Issue 111 - 29.06.2020
29.06.2020

Widespread floods add to China’s virus resurge challenge

China is suffering its worst floods in 70 years. The coronavirus has returned, closing the capital because of a strain allegedly more virulent than the one that struck Wuhan. And in parts of eastern Jiangsu there is a fire situation, while in western China a locust problem is emerging.

Chinese media is being heavily censored so it is only possible to get glimpses of what is happening across the country. 

A yellow flood warning was issued on Wednesday June 24 – one of many in China in recent days – by Jiangxi Provincial Hydrological Bureau and the eastern province’s Meteorological Observatory.

Forecasters said torrential rain was likely to cause small and medium-sized river floods and heavy flash floods in eastern Shangrao, northern Ganzhou, northwest and southwest Ji’an, plus central Nanchang for 24 hours from 8pm on Wednesday night.

On Tuesday night there was speculation that intense rain over catchment areas that feed into the Yangtze River would cause a giant flood that would test the Three Gorges Dam. But news about the world’s biggest dam is being kept under a tight wrap.

Given the dramas that have already occurred this year. People appear to be speculating on the dire circumstances that have befallen the country – the worst economic crisis since the 1960s and thousands killed by the coronavirus, which flared in Beijing last week and has spread to neighboring provinces. 

Videos have emerged on social media showing fish behaving bizarrely – leaping out of rivers into the air en masse. According to Chinese tradition, all that is needed is a major earthquake to signal the fall of the current dynasty.

According to reports from Chinese dissident media, NTD, the Three Gorges Dam opened its floodgates without warning the many millions who live downstream. Yesterday (June 24), China Central Television had a video of Yingshan in Hubei, where the village branch secretary was swept away by the flood on the way to help rescue others.

The Ministry of Water Resources has sent its deputy minister and senior design officials to investigate the dam situation, but as it is all behind a great wall of secrecy it’s hard to know what they are doing.

The authorities have said more than 400 reservoirs have burst their banks, but did not reveal if the Three Gorges was one of these (it has a vast reservoir 600km long). Some villagers have told dissident media outlets that the unannounced overflow of floodwater had killed people while they slept.

Officials promised two weeks ago that they would protect the people in Hubei province from further trauma, given the hardship they endured early this year when Wuhan was the epicentre of the initial Covid-19 outbreak.

Chinese emergency services are on full alert. The last big flood saw the heroes of the PLA celebrated in a  state opera. The flooding is widespread across the country. For example, Napo County in Baise City, Guangxi Zhuang Autonomous Region was swamped by the worst flood in a century. Rare heavy rain hit Napo County, causing severe flooding and the whole county was surrounded by water.

According to a video released by netizens, the county has become a vast ocean, with houses and vehicles flooded. Houses were washed away by the flood and some roads collapsed. They said it is the worst flood in nearly 100 years.

Local media reported: “Suddenly, a street turned into a river, and huge waves rolled down carrying a variety of furniture and goods. The rolling doors of some street shops were opened by the flood, and electric cars and other objects in the houses were washed out of the house by the flood. Houses, poorly built, were washed away.”

Napo County is surrounded by mountains, on the southwest border of Guizhou, and connected to Jingxi County in the southeast, and adjacent to Funing County in Yunnan Province in the northwest.

Besides flooding, officials have issued alerts on locusts spreading from Pakistan. The most recent record of locusts in China are mainly from the Ming and Qing Dynasties, and during the early liberation period, locust plagues occurred in Henan, Xinjiang and other places. 

But conditions are said to be ripe for locust swarms this year.

In Beijing, the local disease control officials say the current coronavirus strain is much more virulent than the one that hit Wuhan earlier in the year. They estimate it is between two to 10 times more infectious. Roads and other routes out of the city are closed and monitored except to commercial traffic.

Heavy rains over the past three weeks have led to disasters being declared in 24 provinces and municipalities, especially near the upper reaches of the Yangtze River and the Three Gorges Dam.

This is reportedly the largest flooding since 1949 and has caused serious challenges to the world's largest dam.

In Chongqing, authorities dredged 100,000 tonnes of silt overnight as levels rose.

