Latest news with #SHFE
Mint
21 hours ago
- Business
- Mint
Copper prices rangebound as US tariff exemption for cathodes calms markets
SINGORE, - Copper prices were rangebound on Thursday as traders felt relieved after U.S. President Donald Trump excluded copper cathodes, the most liquid red metal product in the market, from the 50% import tariff on the metal to be effective on August 1. Three-month copper LME edged up 0.39% to $9,736 per metric ton by 0104 GMT, while the most-traded copper contract on SHFE eased 0.48% to 78,710 yuan a ton. LME and SHFE copper contracts are priced on copper cathode. Trump on Wednesday signed a proclamation ordering 50% tariffs on semi-finished copper products and copper-intensive derivative products as of August 1. He exempted copper cathodes and other red metal input materials such as scrap, ores, concentrates, mattes and anodes. "COMEX copper price tumbled as it had been with a large premium against the LME copper, but traders outside the U.S. have responded more calmly," a Shanghai-based metals analyst at a futures company said. "They must have felt relieved that the copper market has finally been back to normal after the speculation on the U.S. copper import tariffs in the past few months." U.S. September COMEX copper futures plunged 19.1% to $4.517 a lb, or $9,958 per metric ton as of 0130 GMT, and the fall in COMEX copper slashed the premium over the London benchmark to $222 a ton from recent levels above $3,000 a ton. For the top stories in metals and other news, click or DATA/EVENTS 0645 France CPI Prelim MM, YY July 0645 France CPI Prelim MM, YY NSA July 0645 France Producer Prices YY June 0755 Germany Unemployment Chg, Rate SA July 0900 EU Unemployment Rate June 1200 Germany CPI, HICP Prelim YY July 1230 US Consumption, Adjusted MM June 1230 US Core CPE Price Index MM, YY June 1230 US PCE Price Index MM, YY June 1230 US Initial Jobless Clm 26 Jul, w/e This article was generated from an automated news agency feed without modifications to text.
Business Recorder
a day ago
- Automotive
- Business Recorder
Japanese rubber futures higher amid global trade talks
SINGAPORE: Japanese rubber futures rebounded on Wednesday buoyed by ongoing global trade negotiations and China's Politburo pledge to better manage industrial capacity, though Nissan's announcement of global production cuts signalled uncertainty in automotive demand. The Osaka Exchange (OSE) rubber contract for January delivery ended daytime trade up 0.8 yen, or 0.25%, to 322.7 yen ($2.18) per kg. The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery lost 30 yuan, or 0.2%, to 14,945 yuan ($2,082.58) per metric ton. The most active September butadiene rubber contract on the SHFE traded dipped 0.67% to 11,775 yuan ($1,640.84) per metric ton. China's top leaders pledged to improve management of industrial capacity and competition in key sectors during the second half of the year, according to state media reports from the latest Politburo meeting. US and Chinese officials agreed to seek an extension of their 90-day tariff truce, following two days of talks in Stockholm. This comes after the US reached an agreement with the European Union earlier this week, placing tariffs on most goods at 15% - half the threatened rate. Despite a seasonal jump in shipments, inventories remain high, pressuring rubber prices, said broker Hexun Futures. Meanwhile, major Japanese automaker Nissan announced plans to stop production at its Civac plant in Mexico by March 2026 as part of a global restructuring. This will reduce Nissan's global production capacity to 2.5 million vehicles from 3.5 million, and cut its manufacturing sites from 17 to 10. Automobile sales could influence the intensity of vehicle manufacturing, which involves using rubber-made tyres. The front-month rubber contract on the Singapore Exchange's SICOM platform for August delivery last traded at 169.5 US cents per kg, down 1.4%.
