East Asia

Hong Kong and the Shanghai Gold Exchange struck a deal Monday to establish a central clearing system for gold, as well as to expand the warehousing capacity to support the city's market. The precious metal has reached a record price of $5,100 per ounce. The agreement signed between Hong Kong's Financial Services, the Treasury Bureau, and the Shanghai Gold Exchange at the Asian Financial Forum formalised the governance for the new Hong Kong Precious Metals Central Clearing Company. This system will begin its trial operation this year. The government announced that Hong Kong's airport authority - which runs the city’s...

The majority of Gulf stock markets fell in early trading on Monday, due to a mixture of 'geopolitical concerns and policy worries. These range from U.S. and NATO tensions over Greenland as well as uncertainty surrounding tariffs and 'growing questions about the independence of the U.S. Federal Reserve. Donald Trump, the U.S. president, warned that he would impose a tariff of 100% on Canada if Canada went ahead with its trade agreement with China. He 'has also threatened to impose a 200% tariff on French wines & champagnes, presumably to pressure French President Emmanuel Macron into signing on?to the Board...

Bloomberg News, citing sources familiar with the situation, reported that CK Hutchison was considering a restructured'sale' of dozens ports to a global consortium. This would involve breaking 'the transaction up into smaller parcels, each with a different ownership structure. CK Hutchison - based in the 'Chinese controlled territory' of Hong Kong - has been heavily criticized by Beijing after it announced plans last year to'sell 43 ports across the 23 countries including two near the Panama Canal, to a consortium headed by BlackRock - and Italian billionaire Gianluigi Aponte’s family-controlled MSC shipping group. The report stated that under the proposed...

The largest airline in Japan announced on Tuesday that strong winds and heavy snowfall caused the cancellation of dozens of flights to and from the northwestern coast. This includes popular ski regions. As of 1 p.m. local (0400 GMT), ANA Holdings cancelled 56 flights, affecting approximately 3,900 passengers. Meanwhile, as?of 11:00 a.m. (0200 GMT), Japan Airlines cancelled 37?flights affecting 2,213?passengers. ANA has said that there will be a delay at some airports because of the continued adverse weather conditions. The New?Chitose Airport in Japan's northernmost Prefecture, Hokkaido, was the most affected. 49 of ANA’s 56 flights were cancelled. Airport is...

The removal of Nicolas Maduro from Venezuela could be the start of a larger U.S. effort to realign Latin America in a geoeconomical sense, thus limiting Russia's and China's ability to use the Western Hemisphere as a pressure-point on global commodity markets. Central America may be the next domino in the fall. This region has a lot of shipping lanes, and is close to checkpoints. It's a great place for both licit and illegal commerce. The Panama Canal handles approximately 40% of U.S. containers and 5% of world trade. Other transit routes include the Caribbean Sea and ports on the...

European traders reported that the leading South Korean animal feed manufacturer Nonghyup Feed Inc., (NOFI), bought an estimated 130,000 metric tonnes of animal 'feed -corn? in a Tuesday international tender. The bid was for up to 207,000 tons. Two 65,000-ton corn consignments were purchased. They could have come from either the United States, South America or South Africa. They said that a third consignment, which was also requested in the tender and due to arrive on May 20, did not get purchased. The first consignment of corn was purchased at an estimated price of $241.50 per ton, including freight (c&f),...

A source familiar with the data said that oil and gas condensate production in Kazakhstan fell by 35% between January 1-12 compared to December's average. This was mainly due export restrictions via a Black Sea terminal. The Caspian Pipeline Consortium’s Black Sea terminal in Russia was attacked by a Ukrainian drone on November 29, resulting in a halt to Kazakhstan’s oil exports. Around 80% of Kazakhstan's oil is exported through the terminal. According to CPC, one of three moorings was severely damaged as a result of the attack. This is where U.S. majors Chevron & ExxonMobil are heavily invested. The...

Two U.S. officials confirmed on Friday that the U.S. was in the process to seize?the Olina oil tanker near Trinidad in the Caribbean. This is the fifth interdiction of ships in recent weeks, as part of Washington’s efforts in order to control Venezuelan crude exports. According to an industry source who has direct knowledge of the situation, the Olina had sailed previously from Venezuela, and returned to the area. The British maritime risk management company,?Vanguard, said that the vessel's AIS tracker (location) was last active 52days ago in the Venezuelan EEZ to Curacao's northeast. The seizure comes after a long...

