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Iron ore prices fall as high prices discourage buyers
Iron ore futures fell on Friday, as the high prices and thin margins discouraged buyers in China, the world's largest consumer. As of 0330 GMT, the most-traded contract for May iron ore?on China’s Dalian Commodity Exchange?traded 0.43% lower to?812.5 Yuan ($116.64), a metric tonne. This week, the contract has fallen by 0.25%. The benchmark iron ore for February on the Singapore Exchange fell 0.34% to $106.7 per ton. According to Mysteel's data, released on January 15, the total stocks of iron ore imported into China's main ports rose?for an eighth consecutive week? to a new record high of 165.6 millions tons. Steel mill stocks dropped 2.1% on a week-to-week basis, and transaction volumes for portside ore fell 20.3%, due to high prices, which made steel mills reluctant to buy more ore. Rio Tinto and BHP have teamed up to extract 200 million metric tonnes of iron ore in the Pilbara region of Western Australia. In December, iron ore shipments reached a record high. The shipments are expected to increase in 2026. Chinese broker Galaxy Futures said that iron ore prices will likely fall in the medium-term due to a combination of weaker fundamentals and a decline in domestic steel demand. The?China's central bank has announced that they will lower interest rates for re-lending services of one year and on various monetary policy tools. The bank also said that it is still possible to cut rates in this year. Investors' appetite for risk has increased as a result of easier funding access and looser monetary policies. Coking coal and coke, which are both steelmaking ingredients, fell by 1.29% and 1.09% respectively. The benchmarks for steel on the Shanghai Futures Exchange have mostly increased. Hot-rolled coils and wire rod both grew by 0.46%. Rebar remained stable at 0.16%. Meanwhile, stainless steel fell 0.1%. $1 = 6.9658 Yuan (Reporting and editing by Sonia Cheema; Ruth Chai)
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Copper prices fall on China demand concerns but still heads for a weekly gain
Copper prices fell Friday due to concerns about demand prospects in China, the top consumer, following a downbeat data and lack of rate cuts. However, the metal was still on track for a gain this week, thanks to a tight supply outlook. By 0226 GMT, the most traded copper contract at the Shanghai Futures Exchange had fallen 0.97%, to 102100 yuan (14,655.43) a metric ton. The benchmark three-month copper price on the London Metal Exchange fell 0.58%, to $13,029.5 a ton. The benchmarks are up around 0.5% this week. However, a stronger dollar has limited the gains. Copper prices are supported by mine disruptions, concerns about supply deficits, and the flow to the United States of metal ahead of potential tariffs that could tighten supply elsewhere. Shanghai and London benchmarks gained 4.2% and 7,6% respectively this month, following increases of 34% in 2025 and 44%. China's weaker loan data and plans to cut sector-specific rates of interest instead of benchmark policy rate have raised concerns about the demand outlook. China's new bank loans for 2025 have fallen to their lowest level in seven years, underlining the weak borrowing requirements amid a prolonged real estate downturn. The central bank also announced Thursday that it would be reducing interest rates in certain sectors to give the economy a?early kick-start,' a move which tends to only have a small impact on the growth. A poll showed that China's growth rate is likely to?slow down to 4.5% by 2026, and then maintain the same level in 2027. A poll revealed. Aluminium, nickel, lead, and zinc all fell in the SHFE. Shanghai tin fell by more than 6 percent following "moves" from the bourse that aimed to curb a price surge by increasing trading prices and margins, as well as limiting the number of open positions within a day at 800 lots. Aluminium, Nickel, Lead, Zinc, and Tin are among the other metals traded on the LME.