Three Gorges is located in Sandouping Town, near Yichang City in Hubei Province in central China. It is 38 kilometres from the downstream Gezhouba Water Conservancy Project at the eastern end of the Three Gorges Reservoir. 

Qijiang Online, the media outlet in the area, quoted Zhao Yunfa, deputy chief engineer of the overflow dispatch communications centre at the Three Gorges Project, who said: "The flood storage capacity of the Three Gorges is limited. Do not pin your hopes on the Three Gorges Dam."

Zhang Shuguang, director of the Three Gorges Corporation Hub Management Bureau, also said that flood control measures for the entire Yangtze River Basin could not rely on a Three Gorges Dam to dominate the flood.

Construction on the dam began in 1994 and ended in 2006 after total investment of about 95.5 billion yuan (US$13.5 billion). The dam itself is 2,335 metres long and has an elevation of 185 metres. The second part of the scheme was a water diversion project. The dam has 32 turbine generator units and power generated by its hydropower station exceeded 100 billion kilowatt hours in 2018, a world record for a single facility.

The dam caused considerable controversy as it displaced over a million people and submerged large areas of the Qutang, Wu and Xiling gorges for about 600km – creating a deep reservoir that ocean-going freighters can navigate for 2,250km inland from Shanghai on the East China Sea to the inland city of Chongqing. 

The heavy seasonal rain this month has swamped 24 provinces and municipalities in southern and central China, affecting more than 85 million people and causing damage put at 20.7 billion yuan so far.

Zhang warned that the largest flood since 1949 may occur this year, as rainfall in the dam's catchment area – it has a reservoir up to 600km long – upstream of the dam poses a serious challenge.

Many plateaus in southwestern Sichuan Province have experienced heavy rain for 24 hours since June 16, and this was expected to continue in some parts of Sichuan until the 23rd (today).

Heavy rain in the upper reaches of the Qinhuai River in Jiangsu Province over the past few days totalled about 280 millimetres, which is equivalent to about 280 litres per square metre (or 11 inches on the old scale). This prompted authorities to issue strong rainfall warnings.

The State Flood Control and Drought Relief Headquarters, which is in charge of national flood control and drought relief work, said that from the 15th, floods had struck 852 provinces, autonomous regions, and municipalities in Guangdong, Guangxi, Hunan, Jiangxi, Guizhou, and Chongqing, causing 7,300 houses to collapse.

The Ministry of Water Resources said that 148 rivers had exceeded warning levels. For the first time in history the Chongqing section of the Qijiang River Basin issued a red warning, signifying a flood of more than 10 meters.

An estimated 400 million people live downstream of the Three Gorges Dam.

By Chris Gill on June 23 2020 for the Asia Times (Singpore).

EURASIA

29.06.2020

Russia's Gazprom in talks to raise gas sales to China by 6 bcm/y

Russian gas producer Gazprom is in talks to raise annual gas flows to China by 6 billion cubic metres (bcm) to 44 bcm via the Power of Siberia pipeline, CEO Alexei Miller said on Friday, as Russia looks to cement ties with Asia.

Russia started its...

Russian gas producer Gazprom is in talks to raise annual gas flows to China by 6 billion cubic metres (bcm) to 44 bcm via the Power of Siberia pipeline, CEO Alexei Miller said on Friday, as Russia looks to cement ties with Asia.

Russia started its gas sales via the Power of Siberia pipeline to China last December....

29.06.2020

Sino-Russian trade to return to previous level in 2021

Trade turnover between Russia and China will return to the previous level following the coronavirus pandemic as early as in 2021, Russian Ambassador to China Andrey Denisov said on Friday in an open interview with TASS First Deputy Director General Mikhail Gusman.

The pandemic has hit the economic cooperation between the...

Trade turnover between Russia and China will return to the previous level following the coronavirus pandemic as early as in 2021, Russian Ambassador to China Andrey Denisov said on Friday in an open interview with TASS First Deputy Director General Mikhail Gusman.

The pandemic has hit the economic cooperation between the...

29.06.2020

New Silk Road traffic heavily congested at Chinese-Kazakh border 30

Rail traffic on the New Silk Road is facing heavy congestion at Alashankou-Khorgos, the main border crossing between China and Kazakhstan. Trains from China to Central Asia have been halted until the end of June, while Europe-bound trains should expect significant delays. A high number of trains and limited capacity...