Major Feedmill Group of South Korea (MFG) purchased approximately 204,000 metric tonnes?of animal feeding corn at an international?tender on Friday that sought up to 210,000 metric tons, European traders reported. The 'optional origins' were expected to come from three consignments totaling 68,000 tons, all of which arrived in April in?South Korea. The trading house CHS was said to have 'purchased two consignments. Both consignments were purchased for a combined price of $249.60 per ton, cost and freight included (c&f), plus $1.50 for port unloading and a premium of 189.00 U.S.cents a bushel over the Chicago corn contract for March 2026....

Shipping data revealed that Venezuela only loaded crude?for U.S. Chevron on February 2, while the state-run PDVSA halted operations to?load?cargoes destined for its principal customers in China for a fifth consecutive day. U.S. Forces captured President Nicolas Maduro and brought him to New York for drug charges. Delcy Rodriguez, the interim president of the Venezuelan government is now in charge. The U.S. says it will supervise the administration. Last month, the United States placed a blockade against sanctioned oil tanks sailing into Venezuelan waters and out of them. This halted all exports except those that were destined for Chevron. Chevron,...

Shipping data shows that Venezuela's main oil port on Tuesday became the fifth day without delivering crude to the state-run PDVSA customers in Asia – the OPEC country's major buyers – as the U.S. pressed the nation with an oil embargo. Chevron, the main joint venture partner of PDVSA, resumed Monday exports of Venezuelan crude oil to the U.S., after a four day pause. It also called its?workers overseas back to their Venezuela offices, as flights into?the country re-started. In recent weeks, the U.S. company has become 'the only firm fluidly exporting Venezuelan crude. In early January, a dozen vessels...

Shipping data revealed that tankers carrying Venezuelan crude oil and fuel sailed?in international waters?without a flag or safety documentation. Since they left Venezuelan water, the location of these vessels is unknown. To comply with safety and environmental regulations, all?commercial vessels must be registered or flagged with a particular country. Ship classification societies provide safety services, such as ensuring that ships are seaworthy. This certification is crucial for insurance and entry to ports. U.S. President Donald Trump imposed a ban on all tankers sanctioned for Venezuela in mid-December. This was before U.S. forces captured 'Venezuelan president Nicolas Maduro early Saturday morning....

United Parcel Service, the largest package delivery company in the world, announced on Tuesday that it will close 24 additional facilities and eliminate up to 30,000 positions by 2026. This is due to its ongoing shift towards a'more profitable business. In midday trading, shares of the company rose 4%. The company also announced fourth quarter results that exceeded Wall Street expectations and forecasted a surprise increase in annual revenue. FedEx shares gained 2.6%. Carol Tome, CEO of the company, said in a conference with analysts that the company plans to reduce Amazon deliveries. "We are now in the last six...

Data from the London Metal Exchange showed that the share of China-made Copper among the available London Metal Exchange stock fell in December. This was due to the outflows?of the inventory in the LME registered?warehouses?in Asia. The percentage of copper stocks that are available - or those on warrant The data revealed that 79% of the - in LME's warehouses were of Chinese origin at the end last month. This was down from 85%?in November. A LME warrant is an ownership document. The absolute number of Chinese copper stock on the LME dropped to 87,475 tons by the end last...

Senalia, a grain export terminal operator, expects volumes to double in 2025/26 compared to last year due to a rebound in French harvest production and a brisk barley demand. Rouen, on the Seine River in Normandy, is France's main grain export hub. Rain-stricken 2024 reduced its export surplus, and port terminals were idle for part the season. Senalia, the cooperative-owned cereal exporter, has forecast that Senalia will load 3.8 millions metric tons in the current July-June period, up from just 1.8 million in 2020/25. This is exactly what it did two years ago. He said that 1.7 million tonnes of...

The Turkish distributor of China's Dongfeng Motor said that the company is in discussions with an investor to produce passenger cars in Turkey. Turkey is a large market with an annual sales volume of 1.4m vehicles. It also has a customs-free trade agreement with the EU. Chinese imports of cars to Turkey are subject to additional taxes, and Chinese automakers including Chery are seeking to set up production in Turkey with local partners. In a LinkedIn statement, Yavuz Cirak said, "We're working hard to begin production this year." Cirak is the CEO of Dongfeng’s local distributor,?Marcar, and was a part...

