Issue 107 - 02.06.2020
02.06.2020

China bolsters world economy by stabilising supply chains, expanding B&R cooperation

Despite the economic shock brought by the COVID-19 lockdowns, Greece's largest harbor Piraeus Port still recorded annual growth in the first four months of the year, the tenth year since China's COSCO Shipping officially took control of its management.

The port's constant growth is mainly thanks to the major support from its parent company and the trade buoyed by the resumption of work and production in China, "which clearly benefits PPA (Piraeus Port Authority)," spokesman Nektarios Demenopoulos told Xinhua recently.

China's role as a global producer and supply chain heavyweight has been reflected in many examples like the Piraeus Port, representing win-win cooperation under the Belt and Road Initiative (BRI).

Stable industrial and supply chains, high-quality joint pursuit of BRI projects and a more advanced opening up of China's economy were highlighted by Chinese Premier Li Keqiang during the country's annual national legislative session, factors which experts worldwide have called "necessary" for the recovery of the world economy.

China has emerged as the central player in global supply chains over the past two decades. As the COVID-19 pandemic impacts the world economy, voices have risen calling for diversifying supply chains away from China, while experts and entrepreneurs admit China's irreplaceable role with its big advantages in manufacturing and logistics.

A recent survey by the American Chamber of Commerce in China and PricewaterhouseCoopers (PwC) showed that almost 70 percent of US companies say they have no plan to relocate production outside of China due to COVID-19.

"We are very confident in the Chinese market. We will make another successful year with partners in China," Jean-Paul Agon, chairman and CEO of L'Oreal Group, has told Xinhua recently.

"China will continue to be the world's factory because nothing else comes even close," said Peter Sand, chief shipping analyst at industry trade body BIMCO, in a story by Wall Street Journal on May 1, citing China's "massive logistics ecosystem" as an indispensable advantage.

Tang Jin, senior research analyst at Japan's Mizuho Bank, also said in an article on The Nihon Keizai Shimbun that Japanese companies have become a significant part of the Chinese supply chain with their dependence on the huge Chinese market.

The gradual resumption of work in China has witnessed more diverse goods transported by freight under the operation of China Railway Express, from China's manufacturing hubs to cities in Europe and Central Asia, including daily necessities, electrical products, industrial machinery, metals, medical supplies and food.

From March 21 to the end of April, anti-pandemic supplies totaling 660,000 items and weighing 3,142 tonnes were sent by the freight trains to European countries such as Italy, Germany, Spain and the Czech Republic, according to China State Railway Group.

The German Mechanical Engineering Industry Association (VDMA) found in a recent survey that many mechanical engineering companies in the country reported a slight easing of tension on the supply side, in particular from China.

Oliver Wack, an expert at the association's department of foreign trade, told Xinhua that the easing is not only related to the restart of production in China, but also to the improvement of the logistics chains from and to China.

Recently, a new large-scale hydropower project was signed in Bosnia and Herzegovina under the Belt and Road framework, which will effectively improve the region's power supply and drive local economic development.

In Egypt, the COVID-19 pandemic has had limited impact on BRI projects, including the construction of the Central Business District in the country's New Administrative Capital region east of Cairo, said Egypt's Housing Ministry spokesman Amro Khatab.

Turning the new capital into a regional hub for business and management, the project not only continues on schedule but also guarantees the safety of both Egyptian and Chinese workers by implementing anti-pandemic measures.

In spite of the COVID-19 crisis, Chinese investment in Belt and Road countries and regions increased by 11.7 percent year on year in the first quarter of 2020, along with a 3.2-percent growth in trade.

Premier Li said in his government work report released during China's "two sessions" that the BRI would uphold market principles and international rules, give enterprises a leading role, lead to mutually beneficial outcomes, and boost outbound investment from China.

Yu Jie, senior research fellow on China at UK Chatham House told Xinhua the BRI would consist of "high-quality" infrastructure projects that meet international standards and increase confidence in global investment and economic development in a post-epidemic world.