Rail traffic on the New Silk Road is facing heavy congestion at Alashankou-Khorgos, the main border crossing between China and Kazakhstan. Trains from China to Central Asia have been halted until the end of June, while Europe-bound trains should expect significant delays. A high number of trains and limited capacity...

Europe

29.06.2020

Railway freight express triggers boost in China-EU cooperation

Since the COVID-19 outbreak, the freight trains have been playing a crucial role in supporting Europe's anti-epidemic fight by opening "green passages" for the transport of important supplies and raw materials.

Beyond the contributions to underpinning anti-pandemic actions, the rail connection between China and Europe, since the restoration of its regular...

Since the COVID-19 outbreak, the freight trains have been playing a crucial role in supporting Europe's anti-epidemic fight by opening "green passages" for the transport of important supplies and raw materials.

Beyond the contributions to underpinning anti-pandemic actions, the rail connection between China and Europe, since the restoration of its regular...

29.06.2020

Unilever to upgrade Jiangsu plant

Anglo-Dutch consumer goods giant Unilever laid the groundwork to expand its China food production base on Wednesday, showing the industry leader's confidence in the Chinese consumer market's potential and its commitment to continue its investment in the country.

Located in Taicang, Jiangsu province, Unilever's China food production base will attract a...

Anglo-Dutch consumer goods giant Unilever laid the groundwork to expand its China food production base on Wednesday, showing the industry leader's confidence in the Chinese consumer market's potential and its commitment to continue its investment in the country.

Located in Taicang, Jiangsu province, Unilever's China food production base will attract a...

29.06.2020

Huawei to build optoelectronics R&D, manufacturing center in UK

Chinese technology firm Huawei announced Thursday that it will build a state-of-the-art center in Cambridge, Britain, which will focus on the research, development, and manufacturing of optical devices and modules.

According to the Chinese company, it acquired 500 acres (about 2.02 square km) of land in Cambridge in 2018 and the...

Chinese technology firm Huawei announced Thursday that it will build a state-of-the-art center in Cambridge, Britain, which will focus on the research, development, and manufacturing of optical devices and modules.

According to the Chinese company, it acquired 500 acres (about 2.02 square km) of land in Cambridge in 2018 and the...

29.06.2020

Greek-Chinese relations undergo six months delay for the new Silk Road

The pandemic has put a “brake” on the new business plans of Greece and China. At the same time, new incidents are taking place in the China-US trade war, Lambros Zacharis writing for Sputnik Greece said.

The cooperation of Greece and China under the Chinese Belt and Road Initiative must...

The pandemic has put a “brake” on the new business plans of Greece and China. At the same time, new incidents are taking place in the China-US trade war, Lambros Zacharis writing for Sputnik Greece said.

The cooperation of Greece and China under the Chinese Belt and Road Initiative must be accepted with...

29.06.2020

China's Ebang International Holdings makes Nasdaq debut

Ebang International Holdings, which makes equipment for cryptocurrency mining in China, started trading on Nasdaq Friday.

The company, trading under the ticker symbol of "EBON," announced the pricing of its initial public offering of about 19.3 million shares at $5.23 apiece for the total offering size of approximately $101 million, assuming...

Ebang International Holdings, which makes equipment for cryptocurrency mining in China, started trading on Nasdaq Friday.

The company, trading under the ticker symbol of "EBON," announced the pricing of its initial public offering of about 19.3 million shares at $5.23 apiece for the total offering size of approximately $101 million, assuming...

29.06.2020

Equity hovers as state support mounts against global depression

A recovery in world stocks faltered on Monday as the threat of rising coronavirus infections in parts of Europe and the United States curbed risk appetite, boosting demand for safe-haven gold.

European stocks fell 0.3% at the open after Germany’s coronavirus reproduction rate rose over the weekend to 2.88 on Sunday...

A recovery in world stocks faltered on Monday as the threat of rising coronavirus infections in parts of Europe and the United States curbed risk appetite, boosting demand for safe-haven gold.

European stocks fell 0.3% at the open after Germany’s coronavirus reproduction rate rose over the weekend to 2.88 on Sunday...