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Oil prices flatten as US strikes on Iran recede
The oil prices were unchanged on Friday, with Brent and U.S. West Texas Intermediate only moving a few cents compared to their closing prices. Brent fell 3 cents or 0.05% to $63.73 a barrel while U.S. West Texas Intermediate rose 4 cents or 0.07% to $59.22 a barrel at 0223 GMT. Brent and WTI both reached multi-month highs after protests in Iran and the U.S. flared up this week. President Donald Trump also signaled the possibility of strikes against the nation. On?Thursday night, Trump stated that the crackdown by Tehran on protesters had slowed, easing fears of a possible military action which could disrupt oil supply. The market was also dampened by the U.S. Energy Information Administration's report, which showed that American gasoline and crude oil inventories were higher than analysts estimated. The latest U.S. inventory data showed a significant crude build, according to IG analyst Tony Sycamore. Sources told? Sources also told? Shell, the oil giant, released their 2026 Energy Security Scenarios Thursday. The scenarios are bullish on?energy and oil demand growth. The company estimates that primary energy demand could be 25 percent higher by 2050 than it was last year. ?OPEC, the oil producer organisation, said on Wednesday that supply and demand of oil will remain in balance in 2026. Demand is expected to increase in 2027 in a similar rate as it did this year. Helen Clark, Tom Hogue (Editing)
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Chow Tai Fook, the world's largest jeweller from China, opens in Bangkok and plans to expand globally
Chow Tai Fook Jewellery Group is China's largest jewellery retailer with thousands of shops across mainland China and Hong Kong. The group has begun to look further afield in search of new growth. It started?in Southeast Asia, with a brand-new store in Thailand. The company opened its flagship store at Bangkok's Siam Paragon, a luxury shopping and lifestyle center in Bangkok. This move is part a 'wave' of Chinese and Hong Kong brands moving abroad to offset slowing domestic demand and rising market saturation in the world’s second-largest economic powerhouse. Sonia Cheng said that the company's expansion abroad "sees strong momentum in Southeast Asia". Chow Tai Fook plans to open its first store in Australia and another one in Canada before the end of June. It also plans to enter the Middle East within the next two-years. Cheng stated that "we remain committed to measured and value-adding growth with Dubai, Doha, and other markets next on the horizon – a testament to brand's global appeal." Chinese brands, such as Pop Mart and Miniso are actively expanding globally. They have moved beyond low-cost production to establish a stronger presence in the consumer and lifestyle sector. Chow Tai Fook, founded 97 years ago, has been challenged by newcomers like Laopu Gold. This brand is gaining popularity for its luxury retail experience, and traditional Chinese craftsmanship jewelry. On Friday, the jeweller named Chinese actor Yang Yang its global brand ambassador.
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OPEC gains share in India after Russian oil imports fall in December
Trade data shows that India's Russian imports?fell at their lowest level for two years in December as Western'sanctions' prompted refiners?to tap alternative sources, raising OPEC’s share of imported oil to an 11-month peak. The lower imports of Russian crude oil sold at a discounted price will likely hit the profits of refiners and consumers in the third largest oil consuming and importing nation in the world and force them to look for suppliers in the Middle East and the U.S. Tighter ?U.S. Tighter?U.S. Reliance Industries - the largest Indian buyer for Russian oil - stopped receiving crude in its deal with Rosneft during the last 10 days of the month. Its imports of Russian oil fell to nearly two years low. State refiners continued to source Russian oil, however, from non-sanctioned sources. RUSSIA RETAINS TOP SUPPLIER In spite of the decline, Russia was the largest supplier of oil for India in December, and the first nine months of the current fiscal year, which runs until March 31, 2026. Iraq and Saudi Arabia were the next two suppliers. The data shows that some cargoes arriving in December were released in January. India's Russian imports will average between 1.2 and 1.4 million barrels per day (bpd) in January. The pullback is more likely to be a temporary disruption due to compliance issues than India completely abandoning Russia, according Sumit Ritola. The Indian government wants to know the exact amount of crude oil purchased by refiners from Russia and America every week. OPEC SHARE RISES In 2025, OPEC will have a greater share of India's crude oil imports, up from 49% a year ago. Russia's share, however, has shrunk to 33.3% compared to 36% in the previous year. India emerged as the largest buyer of discounted Russian crude seaborne oil following the outbreak of the Ukraine War in 2022. These purchases have sparked a backlash among Western nations who have targeted Russia's oil sector with sanctions. They claim that the revenues from oil sales help to fund Moscow's military efforts. As punishment for the U.S.'s heavy purchases of Russian oil, it doubled its import tariffs to 50% on Indian goods last year. Both countries are currently in negotiations for a possible trade agreement.
