East Asia

Abu Dhabi National Oil 'Co announced?on Friday that it will change its benchmark for monthly official sales prices for all of its crude grades from Murban crude to Platts Dubai pricing for the month-to-month from November 1. In a press release, ADNOC said that the change will align ADNOC’s OSPs with the month in which cargoes are loaded. This applies to Abu Dhabi crude grades onshore and off-shore, including Murban Das, Umm Lulu, and Upper Zakum. ADNOC will announce differentials for grades to Dubai prices in the month prior to cargo loading. ADNOC stated that the new pricing mechanism "reinforces...

Abu Dhabi National Oil Co announced on Friday that it will switch the benchmark for'monthly official sales prices for all crude grades to Platts Dubai Platts 'pricing derived from Murban -crude -futures starting November 1. ADNOC said that the change will bring ADNOC OSPs closer to the month when cargoes are loaded. The change applies to Abu Dhabi crude grades onshore and off shore, including Murban Das, Umm Lulu, and Upper Zakum. ADNOC will announce differentials from Dubai?quotes in the month prior to cargoes loading. ADNOC stated that the new pricing mechanism "reinforces ADNOC’s commitment to price transparency for its...

Japan's Seven & i Holdings?formed a partnership with SoftBank -Corp, PayPay, and?Sumitomo -Mitsui Card.?Each will invest 100 billion yen (620 million dollars) in the 7-11 operator, a Friday filing revealed. The filing revealed that each of the three would acquire a 2.27%'stake? in Seven & i. LY Corp., a 'SoftBank subsidiary which runs the Line messaging application along with a number of online businesses has also signed a strategic partnership. The filing stated that they aim to 'integrate customer 'information' and create a loyalty point ecosystem across Seven & i physical stores, as well as the online and financial customers...

Alimentation Couche-Tard, a Canadian retailer, announced on Friday that it plans to 'buy' Poland's Zabka at a cost of 'about $8.7billion. This will be its largest acquisition. It will also expand its presence in Central & Eastern Europe. Last year the company abandoned a bid worth $46billion for Japan's Seven & I. Couche-Tard announced that it has secured commitments from investors including CVC Capital and Partners Group, to tender their shares. This gives it the backing of investors who represent about 57% Zabka's capital. The company has launched a voluntary tender offer for 32 zlotys a share. This is a...

Sinochem sold a 14% share in Pirelli to Czech billionaire Michal Strnad on Thursday. The Chinese state-owned group has significantly reduced its investment in the Italian tyremaker. Sinochem said it sold shares as part of its 34.1% overall shareholding in a block trade deal, reducing its stake to 20,1%. This made Pirelli the second largest shareholder. Strnad’s investment company Lumina Crown issued a statement saying it had acquired a 14% stake in Pirelli, making it the third largest shareholder. It said that the investment was a “long-term” one. Strnad, the largest shareholder in the Czechoslovak Group (CSG), is a defence...

An official of the Korea Petroleum Association stated that South Korea's refiners were considering importing Venezuelan crude to diversify their supply sources, as the conflict in the Middle East is disrupting shipments through the Strait of Hormuz. GS Caltex is one of the country's largest refiners. In June, it imported 110,000 barrels from Venezuela to?test its quality. The association official confirmed a?local report. Officials said that the refiner would assess whether or not the crude is suitable for their facilities, and evaluate product yields. Officials said that the other 'three refiners - HD Hyundai Oilbank SK Innovation, and 'S-Oil -...

Trade sources reported on Wednesday that Abu Dhabi National Oil Co had sold 12 million barrels of spot crude at a premium to Asian refiners, trading firms and other companies in its most recent tender. The renewed U.S. - Iran hostilities have disrupted the?supplies, and this has sparked an 'impulsive buying spree. Since the fighting between Iran and the United States intensified in the first half of this month, oil?flows have dropped sharply through the Strait of Hormuz. ADNOC uses a shuttle fleet to move crude oil out of the Gulf of Oman and onto other tankers, despite exports slowing...

This week, it's all central banks. Rising energy prices are likely to keep rate-setters in Tokyo, Washington and London alert even if oil is below $100. Tariffs from the United States are now back on the list of worries for markets that worry about inflation and growth risks due to war. Rae Wee, Dhara Ranasinghe and Alun John are in London. Lewis Krauskopf is in New York. 1/ DOUBLE THREAT Investors are now watching two chokepoints for energy shipping to see how much oil and natural gas comes out of the Middle East. Houthi attacks may make the Bab el-Mandeb...