China, Pacific

29.06.2020

Belt and road projects prove hard write off

China’s recent survey shows that 60% of the world’s Belt and Road projects have been hit by the Covid-19 pandemic, but it will be misreading Beijing if one believes that the infrastructure ventures will be placed on the backburner.

Briefing the media in Beijing on June 19 on the outcome of...

China’s recent survey shows that 60% of the world’s Belt and Road projects have been hit by the Covid-19 pandemic, but it will be misreading Beijing if one believes that the infrastructure ventures will be placed on the backburner.

Briefing the media in Beijing on June 19 on the outcome of...

29.06.2020

Buying spree by foreign businesses into Chinese firms noted

More foreign firms have been snapping up Chinese companies despite tensions between the United States and China, including deals in the more sensitive industries of finance and technology, CNBC reported on Monday.

"Most of that activity has been driven by American and European firms taking advantage of looser foreign ownership limits...

More foreign firms have been snapping up Chinese companies despite tensions between the United States and China, including deals in the more sensitive industries of finance and technology, CNBC reported on Monday.

"Most of that activity has been driven by American and European firms taking advantage of looser foreign ownership limits...

29.06.2020

China's economy to see sustained recovery

The Chinese economy is showing signs of a relatively strong and sustained recovery and would see growth in the second and following quarters, according to a think tank report.

The China Macroeconomy Forum (CMF) said in the report that it expects the economy to grow by 2.5 percent, 6.5 percent and...

The Chinese economy is showing signs of a relatively strong and sustained recovery and would see growth in the second and following quarters, according to a think tank report.

The China Macroeconomy Forum (CMF) said in the report that it expects the economy to grow by 2.5 percent, 6.5 percent and...

29.06.2020

China’s manufacturing records first on-month profit growth this year

The profit growth of Chinese industrial firms was positive for the first time this year as economic order further normalized from the COVID-19 epidemic in May, the National Bureau of Statistics said on Sunday.

Total profits of major industrial firms went up 6 percent year-on-year and stood at 582.34 billion yuan...

The profit growth of Chinese industrial firms was positive for the first time this year as economic order further normalized from the COVID-19 epidemic in May, the National Bureau of Statistics said on Sunday.

Total profits of major industrial firms went up 6 percent year-on-year and stood at 582.34 billion yuan...

29.06.2020

China's industrial profits down 19.3 pct in first five months

Profits of China's major industrial firms dropped 19.3 percent year on year in the first five months of 2020 due to the COVID-19 impact, official data showed Sunday.

Profits of industrial companies with annual revenue of more than 20 million yuan (about 2.8 million U.S. dollars) totaled 1.84 trillion yuan during...

Profits of China's major industrial firms dropped 19.3 percent year on year in the first five months of 2020 due to the COVID-19 impact, official data showed Sunday.

Profits of industrial companies with annual revenue of more than 20 million yuan (about 2.8 million U.S. dollars) totaled 1.84 trillion yuan during...

29.06.2020

Chinese brands get more competitive

Domestic dairy brand Yili continues to top the list of the most chosen fast-moving consumer goods-inexpensive products that are sold quickly, such as packaged foods, beverages, toiletries and over-the-counter drugs.

The key findings of Kantar's 2020 Asia Brand Footprint report, which reveals how consumers are buying such products, shows that health...

Domestic dairy brand Yili continues to top the list of the most chosen fast-moving consumer goods-inexpensive products that are sold quickly, such as packaged foods, beverages, toiletries and over-the-counter drugs.

The key findings of Kantar's 2020 Asia Brand Footprint report, which reveals how consumers are buying such products, shows that health...

29.06.2020

Silk Route reaches out for the stars as China launches final satellite to rival GPS system

China on Tuesday launched the final satellite in its homegrown geolocation system designed to rival the US GPS network, marking a major step in its race for market share in the lucrative sector.

Footage from state broadcaster CCTV of the launch in southwestern Sichuan province showed the rocket blast off against...

China on Tuesday launched the final satellite in its homegrown geolocation system designed to rival the US GPS network, marking a major step in its race for market share in the lucrative sector.

Footage from state broadcaster CCTV of the launch in southwestern Sichuan province showed the rocket blast off against...

