. It reached $11,025, its highest level since October 30. ING analysts...

Shanghai copper continued its gains for the fourth consecutive session on Thursday as renewed hopes of a December rate cut by U.S. Federal Reserve boosted sentiment. As of 0330 GMT the most traded copper contract at the Shanghai Futures Exchange had risen 0.27% to 86,920 Yuan ($12,277.70), after reaching 87,300 Yuan earlier in the session, which was the highest since November 14 The benchmark copper for three months fell 0.44%, to $10 927 per ton. The London copper price eased after it broke through $11,000 per ton on the previous Wednesday. It reached $11,025, its highest level since October 30....

Iron ore futures were unable to find direction on Thursday, as falling China lump-ore premiums indicated weak demand for steelmaking materials and offset support from a soft dollar. By 0317 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange climbed 0.13% to 797 Yuan ($112.57) per metric ton. The benchmark December Iron Ore at the Singapore Exchange fell 0.04% to $106.5 per ton. According to Chinese consultancy Mysteel, China's seaborne Iron Ore Lump Premiums against 62% Fe Fines have fallen 42.2% since two months ago and reached their lowest level in late May 2024. Mysteel stated...

Apple has denied the allegations, but a U.S. advocacy group filed a suit in Washington claiming that the iPhone maker uses minerals from the Democratic Republic of Congo or Rwanda. International Rights Advocates, a group based in the United States, filed a lawsuit last year against Apple, Tesla and other tech companies for cobalt sourcing. However, U.S. court dismissed it. In December, French prosecutors dropped Congo's conflict mineral case against Apple subsidiaries citing a lack of evidence. An investigation is ongoing in Belgium into a criminal complaint related to this issue. Apple has denied any wrongdoing as a response to...

The relevance of the benchmark to Chinese buyers is being questioned Three Chinese customers have said they are willing to walk out. Amy Lv, Tom Daly and Lewis Jackson SHANGHAI/LONDON - Codelco, the Chilean copper giant that offers record-high prices to Chinese copper buyers is leading some to announce they will not sign the term contracts for next year as concerns grow over the relevance of this benchmark to Chinese buyers. Codelco's premium is often used to reference global copper supply contracts. Codelco is by far the largest copper producer in the world, and China is its largest consumer. According...