Pierre Picquart, French expert on China at the University of Paris VIII, said that the "two sessions" sent positive signals for an economic recovery. The innovative stimulus package in China as well as the BRI will promote financial flows and economic growth around the world.

"With its economic recovery, China will restore confidence to business leaders, investors and consumers in the world," he added.

China will further enhance cooperation with the rest of the world and introduce more measures to expand its opening up policy, Premier Li said Thursday.

With a population of over 1.4 billion people and a middle class of over 400 million, Chinese consumption is the growth engine of both China and the world, as Jim O'Neill, chair of the London-based think tank Chatham House, has said.

As the pandemic forced national lockdowns and dampened trade, worries about a more inward and less open world have emerged. Still, experts see positive signs in China's stance against protectionism and efforts to deepen opening-up.

China can offset headwinds to global trade to some degree by pursuing its policy of reform and opening up more aggressively, said Martin Wolf, chief economics commentator for the Financial Times. "That will help China and the rest of the world."

Vasilis Trigkas, research fellow at the Belt and Road Strategy Institute of China's Tsinghua University told Xinhua that China's shift towards higher consumption domestically will obviously "have a positive impact to the global economy as nations would increase their exports to the vast Chinese market."

Several Japanese companies in the eastern city of Xiamen understand their future is tied to growing Chinese consumption.

Zhao Fujun, general manager of Yamaha motors' global research and development center in Xiamen, said that his company pins high hopes on the Chinese market since China has taken efficient measures to stem the spread of COVID-19. The company's investment in China will increase by 30 percent this year.

Christine Bierre, editor-in-chief of France's Nouvelle Solidarité magazine and an expert at Schiller France Institute, told Xinhua: "This is China's main contribution to ... the world: by developing itself, and its huge market, it drives the world economy forward."

Reported on May 31 2020 by Xinhua (China).

EURASIA

02.06.2020

Russia and China: different strategies, same goals?

Europe is facing multiple threats at present. An insecure but threatening Russia, which has shown its willingness to illegally annex sovereign territory with no regard to international law, and China, rapidly growing in economic and military strength, and in ambition. To this we can add a virus that is both...

Europe is facing multiple threats at present. An insecure but threatening Russia, which has shown its willingness to illegally annex sovereign territory with no regard to international law, and China, rapidly growing in economic and military strength, and in ambition. To this we can add a virus that is both...

Europe

02.06.2020

What to be wary of in robust EU strategy toward China

In the recent Annual German Ambassadors' Conference, EU High Representative Josep Borrell made a speech addressed to his German host that mainly conveyed high expectations for Germany after it taking the positions of both presidencies of the UN Security Council and the Council of the EU later this year. Borrell...

In the recent Annual German Ambassadors' Conference, EU High Representative Josep Borrell made a speech addressed to his German host that mainly conveyed high expectations for Germany after it taking the positions of both presidencies of the UN Security Council and the Council of the EU later this year. Borrell...

02.06.2020

Chinese-French consortium successfully lifts 1,250-ton base for mega fusion reactor

A Chinese-French consortium headed by the China National Nuclear Corporation (CNNC) on Thursday successfully lifted a 1,250-ton base for the International Thermonuclear Experimental Reactor (ITER) in the South of France, a staged achievement for China’s nuclear sector amid the COVID-19 pandemic.

The cryostat base, the first major component installed for the...

A Chinese-French consortium headed by the China National Nuclear Corporation (CNNC) on Thursday successfully lifted a 1,250-ton base for the International Thermonuclear Experimental Reactor (ITER) in the South of France, a staged achievement for China’s nuclear sector amid the COVID-19 pandemic.

The cryostat base, the first major component installed for the...

02.06.2020

China-UK relations show resilience to US meddling

Hong Kong affairs, 5G technology and trade issues have all added tensions to the China-UK relations. The COVID-19 pandemic has further magnified these disputes since the conservatives in the UK have expressed doubts about China. Some even believe that the "golden era" of China-UK ties has come to an end.

In...

