Issue 144 - 31.01.2021
04.01.2021

China’s economy endures turbulent 12 months

China and the United States signed their long-awaited phase one trade deal in January, somewhat ending their 18 month trade war, but 2020 was dominated by the impact of the coronavirus. As a result, China’s economy shrank by 6.8 per cent in the first quarter of 2020, although it is set to be the only Group of 20 nation to post positive economic growth this year.

With the severity of the coronavirus still unknown, January will be remembered for China and the US signing their long-awaited phase one trade deal.

This included a commitment to buy an additional US$200 billion worth of goods and services over the coming two years.

While the virus had not yet spread into the global pandemic that it would become, we also looked at Wuhan, the hub of transport and industry for central China, which had been sealed off to contain the spread of the deadly outbreak.

Revelations about Canadian extradition proceedings of Huawei Technologies Co. chief financial officer Meng Wanzhou, and a rise in interest for dog and cat meat amid China’s pork crisis, also featured in January.

China also announced that its economy grew by 6.1 per cent in 2019, marking the lowest growth rate since political turmoil ravaged the country in 1990.

In February 2020 the coronavirus, which at the time had killed more that 2,700 and infected over 78,000 in China alone, caused a backlog at Chinese ports due to travel curbs that kept workers away and so jammed up global supply chains. But China’s top container ports were able to loosen the backlog of cargo on their docks as workers returned towards the end of the month.

With face masks becoming a hotter topic, demand amid the coronavirus outbreak also created a severe shortage for China, the world’s largest producer of medical facial masks.

The coronavirus also caused cancellation of around two-thirds of the total number of flights scheduled every day in the month, placing huge financial pressure on airlines and airports, forcing China’s airlines to offer domestic flights for as little as US$4. 

As of March 2020, the real impact of the coronavirus was known, and its impact on China’s economy was confirmed as combined data for 

January and February showed that industrial production, retail sales and asset investment all declined far more than analysts expected.

By this stage, China was making more than 100 million face masks a day, up from 20 million before the coronavirus outbreak, and looked to export more to other countries. But mask shortages abroad again raised the debate about an over-reliance on China, with critics pointing to a lack of a US industrial policy.

A global shortage of coronavirus test kits sparked a scramble for resources, although the specialist nature of the production process posed quality concerns, with more than 100 Chinese companies selling kits to Europe even though most were not licensed to sell them in China.

Signs of China’s recovery from the coronavirus, though, began to emerge at the end of the month as China’s official manufacturing purchasing managers’ index (PMI) rose to 52 in March, rebounding from an all-time low in February and higher than forecasted.

In April 2020, a shortage of US dollars created by increased demand during the coronavirus threatened Chinese companies’ ability to raise new funds to pay off existing debts in April, but China was reluctant to project an image to the international community that it needed the US to provide it with easier access to the currency.

The impact of the coronavirus was also being felt by businesses in China, with confirmation that more than 460,000 firms had closed permanently in the first quarter.

China was also facing a fight to hang onto its foreign manufacturers as the US, Japan and the European Union made post-coronavirus plans, with calls to diversify supply chains finding growing support after the supply shock caused by China’s coronavirus shutdown.

China also claimed its stimulus was “10 times more efficient” than that of the US Federal Reserve, as Chinese banks pumped more than US$1 trillion into the economy in the first quarter of the year in an effort to stem the bleeding from the coronavirus.

China, though, confirmed its economy shrank by 6.8 per cent in the first quarter of 2020 after the coronavirus shut down large swathes of the country.

In May, US chip giant GlobalFoundries confirmed it had ceased operations at its sole Chinese facility, with industry experts saying the poorly planned project was doomed to fail.

US news reports suggested White House officials had already considered the idea of cancelling all or part of the US$1.1 trillion debt owed to China, with response to the debate over the highly unlikely “nuclear option” suggesting China could cut its holdings as the US ramped up borrowing to pay coronavirus-related costs.

