East Asia

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...

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...

Investors remained focused on the future risks of supply, after China's planned production cuts and Codelco's increase in premium. After reaching a record-high of 89.920 yuan per ton, the most traded copper contract at the Shanghai Futures Exchange ended daytime trading 0.10% higher, closing at 88.920 yuan (12,574.60). The benchmark three-month copper price on the London Metal Exchange fell 0.39%, to $11,208.50 per ton at 0719 GMT. Investors are assessing the impact of major Chinese Smelters' plans to reduce production by 10% in 2019. Analysts at Chinese broker Jinrui Futures stated in a report that the plan of smelters to...

A source confirmed on Tuesday that China had issued the first batch new export licenses for rare earths, which should speed up shipments to some customers. This is a major outcome of the meeting between Donald Trump and Xi Jinping. Exclusively reported by early November, China has begun designing a new streamlined licensing regime for rare earths centered around so-called "general licences". This follows the meeting in late October between Trump and Xi which eased tensions on trade between the two nations. Source: JL Mag Rare Earth, a Chinese magnet manufacturer, has licenses for almost all its clients. Ningbo Yunsheng,...

Iron ore prices rose Tuesday as steel consumption and infrastructure demand offset the weak China economic data. As of 0250 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange was trading 0.88% higher. It was 803.5 yuan (113.55 dollars) per metric ton. The benchmark January Iron Ore at the Singapore Exchange rose by 0.37% to $103.95 per ton. According to Chinese broker Galaxy Futures, recent infrastructure demand is up and steel demand is in line with normal seasonal patterns. This allows steel prices to maintain their upward trend on the short-term. According to CreditSights, the global...

The copper price fell from its record high as investors focused on the future risks of supply, after China's planned production cuts and Codelco’s premium increase. As of 0240 GMT the most traded copper contract at the Shanghai Futures Exchange had fallen 0.15% to 88,700 Yuan ($12,535.33) a metric ton after reaching a record-high of 89920 yuan per ton earlier in this session. The benchmark three-month copper price on the London Metal Exchange fell 0.77%, to $11,165 per ton. Investors are still assessing the impact of Chinese smelters’ plan to reduce production by 10% in 2019. Analysts at Chinese broker...

Fund managers are holding volatile tech stocks in China and picking industrial stocks, betting that a two-year old equities rally will withstand an economic downturn, as valuations, and steady returns, lure foreign investors. China's blue chip index CSI300 is up 16% on the year to date, matching S&P 500. Hong Kong's Hang Seng has risen about 30% and is set for its biggest annual gain since 2017. The mood has changed from the euphoria triggered by stimulus a year earlier, but the ride is getting bumpier. This is especially true as the pressure on China Vanke reminds the market participants...

The copper price soared on Monday to new record highs as traders cited the plans of smelters from China, the world's top producer to reduce output in 2019. A softer dollar also boosted positive sentiment. The benchmark copper price on the London Metal Exchange remained flat at 11,189 dollars per metric ton, down from its previous all-time high of $11,294.5 at 1118 GMT. Prices for metals used in construction and power industries have risen by 28% this year. According to a Chinese market data provider, China's leading copper smelters plan to reduce production by over 10% in 2026 in order...

Indonesia posted a smaller-than-expected trade surplus in October after exports unexpectedly fell, official data showed on Monday, amid curtailed demand from China and weak shipments of mining products. The surplus was $2.4 billion. This is lower than the forecast of $3.72 billion by economists polled and September's surplus of $4.34 billion. According to LSEG, it was the smallest surplus monthly since April. Exports fell 2.31% compared to a year ago, reaching $24.24 billion. Analysts predicted a growth of 3.38%. A Statistics Indonesia official explained to reporters that the decline was caused by lower shipments, particularly of copper and coal products....

India is considering the viability to import coking coal from Mongolia, despite the transport bottlenecks. New Delhi wants to diversify its supplies of this key ingredient in steelmaking. India, which is the second largest crude steel producer in the world, imports about 85% its coking coal, more than half of which comes from Australia. The source stated that the demand is expected to increase in the coming years. This will prompt the government and steelmakers alike to seek out new suppliers. Mongolia is a landlocked country with two export trade routes - one via Russia, and the other through China....

Iron ore prices rose for the fourth consecutive session on Monday. The gains were limited by blast furnace maintenance at year's end. By 0320 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange rose by 0.88% to $799 yuan (US$112.95) per metric ton. The benchmark January Iron Ore at the Singapore Exchange rose by 0.88% to $103.1 per ton. According to Mysteel, China's blast furnace steel production edged down last week, as some mills started annual maintenance. Capacity utilisation was also down by 0.6 percentage points. Mysteel reported that despite weakening fundamentals in the iron ore...

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...