Hong Kong affairs, 5G technology and trade issues have all added tensions to the China-UK relations. The COVID-19 pandemic has further magnified these disputes since the conservatives in the UK have expressed doubts about China. Some even believe that the "golden era" of China-UK ties has come to an end.

In...

02.06.2020

Volkswagen investment to boost China's NEV sector

German automaker Volkswagen announced plans to invest 2.1 billion euros ($2.31 billion) in two Chinese new energy vehicle (NEV) companies. Analysts said the move would accelerate Volkswagen's China presence and push the domestic NEV industry to a higher level. Volkswagen will invest 1 billion euros in Anhui Jianghuai Automobile Group (JAC...

German automaker Volkswagen announced plans to invest 2.1 billion euros ($2.31 billion) in two Chinese new energy vehicle (NEV) companies. Analysts said the move would accelerate Volkswagen's China presence and push the domestic NEV industry to a higher level. Volkswagen will invest 1 billion euros in Anhui Jianghuai Automobile Group (JAC...

China, Pacific

02.06.2020

China successfully launches two satellites into planned orbit

China successfully launched two satellites into the planned orbit on Sunday (May 31), marking the 333rd launch of the Long March rocket series. 

China sent the satellites into the orbit with the Long March 2D carrier rocket at 4.53 p.m. (4.53 a.m. ET) from the LC43/94 launch complex at the Jiuquan Satellite Launch...

China successfully launched two satellites into the planned orbit on Sunday (May 31), marking the 333rd launch of the Long March rocket series. 

China sent the satellites into the orbit with the Long March 2D carrier rocket at 4.53 p.m. (4.53 a.m. ET) from the LC43/94 launch complex at the Jiuquan Satellite Launch...

02.06.2020

China sees regional economic pact due this year

Premier Li Keqiang said on Thursday he hopes and believes that the commitment made by leaders of 15 countries at leaders' meetings on East Asia cooperation last year on signing the Regional Comprehensive Economic Partnership by the end of this year will happen as scheduled.

China, Japan and the Republic of...

Premier Li Keqiang said on Thursday he hopes and believes that the commitment made by leaders of 15 countries at leaders' meetings on East Asia cooperation last year on signing the Regional Comprehensive Economic Partnership by the end of this year will happen as scheduled.

China, Japan and the Republic of...

02.06.2020

China's weekly coastal bulk freight index down 1.6%

China's coastal bulk freight market has seen a decrease in general demand in the week ending May 29, according to the Shanghai Shipping Exchange (SSE).

The composite index for coastal bulk freight edged down 1.6 percent week on week to 1,055.6, the SSE said.

The coal sub-index went down 3.6 percent to...

China's coastal bulk freight market has seen a decrease in general demand in the week ending May 29, according to the Shanghai Shipping Exchange (SSE).

The composite index for coastal bulk freight edged down 1.6 percent week on week to 1,055.6, the SSE said.

The coal sub-index went down 3.6 percent to...

02.06.2020

China's weekly export container shipping index up 0.3%

China's index of export container transport edged up in the past week, according to the Shanghai Shipping Exchange.

The average China Containerized Freight Index (CCFI) stood at 839.27, up 0.3 percent from a week earlier, according to the exchange.

The sub-reading for the Persian Gulf/Red Sea service led the increase with a...

China's index of export container transport edged up in the past week, according to the Shanghai Shipping Exchange.

The average China Containerized Freight Index (CCFI) stood at 839.27, up 0.3 percent from a week earlier, according to the exchange.

The sub-reading for the Persian Gulf/Red Sea service led the increase with a...

02.06.2020

China's logistics industry recovers steadily in Jan-April

China's logistics industry has recovered steadily in the first four months of the year, China Federation of Logistics and Purchasing said on Thursday.

From January to April, the total amount of social logistics in China reached 75.3 trillion yuan ($10.53 trillion), down 4.2 percent year-on-year, a figure 3.1 percentage points lower...

China's logistics industry has recovered steadily in the first four months of the year, China Federation of Logistics and Purchasing said on Thursday.

From January to April, the total amount of social logistics in China reached 75.3 trillion yuan ($10.53 trillion), down 4.2 percent year-on-year, a figure 3.1 percentage points lower...