A long-standing debate over whether China is a rich or poor nation was also reignited after the government released a series of divergent data sets on wealth in the world’s second-biggest economy.

A Deutsche Bank survey, meanwhile, indicated that 41 per cent of Americans would not buy “Made in China” products again, while 35 per cent of Chinese consumers would avoid US goods as the coronavirus fuelled mistrust among consumers on both sides of the Pacific.

In June 2020, the Hong Kong national security law began to the grab the headlines in June, with analysts saying the then-proposed legislation could mark the beginning of a process cutting China’s access to US dollars.

Risks of US financial sanctions also emerged for China after its National People’s Congress approved the national security law for Hong Kong, with Beijing left wondering whether Washington would cut it off from the US dollar payment system.

Another topic which would feature heavily for the rest of the year also emerged in June, with China’s Ministry of Commerce warning Australia that its new foreign investment policy should be “fair and non-discriminatory” to all countries, amid speculation that it was aimed at restricting investment from China.

China also unveiled plans to make Hainan a free-trade hub like Hong Kong and Singapore amid risks of economic decoupling from the US.

In July, it emerged that China bought more US debt in May despite talk of a financial war amid rising trans-Pacific tensions. Domestic debt also featured as Dushan county in the landlocked southwest province of Guizhou, one of the poorest regions in China, admitted to “reckless borrowing” after a video brought attention to a 40 billion yuan (US$5.7 billion) construction spree that began in 2016.

President Xi Jinping promised that China would stick to its “peaceful development” path, continue reform and deepen the opening of its domestic market in a letter to top international business executives.

Questions emerged over Australia’s share of China’s iron ore imports being at risk following the opening of four new ports along China’s coast that could operate berths for extra-large ships, opening up new possibilities for greater imports from Brazil and Africa.

China also avoided a recession after its economy grew by 3.2 per cent in the second quarter, the first major economy to show a recovery from the damage caused by the coronavirus pandemic.

As of August 2020, after earlier talk of firms leaving, China became increasingly worried about “losing face” as Japan offered a group of 87 companies subsidies totalling US$653 million to expand production at home and in Southeast Asia.

Construction on a US$20 billion state-of-the-art semiconductor manufacturing plant owned by Wuhan Hongxin Semiconductor Manufacturing Company (HSMC) in Wuhan also stalled due to a lack of funding.

China’s 290 million migrant workers were also facing the end of an era as the world’s factory wound down amid the coronavirus and the US-China trade war. One worker, Rao Dequn, who had worked for 25 years in Chinese factories making goods for overseas markets, was set to lose her job in less than a month.

Prominent Beijing adviser Yu Yongding, a senior fellow with the Chinese Academy of Social Sciences, warned that the US could not only sanction Chinese banks, but also seize overseas Chinese assets amid the bilateral financial row.

In September, analysts commented on how a critical mission for President Xi over the next 15 years was likely to be doubling the size of China’s “middle-income” group after Beijing reached its goal of eliminating absolute poverty by next summer.

Meanwhile, as the US ramped up its attacks on Chinese tech firms. As the threat of economic decoupling grew, government advisers in Beijing began debating the so-called nuclear option of cutting off US access to medicines.

Amid US pressure for ByteDance to sell or close down TikTok in the US, the Beijing-based company said it would not sell or transfer the algorithm behind the popular video-sharing app in any sale or divestment deal. And more than 800,000 Chinese students who had recently graduated from overseas universities returned home, more than ever before, adding to an already crowded domestic job market.

In October 2020 tensions between China and Australia began to dominate the headlines in October, with Canberra’s response to China’s ban on Australian coal exports hinting at a more conciliatory engagement with Beijing, although former diplomats and analysts said it was too early to tell if tensions had eased.

China’s informal verbal prohibitions on Australian imports of coal and cotton could, though, have breached rules set out by the World Trade Organization, as well as the free-trade deal between the two nations, according to trade lawyers.

A popular Japanese-themed shopping street in China’s Guangdong province was closed before the beginning of the “golden week” holiday, disappointing tourists and stoking speculation that copyright complaints and patriotism could have been behind the change.