29.06.2020

China posts current account deficit in Q1

China saw a current account deficit in the first quarter of this year amid disruptions brought about by the COVID-19 pandemic.

The current account deficit stood at 33.7 billion U.S. dollars in Q1, data from the State Administration of Foreign Exchange (SAFE) showed.

The capital and financial account recorded a surplus of...

China saw a current account deficit in the first quarter of this year amid disruptions brought about by the COVID-19 pandemic.

The current account deficit stood at 33.7 billion U.S. dollars in Q1, data from the State Administration of Foreign Exchange (SAFE) showed.

The capital and financial account recorded a surplus of...

29.06.2020

China tops currency bond market in East Asia

China remains the largest local currency bond market in emerging East Asia, accounting for 76.6% of the total bond stock at the end of the first quarter of 2020, said the latest issue of  Asia Bond Monitor published by the Asian Development Bank (ADB).

The local currency bond market of China...

China remains the largest local currency bond market in emerging East Asia, accounting for 76.6% of the total bond stock at the end of the first quarter of 2020, said the latest issue of  Asia Bond Monitor published by the Asian Development Bank (ADB).

The local currency bond market of China...

29.06.2020

China’s IPOs on the rise

Initial public offerings in the mainland and Hong Kong continued to grow in the first six months this year, while global IPOs slowed due to the COVID-19 impact, according to a report released by EY on Tuesday.

During the same period, globally, a total of 412 companies were listed, down by...

Initial public offerings in the mainland and Hong Kong continued to grow in the first six months this year, while global IPOs slowed due to the COVID-19 impact, according to a report released by EY on Tuesday.

During the same period, globally, a total of 412 companies were listed, down by...

29.06.2020

China’s stocks appreciate as yuan retreats

China stocks started the week on a firmer note, as investors cheered Beijing’s fresh reforms in its capital markets to help bolster the world’s second-largest economy.

At the midday break, the Shanghai Composite index was up 0.28% at 2,975.87 points on Monday, while China’s blue-chip CSI300 index climbed 0.42%.

The tech-heavy start-up...

China stocks started the week on a firmer note, as investors cheered Beijing’s fresh reforms in its capital markets to help bolster the world’s second-largest economy.

At the midday break, the Shanghai Composite index was up 0.28% at 2,975.87 points on Monday, while China’s blue-chip CSI300 index climbed 0.42%.

The tech-heavy start-up...

29.06.2020

Xinjiang becomes major power contributor

Northwest China's Xinjiang Uygur autonomous region transmitted 300 billion kWh of electricity outside the region over a decade, said the State Grid's Xinjiang branch Saturday.

The electricity transmission helped China's central and eastern regions reduce about 96 million tons of coal use, and cut carbon dioxide and sulfur dioxide emissions by...

Northwest China's Xinjiang Uygur autonomous region transmitted 300 billion kWh of electricity outside the region over a decade, said the State Grid's Xinjiang branch Saturday.

The electricity transmission helped China's central and eastern regions reduce about 96 million tons of coal use, and cut carbon dioxide and sulfur dioxide emissions by...

29.06.2020

China's telecom sector posts steady growth

China's telecommunications industry saw steady growth in the first five months of this year, data showed.

The combined industrial revenue reached 574.1 billion yuan ($81 billion) during the period, up 2.8 percent year-on-year, according to the Ministry of Industry and Information Technology.

Revenue from fixed-line communications of the three telecom giants --...

China's telecommunications industry saw steady growth in the first five months of this year, data showed.

The combined industrial revenue reached 574.1 billion yuan ($81 billion) during the period, up 2.8 percent year-on-year, according to the Ministry of Industry and Information Technology.

Revenue from fixed-line communications of the three telecom giants --...

29.06.2020

China's enterprise annuity funds exceed 1.8 trillion yuan

As of the end of March, China's enterprise annuity funds totaled 1.86 trillion yuan ($262.3 billion), up 66.07 billion yuan from the end of last year, according to the Ministry of Human Resources and Social Security.

The funds generated 15.3 billion yuan in investment income in the first quarter of this...

As of the end of March, China's enterprise annuity funds totaled 1.86 trillion yuan ($262.3 billion), up 66.07 billion yuan from the end of last year, according to the Ministry of Human Resources and Social Security.