You wouldn't guess it by the price of aluminium. Two damaged Gulf smelters, and the resulting?logistical constraints at other smelters have already created a 2 million metric ton gap in the global supply chains. After surging to a 4-year high of $3,787.50 per tonne in early June, London Metal Exchange's (LME) 3-month aluminium now trades around $3,170 a tonne, exactly where it traded before the United States launched its "Operation?Fury", a joint strike with Israel against Iran, on February 28. Where did the war premium end up? Is the market right in being so'relaxed' about?the unprecedented shortage of a metal...

Kyrgyzstan agreed to build a mini-oil refinery worth $25 million in the south of the nation as part of its efforts to increase domestic fuel production and reduce dependence on imports due to tightening Russian supplies. Central Asian Energy LLC of Kyrgyzstan, who will finance the project, recently signed an agreement with the Kyrgyz company to build the refinery. The plant will produce bitumen, motor oil and gasoline that meets?K5 or K6 environmental standards. The first phase of the construction should be completed by autumn 2026. Kyrgyzstan imports a majority of its gasoline from Russia. Fuel shortages in Russia have...

Seven & i shares rose 3% on Friday in Tokyo after the Japanese retailer announced that it is in talks to buy a stake from Polish convenience store operator Zabka Group. Nikkei reports that the '7-Eleven owner may consider acquiring Zabka share held by funds. The investment is likely to be several hundred billion dollars (several billion yen). The deal would expand Seven & i’s reach beyond its strongholds of Japan and North America to Eastern Europe. This is part of the retailer’s efforts to grow under the leadership Stephen Dacus. Naoshi Matsumoto is an analyst with Yamawa Securities. He...

International Energy Agency warns that the full implementation of China’s rare earth export restriction could put $6.5 trillion in downstream production outside of the country at risk. China, the world's largest producer?of?rare Earths, increased export controls in?October of last year, to include additional materials, and introduced new licensing requirements. However, they agreed to postpone implementation for one year. Rare earths is a grouping of 17 metals that are used in small amounts but essential for products such as cars, aircrafts, electronics and weapons systems. The IEA's Global Critical Minerals outlook report stated that if the controls are fully implemented, an...

Holcim Group, a Swiss building materials company, announced on Sunday that it intends to sell its Philippines business to China’s Huaxin Building Materials. The deal could generate at least $807 million. Holcim is selling a 68% initial stake at $527 million. The remainder will be sold in the next 3 to 5 years for $290 million. Holcim stated that the total valuation would be $807 million. However, this figure could increase "based on incremental values created during?this time period". The money raised will be used for?large acquisitions as well as further investments in Holcim’s existing business. After spinning off their...

Gold fell 2% on the Friday, as the U.S. Dollar rebounded after a session in which it had fallen to a low of more than ONE MONTH. However, the metal is still on course for its first gain monthly in five months as the inflation data was weaker and expectations of future rate hikes by the U.S. were reduced. At 12:18 pm EDT (1618 GMT), spot gold fell 1.4% to $4,044.87 an ounce after dropping 2% earlier. U.S. Gold futures for August delivery fell 1.5% to $4043.80. Gold is up 1% this month, the biggest gain since February. Oil prices...

Gold fell more than 1% on Friday as the U.S. dollar gained ground. The dollar recovered its footing but was still on course to post its best monthly gain since February, as investors reduced their rate hike bets following the Federal Reserve meeting last week. Spot gold fell 1.1%, to $4.055.41 an ounce at 1050 GMT. However, it was on track for a 0.5% weekly increase. Prices have also risen by about 1.7% this month. U.S. Gold Futures for August Delivery dropped by 1.2% to $4053.60. Independent analyst Ross Norman stated that "gold struggles to gain meaningful momentum and is...

The copper price?firmed up on Friday, and was set to post a'monthly gain' as the market digested an 'easier dollar and a greater improvement in risk appetite?in equity markets. Benchmark?copper? on the London Metal Exchange rose 0.27% to $13,840.5 per metric ton at 0740 GMT and was on course for a month-long gain of 3.5%. The most traded copper contract at the Shanghai Futures Exchange increased 0.66%, to 105460 yuan, or $15,632.04, a 3% increase since the beginning of the month. The dollar tumbled overnight, making copper and other greenback-denominated commodities ?cheaper for buyers using other currencies, offering support. Dr...