Chinese families, meanwhile, were shunning Western universities as the coronavirus and strained ties were “scaring middle-class families”, with four out of five affluent Chinese parents with children studying foreign curriculums and taking foreign examinations saying they had postponed plans to send their children abroad.

China also confirmed that its economy grew by 4.9 per cent in third quarter as industrial production and retail sales grew by 6.9 per cent and 3.3 per cent, respectively, from a year earlier, while investment turned positive for the first time in 2020.

Tensions between China and Australia continued to dominate the headlines in November, with  China banning imports of Australian timber from Queensland and suspending barley imports from a second grain exporter.

China’s commerce ministry also said that it would impose temporary anti-dumping measures on Australian wine imports.

A group of Chinese investors also withdrew their bid to purchase a A$80 million (US$58.5 million) office tower in Sydney after the Australian Foreign Investment Review Board (FIRB) delayed approval of the deal for eight months.

Elsewhere, analysts predicted that the administration of US president-elect Joe Biden would likely continue the Trump administration’s efforts to contain China technologically, despite the easing of some concerns about the acquisition of key American components needed for its home-grown C919 passenger jet.

In December, “star” bank manager Zhang Ying from Beijing was jailed for life for stealing the equivalent of US$400 million from clients and using the money to finance her lavish lifestyle.

Amid the ongoing tensions, Australian rock lobster all but disappeared from markets and restaurants in Beijing, since China imposed an import ban in November.

The China Iron & Steel Association (CISA) also said it had a “candid exchange of views” with Anglo-Australian miner BHP about soaring iron ore prices.

And a senior Chinese aviation engineer said it was an “urgent political task” for China to speed up development of its own jet engine as access to crucial technology was no longer guaranteed due to external hostilities, and that China must become more self-reliant.

Reported by the South China Morning Post.

China, Pacific

04.01.2021

China enters 2021 in good shape

As 2021 arrives and the world slowly emerges from a pandemic that has shattered the global economy, China is in pretty good shape. It is now the only major economy that is growing. And with its post-COVID-19 recovery mostly in the bag, Beijing is looking forward to the new year...

As 2021 arrives and the world slowly emerges from a pandemic that has shattered the global economy, China is in pretty good shape. It is now the only major economy that is growing. And with its post-COVID-19 recovery mostly in the bag, Beijing is looking forward to the new year...

04.01.2021

China's PMI hits 51.9 in Dec, sustaining expansion for 10 consecutive months

The recovery of China's factory activities continued to accelerate at a solid pace in December, though it slowed down a bit from the previous month, as the world's second-largest economy continued to recover from the COVID-19 downturn, official data showed on Thursday.

According to official data released by the National Bureau...

The recovery of China's factory activities continued to accelerate at a solid pace in December, though it slowed down a bit from the previous month, as the world's second-largest economy continued to recover from the COVID-19 downturn, official data showed on Thursday.

According to official data released by the National Bureau...

04.01.2021

China's manufacturing PMI hits 51.9 in December

The purchasing managers' index (PMI) for China's manufacturing sector came in at 51.9 in December, edging down 0.2 percentage points from November, the National Bureau of Statistics (NBS) said Thursday.

A reading above 50 indicates expansion, while a reading below reflects contraction.

The PMI remained in expansion zone for the 10th consecutive...

The purchasing managers' index (PMI) for China's manufacturing sector came in at 51.9 in December, edging down 0.2 percentage points from November, the National Bureau of Statistics (NBS) said Thursday.

A reading above 50 indicates expansion, while a reading below reflects contraction.

The PMI remained in expansion zone for the 10th consecutive...

04.01.2021

China's non-manufacturing PMI falls in December

The purchasing managers' index (PMI) for China's non-manufacturing sector came in at 55.7 in December, down from 56.4 in November, the National Bureau of Statistics (NBS) said Thursday.

A reading above 50 indicates expansion, while a reading below it reflects contraction.