02.06.2020

China posts increase in fixed assets investment in transportation in April

China's fixed assets investment in the transportation sector reached 299.9 billion yuan ($41.93 billion) in April, up 18.2 percent year-on-year, the Ministry of Transportation said on Wednesday. The volume of commercial passenger traffic reached 570 million in April, returning to 39.8 percent of the same period last year, an increase...

China's fixed assets investment in the transportation sector reached 299.9 billion yuan ($41.93 billion) in April, up 18.2 percent year-on-year, the Ministry of Transportation said on Wednesday. The volume of commercial passenger traffic reached 570 million in April, returning to 39.8 percent of the same period last year, an increase...

02.06.2020

New cargo air route brings more imported fresh food to central China

A regular fresh food cargo air route was launched Thursday to link the central Chinese city of Zhengzhou with foreign cities including Miami, Los Angeles and Mexico City.

At around 8 p.m. Thursday, the cargo flight carrying fresh cherries from Los Angeles in the United States arrived in the Zhengzhou Xinzheng...

A regular fresh food cargo air route was launched Thursday to link the central Chinese city of Zhengzhou with foreign cities including Miami, Los Angeles and Mexico City.

At around 8 p.m. Thursday, the cargo flight carrying fresh cherries from Los Angeles in the United States arrived in the Zhengzhou Xinzheng...

02.06.2020

China makes breakthrough in deep water gas field exploitation in South China Sea

A submarine pipeline at a depth of 1,542 meters on the south side of the E3-E2 sections of the Lingshui 17-2 gas field has been successfully completed, marking a breakthrough for China in deep water gas field exploitation in the South China Sea.

The Lingshui 17-2 gas field - the first...

A submarine pipeline at a depth of 1,542 meters on the south side of the E3-E2 sections of the Lingshui 17-2 gas field has been successfully completed, marking a breakthrough for China in deep water gas field exploitation in the South China Sea.

The Lingshui 17-2 gas field - the first...

02.06.2020

China's Caixin manufacturing PMI expands in May, highest since February

The Caixin/Markit manufacturing Purchasing Manager's Index (PMI), a gauge of activity in China's manufacturing sector, returned to the expansion territory at 50.7 in May, reflecting an accelerated recovery in economic activity.The index was up 1.3 percentage points from April and the highest since February.

The Caixin index trend is contradictory to...

The Caixin/Markit manufacturing Purchasing Manager's Index (PMI), a gauge of activity in China's manufacturing sector, returned to the expansion territory at 50.7 in May, reflecting an accelerated recovery in economic activity.The index was up 1.3 percentage points from April and the highest since February.

The Caixin index trend is contradictory to...

02.06.2020

China to further push opening-up on credit rating sector

China’s credit rating sector is set to embrace further opening-up both domestically and globally, beefing up financial services’ support for the real economy, China’s central bank said on Friday.

The opening-up of the credit rating sector is an important part of China’s financial opening, and bodes well for the global development...

China’s credit rating sector is set to embrace further opening-up both domestically and globally, beefing up financial services’ support for the real economy, China’s central bank said on Friday.

The opening-up of the credit rating sector is an important part of China’s financial opening, and bodes well for the global development...

02.06.2020

Total assets of foreign banks, insurers in China top 5 trillion yuan

Total assets of foreign banks and insurers in China had exceeded 5 trillion yuan (about 702.2 billion U.S. dollars) amid the expansion of a two-way opening-up of the banking and insurance sector, the country's top banking regulator said on Monday.

Up to the end of the first quarter, foreign banks had...

Total assets of foreign banks and insurers in China had exceeded 5 trillion yuan (about 702.2 billion U.S. dollars) amid the expansion of a two-way opening-up of the banking and insurance sector, the country's top banking regulator said on Monday.

Up to the end of the first quarter, foreign banks had...

02.06.2020

China’s manufacture’s profit decline slows

Profits at industrial firms declined at a slower pace in April as production and sales rebounded amid the nationwide restoration of economic activities, the National Bureau of Statistics said on Wednesday.

