East Asia

Several sources familiar with the situation said that Saudi Arabia will export to China at least 36,000,000 barrels of crude, a slight decrease from the previous month. As some Chinese refineries prepare for maintenance, and independent refiners wait for Beijing's 2026 import quotas, the expected drop in oil supply for the second consecutive month from the top oil exporter to world's biggest importer comes at a time when many refineries in China are preparing for maintenance. Sources said that one of the Chinese buyers has reduced their December volume because they have already lifted the majority of their full-year contract...

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...

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...

According to documents and shipping data from the state-owned firm PDVSA, Venezuelan oil exports fell 26% in October to 808,000 barrels a day as its stocks decreased and it imported fewer volumes of diluents for exportable crude grades. Exports from the OPEC nation reached a 5-year high in Septembre, after being boosted in part by a stable crude oil production of around 1.1m bpd. Also, robust imports of naphtha and light crude - mainly from Russia – earlier in the year were made to reduce its heavy oil output. The data and documents revealed that imports dropped to 41,000 bpd...

SK Innovation Co Ltd, the owner of South Korea’s largest refiner SK Energy said on Friday that it expects the refining margins to remain stable in the fourth-quarter amid global supply disruptions as well as the onset winter peak demand. The company reported an operating loss of 423 billion won in the period July-September, but a profit of 573 trillion won for that same period. This compares to an analyst's average forecast of 304 billion dollars in profit. The third-quarter revenue increased 16.3%, to 20.5 trillion won, from the same period last year. SK On, a battery supplier to Ford...

Covestro, a German chemicals company, lowered its core profit forecast for the full year on Thursday because of soft demand. However, it said that its financial stability will be assured as ADNOC's $17 billion acquisition by Abu Dhabi is expected to close during the fourth quarter. Covestro's earnings before interest taxes, depreciation, and amortization are now expected to range between 800 and 700 million euros. This is a drop from the two previous cuts it made this year. The previous estimate was that the EBITDA would range between 700 million and 1.1 billion euro. The company's products, including foam chemicals...

Here are some details from the U.S. White House Factsheet and South Korea's Chief Policy Advisor Kim Yong Beom on the recent trade agreement between the two nations. Washington and Seoul agreed that tariffs on U.S. auto imports from Korea and auto parts will be reduced to 15% from 25%. This is to bring them in line with their Japanese counterparts who pay the same 15% tariffs after Tokyo made a deal with Washington. South Korean wood product and pharmaceutical manufacturers will have the lowest tariffs of all countries. Generic drugs and aircraft parts will be exempt from tariffs. Kim...

The oil prices were stable on Wednesday, as investors weighed the optimism surrounding a meeting of the top two consumers in the U.S.A. and China with the expected rise in production quotas at the next OPEC+ summit. Brent crude futures rose 11 cents or 0.2% to $64.51 a barge at 1020 GMT. U.S. West Texas Intermediate Crude futures climbed 6 cents or 0.1% to $60.21. China's Foreign Ministry said Chinese President Xi Jinping will meet U.S. president Donald Trump in Busan, South Korea on Thursday. The statement said that the meeting will "inject new energy into the development U.S. China...

Wall Street's major indexes hit new record highs Monday, as the excitement surrounding a possible U.S. China trade deal set a tone for a busy week of high-profile earnings from technology companies and a widely anticipated interest rate reduction. On Thursday, Donald Trump and Xi Jinping (the Chinese counterpart) will meet to discuss the future of the U.S.-China relationship. A framework This could stop the tougher U.S. Tariffs and China's export restrictions on rare earths. It would also ease market anxiety about a possible trade war, and send Wall Street's VIX "fear gauge", to a month-low. During his weekend TV...