Business Recorder
3 days ago
- Business
- Business Recorder
Japan rubber futures dip on China auto price war, firmer yen
Japanese rubber futures fell on Tuesday, pressured by a stronger yen and prolonged price war in China's automobile sector, which continues to weigh on rubber prices. The Osaka Exchange (OSE) rubber contract for January delivery ended daytime trade down 4.1 yen, or 1.26%, at 321.9 yen ($2.17) per kg. The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery lost 230 yuan, or 1.51%, to 15,010 yuan ($2,091.61) per metric ton. The most active September butadiene rubber contract on the SHFE fell 290 yuan, or 2.39%, to 11,835 yuan($1,649.18) per metric ton. A Reuters analysis of consumer complaints found widespread inflation of sales figures by Chinese automakers and dealers, a tactic used to boost car sales numbers amid a prolonged price war in the world's largest auto market. This approach masks the true level of inventory held by automakers, potentially causing them to overestimate monthly demand and schedule higher production. Japanese rubber slips on profit-taking Lower automobile prices, driven by fierce competition, exert a downward pressure on rubber tyre prices. Meanwhile, the yen edged up to 148.22 per dollar. A stronger currency makes yen-denominated assets less affordable to overseas buyers. Still, top rubber producer Thailand's meteorological agency warned of heavy rains and accumulations on July 29. Elsewhere, top producer Thailand and Cambodia agreed to a ceasefire on Monday after five days of intense fighting. However, Thailand later accused Cambodian troops of multiple attacks in violation of the agreement. front-month rubber contract on Singapore Exchange's SICOM platform for August delivery last traded at 168.5 U.S. cents per kg, down 1.1%.
Business Recorder
3 days ago
- Business
- Business Recorder
Japanese rubber slips on profit-taking
SINGAPORE: Japanese rubber futures fell on Monday, pressured by profit-taking after recent gains, while softer demand also weighed on market sentiment. The Osaka Exchange (OSE) rubber contract for January delivery ended daytime trade down 7.6 yen, or 2.28%, at 326 yen ($2.20) per kg. *The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery fell 390 yuan, or 2.52%, to 15,065 yuan ($2,101.67) per metric ton. The most-active September butadiene rubber contract on the SHFE lost 365 yuan, or 2.96%, to 11,955 yuan ($1,667.81) per ton. Vietnam's tyre sector continues to struggle due to higher fixed costs, excess inventories in China, and sluggish demand, Japan Exchange Group said in a report on Monday. Following a sharp rise in rubber prices over the past two weeks, profit-taking by funds has emerged, leading to a short-term pullback, a Singapore-based trader said. The trader added that such corrections are healthy, emphasising that an overly rapid rise is unsustainable in the long run. Still, rainfall disturbances in domestic and foreign production areas persist, restricting rubber tapping and providing support to prices, said Chinese commodities data provider Longzhong Information. Top rubber producer Thailand's meteorological agency warned of heavy rains and accumulations from July 28-29. Elsewhere, the United States and European Union agreed to 15% tariffs on automobiles. Automobile sales could influence the intensity of automobile manufacturing, which involves using rubber-made tyres. Meanwhile, oil prices rose as the US-EU agreement lifted trade optimism. Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil. The front-month rubber contract on Singapore Exchange's SICOM platform for August delivery last traded at 170 US cents per kg, down 3.3%.
Mint
4 days ago
- Business
- Mint
Shanghai metals soften on trade talk caution, tepid demand
(Updates prices to Asian market close, adds market info in paragraph 6) SINGAPORE, July 28 (Reuters) - The most-traded metals contracts on the Shanghai Futures Exchange lost ground on Monday after last week's gains, amid seasonally low demand and as cautious traders watched the trade talks between U.S. and China, the world's top two economies. SHFE copper eased 0.42% to 79,000 yuan ($11,021.05) a metric ton by 0703 GMT, aluminium slipped 0.65% to 20,615 yuan, zinc dropped 0.88% to 22,645 yuan, tin fell 1.26% to 267,880 yuan and nickel declined 1.5% to 121,620 yuan. The U.S. struck a framework agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war between the two allies involving almost a third of global trade. "The Chinese market is closely watching the trade talks between the U.S. and China, and any deals between the two will probably differ from Europe and Japan, and an extension of an August 12 deadline has been speculated on," said a Beijing-based metals analyst at a futures company. Senior U.S. and Chinese negotiators will meet in Stockholm later in the day to tackle longstanding economic disputes at the centre of a trade war between the two countries, aiming to extend a truce keeping sharply higher tariffs at bay. China's demand for steel and most metals tends to be at seasonal low periods in scorching and rainy summer months of July and August. However, copper inventories in warehouses monitored by the SHFE fell 13% week-on-week to 73,423 tons by July 25, the lowest since December, limiting the price decline, according to the Beijing analyst. Meanwhile, three-month lead on the London Metal Exchange rose 0.15% to $2,017 per ton and copper gained 0.31% to $9,800. Tin fell 0.27% to $33,970, aluminium lost 0.34% to $2,626.5, zinc shed 0.35% to $2,813.5 and nickel ebbed 0.75% to $15,205. For the top stories in metals and other news, click or
