Latest news with #SHFE
Business Recorder
2 days ago
- Business
- Business Recorder
Japanese rubber futures lower on firmer supply outlook
SINGAPORE: Japanese rubber futures sank on Friday as seasonal harvesting eased supply concerns, while uncertainty prevailed around the US tariffs and its effect on global trade. The Osaka Exchange (OSE) rubber contract for November delivery slumped 19.6 yen, or 6.23%, to end at 295 yen ($2.05) per kg. * The contract has lost 7.81% this week, its steepest weekly fall since April 4. The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery slid 435 yuan, or 3.14%, to 13,405 yuan ($1,864.68) per metric ton. The most active July butadiene rubber contract on the SHFE fell 200 yuan, or 1.76%, to 11,145 yuan ($1,550.31) per ton. 'There is some caution in the market with producing countries Ivory Coast, Vietnam, and Thailand having full production along with well stocked inventories in Europe and US,' said Farah Miller, founder of independent rubber-focused data firm Helixtap Technologies. * As of May 28, domestic production areas as well as plantations in Vietnam have fully begun harvesting, said Chinese financial information site Tonghuashun Information. Rubber crops usually undergo a season of low production from February to May, before a peak harvesting period that lasts until September. Elsewhere, a federal appeals court temporarily reinstated US President Donald Trump's tariffs on Thursday, reversing a trade court's decision on Wednesday to put an immediate block on the most sweeping of the duties. Chinese equities dipped, with auto shares continuing the downward trend as price war concerns lingered. The front-month rubber contract on Singapore Exchange's SICOM platform for June delivery last traded at 162 US cents per kg, down 2.5%. China's financial markets will be closed on Monday for a public holiday. Trading will resume on Tuesday, June 3.
Business Recorder
3 days ago
- Business
- Business Recorder
Asia gold: India gold demand lags as prices rise, wedding buying cools
Physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of wedding season kept buyers at bay, while premiums slipped in top consumer China. This week, Indian dealers were offering a discount of up to $31 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies, down from last week's discount of up to $49. 'The wedding season is wrapping up and the monsoon has kicked in, so jewellers are expecting a seasonal dip in demand. That's why they're holding off on making new purchases,' said a Mumbai-based bullion dealer with a private bank. Domestic gold prices were trading around 94,900 rupees per 10 grams on Friday after hitting a one-month low of 90,890 rupees earlier this month. In China, bullion changed hands at par to a $15 premium an ounce over the global benchmark spot price, compared with premiums of $16-$30 last week. 'Shanghai Gold Exchange drawdowns have eased to the lows of this year while imports in the last few weeks have been exceptionally high, suggesting the Chinese domestic market may be overstocked just now,' said Ross Norman, an independent analyst. Gold falls as dollar strengthens ahead of key US inflation data China's total gold imports via Hong Kong nearly tripled month on month in April, hitting their highest level in more than a year, Hong Kong Census and Statistics Department data showed on Monday. 'Gold bullish bets remain predominant on the SHFE despite lower trading volume,' said Hugo Pascal, a precious metals trader at InProved. In Hong Kong, gold was sold at a premium of $0.30 to $1.30, while in Singapore gold traded between at-par prices and a $2.50 premium. In Japan, bullion was sold at par to a premium of $0.50.
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Business Standard
3 days ago
- Business
- Business Standard
India's gold demand lags as wedding season ends, high prices deter buyers
Physical gold demand in India was subdued this week, as an uptick in domestic prices and a winding up of wedding season kept buyers at bay, while premiums slipped in top consumer China. This week, Indian dealers were offering a discount of up to $31 an ounce over official domestic prices, inclusive of 6 per cent import and 3 per cent sales levies, down from last week's discount of up to $49. "The wedding season is wrapping up and the monsoon has kicked in, so jewellers are expecting a seasonal dip in demand. That's why they're holding off on making new purchases," said a Mumbai-based bullion dealer with a private bank. Domestic gold prices were trading around Rs 94,900 per 10 grams on Friday after hitting a one-month low of 90,890 rupees earlier this month. In China, bullion changed hands at par to a $15 premium an ounce over the global benchmark spot price, compared with premiums of $16-$30 last week. "Shanghai Gold Exchange drawdowns have eased to the lows of this year while imports in the last few weeks have been exceptionally high, suggesting the Chinese domestic market may be overstocked just now," said Ross Norman, an independent analyst. China's total gold imports via Hong Kong nearly tripled month on month in April, hitting their highest level in more than a year, Hong Kong Census and Statistics Department data showed on Monday. "Gold bullish bets remain predominant on the SHFE despite lower trading volume," said Hugo Pascal, a precious metals trader at InProved. In Hong Kong, gold was sold at a premium of $0.30 to $1.30, while in Singapore gold traded between at-par prices and a $2.50 premium. In Japan, bullion was sold at par to a premium of $0.50.
