
China's Xi urges respect, ‘right track' in call with South Korean counterpart
BEIJING: Chinese President Xi Jinping told South Korean President Lee Jae-myung on Tuesday that the two countries should respect each other's core interests and major concerns and ensure ties move forward 'on the right track', China's state media reported.
In their first phone call since Lee took office last week, Xi said healthy, stable and continuously deepening China-South Korea relations were conducive to regional and world peace and stability, according to state broadcaster CCTV.
China, Latin America trade exceeded $500 billion in 2024
Xi urged the two countries to strengthen exchanges, adhere to the direction of 'friendly neighbours' and jointly safeguard global and regional industrial, supply chains.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Recorder
an hour ago
- Business Recorder
Oil up on hopes of positive US-China trade talks
NEW YORK: Oil prices edged up 1% to a seven-week high on Tuesday on hopes trade talks between the US and China - the world's two biggest economies - will result in a deal that could support global economic growth and boost oil demand. Brent crude futures rose 81 cents, or 1.2%, to $67.85 a barrel by 11:22 a.m. EDT (1522 GMT), while US West Texas Intermediate crude rose 83 cents, or 1.3%, to $66.12. Those gains pushed both crude benchmarks into technically overbought territory for the first time since early April and put Brent on track for its highest close since April 17 and WTI on track for its highest close since April 3. US Commerce Secretary Howard Lutnick said trade talks with China were going well as the two sides met for a second day in London, seeking a breakthrough on export controls that have threatened a fresh rupture between the superpowers. 'There's a sense of optimism around these trade talks; the market is waiting to see what this will produce, and that is supporting prices,' said Harry Tchilinguirian, group head of research at Onyx Capital. On the supply side, allocations to Chinese refiners showed that Saudi Arabia's state oil company Saudi Aramco will ship about 47 million barrels of oil to China in July, 1 million barrels less than June's allotted volume, Reuters reported. The Saudi allocations could be an early sign that the unwinding of OPEC+ production cuts might not result in much additional supply, Tchilinguirian said. OPEC+, which pumps about half of the world's oil and includes the Organization of the Petroleum Exporting Countries (OPEC) and allies like Russia, put forward plans for an output increase of 411,000 barrels per day (bpd) for July as it looks to unwind production cuts for a fourth straight month. A Reuters survey found that OPEC's May increase to oil output was limited, with Iraq, the second biggest OPEC producer behind Saudi Arabia, pumping below target to compensate for earlier overproduction, and Saudi Arabia and the United Arab Emirates making smaller increases than agreed. Elsewhere, Iran said it would soon make a counter-proposal for a nuclear deal in response to a US offer that Tehran deems 'unacceptable', while US President Donald Trump made clear that the two sides remained at odds over whether Tehran would be allowed to continue enriching uranium on Iranian soil. Iran is the third-largest OPEC producer and any easing of US sanctions on Tehran should allow Iran to export more oil, which should reduce crude prices.


Business Recorder
an hour ago
- Business Recorder
Gold inches up as markets await outcome of US-China trade talks, inflation data
LONDON: Gold prices edged higher on Tuesday, while investors awaited more clarity on US-China trade talks and looked forward to key US inflation data due this week for clues on the Federal Reserve's future interest rate decisions. Spot gold was up 0.3% at $3,336.33 an ounce, as of 1224 GMT, after falling to a low of $3,301.54 earlier in the session. US gold futures were up 0.1% at $3,357.20. 'Gold found some floor amid dip-buying, though the uptick lacked bullish conviction. Fiscal concerns and Fed rate cut bets are the catalyst for a recovery in the prices,' said Jigar Trivedi, senior commodity analyst at Reliance Securities. Top officials from the world's two largest economies sought to defuse a bitter dispute that has widened from tariffs to restrictions over rare earths, with trade talks extending to a second day in London. The US and China imposed reciprocal tariffs in April, which ignited trade war concerns. But last month, both countries agreed to a temporary pause in tariffs against each other, offering some relief to financial markets. Investors now await the Consumer Price Index data on Wednesday to analyse the Fed's policy path. The CPI report will be one of the last key pieces of data before the Fed's June 17-18 meeting, where it is widely expected to hold rates. Spot silver was steady at $36.72 per ounce, hovering near a more than 13-year high. Platinum eased 0.1% to $1,218.85, after hitting its highest level since May 2021. Palladium lost 1.4% to $1,059.02. 'Overall, the lack of excitement for recent macro data has allowed silver and platinum to steel the limelight, both trading sharply higher in recent sessions before some emerging signs of profit-taking in today's session so far,' said Ole Hansen, head of commodity strategy at Saxo Bank.


Business Recorder
an hour ago
- Business Recorder
Copper slips on uncertainty over trade talks, demand
LONDON: Copper prices lost ground on Tuesday as many investors shunned the market due to uncertainty about US-China trade talks and how the ongoing trade war between the world's two largest economies will hit economic growth and metals demand. Benchmark three-month copper on the London Metal Exchange was down 0.3% at $9,767 per metric ton in official open-outcry trading, having recovered by 20% since hitting its lowest since November 2023 in April. 'We have a lot of market complacency right now. Volatility seems to be drifting lower across markets even though we have yet to see any breakthrough on trade talks with China,' said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. Top US and Chinese officials will resume trade talks for a second day in London on Tuesday, hoping to secure a breakthrough over export controls for rare earths and other goods. More copper inventories departed from LME-registered warehouses as traders took advantage of higher US prices due to expectations that US President Donald Trump will impose tariffs on the metal, following duties levied on aluminium and steel. LME copper stocks eroded by another 2,000 tons to 120,400, data showed on Tuesday, having tumbled by half over the past three months. US Comex copper futures dropped 0.7% to $4.89 a lb, bringing the premium of Comex over the LME to $1,016 a ton. 'The appetite is failing somewhat, especially in the New York market, because the tariff announcement will be a binary event and some fireworks can probably not be avoided once you get that news out.' Traders are awaiting the outcome of an investigation Trump ordered in February on potential import tariffs on copper. In China, zinc on the Shanghai Futures Exchange softened for a third trading day, losing 1.3% to 21,845 yuan a ton, the lowest since late April. 'China's domestic demand has shown signs of weakening recently, and buyers have been procuring to meet their immediate needs at lower prices,' Shanghai-based commodity market research house SHMET said. Among other LME metals, aluminium eased 0.1% to $2,476 a metric ton, nickel ceded 0.9% to $15,280, zinc was little changed at $2,649, lead fell 0.2% to $1,982, while tin edged up 0.1% to $32,730.