Commodities News

China lifts 5-year ban on Belgian pork imports

China has lifted a five-year ban on pig and pork products imported from Belgium, which was put in place due to an outbreak of African swine fever in 2018. Belgium’s exports of pig and pork products to China must meet statutory inspection and quarantine requirements, the General Administration of Customs and the Ministry of Agriculture […] Read more

Spot Gold weakens on firmer US Dollar ahead of US CPI data

Spot Gold retreated on Monday, set to extend the 0.84% loss from the previous week, ahead of the key US CPI inflation report on Thursday that could affect Federal Reserve’s rate outlook. The yellow metal came under pressure last week, as investors pared expectations of sizable and early interest rate cuts by the Fed this […] Read more

Saudi Arabia may slash Arab Light price premium next month

The world’s top oil exporter, Saudi Arabia, may cut price premiums on all crude grades it sells to Asian nations to lowest in a year in February, despite escalating tensions in the Red Sea. According to a report by Reuters, citing knowledgeable sources, the official selling price for Saudi Arabia’s flagship Arab Light crude over […] Read more

Qatar, Shell ink five-year crude oil supply deal

According to a report by Reuters, Qatar has agreed to supply Shell in Singapore with up to 18 million barrels of oil per year under a five-year deal. QatarEnergy said that it would supply Shell International Eastern Trading Company with Qatar Land and Qatar Marine crude oil over the course of five years, beginning in […] Read more

WTI Crude on track to snap 3-day winning streak on US stock build

Futures on US West Texas Intermediate Crude Oil edged lower on Thursday and looked set to snap a three-day streak of gains, since demand-related concerns after an unexpected US crude stock build overshadowed worries over disruptions to global trade. WTI Futures rose over the past several days on investor concerns over trade disruptions, after major […] Read more

Spot Gold heads for weekly advance on Fed rate cut prospects

Spot Gold was on track to register a weekly advance, supported by prospects of Federal Reserve rate cuts in 2024, which drove the US Dollar and US bond yields lower. The Federal Reserve left the fed funds rate target range without change at 5.25%-5.50% for a third successive policy meeting in December, as largely expected. […] Read more

Solar panel costs in China plummet 42.3% YoY

Costs to produce solar panels in China have slumped 42% over the past year, according to a Reuters report. This way, local manufacturers have gained a significant advantage over competitors based in the United States and Europe. Solar panel production cost in China has decreased to 15 cents per watt in 2023 from 26 cents […] Read more

US approves Rhode Island’s $1.5 bln offshore wind farm

The US Federal Permitting Improvement Steering Council on Thursday gave final nod to the construction of a $1.5 billion offshore wind farm off the coast of Rhode Island. Known as Revolution Wind, the project is expected to generate a total of 704 megawatts of clean energy to Connecticut and Rhode Island. The project is run […] Read more

Spot Gold eases from fresh record high as US Dollar firms

Having risen to a fresh all-time high of nearly $2,150 during Monday’s Asian session on rising expectations that the Federal Reserve could begin cutting interest rates next year, Spot Gold eased a bit, but continued holding above the $2,000 mark. Market players added to bets that a rate cut could come in the months ahead, […] Read more

India’s steel imports from China reach 4-year high

India’s imports of finished steel from China registered a four-year high during the first seven months of the fiscal year that started in April, according to a Reuters report, citing government data. The world’s biggest steel producer, China, was also the top exporter of the alloy to India during the April-October period. It exported 1.1 […] Read more