The non-manufacturing PMI has remained above 50 for 10 consecutive months,...

The purchasing managers' index (PMI) for China's non-manufacturing sector came in at 55.7 in December, down from 56.4 in November, the National Bureau of Statistics (NBS) said Thursday.

A reading above 50 indicates expansion, while a reading below it reflects contraction.

The non-manufacturing PMI has remained above 50 for 10 consecutive months,...

04.01.2021

China to build overseas iron ore mines

China aims to build one or two globally significant overseas iron ore mines by 2025 to boost supply of the steelmaking ingredient and strengthen its pricing power, the industry ministry said on Thursday.

Equity output from stakes held by Chinese firms in overseas mines should account for more than 20% of...

China aims to build one or two globally significant overseas iron ore mines by 2025 to boost supply of the steelmaking ingredient and strengthen its pricing power, the industry ministry said on Thursday.

Equity output from stakes held by Chinese firms in overseas mines should account for more than 20% of...

04.01.2021

Oil, gas production help strengthen China’s energy security

China has made progress in increasing domestic oil and gas production over the past five years, while the country vows to continuously step up construction of storage facilities and accelerate building trunk oil and gas pipelines to further ensure domestic energy security.

The National Energy Administration said the country produced 173.3...

China has made progress in increasing domestic oil and gas production over the past five years, while the country vows to continuously step up construction of storage facilities and accelerate building trunk oil and gas pipelines to further ensure domestic energy security.

The National Energy Administration said the country produced 173.3...

04.01.2021

China's industrial robot production up 31.7 pct in November of 2020

China's industrial robot production surged 31.7 percent year on year to 25,635 units in November 2020, official data showed.

In the first 11 months of last year, the country produced a total of 206,851 industrial robots, up 22.2 percent from the same period in 2019, data from the Ministry of Industry...

China's industrial robot production surged 31.7 percent year on year to 25,635 units in November 2020, official data showed.

In the first 11 months of last year, the country produced a total of 206,851 industrial robots, up 22.2 percent from the same period in 2019, data from the Ministry of Industry...

04.01.2021

Impetus to opening-up attracts offshore traders to Chinese futures sector

China's drive to open its futures markets to the outside world has gathered pace with an ultimate goal to serve the real economy amid the country's efforts to seek high-quality development.

China currently has seven kinds of commodity futures and options open to direct participation by international investors, after overseas investors...

China's drive to open its futures markets to the outside world has gathered pace with an ultimate goal to serve the real economy amid the country's efforts to seek high-quality development.

China currently has seven kinds of commodity futures and options open to direct participation by international investors, after overseas investors...

04.01.2021

China's central bank vows to keep monetary policy consistent

China will implement a prudent monetary policy that is flexible, precise, reasonable and moderate, and keep it consistent, stable and sustainable, the central bank said.

In a statement released after a quarterly meeting of its monetary policy committee held Friday, the People's Bank of China (PBOC), the central bank, said that...

China will implement a prudent monetary policy that is flexible, precise, reasonable and moderate, and keep it consistent, stable and sustainable, the central bank said.

In a statement released after a quarterly meeting of its monetary policy committee held Friday, the People's Bank of China (PBOC), the central bank, said that...

04.01.2021

China's tax, fee cuts approximate 2.4 trillion yuan

According to China's tax authorities, tax and fee cuts totaled 2.37 trillion yuan (about 363.22 billion US dollars) in the first 11 months of 2020. Of the total, 1.64 trillion yuan was saved under the preferential tax and fee measures unveiled this year to support economic development and COVID-19 containment,...

According to China's tax authorities, tax and fee cuts totaled 2.37 trillion yuan (about 363.22 billion US dollars) in the first 11 months of 2020. Of the total, 1.64 trillion yuan was saved under the preferential tax and fee measures unveiled this year to support economic development and COVID-19 containment,...