Analysts said the nation's newly-announced policy package to bail out businesses will help sustain the revival in industrial profits, with...

Profits at industrial firms declined at a slower pace in April as production and sales rebounded amid the nationwide restoration of economic activities, the National Bureau of Statistics said on Wednesday.

Analysts said the nation's newly-announced policy package to bail out businesses will help sustain the revival in industrial profits, with...

02.06.2020

China's non-manufacturing PMI picks up in May

The purchasing managers' index (PMI) for China's non-manufacturing sector came in at 53.6 in May, up from 53.2 in April, the National Bureau of Statistics (NBS) said Sunday.

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

The sub-index for business activities in the construction sector accelerated pace...

The purchasing managers' index (PMI) for China's non-manufacturing sector came in at 53.6 in May, up from 53.2 in April, the National Bureau of Statistics (NBS) said Sunday.

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

The sub-index for business activities in the construction sector accelerated pace...

02.06.2020

Stocks, currency on China’s market gain on self-confidence, defying Trump

China stocks closed higher on Monday, lifted by gains in consumer companies, though their rise was capped by simmering Sino-U.S. tensions.

The Shanghai Composite index rose 0.15% to 2,817.97. The blue-chip CSI300 index was up 0.14%, while its financial sector sub-index fell 0.01%, the consumer staples sector gained 2.19%, the real...

China stocks closed higher on Monday, lifted by gains in consumer companies, though their rise was capped by simmering Sino-U.S. tensions.

The Shanghai Composite index rose 0.15% to 2,817.97. The blue-chip CSI300 index was up 0.14%, while its financial sector sub-index fell 0.01%, the consumer staples sector gained 2.19%, the real...

02.06.2020

China takes steps to encourage steady growth momentum

China's economy is gradually recovering with steady growth momentum despite disruptions from the COVID-19 outbreak, while it will take further steps to maintain economic stability and promote sustainable growth, according to the country's top economic regulator.

Ning Jizhe, deputy head of the National Development and Reform Commission, said that while the...

China's economy is gradually recovering with steady growth momentum despite disruptions from the COVID-19 outbreak, while it will take further steps to maintain economic stability and promote sustainable growth, according to the country's top economic regulator.

Ning Jizhe, deputy head of the National Development and Reform Commission, said that while the...

02.06.2020

Chinese banks to see limited credit risk impact from COVID-19

The impact of the novel coronavirus disease (COVID-19) on the asset quality and credit risks of Chinese banks is limited and short-lived, an analyst said.

As China implements pro-growth policies, the fundamentals of the financial sector will gradually improve, supporting the stable growth of banks, especially large-scale ones, said Tang Shengbo,...

The impact of the novel coronavirus disease (COVID-19) on the asset quality and credit risks of Chinese banks is limited and short-lived, an analyst said.

As China implements pro-growth policies, the fundamentals of the financial sector will gradually improve, supporting the stable growth of banks, especially large-scale ones, said Tang Shengbo,...

02.06.2020

Braving Washington’s brags, China’s stock markets resume revival

China stocks edged up on Friday to end the week higher, as expectations that Beijing would take necessary measures to underpin the world’s second-largest economy overshadowed concerns over escalating Sino-U.S. tensions.

At the close, the Shanghai Composite index was up 0.22% at 2,852.35, while the blue-chip CSI300 index was up 0.27%.

For...

China stocks edged up on Friday to end the week higher, as expectations that Beijing would take necessary measures to underpin the world’s second-largest economy overshadowed concerns over escalating Sino-U.S. tensions.

At the close, the Shanghai Composite index was up 0.22% at 2,852.35, while the blue-chip CSI300 index was up 0.27%.

For...

02.06.2020

China pushes market-based reform despite epidemic

You might think that setting up the basic institutions of business and market governance-the rules of the road, the software-would be easy compared to building physical infrastructure, developing technology or raising a nation's education level.

But it turns out that building efficient institutions and commercial governance is the hard part of...

