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.
An oil refinery on Pulau Bukom off Singapore. Indonesia imports a large volume of fuel from Singapore due to its lack of refining capacity. Photo: AFP
Indonesia

Indonesia slams Singapore’s ‘shameful’ fuel prices, plans pivot to US imports

Despite being an oil producer, Indonesia’s low refining capacity leaves it heavily reliant on Singapore for fuel — but that may soon change.

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Gold in Hong Kong

14% upside for gold by mid-2026 as rate cuts fuel rally, UBS says

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US-China trade war

How China plays the ace up its sleeve – rare earth minerals – in dealing with US

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Indonesia

In Indonesia, nickel miners warn of mass lay-offs as royalty rise hits profits

The Indonesian government’s bid to boost state revenue and fund projects with higher mining royalties is being met with an industry backlash.

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A worker processes nickel at a smelter on Indonesia’s Sulawesi island. Photo: Reuters
Yuan

Shanghai Gold Exchange eyes Hong Kong vault to promote yuan-denominated products

The new vault will be part of the exchange’s network that international clients use to manage bullion trading and storage.

Electric & new energy vehicles

China’s dying EV batteries are powering its circular economy in new-energy era

Recycling critical materials such as lithium, cobalt and nickel are driving profits and shoring up China’s resource security as trade war with US hits supply chains.

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US-China relations

Opinion | Trump’s executive order to boost US deep-sea mining will force China to act

Beijing will continue to sharpen its technological edge, support multilateral governance and may set up maritime joint patrols to monitor the US.

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Illustration: Craig Stephens
Food and Drinks

China adds 12,000 coffee shops as mass appeal grows, Starbucks suffers

A presidential endorsement increases thirst for the drink while aggressive expansion and price competition make it more accessible.

The Philippines

Philippines to slash rice prices in half amid election season

The programme will cost the Marcos government about US$178 million to help the poor, but critics say it is a tool to support government candidates in midterm polls.

China trade

US farmers’ loss is Brazil’s gain as China diversifies soybean imports

With tariffs on US soybeans, most of China’s summer imports will come from Brazil, according to the US Department of Agriculture’s April outlook report.

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A worker handles soybeans in Campos Lindos, Brazil, during a February soy harvest. More of China’s soybean imports are coming from Brazil amid a tariff war with the United States. Photo: Reuters
LME

Why the London Metal Exchange’s Hong Kong warehouses are a big deal

The development marks a pivotal step in strengthening Hong Kong’s position as a strategic commodities hub in Asia, industry leaders say.

Sheets of copper sit in stacks outside a solvent-extraction plant awaiting shipment. Photo: Getty Images
China technology

Opinion | How China’s agricultural modernisation is reshaping global food systems

As sufficiency improves for China and the countries it shares its agriculture+AI strategy with, regional and global trade could be reshaped.

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Pakistan

Pakistan’s mining push: a chance to equal Indonesia’s nickel success?

A landmark deal unlocking vast copper and gold reserves has Pakistan eyeing a transformative economic shift.

Malaysia

Malaysia urged to invest in Uganda’s untapped oilfields as its reserves dwindle

Uganda has an estimated 6.5 billion barrels of petroleum reserves. Malaysia’s reserves stood at 2.7 billion barrels as of 2023.

An aerial view of Uganda’s Kingfisher Oil Field run by the China National Offshore Oil Corporation in Kikube. Photo: Xinhua
Climate change

Opinion | China must resist greenwashing its dirty coal habit with green bonds

Can China credibly claim climate leadership while doubling down on its dirtiest fuel?

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Vehicles transfer coal at a port in Chongqing, southwestern China on April 20. Photo: AFP
Mainland China

China takes steps to boost yuan with overseas gold storage facilities

China to explore the internationalisation of physical delivery for specific products traded on the Shanghai Gold Exchange.

ETFs

Chinese gold ETFs glow as investors chase metal’s historic rise

The mainland’s 13 gold ETFs bulge by US$9.6 billion, as the metal’s lure as a haven asset grows.

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India

India targets Chinese shipments with new tariff on steel imports

Effective immediately for 200 days, the tariff marks India’s first major trade policy shift since Donald Trump’s global tariff impositions.

An employee works at a steel bar manufacturing facility in the western Indian state of Gujarat on April 7. Photo: Reuters
United States

Trump’s Fed feud sparks market turmoil, dollar dips, gold hits record high

Gold soared as investors fled US assets amid fears of Federal Reserve interference.

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US-China trade war

China is weaning itself off US soybeans as decade-long outlook comes into view

The days of China relying on America for soybeans could be numbered as agricultural ministry outlook report for next decade puts onus on self-sufficiency.

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Durians in China

China’s durian determination yields golden home-grown bounty in Hainan

Tropical Hainan province has defied sceptics and rewarded investors with China-grown durian, but it ‘simply cannot compete’ with booming imports from Southeast Asia.

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Illustration: Brian Wang
HKEX

LME approves Hong Kong warehouses amid growing China metals trade

Milestone by HKEX-owned London Metal Exchange positions city to develop as a metals hub, CEO says.

A roll of copper pipe moves through a facility of Zhejiang Hailiang in Diankou Town of Zhuji, east China’s Zhejiang Province, on April 7, 2025. Photo: Xinhua
Africa

Ghana bans foreigners from local gold trading in major overhaul

Ban takes effect on May 1. Many Chinese nationals have been active in Ghana’s informal gold mining and trading ecosystem.

Indonesia

How far should Indonesia go to appease Trump on tariffs?

Jakarta is weighing trade concessions, but analysts warn the cost may be long-term harm to local industries.

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China trade

China kicks off hunt for rare quartz, with hi-tech aspirations in mind

The critical mineral, used to produce silicon, is a foundational material for strategic industries like semiconductors and photovoltaics – and now it can be mined in China.

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China is searching for reserves of a rare quartz that is critically important in the production of solar panels. Photo: AFP
China-Africa relations

US$4.7 billion loan for Mozambique gas project steps up contest with China

Lawyer sees contest for share of African markets a bigger motivator for US project financing than national security.

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An artist’s impression of the proposed Mozambique LNG project, which has received a boost from a US$4.7 billion loan as the US attempts to curb Chinese influence in Africa. Photo: Mozambique LNG.
US-China trade war

Gold slumps as Trump tariffs prompt sell-off, but it remains a safe-haven choice

Spot price climbed 40 per cent in a year, but it has now fallen 5.1% from peak in less than a week.

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China food security

China sees ‘strong agriculture’ in its future with rural modernisation plans

By 2035, China will have ‘basically achieved’ agricultural modernisation, and rural residents will have ‘basically met modern living conditions’, Beijing’s new plan says.

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