04.01.2021

China’s stock markets end 2020 upbeat

China stocks climbed on the last trading day of 2020, as investors cheered a Sino-Europe investment deal and Beijing's continued policy support for its capital markets.

The CSI300 index rose 0.9%, to 5,161.89 points, at the end of the morning session on Thursday, while the Shanghai Composite Index gained 0.8%, to...

China stocks climbed on the last trading day of 2020, as investors cheered a Sino-Europe investment deal and Beijing's continued policy support for its capital markets.

The CSI300 index rose 0.9%, to 5,161.89 points, at the end of the morning session on Thursday, while the Shanghai Composite Index gained 0.8%, to...

04.01.2021

Japan-China economic ties flourishing

In modern times, rational, pragmatic states envision a broad canvas of relations with all their formidable counterparts. They do not allow their divergent interests in any area of interaction to deter the convergent ones in others. They are rather always inclined to preserving and creating space for cooperation with other...

In modern times, rational, pragmatic states envision a broad canvas of relations with all their formidable counterparts. They do not allow their divergent interests in any area of interaction to deter the convergent ones in others. They are rather always inclined to preserving and creating space for cooperation with other...

Eurasia

04.01.2021

China to build over 600,000 new 5G stations in 2021

China’s Ministry of Industry and Information Technology said the nation plans to accelerate the rollout of wireless technology while launching hundreds of thousands of new 5G base stations this year.

The country has already built more than 718,000 5G stations as of mid-December and 5G signals are available in more than...

China’s Ministry of Industry and Information Technology said the nation plans to accelerate the rollout of wireless technology while launching hundreds of thousands of new 5G base stations this year.

The country has already built more than 718,000 5G stations as of mid-December and 5G signals are available in more than...

04.01.2021

Relations between Russia & China at historic high

The relationship between Beijing and Moscow has remained close throughout the Covid-19 pandemic, and the two countries have emerged from the crisis as stronger allies, China's Foreign Minister Wang Yi said on Saturday.

In recent times, China and Russia have pulled away from the West and grown closer to each other...

The relationship between Beijing and Moscow has remained close throughout the Covid-19 pandemic, and the two countries have emerged from the crisis as stronger allies, China's Foreign Minister Wang Yi said on Saturday.

In recent times, China and Russia have pulled away from the West and grown closer to each other...

Europe

04.01.2021

China, EU lay foundation for stronger economies

With COVID-19 and its mutant variants expected to dominate media headlines in 2021 and continue to shadow the global economy, the recently-concluded China-EU talks on the Comprehensive Agreement on Investment (CAI) are set to enable European and Chinese companies to be aligned closer, cooperate on clearly-defined terms, and shore up...

With COVID-19 and its mutant variants expected to dominate media headlines in 2021 and continue to shadow the global economy, the recently-concluded China-EU talks on the Comprehensive Agreement on Investment (CAI) are set to enable European and Chinese companies to be aligned closer, cooperate on clearly-defined terms, and shore up...

04.01.2021

China-Europe freight train number via Xinjiang port hits new high

A total of 5,000 China-Europe freight trains have traveled through th3e Alatau Pass, a major land port in northwest China's Xinjiang Uygur Autonomous Region, this year, hitting a new high.

A train carrying electronic products, clothes and other goods crossed the pass en route to Poland's Malaszewicze on Wednesday, becoming the...

A total of 5,000 China-Europe freight trains have traveled through th3e Alatau Pass, a major land port in northwest China's Xinjiang Uygur Autonomous Region, this year, hitting a new high.

A train carrying electronic products, clothes and other goods crossed the pass en route to Poland's Malaszewicze on Wednesday, becoming the...

04.01.2021

Mass medical supplies shipped from Wuhan to Europe by rail in 2020

China-Europe freight trains departing from central China's Wuhan, Hubei Province, transported some 5,660 tonnes of anti-epidemic medical supplies to European countries in 2020, according to China Railway's Wuhan branch.

The trains carried 770 TEUs of supplies including masks, protective suits and ventilators to Germany, Serbia, Poland and other countries last year,...