You might think that setting up the basic institutions of business and market governance-the rules of the road, the software-would be easy compared to building physical infrastructure, developing technology or raising a nation's education level.

But it turns out that building efficient institutions and commercial governance is the hard part of...

South Asia, Middle East

02.06.2020

BRI can resolve Indo-China territorial disputes

Indians have convinced themselves that if they declare a tract of territory to be Indian, it becomes Indian, which is nonsense, said former Australian journalist and scholar Neville Maxwell back in 2017.

Maxwell who authored “India’s China War” (1962), was posted in New Delhi in 1959 as a South Asia correspondent...

Indians have convinced themselves that if they declare a tract of territory to be Indian, it becomes Indian, which is nonsense, said former Australian journalist and scholar Neville Maxwell back in 2017.

Maxwell who authored “India’s China War” (1962), was posted in New Delhi in 1959 as a South Asia correspondent...

02.06.2020

China bans hog imports from India

China is set to ban imports of pigs, wild boar and related products from India in an effort to prevent African swine fever (ASF) and ensure the safety of China's animal husbandry, according to a joint notice issued by the General Administration of Customs of China and the Ministry of...

China is set to ban imports of pigs, wild boar and related products from India in an effort to prevent African swine fever (ASF) and ensure the safety of China's animal husbandry, according to a joint notice issued by the General Administration of Customs of China and the Ministry of...

02.06.2020

Chinese-funded law firm to provide legal aid to companies in Pakistan

Zhongao Law Firm, a first Chinese-funded law company has been established to provide legal services and assistance to the Chinese enterprises and citizens in Pakistan.

China and Pakistan are all-weather strategic partners. Pakistan is not only an active responder to the Belt and Road Initiative, but also co-builder of its flagship...

Zhongao Law Firm, a first Chinese-funded law company has been established to provide legal services and assistance to the Chinese enterprises and citizens in Pakistan.

China and Pakistan are all-weather strategic partners. Pakistan is not only an active responder to the Belt and Road Initiative, but also co-builder of its flagship...

Africa, Americas

02.06.2020

China may scale back LatAm lending

As Latin America's economic woes deepen, China may scale back direct lending to the region to minimize credit risks, Chinese experts said, but the long-term infrastructure projects will likely boost local economies after the Covid-19 outbreak is contained. 

China has been rolling back lending to the region in recent years. According...

As Latin America's economic woes deepen, China may scale back direct lending to the region to minimize credit risks, Chinese experts said, but the long-term infrastructure projects will likely boost local economies after the Covid-19 outbreak is contained. 

China has been rolling back lending to the region in recent years. According...

02.06.2020

Growing uncertainties in Canada raise alarm for Chinese companies

Before Wednesday's ruling on Huawei executive Meng Wanzhou's extradition case, China's domestic public opinion was dominated by optimism. Yet, the court's decision was disappointing and unexpected, raising concerns over whether China-Canada relations will deteriorate further. 

Meng's case calls into question whether risks associated with Canada are greater than expected and whether...

Before Wednesday's ruling on Huawei executive Meng Wanzhou's extradition case, China's domestic public opinion was dominated by optimism. Yet, the court's decision was disappointing and unexpected, raising concerns over whether China-Canada relations will deteriorate further. 

Meng's case calls into question whether risks associated with Canada are greater than expected and whether...

02.06.2020

Tesla to build 4,000 superchargers in China in 2020

Tesla is looking to set up more than 4,000 superchargers in China in 2020, doubling the total number of superchargers it has built in the past five years, as the US electric maker looks to break one of the biggest bottlenecks in the development of new-energy vehicles (NEV) that has...

Tesla is looking to set up more than 4,000 superchargers in China in 2020, doubling the total number of superchargers it has built in the past five years, as the US electric maker looks to break one of the biggest bottlenecks in the development of new-energy vehicles (NEV) that has...

Markets

02.06.2020

Bulls stick to greenback, Washington’s China-bashing blamed

The U.S. dollar climbed on Monday after posting a rare weekly loss as investors flocked to the shelter of perceived safe-haven currencies on concerns about a growing standoff between the United States and China over civil liberties in Hong Kong.