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Australian shares extend gains for fifth day, as miners and banks rise
Australian shares rose on Friday for the fifth consecutive session after a strong overnight rally on Wall Street?boosted sentiment. Banks, property stocks, and miners drove gains. By 0006?GMT, the?S&P/ASX 200 Index had risen 0.2% to 8,875.50. The benchmark was on course for a weekly gain of 1.8%, its highest since late November. U.S. stock prices rose on Thursday, as Morgan Stanley's and Goldman Sachs' shares soared following positive quarterly results. Meanwhile, Taiwanese chipmaker TSMC?s record-breaking results boosted the shares of U.S. chips manufacturers. Financials in Sydney rose 0.4% with the top lender Commonwealth Bank of Australia up 0.3%. The banks have recovered from a 2.5% decline in the week before, gaining 1.3% this week. Investors have been concerned about inflated?valuations, and are digesting a change in the direction of monetary policy. The miners' share price rose?0.1% and was set for a 3.9% increase this week. However, Friday's gains have been capped due to lower commodity prices. The price of iron ore futures fell on Thursday, as the hot metal production in China dropped. Copper prices also declined due to a stronger U.S. Dollar and eased concerns about?potential U.S. Tariffs on copper. Rio Tinto, the world's largest mining company, rose by 1.1% while BHP fell 0.6%. Liontown Resources, a lithium miner, rose by 0.6%. It has risen 9.3% this week, as analysts continue to be bullish about lithium prices. The gold stocks recovered from the profit-taking that slowed them down in the previous session. As optimism spilled from Wall Street, technology stocks rose 0.9%. Energy stocks fell?0.7% as crude oil prices dropped about 4% overnight. U.S. president Donald Trump's more lenient stance on Iran eased concerns over a possible military strike by the United States against this major oil-producing country. The consumer discretionary and healthcare stocks both fell by 0.2%. The benchmark S&P/NZX 50 Index in New Zealand rose by 0.4% to 13,716.62.
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The greening of the British car market is a result of the EV switch, according to an industry body
The industry body SMMT announced on Friday that British drivers are changing their colour preferences as they switch to EVs. Green-tinted vehicles sold in 2025 will be the highest volume in over 20 years. The colour of a car is not a good business indicator, but it can be influenced by changing tastes. These tastes have narrowed in recent years to plain shades or?grey. This prompted Fiat CEO Olivier Francois to launch a campaign to promote more cheerful tones in 2023. The EV trend has taken on a whole new meaning. The SMMT reported on Friday that British motorists associated the color green - with the country's drive to decarbonise - by buying 99,793 green cars last year. This was 46.3% higher than 2024, and represented almost 5% in total sales. Last year, electrified vehicles - whether battery-electric, plug-in hybrid or hybrid-electric - achieved a market share in the UK of more than 48%. This was aided by a national program?which aims for net zero emissions by 2035. The SMMT reported that sales of green-tinted batteries-electric vehicles nearly doubled, to 23,249 units. In a press release, SMMT Chief Executive Mike Hawes stated that manufacturers are?responding' by expanding their model ranges and colours. Grey, however?remained the most popular color for the eighth year in a row, followed by blue, white, and black, the colour of choice for executive cars. (Reporting and editing by Louise Heavens, Alessandro Parodi)
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Sources say that Governors will be at the White House this Friday to unveil a sign to reduce power prices.
Two sources familiar with the situation have confirmed that governors of states in the United States experiencing a rapid increase in data center construction are expected to visit the White House this Friday, and sign an agreement with Trump's administration to reduce rising electricity prices. The agreement sets price caps on future auctions for the PJM grid, which covers 67 million people across the mid-Atlantic region and inland states. It also forces new data center operators such as Amazon and Google to pay a larger share of the cost to expand the grid. The White House event is part of President Donald Trump's efforts to combat consumer price inflation that threatens to undermine Republican support ahead of the November mid-term elections. Sources who weren't authorized to comment publicly on the matter said that the governors would be drawn from the 13 states in the PJM -grid. This grid is experiencing a rapid rise in the construction of data centers. Sources confirm that the list includes Democrats Josh Shapiro from Pennsylvania and Wes Moore from Maryland, as well as Republicans Mike DeWine from Ohio?and Glenn Youngkin from Virginia?. The White House and representatives from the governors’ offices did not respond when asked for comments. A PJM spokeswoman said that grid operators were not planning to attend. BACKLASH RESULTS FROM RISING POWER BILLS The demand for artificial intelligent is driving the construction of data centers, which are large consumers of electricity. The sources say that a number of guiding principles for how PJM will operate will be revealed at the 'event. These include expediting the interconnection between power plants so PJM can meet the soaring demand for electricity. The sources said that the event will also include a call to activate PJM's reliability backstop option in order to create a new auction for new generation. Over the past year, rising power bills in PJM’s region sparked a political backlash and some governors threatened to abandon the regional network. Nine state governors sent an 'open letter' to the PJM Board of Managers last summer criticizing the grid operators for not addressing an escalating energy affordability crisis. U.S. On Thursday, U.S. Van Hollen stated in a release that "Americans already struggle to make ends meet and they shouldn't be forced to pay for the massive expansion of big corporations' data centers." Reporting by Jarrett Renshaw and Tim McLaughlin, Boston; editing by Jamie Freed.
