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Commoditiesi

Commodity market action from around the world with a focus on the commodities that matter most to investors in Hong Kong and China.

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  • Shares of Perth-based iron ore miner has declined 10 per cent this year; the metal lost 10 per cent of its value in February
  • The metal contributes about 91 per cent to Fortescue’s revenue, compared to about 50 per cent for peers BHP and Rio Tinto

More than 80 canals have dried up in the Tran Van Thoi district of Ca Mau province, where agricultural production is entirely reliant on rainwater.

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The barter deal allows sanctions-hit Iran to avoid having to use up scarce hard currency to pay for imports of popular tea. It also allowed Sri Lanka to pay with tea, as the country was short of foreign currency.

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Beijing’s decision to resume global shipments after months-long halt triggered a leap in sales of the mineral key to manufacturing semiconductors.

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China’s other sectors like electric vehicles and demand from India are likely to offset some impact, but exporters will have to seek newer markets, analysts say.

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Gold’s rising role as a safe-haven investment in China has made it the world’s top buyer while traditional assets such as real estate and stocks are seen as more risky.

Africa’s trade deficit expanded to US$64 billion as China recorded a drop in trade with top partners on continent – South Africa, Angola, Nigeria, the DRC and Egypt – which are predominantly resource-rich nations.

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The precious metal rallied 13 per cent last year, touching a record in early December, on the back of economic and political uncertainty, geopolitical tensions.

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The LME is studying Hong Kong as a location to expand its global metal warehouse network, five sources said, hopeful success in the city might open the door to mainland China, its ultimate target.

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Drilling finds what looks to be the foundation for a new oil-and-gas resource base in a central region, and it should help the world’s biggest industrial producer reduce its reliance on oil imports.

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From Indonesia to India, the world’s most populous democracies will be heading to the polls in Asia this year, a region which has traditionally been the largest gold consumer.

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Huge discovery of the silvery-white alkali metal known as ‘white gold’ is expected to make its way to China’s battery makers, heating up a global resource race as Thailand also boasts a big lithium find.

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China’s massive expansion in petrochemicals production capacity face fresh challenges as shipping crises in the Panama Canal and the Red Sea raise freight costs and curb access to US propane supplies.

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Indonesia’s Manpower ministry said in a statement there was a strong indication of standard procedure violation and negligence in the implementation of safety requirements that allegedly led to the fire incident.

Rio Tinto forecasts China – home to the world’s largest steel industry – will hit a peak in consumption, and expects global iron ore demand will rise almost a quarter by 2050.

The rulings will affect quant strategies generated by computer algorithms that involve the rapid buying and selling of securities, as well as dealing a blow to brokerage revenues that rely on maximising activity.

Indian purchases of Russian crude in defiance of Western pressure over the Ukraine war fell to an 11-month low as the price tag on the discounted oil rises.

Gold prices reached new highs in China last year, with the retail market witnessing a gold rush, particularly in lower-tier cities and less affluent counties, as it is seen to offer more security during an economic downturn.

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A string of fatal accidents at Chinese-funded nickel smelters in Sulawesi has workers clamouring for better protections, as rumours swirl of cover-ups and victims being made ‘scapegoats’.

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Gold headed for its first annual gain in three years as investors doubled down on bets that the Federal Reserve will start to unwind its restrictive monetary policy stance in 2024.

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As precious metals surge in value, Van Cleef & Arpels is creating new silhouettes in gold, Tiffany & Co. debuted a collection in blackened sterling silver, and Monica Vinader has seen sales of silver pieces go up by 26%