Equity investors looking for a smooth ride through 2026 may want to consider increasing their exposure beyond the artificial intelligence euphoria. Opportunities could be hidden in plain sight. Investors should be cautious. The valuations of U.S. equity are stretched. The Shiller price-earnings for the S&P 500 is above 40, which is very close to the levels during the dot-com boom in the 1990s. Markets have become 'highly concentrated. Goldman Sachs analysis shows that the five largest U.S. tech companies, Nvidia Apple Alphabet Microsoft and Amazon, have a combined value greater than?the Euro STOXX?50. This includes Britain, India Japan and Canada...

The federal government of Brazil plans to auction off the massive Tecon '10 container terminal at Santos Port in the first half of March, said Minister of Ports and airports Silvio Costa Filho on Friday. He said that more than 10 bidders have expressed interest in the auction, including the Philippines-based ICTSI, JBS, JSL and unnamed 'Arab investors. The Minister said that the minimum bid price will be below?6.4 billion (about $1.19 billion), the amount of money the winning bidder must invest to build and run the terminal. Roberto Lopes confirmed that the Rio Brasil Terminal, controlled by ICTSI will...

Data from the London Metal Exchange showed that, in November, the share of copper made in China among all available stocks increased. A favorable price arbitrage encouraged Chinese exports. The percentage of copper stock that is available or on a warrant The data revealed that the percentage of - of Chinese Origin in LME Warehouses had increased to 85% by the end of the last month from 82% at the beginning of October. A LME warrant is an ownership document. The absolute amount of Chinese copper stocks on the LME rose to 130,225 tonnes at the end last month from...

A notice published by the London Metal Exchange on Friday revealed that Henry Bath & Son, a warehouse operator in Hong Kong has been the latest company to register a facility at the London Metal Exchange. According to the LME's notice, the warehouse is located in Hong Kong’s New Territories in the Kwai-Chung district. It can store nickel, lead and zinc, as well as copper, aluminum and aluminium alloy. The LME approved the first Hong Kong warehouses in January of this year. Its aim is to provide a gateway into mainland China, which is the largest metals consumer in the...

Indian businessman Prateek gupta was accused of orchestrating a $600m metals fraud by commodity group Trafigura. He told a court in India on Friday that he didn't know who within his companies had allegedly made fake documents for selling the same cargo to multiple customers. The long-running trial concluded on Friday with the testimony. It will resume again on December 10, for closing arguments. Trafigura, a Geneva-based company, sued Gupta in more than two years. It claimed that he had orchestrated a ruse where he and his firms agreed to deliver pure nickel instead of steel or scrap. Trafigura's lawyers...

Lawyers at Trafigura said that Prateek Gupta’s claims that the group devised a secret plan to exchange expensive nickel for low value metals are full of contradictions. The Indian businessman was giving evidence in an ongoing fraud case. Trafigura, a Swiss commodity trader, sued Gupta two years ago. It claimed that he was behind a scam where he and his firms agreed to deliver pure nickel but instead delivered scrap steel or other metals. Gupta countered by claiming that Trafigura staff themselves designed the scheme at the heart of the case. Trafigura, however, has denied this claim repeatedly. Gupta, who...

Lawyers for Trafigura accused Prateek gupta, an Indian businessman who gave his first testimony on Wednesday, of a long history of fraud. Gupta admitted that he was under investigation for fraud in India but denied these allegations when he appeared in the High Court of London. Trafigura, a Swiss company, sued Gupta two years ago. It claimed that he was behind a scam where he and his firms agreed to deliver pure nickel but instead delivered scrap steel or other metals. Nathan Pillow, a Trafigura lawyer, cited two more fraud cases in which low-value metals were substituted with nickel. Gupta...

China Gas Holdings, a privately-controlled city gas distributor, has hired an ex-senior trader of the Chinese utility GCL Group as its head of global natural gas sales. Xiong Xin was the head of gas trading for GCL New Energy Holdings (a unit of GCL Holdings), a solar power company, until early 2024. He joined China Gas in Oct. Xiong has nearly a decade's worth of experience in trading at the state oil giant CNOOC, and privately owned Chinese gas company ENN, before he joined GCL. He now heads China Gas’ growing liquefied gas trading business, as well as liquefied petrol...