Dollar up on declining Fed cut bets, Asia shares close to record high
Asian stocks rose on Friday, as the artificial-intelligence boom gained momentum. The dollar, meanwhile, held close to a six-week peak after positive U.S. data led traders to reduce bets placed on rate reductions in the United States.
After Donald Trump, the U.S. president, took a wait and see attitude towards the 'unrest' in Iran after threatening intervention earlier, oil prices suffered?losses. Gold and silver were also down.
The MSCI broadest Asia-Pacific index outside Japan rose 0.5%, hovering near a previous session's record high. This was due to the stellar results of Taiwanese chipmaker TSMC. These results have given new life to the AI market.
On Thursday, the U.S. also reached a deal with Taiwan that reduces tariffs on a number of semiconductor exports. It also directs new investment towards the U.S. tech industry. This could anger China.
Nasdaq Futures rose 0.22% overnight, as Wall Street gained from gains in financial and technology stocks. S&P futures also climbed 0.15%.
Tony Sycamore is a market analyst for IG. He said, "We know that there are lingering questions about capex spending and AI in general. Yesterday's TSMC report was solid and sounded optimistic. It certainly gave a boost to those AI names who have?been struggling in recent months on Wall Street."
"I wouldn't call it a galvanising moment or a boost, but I would say that it provided much-needed reassurance, that everything is still on track."
The Nikkei 225 index fell by 0.42% in Japan, due in part to a rebound in the yen from its 18-month low.
After European shares reached a record-high on Thursday, the futures of EUROSTOXX '50 fell 0.38% and FTSE futures slipped?0.18%.
The dollar was near its six-week peak in currencies after a series of positive economic reports from the United States, including data showing that the number of Americans who filed new claims for unemployment benefits unexpectedly dropped last week.
The euro was at a low of $1.1606, and the pound fell 0.06% to 1.0076.
The dollar was trading at 99.36 against a basket, which is not far off its high of 99.493, reached on Thursday, and the highest level since December 2.
As fixed-income investors grow more confident, they are less likely to see a cut in April. Instead, the next benchmark will be dropped by Powell's successor, Jose Torres.
According to CME FedWatch, the markets now price in a 67% probability that the Federal Reserve won't change rates?in April. This is up from 37% one month ago. The odds of a stable outcome in June are also up to 37.5% compared to just 17% last month.
The yen rose 0.1% to 158.48 dollars, but was still not far off the 18-month low of 159.45 that was hit earlier this week.
Investors bet that a snap election could take place in Japan next month. This would pave the way for a fiscal stimulus plan from Prime Minister Sanae Takaichi.
Daniel Hurley is a portfolio specialist with T. Rowe Price. He said that the snap election would give Takaichi the opportunity to gain a greater mandate both at home and abroad. However, failure could spell the end of her premiership.
Prices on the oil market recovered from the steep drop they had experienced in the previous session, after Trump's tempered comments about Iran eased concerns about possible military action against Tehran or disruptions to oil supplies.
Brent futures rose 0.11% to $63.83 per barrel after falling more than 4% the previous session. U.S. crude oil was also up 0.2% to $59.31 a barrel after Thursday's 4.6% drop.
Spot gold fell 0.16% to $4,607.50 per ounce. (Reporting and editing by Shri Navaratnam).
(source: Reuters)