Business Recorder
4 days ago
- Automotive
- Business Recorder
Japanese rubber futures lower as China auto market price war weighs
SINGAPORE: Japanese rubber futures edged down on Thursday, as a prolonged price war in top consumer China's vehicle market weighed on sentiment for the tyre-making material, though wet weather in production areas cushioned the fall. The Osaka Exchange (OSE) rubber contract for November delivery ended daytime trade 2.3 yen lower, or 0.73%, at 314.6 yen ($2.16) per kg. The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery fell 190 yuan, or 1.35%, to 13,880 yuan ($1,929.98) per metric ton. The most active June butadiene rubber contract on the SHFE ticked up 15 yuan, or 0.13%, to 11,345 yuan ($1,577.49) per ton. In China, an intensifying auto industry price war has stoked fears of a long-anticipated shake-out in the world's largest car market, following Chinese electric-vehicle giant BYD's fresh discounts across more than a dozen models. Great Wall Motors Chairman Wei Jianjun warned last week China's auto sector was in an unhealthy state, with pricing pressure hammering the bottom lines of car companies and suppliers. Automobile sales could influence the intensity of automobile manufacturing, which involves using rubber-made tyres. While seasonal harvesting has begun in production areas, frequent rainfall disturbances have delayed tapping, affecting the supply of raw materials, said Chinese financial information site Tonghuashun Information. Top rubber producer Thailand's meteorological agency warned of heavy rain and accumulations that could cause flash floods from May 28-29, adding that farmers should be wary of crop damage.
Mint
5 days ago
- Business
- Mint
Industrial metals down pressured by stronger dollar
(Recasts, updates prices for Asia market close) Industrial metals were subdued on Wednesday, weighed by a higher dollar, while improved risk appetite across financial markets following U.S. President Donald Trump's latest tariff respite offered support. Three-month copper on the London Metal Exchange was down 0.1% at $9,585 per metric ton by 0704 GMT. The most-traded copper contract on the Shanghai Futures Exchange (SHFE) edged 0.1% lower to 78,200 yuan ($10,868.36) per ton. The dollar index added to overnight gains, making dollar-denominated assets more expensive to holders of other currencies. The global refined copper market showed a 17,000 metric tons surplus in March, compared with a 180,000 metric tons surplus in February, the International Copper Study Group (ICSG) said in its latest monthly bulletin. However, risk sentiment received a boost in the wider financial markets after Trump rolled back on Sunday his threat to impose 50% tariffs on imports from the EU next month, restoring a July 9 deadline to allow for talks. "Copper prices in the last two weeks have been trading in line with all sentiment in the global stock market. Trade optimism has lifted the US stock market and it has a kind of a spill over impact on copper prices as well," said Kelvin Wong, a senior market analyst, Asia Pacific at OANDA. Also supporting risk sentiment was data on Tuesday that showed U.S. consumer confidence snapped five straight months of decline and improved in May amid the truce in the trade war between Washington and Beijing. Among other London metals, aluminium eased 0.3% to $2,478 a ton, zinc fell 0.7% to $2,688, lead shed 0.4% to $1,977 and nickel weakened 1.6% to $15,165. Tin was down 2.3% to $31,840. SHFE aluminium rose 0.2% to 20,095 yuan a ton, lead was down 0.5% at 16,705 yuan, nickel slipped 2.1% to 119,800 yuan, while zinc dipped 0.9% to 22,210 yuan and tin fell 3.1% to 256,870 yuan. ($1 = 7.1952 Chinese yuan renminbi) (Reporting by Brijesh Patel in Bengaluru; Editing by Janane Venkatraman and Sherry Jacob-Phillips)