The greenback, which tends to behave like a safe-haven asset at...

The U.S. dollar climbed on Monday after posting a rare weekly loss as investors flocked to the shelter of perceived safe-haven currencies on concerns about a growing standoff between the United States and China over civil liberties in Hong Kong.

The greenback, which tends to behave like a safe-haven asset at...

02.06.2020

Stock markets pin hopes on EU revival, gains capped by Trump drum

Stocks gained modestly on Monday after a survey showed German business morale rebounded in May, while investors kept a close eye on escalating U.S.-China tensions in a thin trading session.

MSCI’s gauge of world stocks gained 0.4%, nearing a 2-1/2 month high. The pan-European STOXX 600 index and U.S. stock futures...

Stocks gained modestly on Monday after a survey showed German business morale rebounded in May, while investors kept a close eye on escalating U.S.-China tensions in a thin trading session.

MSCI’s gauge of world stocks gained 0.4%, nearing a 2-1/2 month high. The pan-European STOXX 600 index and U.S. stock futures...

02.06.2020

Brent holds $35+/b position during trade holidays

Oil prices, which have been driven higher for the past four weeks, were steady on Monday, with holidays in Singapore, London and New York dampening trade, as rising concerns over demand recovery offset supply cuts.

Brent had eased by 5 cents, or 0.14% to $35.08 a barrel by 1014 GMT, while...

Oil prices, which have been driven higher for the past four weeks, were steady on Monday, with holidays in Singapore, London and New York dampening trade, as rising concerns over demand recovery offset supply cuts.

Brent had eased by 5 cents, or 0.14% to $35.08 a barrel by 1014 GMT, while...

02.06.2020

Bullion gets bearish as bulks shift to cash, paper

Gold prices fell in muted trade on Monday as the dollar strengthened and share markets rose, though lingering tensions between the United States and China limited losses. Spot gold was down 0.4% at $1,726.80 an ounce at 1233 GMT. U.S. gold futures fell 0.5% to $1,727.60. Most markets were closed...

Gold prices fell in muted trade on Monday as the dollar strengthened and share markets rose, though lingering tensions between the United States and China limited losses. Spot gold was down 0.4% at $1,726.80 an ounce at 1233 GMT. U.S. gold futures fell 0.5% to $1,727.60. Most markets were closed...

02.06.2020

Downward trend prevails in non-ferrous base metals’ price settings

Shanghai copper prices fell for a second day on Monday, as investors focused on tensions between the United States and top metals consumer China, whose annual parliament meeting continues this week, and as supply constraints eased.

While copper stocks in Shanghai Futures Exchange warehouses dropped at the fastest rate in nearly...

Shanghai copper prices fell for a second day on Monday, as investors focused on tensions between the United States and top metals consumer China, whose annual parliament meeting continues this week, and as supply constraints eased.

While copper stocks in Shanghai Futures Exchange warehouses dropped at the fastest rate in nearly...

02.06.2020

Russo-Kazakh wheat benchmark up on tight supply outlook

Russian export prices, which serve as a benchmark for Kazakhstan’s export, for the new wheat crop, which is due to arrive this summer, rose last week after estimates for the new harvest were downgraded due to dry weather in April, analysts said on Monday.

Last week, the Russian agriculture ministry and...

Russian export prices, which serve as a benchmark for Kazakhstan’s export, for the new wheat crop, which is due to arrive this summer, rose last week after estimates for the new harvest were downgraded due to dry weather in April, analysts said on Monday.

Last week, the Russian agriculture ministry and...

02.06.2020

Bulls shift from greenback to euro as US indulges in trouble making

The dollar edged lower against the euro on Friday, hurt by month-end flows and as the common currency continued to enjoy a boost from the European Union's recently announced plan to prop up the bloc's coronavirus-hit economies with a 750 billion-euro ($828 billion) recovery fund.

The greenback was little moved after...