China-Europe freight trains departing from central China's Wuhan, Hubei Province, transported some 5,660 tonnes of anti-epidemic medical supplies to European countries in 2020, according to China Railway's Wuhan branch.

The trains carried 770 TEUs of supplies including masks, protective suits and ventilators to Germany, Serbia, Poland and other countries last year,...

04.01.2021

ICC-NDRC signs memorandum of understanding with Eni Group

On Dec 29, on the occasion of the 10th Joint Meeting of the China-Italy Joint Government Committee, the principal person in charge of the International Cooperation Center of the National Development and Reform Commission (ICC-NDRC) and Eni Group's Chief Executive Officer, Claudio Descalzi, signed a Memorandum of Understanding on Cooperation...

On Dec 29, on the occasion of the 10th Joint Meeting of the China-Italy Joint Government Committee, the principal person in charge of the International Cooperation Center of the National Development and Reform Commission (ICC-NDRC) and Eni Group's Chief Executive Officer, Claudio Descalzi, signed a Memorandum of Understanding on Cooperation...

South Asia, Middle East

04.01.2021

China pledges to promote alignment with Sri Lanka within BRI

China will promote the alignment of the ‘Belt and Road Initiative’ (BRI) with President Gotabaya Rajapaksa’s ‘Vistas of Prosperity and Splendour’ manifesto to promote economic and social engagement between the two countries, Chinese Ambassador Qi Zhenhong said in a New Year message issued yesterday. 

The message issued by the Chinese Embassy...

China will promote the alignment of the ‘Belt and Road Initiative’ (BRI) with President Gotabaya Rajapaksa’s ‘Vistas of Prosperity and Splendour’ manifesto to promote economic and social engagement between the two countries, Chinese Ambassador Qi Zhenhong said in a New Year message issued yesterday. 

The message issued by the Chinese Embassy...

04.01.2021

Parties keen to expand China-GCC strategic partnership

China enjoys warm ties with Saudi Arabia and other Gulf Cooperation Council states. Most GCC countries have upgraded their engagement with China to a “strategic partnership,” with close cooperation in all fields, including political and security areas. While these developments are important and real, I will suggest some steps to...

China enjoys warm ties with Saudi Arabia and other Gulf Cooperation Council states. Most GCC countries have upgraded their engagement with China to a “strategic partnership,” with close cooperation in all fields, including political and security areas. While these developments are important and real, I will suggest some steps to...

Africa, Americas

04.01.2021

China-Africa friendship emerges still stronger from COVID-19 test, says Chinese FM

Chinese State Councilor and Foreign Minister Wang Yi said here that the friendship between China and Africa emerged still stronger from the test of COVID-19 in 2020.

Wang made the remarks in a recent interview with Xinhua News Agency and China Media Group.

"With our shared identity as part of the developing...

Chinese State Councilor and Foreign Minister Wang Yi said here that the friendship between China and Africa emerged still stronger from the test of COVID-19 in 2020.

Wang made the remarks in a recent interview with Xinhua News Agency and China Media Group.

"With our shared identity as part of the developing...

04.01.2021

China fuels South America’s oil boom

Oil demand from China has been one of the few bright spots for a global petroleum industry severely impacted by a long-term global supply glut and the economic fallout from the COVID-19 pandemic. The world’s second-largest economy hunger for energy keeps growing despite the global COVID-19 pandemic and a resultant...

Oil demand from China has been one of the few bright spots for a global petroleum industry severely impacted by a long-term global supply glut and the economic fallout from the COVID-19 pandemic. The world’s second-largest economy hunger for energy keeps growing despite the global COVID-19 pandemic and a resultant...

04.01.2021

China vows necessary measures after US move of delisting telecom firms

China on Saturday vowed to take necessary measures to protect Chinese enterprises' legitimate rights and interests after the New York Stock Exchange (NYSE) moved to delist three Chinese telecom companies as per Trump administration's order. 

"China opposes the US practice of abusing national security to include Chinese enterprises on the list...