The funds generated 15.3 billion yuan in investment income in the first quarter of this...

South Asia, Middle East

29.06.2020

Ruifeng Tianfu Investments from China to conduct feasibility study on commodity futures trading in Cambodia

Ruifeng Tianfu Investment, a Chinaese based company is venturing into a feasibility study on the establishment of a commodity future trading in tandem with the Cambodian Securities and Exchange Commission of Cambodia) SECC.

The proposal has already kicked off with serious consultations between SECC and Ruifeng Tianfu Investments from China.

Under an...

Ruifeng Tianfu Investment, a Chinaese based company is venturing into a feasibility study on the establishment of a commodity future trading in tandem with the Cambodian Securities and Exchange Commission of Cambodia) SECC.

The proposal has already kicked off with serious consultations between SECC and Ruifeng Tianfu Investments from China.

Under an...

29.06.2020

China, Pakistan ink USD2.4bn hydropower deal

A tripartite agreement was signed between a Chinese company and the governments of Pakistan and China on Thursday for construction of a 1,124-megawatt hydropower project at Kohala on the Jhelum river at a cost of USD 2.4 billion.

Prime Minister Imran Khan, who witnessed the signing ceremony at his office, termed...

A tripartite agreement was signed between a Chinese company and the governments of Pakistan and China on Thursday for construction of a 1,124-megawatt hydropower project at Kohala on the Jhelum river at a cost of USD 2.4 billion.

Prime Minister Imran Khan, who witnessed the signing ceremony at his office, termed...

29.06.2020

Iraq ponders massive oil deals with China

With the Western-leaning, reformist agenda of Iran President, Hassan Rouhani, neutered by the unilateral withdrawal of the U.S. from the Joint Comprehensive Plan of Action in 2018, hardline groups led by the Islamic Revolutionary Guards Corps (IRGC) have been able to gradually recoup all of their previous power and influence,...

With the Western-leaning, reformist agenda of Iran President, Hassan Rouhani, neutered by the unilateral withdrawal of the U.S. from the Joint Comprehensive Plan of Action in 2018, hardline groups led by the Islamic Revolutionary Guards Corps (IRGC) have been able to gradually recoup all of their previous power and influence,...

Africa, Americas

29.06.2020

China’s Chalco to source bauxite from Africa

The Aluminum Corporation of China Ltd (Chalco), a centrally administered State-owned enterprise, is set to send its first shipment from a bauxite mine in Boffa, Guinea soon, the company told China Daily in a written statement.

A large ocean-going ship laden with high quality bauxite from Boffa in Guinea, Chalco's first...

The Aluminum Corporation of China Ltd (Chalco), a centrally administered State-owned enterprise, is set to send its first shipment from a bauxite mine in Boffa, Guinea soon, the company told China Daily in a written statement.

A large ocean-going ship laden with high quality bauxite from Boffa in Guinea, Chalco's first...

Markets

29.06.2020

Greenback turns bearish as investors defy re-bug spectre

The U.S. dollar dropped and higher risk currencies including the Australian dollar jumped on Monday as investors weighed improving economic data against the prospect of new business shutdowns as the coronavirus spread further. The World Health Organization (WHO) reported a record increase in global novel coronavirus cases on Sunday. The...

The U.S. dollar dropped and higher risk currencies including the Australian dollar jumped on Monday as investors weighed improving economic data against the prospect of new business shutdowns as the coronavirus spread further. The World Health Organization (WHO) reported a record increase in global novel coronavirus cases on Sunday. The...

29.06.2020

Oil prices recover from earlier depreciation as bug woes remain in the air

Oil prices edged higher on Monday as major producers cut crude output, but price gains were limited by worries that a rise in coronavirus infections worldwide might stall a recovery in fuel demand.

Brent crude was up 48 cents, or 1.1%, at $42.67 a barrel by 11:45 a.m. EDT (1545 GMT)....

Oil prices edged higher on Monday as major producers cut crude output, but price gains were limited by worries that a rise in coronavirus infections worldwide might stall a recovery in fuel demand.

Brent crude was up 48 cents, or 1.1%, at $42.67 a barrel by 11:45 a.m. EDT (1545 GMT)....