On Monday, the Russian rouble gained against the U.S. Dollar and the Chinese yuan ahead of corporate tax payments on the day before exporters convert their forex earnings into Russian roubles. By 1315 GMT the rouble had risen 0.6% to 79.24 dollars in the over-the counter market, and 0.5% to 11.09 yuan at the Moscow Stock Exchange where the Chinese currency is the most actively traded. The rouble also received support after the central bank decided to increase its key interest rate last week by a symbolic amount of 50 basis points, to 16.5%. This was high enough to keep...

Albemarle announced on Monday that it would sell a 51 percent stake in its Ketjen refining catalyst solution business to KPS Capital Partners and its 50 percent interest in Eurecat to France's Axens SA in deals valued at approximately $660 million. Albemarle said that proceeds from the sale of lithium would be used to reduce debt and for general corporate purposes. This is part of Albemarle's efforts to increase financial flexibility and focus on its lithium and bromine core units. Albemarle has been attempting to reduce its portfolio in response to the recent drop in lithium prices, which has impacted...

The week will be dominated by trade talks between Washington and Beijing, and Canada, as well as central bank decisions from the United States, Canada, and Europe. Meanwhile, Argentina's stock markets are digesting the results of a decisive election for President Javier Milei. Dhara Ranasinghe, Alden B. Bentley, Lewis Krauskopf, and Rodrigo Campos in New York and Kevin Buckland, in Tokyo, give you all the information about what to expect in the world markets this week. 1/ A MIDTERM DRAMA Argentina’s bonds and shares are expected to rise on Monday, after President Javier Milei’s party won a decisive victory in...

Shanghai copper prices rose on Thursday, as investors welcomed an end to the U.S. Government shutdown. This eased market uncertainty. However, gains were limited by the expectation of weak Chinese lending in advance of important economic data releases. The Shanghai Futures Exchange's most traded copper contract closed the daytime trading at 86,550 Yuan ($12150.78) per metric ton, up by 0.95%. As of 0703 GMT, the benchmark three-month price for copper was also up, rising by 0.19%, to $10,965 per ton. The U.S. president Donald Trump signed legislation on Wednesday to end the longest shutdown of government in American history, just...

Solvay, a French chemical company, announced on Wednesday that it has signed two agreements to supply rare-earths to U.S. magnetic makers in order to expand its processing facility. Solvay is one of only a handful of companies outside China that can perform the difficult rare earths separation. In April, it began processing minerals for permanent magnets in its French facility. However, commercial production will depend on government and customer support. Separate statements stated that Solvay has concluded agreements to supply rare-earth oxides with U.S. firms Noveon Magnetics & Permag. In order to reduce dependence on China, the United States, Europe,...

China's official Xinhua News Agency reported that Vice Premier Liu Guozhong visited the Simandou Iron Ore Mine Project in Guinea this past week. The project, which is 75% owned by China, will be the largest iron ore mine in the world, with a production capacity of 120 million tons per year. It will also be key to the green transformation in the global steel industry. Xinhua reported that the Chinese vice-premier called the project a result of the friendship and cooperation of China with Guinea and Africa for nearly 70 years. He added that the project would contribute to Guinea’s...

The copper price steadied Wednesday as the market anticipated the end of the U.S. Government shutdown. At 1122 GMT, the benchmark copper price on London Metal Exchange was unchanged at $10.827 per metric ton. Last month, it reached a record-high of $11,200 due to mine supply shortages caused primarily by disruptions such as an accident in Indonesia. The U.S. House of Representatives will vote on Wednesday on a compromise to restore funding for government agencies and to end the shutdown that began on October 1. The traders said that the anticipated return of U.S. data, which will help investors and...

Copper prices rose on Wednesday, as investors looked forward to progress in resolving the long-running U.S. shutdown. The Shanghai Futures Exchange's most active copper contract closed the daytime trade up 0.16% to 86,840 Yuan ($12,191.49) per metric tonne. As of 0705 GMT, the benchmark three-month price for copper showed minimal movement as well, with a 0.06% increase to $10,833.5 per ton. ADP, a payroll processor, reported on Tuesday that companies in the United States lost more than 11,00 jobs during the week ending in late October. However, it had previously stated that the month of October saw a total gain...