The dollar edged lower against the euro on Friday, hurt by month-end flows and as the common currency continued to enjoy a boost from the European Union's recently announced plan to prop up the bloc's coronavirus-hit economies with a 750 billion-euro ($828 billion) recovery fund.

The greenback was little moved after...

02.06.2020

Global stock markets caught between economic hopes and political despairs

Global stocks fell and safe havens such as bonds and the Japanese yen rallied on Friday as investors awaited Washington’s response to China’s national security law on Hong Kong amid rising tensions between the world’s two biggest economies.

China’s parliament on Thursday passed national security legislation for the city, throwing its...

Global stocks fell and safe havens such as bonds and the Japanese yen rallied on Friday as investors awaited Washington’s response to China’s national security law on Hong Kong amid rising tensions between the world’s two biggest economies.

China’s parliament on Thursday passed national security legislation for the city, throwing its...

02.06.2020

Less crude for more cash: GLOPEC strategy pays off

Oil prices soared on Friday, with U.S. futures closing out May with record monthly gains, on hopes that the U.S.-China trade deal would remain intact and on falling crude production. July Brent crude closed at $35.33 a barrel, gaining 4 cents. However, the more active August contract ended at $37.84,...

Oil prices soared on Friday, with U.S. futures closing out May with record monthly gains, on hopes that the U.S.-China trade deal would remain intact and on falling crude production. July Brent crude closed at $35.33 a barrel, gaining 4 cents. However, the more active August contract ended at $37.84,...

02.06.2020

Bullion reverses earlier losses as politics unnerve paper markets

Gold rose 1% on Friday as caution set in with investors awaiting U.S. President Donald Trump’s response to a Chinese national security law for Hong Kong and its potential impact on an already fragile global economy.

Spot gold climbed 0.9% to $1,734.70 per ounce by 1:44 p.m. EDT (1744 GMT). U.S....

Gold rose 1% on Friday as caution set in with investors awaiting U.S. President Donald Trump’s response to a Chinese national security law for Hong Kong and its potential impact on an already fragile global economy.

Spot gold climbed 0.9% to $1,734.70 per ounce by 1:44 p.m. EDT (1744 GMT). U.S....

02.06.2020

Copper leads resilience trend on non-ferrous base metal markets

Copper rose on Friday, on track for its second straight month of gains, as expectations of economic stimulus from top consumer China spurred buying, while mounting U.S.-China tensions capped the upside.

U.S. President Donald Trump is expected to make a strong response on Friday to China’s planned national security legislation for...

Copper rose on Friday, on track for its second straight month of gains, as expectations of economic stimulus from top consumer China spurred buying, while mounting U.S.-China tensions capped the upside.

U.S. President Donald Trump is expected to make a strong response on Friday to China’s planned national security legislation for...

02.06.2020

Improved FSU outlook against EU concerns keeps wheat futures in balance

Euronext wheat ticked higher on Friday in step with Chicago as traders set dry crop conditions in western Europe against improved weather and export prospects in the Black Sea region.

September milling wheat on Paris-based Euronext was up 0.5 euro, or 0.3%, at 187.75 euros ($208.52) a tonne by 1610 GMT.

It...

Euronext wheat ticked higher on Friday in step with Chicago as traders set dry crop conditions in western Europe against improved weather and export prospects in the Black Sea region.

September milling wheat on Paris-based Euronext was up 0.5 euro, or 0.3%, at 187.75 euros ($208.52) a tonne by 1610 GMT.

It...

02.06.2020

US wheat futures remain on upper side as clear global supply pattern remains unclear

U.S. corn and soybean futures fell on Friday as escalating U.S.-China tensions over Beijing’s proposed restrictions on Hong Kong dampened markets after a week of gains.

Three sources told Reuters China may reduce U.S. agricultural imports if Washington issues a severe response to Beijing’s push to impose national security laws on...

U.S. corn and soybean futures fell on Friday as escalating U.S.-China tensions over Beijing’s proposed restrictions on Hong Kong dampened markets after a week of gains.

Three sources told Reuters China may reduce U.S. agricultural imports if Washington issues a severe response to Beijing’s push to impose national security laws on...