China on Saturday vowed to take necessary measures to protect Chinese enterprises' legitimate rights and interests after the New York Stock Exchange (NYSE) moved to delist three Chinese telecom companies as per Trump administration's order. 

"China opposes the US practice of abusing national security to include Chinese enterprises on the list...

Markets

04.01.2021

US dollar posts worst year since 2017

The dollar posted its biggest yearly loss since 2017 on Thursday, capping off a manic year that saw the currency serve as a safe haven in March when panic over the spread of COVID-19 in the United States peaked, before dropping on unprecedented Federal Reserve stimulus.

The greenback soared to a...

The dollar posted its biggest yearly loss since 2017 on Thursday, capping off a manic year that saw the currency serve as a safe haven in March when panic over the spread of COVID-19 in the United States peaked, before dropping on unprecedented Federal Reserve stimulus.

The greenback soared to a...

04.01.2021

Stock markets end year with promising trends

Wall Street advanced on Thursday and the dollar gained ground as investors closed the book on a turbulent year of pandemic, recession and recovery.

All three major indexes gained ground, with the Dow and S&P 500 picking up steam in the session’s final minutes to exit 2020 at record highs. Over...

Wall Street advanced on Thursday and the dollar gained ground as investors closed the book on a turbulent year of pandemic, recession and recovery.

All three major indexes gained ground, with the Dow and S&P 500 picking up steam in the session’s final minutes to exit 2020 at record highs. Over...

04.01.2021

Brent posts 20%+ annual drop in tumultuous 2020

Global crude prices edged higher on Thursday but lost more than a fifth of their value in 2020, as lockdowns to combat the novel coronavirus depressed economic activity and sent oil markets reeling.

Texas Intermediate lost

Still, Brent and U.S. crude benchmarks have more than doubled from April’s nadir as producers cut...

Global crude prices edged higher on Thursday but lost more than a fifth of their value in 2020, as lockdowns to combat the novel coronavirus depressed economic activity and sent oil markets reeling.

Texas Intermediate lost

Still, Brent and U.S. crude benchmarks have more than doubled from April’s nadir as producers cut...

04.01.2021

Bullion holds firm against ailing greenback

Gold steadied as the dollar extended losses on Thursday, with the metal on track for its best year in a decade on economic uncertainty and as governments worldwide doled out massive stimulus to lessen the impact of the COVID-19 pandemic. Spot gold was trading around $1,892.97 per ounce by 1:53...

Gold steadied as the dollar extended losses on Thursday, with the metal on track for its best year in a decade on economic uncertainty and as governments worldwide doled out massive stimulus to lessen the impact of the COVID-19 pandemic. Spot gold was trading around $1,892.97 per ounce by 1:53...

04.01.2021

Copper looks like year’s winner on commodity markets

Copper prices fell on Thursday as prospects of more U.S. stimulus checks slimmed, but the metal is set to top the base metal complex on the London Metal Exchange this year, supported by a global economic recovery from COVID-19 pandemic slumps.

Three-month copper on the London Metal Exchange fell 0.9% to...

Copper prices fell on Thursday as prospects of more U.S. stimulus checks slimmed, but the metal is set to top the base metal complex on the London Metal Exchange this year, supported by a global economic recovery from COVID-19 pandemic slumps.

Three-month copper on the London Metal Exchange fell 0.9% to...

04.01.2021

Wheat futures up, maize down as both post strong 2020 year

Chicago corn futures extended gains on Thursday to hit their highest in 6-1/2 years, after major exporter Argentina said it would restrict shipments and as dry weather continued to threaten harvests in the country.

The most-active corn contract on the Chicago Board of Trade (CBOT) extended gains into a 13th session....

Chicago corn futures extended gains on Thursday to hit their highest in 6-1/2 years, after major exporter Argentina said it would restrict shipments and as dry weather continued to threaten harvests in the country.

The most-active corn contract on the Chicago Board of Trade (CBOT) extended gains into a 13th session....