The price of copper was not much changed on Wednesday, as U.S. data on private sector employment added to the expectations for a Federal Reserve rate reduction. Meanwhile, markets were looking to see if there had been any progress in ending the long-running U.S. Government shutdown. As of 0311 GMT, the most active copper contract at the Shanghai Futures Exchange had risen 0.02% to 86,720 Yuan ($12174.65) per ton. Copper for the benchmark three-month contract also showed minimal movement. It eased 0.03%, to $10,824 per ton. ADP, a payroll processor, reported on Tuesday that US firms lost more than 11,00...

Mitsubishi Materials, JX Advanced Metals and its partners announced on Tuesday their intention to integrate Mitsubishi Material’s copper concentrates procurement into Pan Pacific Copper. PPC, Japan's largest supplier of refined metals, is owned by JX to the tune of 47.8%. Mitsui Mining and Smelting holds 32.2% and Marubeni 20%. In a joint announcement, the companies stated that they proposed an integration to create a framework for boosting profitability through consolidation of copper concentrate procurement and cost reductions, as well as streamlining their sales operations. The conditions for buying copper concentrates from mines have significantly worsened as the competition with overseas...

The copper price rose on Tuesday as the market grew more optimistic about a possible resolution of the U.S. government shutdown. Meanwhile, new production data confirmed expectations for a tighter supply in 2013. As of 0240 GMT, the most traded copper contract at the Shanghai Futures Exchange had risen 0.42% to 86,690 Yuan ($12,170.43) a metric tonne. The benchmark copper for the three-month period was up by 0.24% to $10,822 per tonne. The U.S. Senate passed a bill to end the longest government shutdown on Monday, pending approval from the Republican-controlled House of Representatives. Speaker Mike Johnson said that he...

Guinea's mines minister has told reporters that the country will accelerate the development of iron ore pellet and alumina refineries to stop decades of raw ore shipments. The first shipments of iron ore from the huge Simandou mine are expected this week. The World Bank stated in July that alumina and ore processing within Guinea could be a game changer for the country's economy, creating industrial jobs while reducing Guinea's exposure to swings in commodity prices. Guinea exports about 60% of its bauxite to China as a feedstock, and a third is iron ore from the Simandou Mine, which is...

Copper prices rose on Monday as a result of the optimism that the U.S. Government shutdown will end soon, and data indicating a reduction in deflation in China's top metal consumer. By 1015 GMT, the benchmark three-month price of copper at the London Metal Exchange was up 1% to $10.822 per ton. LME copper is up 23% this year. It reached a record high of $11,200 in October. The U.S. Senate moved on Sunday to pass a bill aimed at reopening federal government. "The prospect of U.S. government opening again, that sends a bit of a cheery sign and a...

The price of copper rose on Monday, after data released by China's top consumer in October showed a easing of deflation. This boosted confidence that the economy is recovering. Consumer prices also turned positive while factory gate prices declined. The Shanghai Futures Exchange's most traded copper contract closed the day trading at 86480 yuan (12,140.95 USD) per ton, up by 0.62%. As of 0720 GMT, the benchmark three-month price for copper increased by 0.78%, to $10,800 per ton. According to the National Bureau of Statistics' (NBS) data published on Sunday the producer price index fell by 2.1% in October compared...

Marubeni Corp, a Japanese company, announced on Monday that it would invest in an Australian mineral sands development project run by RZ Resources. This follows in the footsteps JX Advanced Metals of Japan who struck a similar agreement with RZ Resources earlier this year. Marubeni has agreed to pay A$15m ($9.75m) towards options that will grant it up 5% of the equity in RZ's Copi Mineral Sands Mine Project in New South Wales, as well as certain marketing rights if the feasibility of the project is confirmed. RZ, the owner of the Copi project, as well as a mineral separation...