29.06.2020

Continuing supply glut keeps North Sea region’s natural gas prices down

British wholesale gas prices dropped on Monday morning due to a strongly oversupplied gas system.

The day-ahead contract fell by 0.25 pence to 13.75 pence per therm by 0837 GMT.

The within-day contract was down by 1.10 pence at 13.50 p/therm.

Weak gas demand and an increase in domestic gas production have resulted...

British wholesale gas prices dropped on Monday morning due to a strongly oversupplied gas system.

The day-ahead contract fell by 0.25 pence to 13.75 pence per therm by 0837 GMT.

The within-day contract was down by 1.10 pence at 13.50 p/therm.

Weak gas demand and an increase in domestic gas production have resulted...

29.06.2020

Bullion keeps riding high as bug bites back

Gold prices climbed 1% on Monday to hit the highest in more than a month, as investors took refuge in the safe-haven metal after an uptick in coronavirus cases roiled hopes for a quick economic recovery.

Spot gold was up 1% at $1,760.55 per ounce at 10:24 a.m. ET (1424 GMT)....

Gold prices climbed 1% on Monday to hit the highest in more than a month, as investors took refuge in the safe-haven metal after an uptick in coronavirus cases roiled hopes for a quick economic recovery.

Spot gold was up 1% at $1,760.55 per ounce at 10:24 a.m. ET (1424 GMT)....

29.06.2020

Non-ferrous base metals stay bearish as industrial demand recovery remains remote

London copper prices fell on Monday as rising global cases of the novel coronavirus clouded hopes around a quicker economic recovery and raised concerns about demand for the red metal.

Fears rose after a tally of COVID-19 cases around the world crossed 8.88 million and the World Health Organization said that...

London copper prices fell on Monday as rising global cases of the novel coronavirus clouded hopes around a quicker economic recovery and raised concerns about demand for the red metal.

Fears rose after a tally of COVID-19 cases around the world crossed 8.88 million and the World Health Organization said that...

29.06.2020

EU wheat futures down as Russia floods supply markets

European wheat prices fell back to near three-month lows on Monday on new signs of plentiful supplies in Russia as well as a firm euro.

Benchmark September milling wheat on Paris-based Euronext, settled at 178.50 euros a tonne, down 1.1% on the day, after hitting the three-month low of 178.25 euros/tonne...

European wheat prices fell back to near three-month lows on Monday on new signs of plentiful supplies in Russia as well as a firm euro.

Benchmark September milling wheat on Paris-based Euronext, settled at 178.50 euros a tonne, down 1.1% on the day, after hitting the three-month low of 178.25 euros/tonne...

29.06.2020

US wheat futures recover part of earlier losses

U.S. corn futures declined for the first time in four sessions on Monday as warm weather and scattered rains across a large swathe of the Midwest farm belt bolstered development of the recently planted crop.

Soybeans were mostly lower as favorable U.S. weather outweighed support from improving demand from top importer...

U.S. corn futures declined for the first time in four sessions on Monday as warm weather and scattered rains across a large swathe of the Midwest farm belt bolstered development of the recently planted crop.

Soybeans were mostly lower as favorable U.S. weather outweighed support from improving demand from top importer...

29.06.2020

Greenback veers up, still considered risk refuge

The safe-haven dollar edged higher in choppy trading on Friday, moving within narrow ranges, as investors grew cautious about a resurgence in U.S. coronavirus cases that has fueled doubts on expectations of a V-shaped recovery for the world’s largest economy. Currencies that thrive with higher risk appetite, such as sterling...

The safe-haven dollar edged higher in choppy trading on Friday, moving within narrow ranges, as investors grew cautious about a resurgence in U.S. coronavirus cases that has fueled doubts on expectations of a V-shaped recovery for the world’s largest economy. Currencies that thrive with higher risk appetite, such as sterling...

29.06.2020

US, EU equity markets in decline as UK stocks gain strength

Global equities sank and perceived safe-haven assets like U.S. Treasuries and gold gained on Friday as investors weighed hopes that Europe will continue to rebound from the coronavirus pandemic's economic damage against concerns over a record surge in new COVID-19 infections in the United States.