Investors weighed Middle East developments and their impact on U.S. interest rate outlook as they weighed the gold price on Friday. As of 0703 GMT spot gold dropped 0.7%, to $4,075.35 an ounce. However, it was on track for a 0.5% weekly increase. Prices rose by about 1.7% in the last month. U.S. Gold Futures for August delivery fell 0.6% to $4 074. "Gold has a slight negative bias today due to profit-taking, and a moderate bounce in the U.S. Dollar, after the metal's gains and the corresponding drop in the greenback yesterday," said Tim Waterer, chief analyst at KCM...

The copper price rose on Friday, and was set to gain a month-long increase as the market absorbed a lower dollar and continued supply pressure. Benchmark three-month?copper?on London Metal Exchange?was flat at $13,804.5 per?metric?ton?by 0300 GMT and was on course for a 3.25 % gain for the entire month. The most traded copper contract at the Shanghai Futures Exchange increased 0.71%, to 105.510 yuan (15,635.74) per ton. This is a 2.75 percent increase since the beginning of the month. Overnight, the?dollar fell making commodities cheaper for buyers who use other currencies. Copper prices have been supported by the falling stocks,...

South Korean shares rose 16% on Friday morning, fueled by a new surge in investment in global semiconductor stocks. This is the latest swing in a market that has been thrown back and forth by leveraged bets. The benchmark KOSPI rose 919.07 or 16.43% to 6,512.63 at 0115 GMT after three consecutive sessions that saw the index drop to its lowest levels since April 7. Both chipmakers are set to record record gains. Both chipmakers are responsible for more than half the KOSPI market capitalisation. The shocking turnaround was after the Philadelphia Semiconductor?Index soared 8% in U.S.A. on Thursday. Micron...

Gold prices rose on Thursday, as the U.S. Dollar weakened. Investors also weighed up the Federal Reserve's decision not to change interest rates and watched the escalating tensions that may have triggered inflationary pressures in the Middle East. By 1131 GMT, spot gold had risen 0.3% to $4.076.52 an ounce. U.S. Gold Futures for August Delivery rose 1% to $4074.30. The move for gold is "primarily driven" by the weaker U.S. Dollar, and markets are adjusting their expectations modestly on what next moves will be made by the Fed. UBS analyst Giovanni Staunovo stated. The U.S. Dollar Index has weakened...

Investors weighed the decision of the Federal Reserve to hold interest rates at the same level this month, as well as the rising tensions that are affecting the Middle East and have raised inflation concerns. The spot gold price was unchanged at $4,062.30 an ounce as of 0841 GMT. U.S. Gold Futures for August Delivery rose by 0.7% to $4,060.60. Kevin Warsh, the U.S. central bank's chief, pledged to keep inflation under control. After the decision, spot gold prices rose by about 2%. The U.S. Military said that it had struck dozens Islamic Revolutionary Guard Corps targets in Iran in...

The dollar fell on Thursday after the U.S. Federal Reserve announced that it would maintain a stable interest rate. The benchmark three-month copper price on the?London Metal Exchange rose 0.75% to $13,676 per metric tonne by 0730 GMT. The Shanghai Futures Exchange's most traded copper contract fell 0.1% to 104 690 yuan (15,492.25 dollars) per ton. Dollar falls to one-week lows as markets assess possible Fed interest rate paths following Wednesday's policymakers' vote to maintain rates. A cheaper ?dollar can boost greenback-denominated commodities by making them more affordable for buyers using other currencies and ?higher interest rates can weigh on...

Gold prices fell on Thursday due to higher?U.S. Markets assessed the yields on Treasury bonds, as well as comments made by Federal Reserve Chairman Kevin Warsh about tackling inflation following this week's unchanged interest rates. As of 0714 GMT spot gold was down 0.5% to $4,045.59 an ounce after a 2% rise in the previous session. U.S. Gold Futures for August Delivery gained 0.2%, to $4043.70. The yields on the benchmark 10-year U.S. Treasury notes increased, increasing the cost of bullion. Soni Kumari, an ANZ analyst, said that "Yields" are a result of rate expectations. If the market believes that...

Gold prices fell on Thursday due to higher U.S. Treasury yields. Markets also assessed Kevin Warsh's comments on the Federal Reserve's efforts to combat inflation following its decision this week not change interest rates. As of 0445 GMT spot gold was down by 0.4%, at $4,048.39 an ounce. It had risen as high as 2% the previous session. U.S. Gold futures for August delivery rose 0.3% to $4.045.70. The yields on the benchmark U.S. Treasury 10-year note increased, increasing 'the opportunity cost' of holding gold. Soni Kumari, an ANZ analyst, said that "yields are a product of rate expectations." If...