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TOPIC

Commodities

Commodities
Commodity market action from around the world with a focus on the commodities that matter most to investors in Hong Kong and China.
China accounted for 71 per cent of US rare earth element imports from 2021 to 2024, according to the US Geological Survey. Photo: Reuters
2026 Trump-Xi summit

Exclusive | Could China’s rare earth supplies dictate how long US strikes on Iran go on?

The American military’s dependence on Chinese sources gives Beijing leverage in the lead-up to Trump’s trip, sources say.

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China trade

China’s oil-import surge seen shielding economy with 120-day buffer

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Hong Kong stock market

Hong Kong stocks rebound after oil falls as Trump says Iran war could end soon

China energy security

China vows to stabilise oil and gas output in new 5-year plan amid global risks

Amid Mideast instability and US$100 oil, China is mapping out strategic production bases, underpinning long-term energy security.

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A truck is loaded with coal in China’s Jiangsu province. Photo: AFP
War and conflict

Opinion | Superpower contest puts Iran, Panama, Venezuela and Greenland on one map

When one crisis touches canal access, another hits crude and a third touches the Strait of Hormuz, it is hard to call these a coincidence.

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India

India’s 30-day Russian oil waiver comes with a steep US price tag

Washington has granted New Delhi a brief waiver for stranded Russian crude – but expects it to ramp up American oil purchases in return.

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Energy

Oil above US$100 may persist as Goldman warns rally not over

Investors brace for prolonged disruption after Iran closed the Strait of Hormuz, sending crude to levels unseen since the 2022 energy shock.

A worker operates valves at the Rumaila oil field in Basra, Iraq, as the country cuts nearly 1.5 million barrels per day of output following the closure of the Strait of Hormuz. Photo: Reuters
Hong Kong economy

Opinion | Why Hong Kong could be the next global hub for gold trading

If commodity pricing becomes the next frontier of US-China financial competition, Hong Kong could find itself at the heart of that evolution.

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China trade

Iran war fallout grows as China struggles to import vital fertiliser chemical

Supplies of sulphur – a key fertiliser ingredient – are tightening in China just as the spring planting season begins.

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China's economic recovery

Stagflation risk emerges amid Mideast oil crisis, clouds China’s economic battle

While rising energy costs from war in Iran may briefly aid China’s deflation battle, analysts warn how oil price spike could threaten nation’s fragile economic rebound.

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A worker fills up a car at a petrol station in China’s Shandong province. A prominent economist said rising oil prices amid Middle East tensions could lead to stagflation in China. Photo: Getty Images
US, Israel war on Iran

Global stock sell-off slams Wall Street as oil prices leap on Iran war woes

The Dow ended down 403 points, after plunging over 1,200 earlier in the day.

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A display featuring Iran’s slain supreme leader Ayatollah Ali Khamenei in Tehran on Tuesday. Photo: AFP
US, Israel war on Iran

Opinion | US war on Iran isn’t likely to go as planned

US war planners have overlooked viewing their adversary through realpolitik in the past. They now face a far more organised opponent.

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China energy security

Why the Iran war will accelerate China’s push to become an ‘energy powerhouse’

The conflict does not pose an immediate threat to China’s oil supply, but will spur on the country’s energy security drive, analysts say.

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Middle East

Asia’s main oil artery is all but blocked. What happens now?

Oil has surged by the most in four years. Tankers are fleeing the Gulf and up to 10 million barrels a day may be stripped from global supply.

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A map showing the Strait of Hormuz and Iran. An estimated 20 million barrels of oil per day pass through the chokepoint. Photo: Reuters
Mainland China

China’s copper crash: from investment fad to scrap in a month

A brief speculative frenzy amid skyrocketing gold and silver prices leaves some retail investors holding shiny kilogram bars they can’t sell.

Copper bars were priced at a premium of as much as 200 per cent above the spot price of copper in January in China. Photo: Shutterstock
China trade

US-Indonesia deal threatens China’s ‘entrenched position’ in nickel market: analysts

A new deal gives America unrestricted access to Indonesia’s nickel – and challenges China’s ‘preferential’ position in the market, analysts say.

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US-China trade war

Critical minerals rivalry expands to copper, silver

The US and China are intensifying efforts to secure copper and silver supply chains amid surging industrial demand which has driven up prices of the metals, delivering big returns for investors in 2025.

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Gold in Hong Kong

Investment gold retailers move into vacant Hong Kong high-street shops

‘We see overwhelming demand for investment gold coins and bars,’ retailer San Gold Coins’ Sophia Chen says.

Investment gold retailers expect to draw first-time buyers and younger savers with move to high-street shops. Photo: Shutterstock
US-China trade war

Why looming US-China trade talks could hinge on an obscure metal: gallium

China’s ban on exports of the vital metal could kick in again in November – and the US still has no realistic alternative supplier.

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US-China relations

Opinion | Pax Sinica vs Pax Silica: how China-US mineral war is taking shape

The US approach of deploying capital and diplomatic leverage must make up for China’s years-long head start in building its reserves.

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Indonesia

Why Indonesia’s president wants clay roofs on all homes

The president says tourists are put off by Indonesia’s ‘rusty zinc’ roofs, and its image would improve with wider use of clay tiles.

Zinc roofs on top of a house in Walatungga village, Sumba Island, Indonesia. Photo: AP
Gold in Hong Kong

Gold’s volatile run set to continue as investors eye next breakout

Investors are like crocodiles waiting to strike, Jupiter says, as bullion eyes new highs amid continuing geopolitical and policy tension.

With physical bullion in short supply, analysts see mining companies as a more efficient way to gain exposure, offering potentially higher returns. Photo: AFP
Gold in Hong Kong

Copper, lithium unlikely to match gold’s gains as output rises: Goldman

Record gold prices have lifted sentiment across raw materials, but analysts expect differentiated returns as producers ratchet up output.

China-Latin America relations

Chinese steel hit with duties up to US$670 per tonne after Brazil dumping probe

Government anti-dumping investigation found Chinese imports were being sold at unfairly low prices, harming domestic producers.

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Mainland China

UBS China venture faces wrath of silver investors after valuation change

More than 200,000 people file complaints as UBS SDIC’s attempted remedy for sudden change of fund’s price benchmark falls flat with some.

Silver bars weighing 500 grams are displayed at the Austrian Gold and Silver Refinery in Vienna on February 3, 2026. Photo: AFP
Indonesia

Crude business for Indonesia amid West’s squeeze on Russian oil

Analysts say Indonesia’s energy demand could draw scrutiny as Moscow seeks new buyers, potentially complicating US trade talks.

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A Pertamina worker climbs on a gauge at a crude oil well on Bunyu island in Indonesia’s East Kalimantan province. Photo: Reuters
China consumption

China’s gold rush: why families are doubling down on precious metals

Gold is becoming more popular in China ahead of the Lunar New Year, with households viewing the asset as a safety net amid an uncertain economy.

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United States

From sanctioned to ‘legitimate’: how China bought Venezuelan oil from the US

After Nicoals Maduro’s January seizure, Washington is selling seized oil globally, with China a key buyer, says Energy Secretary Chris Wright.

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