The euro zone is "probably past"...

Global equities sank and perceived safe-haven assets like U.S. Treasuries and gold gained on Friday as investors weighed hopes that Europe will continue to rebound from the coronavirus pandemic's economic damage against concerns over a record surge in new COVID-19 infections in the United States.

The euro zone is "probably past"...

29.06.2020

Brent edges lower, bug blamed as usual

Oil prices dipped on Friday, erasing earlier gains, as new coronavirus cases spiked in the United States and China, and on growing concerns about rising U.S. output ticking up while crude stockpiles sat at record highs. Oil prices dipped on Friday, erasing earlier gains, as new coronavirus cases spiked in...

Oil prices dipped on Friday, erasing earlier gains, as new coronavirus cases spiked in the United States and China, and on growing concerns about rising U.S. output ticking up while crude stockpiles sat at record highs. Oil prices dipped on Friday, erasing earlier gains, as new coronavirus cases spiked in...

29.06.2020

UK, Dutch natural gas prices down as EU benchmark firms

British wholesale gas prices fell on Friday due to higher flows from Norway and expectations of a drop in gas-for-power demand.

The day-ahead contract was down by 0.20 pence to 13.50 p/therm at 0838 GMT.

The weekend contract dropped by 0.30 p to 13.20 p/therm.

Britain’s gas system was oversupplied by 12.2 million...

British wholesale gas prices fell on Friday due to higher flows from Norway and expectations of a drop in gas-for-power demand.

The day-ahead contract was down by 0.20 pence to 13.50 p/therm at 0838 GMT.

The weekend contract dropped by 0.30 p to 13.20 p/therm.

Britain’s gas system was oversupplied by 12.2 million...

29.06.2020

Bullion unbeatable against struggling paper markets

Gold erased earlier losses on Friday as the relentless coronavirus spread globally with a record jump in COVID-19 infections in the United States marring risk appetite and setting the metal on track for its third straight weekly rise.

Spot gold rose 0.3% to $1,767.28 per ounce by 1:50 p.m. EDT (1750...

Gold erased earlier losses on Friday as the relentless coronavirus spread globally with a record jump in COVID-19 infections in the United States marring risk appetite and setting the metal on track for its third straight weekly rise.

Spot gold rose 0.3% to $1,767.28 per ounce by 1:50 p.m. EDT (1750...

29.06.2020

Copper continues price hike, other base metals mixed

Copper prices extended gains on Friday, putting them on course to post their sixth consecutive weekly rise as concerns mounted about supply disruptions in producing countries hit by a surge in coronavirus cases.

Three-month copper on the London Metal Exchange climbed 0.8% to $5,942 a tonne by 0700 GMT, after rising...

Copper prices extended gains on Friday, putting them on course to post their sixth consecutive weekly rise as concerns mounted about supply disruptions in producing countries hit by a surge in coronavirus cases.

Three-month copper on the London Metal Exchange climbed 0.8% to $5,942 a tonne by 0700 GMT, after rising...

29.06.2020

EU wheat future traders show caution on warnings on harvest setback, prices down

Euronext wheat slipped to a new three-month low on Friday, weakened by a steep fall in Chicago as the U.S. harvest progressed and forecasters projected large global supplies.

Losses were limited in Paris by caution ahead of the European Union harvest, which is expected to show a sharp decline in production...

Euronext wheat slipped to a new three-month low on Friday, weakened by a steep fall in Chicago as the U.S. harvest progressed and forecasters projected large global supplies.

Losses were limited in Paris by caution ahead of the European Union harvest, which is expected to show a sharp decline in production...

29.06.2020

US wheat futures hit bottom as supply trouble remains remote

U.S. corn and soybean futures fell for a fifth straight session on Friday on crop boosting rains across the Midwest and positioning ahead of government reports on U.S. plantings and stocks due next week.

Wheat futures tumbled to contract lows, with soft red winter wheat hitting its lowest in nearly 10...

U.S. corn and soybean futures fell for a fifth straight session on Friday on crop boosting rains across the Midwest and positioning ahead of government reports on U.S. plantings and stocks due next week.

Wheat futures tumbled to contract lows, with soft red winter wheat hitting its lowest in nearly 10...