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Commodities

Commodities
Commodity market action from around the world with a focus on the commodities that matter most to investors in Hong Kong and China.
US President Donald Trump arrives to speak about the Iran war from the Cross Hall of the White House on April 1. Photo: AP
US, Israel war on Iran

Macroscope | Can world markets ride out the rest of Trump’s reign?

Two apparent anomalies stand out in recent market movements – the rising dollar and falling gold prices.

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US, Israel war on Iran

Helium supply shock threatens Asian chipmakers as economic slowdown fears mount

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Indonesia

Indonesia rebalances energy policy as Iran war spurs new projects

United States

US crude tops US$110, Wall Street falls after Trump vows more Iran attacks

Crude prices had been inching back towards US$100 per barrel before Trump’s Wednesday address in which he promised more strikes on Iran.

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A trader works on the floor of the New York Stock Exchange at the opening bell in New York on Thursday. Wall Street stocks tumbled early Thursday on the latest jump in oil prices as tough rhetoric between the United States and Iran reduced hopes of a Middle East war resolution. Photo: AFP
War and conflict

Opinion | Iran war is changing East Asia’s energy and strategic plays

States like China and Russia that can provide energy, industrial inputs, strategic reassurance or room for manoeuvre are gaining weight.

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US, Israel war on Iran

Trump’s ex-China mineral-alliance plan faces cost surge amid Iran war oil shock

Analysts say Middle East turmoil is elevating commodity input costs, affecting processing efforts and prompting push for ‘friendshoring’ to secure resources.

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China-Latin America relations

Brazil exporters bypass local banks to tap China’s US$1 trillion Sinosure fund

As Brazilian interest rates price out local lenders, Sinosure is quietly reshaping how Chinese goods reach the market.

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Brazilian importers buying from China are turning to the state-owned Chinese credit insurer, Sinosure, to sustain trade flows that reached US$158 billion in 2024. Photo: Shutterstock
Japan

Japan, France to draw road map for supply of critical minerals

It aims to lower their high dependency on China, which mines about 70 per cent of the world’s supply and refines some 90 per cent.

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China energy security

Australia and Japan face jet fuel supply crunch as China cuts exports

Both Australia and Japan are heavily reliant on Chinese jet fuel, but shipments have plunged in recent weeks amid the Iran war.

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US, Israel war on Iran

Video | Seoul residents hoard bin bags as oil shock deepens

Fears over supply disruptions tied to the Iran war have sent sales of Seoul’s mandatory trash bags soaring, prompting shops to ration sales.

Government-regulated waste bags are seen at a home in Goyang on March 30, 2026. South Korea’s energy minister sought on March 30 to ease fears over shortages of plastic rubbish bags after sales in Seoul jumped nearly fivefold due to energy supply concerns sparked by the Middle East war. (Photo by Jung Yeon-je / AFP)
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US, Israel war on Iran

Why spike in fertiliser prices could boost China’s political clout

Beijing could see its regional leverage grow as the Iran war hits supply, though weaponisation of exports is unlikely, analysts say.

Farmers harvest rice in Aceh Besar, Indonesia. The first planting season of the year is just months away in much of Asia. Photo: EPA
China inflation

China has ‘room’ for imported inflation, but economic risks rising: PBOC adviser

As US-Israel war with Iran sends prices up, a monetary expert says impact on China depends on conflict’s severity, while higher energy costs are worrying.

Semiconductors

South Korea turns to Russia for naphtha as Asia’s chip industry feels squeeze

South Korea’s return to Russian naphtha – vital for semiconductor manufacturing – highlights Asia’s fragile supply chain amid Iran conflict.

Japan

Japan’s PM will mull top-level talks with Iran at ‘appropriate’ time

Stability in the Middle East is vital for Japan, which relies on the region for over 90 per cent of its crude oil imports.

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Japanese Prime Minister Sanae Takaichi ‘s comments come as prospects for a US-Iran meeting mediated by Pakistan remain uncertain. Photo: AFP
US, Israel war on Iran

How the Hormuz attacks stoke oil-shock fears and memories of 1970s stagflation

A timeline of past oil shocks is seen offering ‘clear lessons’ for today’s Strait of Hormuz crisis, with an eye on ripple effects and contingency tools.

Transport ships are seen anchored in Muscat, Oman’s port capital, on March 9, amid risks of travelling through the Strait of Hormuz due to the US-Israel conflict with Iran. Photo: Reuters
Australia

Australia’s Karratha LNG plant closed after cyclone amid fuel shortages

The plant’s co-owner Chevron said it suffered outages at its Gorgon and Wheatstone gas plants, which supply more than five per cent of the world’s liquefied natural gas.

Hong Kong stock market

China’s CNOOC to boost oil and gas output amid Middle East strife

Country’s largest producer aims to increase output by up to 3 per cent from 2025’s record level.

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China economy

Opinion | As oil-shocked world turns to renewables, China will reap the rewards

The biggest losers will be the Middle East and the US, as oil becomes less important and doubts grow about US might.

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The Xianshuiwo photovoltaic power plant in the Yi-Hui-Miao autonomous county of Weining, in southwest China’s guizhou province, is seen on July 3, 2025. Photo: Xinhua
China food security

China rushes to stabilise fertiliser market as Iran war chokes off imports

China is pushing firms to release their fertiliser reserves in time for the vital spring planting season, as supplies of key inputs tighten.

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The Philippines

Philippines working with US to obtain oil from US-sanctioned nations

This comes after the Southeast Asian nation, which relies heavily on imported fuel, declared a state of national emergency on Tuesday.

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US, Israel war on Iran

African producers may have energy edge in Iran war, if they can overcome hurdles

Analysts say oil from Africa may be lower-risk alternative, coinciding with a fresh push for infrastructure to supply Europe.

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Oil exploration investments across Africa declined after many Western oil majors retreated from long-term fossil investments, according to the African Petroleum Producers Organization. Photo: Reuters
Banking & finance

Opinion | Why a global private-credit meltdown would hit China hard

It could leave emerging economies scrambling for financing just as their repayment obligations to Chinese lenders mount.

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People wait to cross a road in Beijing on March 6. A private-credit crisis could prompt a wave of restructuring of loans due to China, complicating its efforts to counter a structural downturn. Photo: AFP
China manufacturing

Buying goods in China? Suppliers forced to scale back as Iran war bites

Some Chinese producers are already feeling ‘intense’ strain as the conflict sends energy, logistics and raw material costs soaring.

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Middle East

Opinion | As the Gulf grows riskier, the Arctic is gaining strategic weight

As traditional energy centres become less stable, the Arctic’s resources, shipping routes and infrastructure are growing in importance.

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Japan

Japan to start release of state oil reserve on Thursday to ease Iran impact

Japan sources nearly all crude oil from overseas and relies on the Middle East for over 90 per cent of its crude oil imports.

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An oil refinery in the Keihin Industrial Zone in Kawasaki, south of Tokyo. Photo: Reuters
The Philippines

Philippines declares energy emergency over Middle East conflict risks

The country has around 45 days of fuel supply based on ‌current consumption levels.

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A Jeepney driver refuels his vehicle with diesel at a fuel station in Manila on Monday. Photo: AFP
Diplomacy

Opinion | Look East? South Asia’s fate is far more intertwined with Middle East

Beyond oil, remittances and cultural ties, trade and defence pacts in recent years have added to strategic and security interconnectedness.

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Mergers & Acquisitions

China’s Zijin Mining clinches US$2.6b Chifeng Gold takeover in expansion drive

The acquisition boosts Zijin’s reserves amid resource nationalism, giving it control of Chifeng’s assets in Asia and Africa.

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