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.
A rocket launchpad is seen amid flags at the Jiuquan Satellite Launch Centre on October 30. China’s commercial space industry is expected to grow rapidly in the coming years. Photo: EPA
China manufacturing

From steel to space: China giant sells first 2 satellites in bold pivot

Once forging steel for skyscrapers, Jigang Group is now in a race to the skies with Geely and 90,000 other Chinese companies.

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US Federal Reserve

Silver surge outpaces gold on global squeeze, rising interest rate-cut hopes

Mainland China

Mainland Chinese miner Zijin’s founder who built US$100 billion firm retires

Indonesia

Indonesian durian sellers smell big opportunity in China, world’s largest market

In 2024, Indonesia exported US$1.8 million worth of the fruit to Thailand and Hong Kong, and began shipping fresh durians to China this year.

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Durian for sale at a roadside stall in Lombok, Indonesia. Photo: Getty Images
Shanghai

Shanghai launches state-owned commodities trading firm to rival Trafigura

Through Shanghai Guomao, the city aims to build a ‘new, internationalised commodity trading and investment platform’.

Banking & finance

Gold prices could hit record highs of over US$4,900 next year: forecasts

Several banks project gold prices could rise above US$4,900 per ounce in 2026, with US rate cuts and central bank buys keeping demand strong.

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China consumption

China’s liquor capital faces long march to rebirth as ‘liquid gold’ glory wanes

In Maotai town, baijiu producers diversify offerings while expanding to markets such as Hong Kong and Southeast Asia amid a culture shift and economic challenges.

Illustration: Brian Wang
Mergers & Acquisitions

BHP drops Anglo American bid again as rival rejects new proposal

BHP made the approach just weeks before shareholders from Anglo and Teck vote on a merger deal.

China-Russia relations

China buys Russian LNG at record-high levels, steep discounts as West retreats

Beijing capitalises on discounted energy, securing unprecedented Russian shipments in October while global sanctions reshape trade flows.

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India

Trump exempts Indian items from tariffs amid rising consumer costs

Rising US grocery prices have led to exemptions for dozens of food items from Washington’s reciprocal tariffs.

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Activists of different trade unions and farmer’s organizations burn an effigy of US President Donald Trump, near the American Consulate during a protest rally on trade tariffs and the war in Gaza, in Kolkata, India, on August 13. Photo: AP
US-China relations

Opinion | In ‘soybean diplomacy’ with the US, China now holds the remote control

China, no longer reliant on US soybeans, has leverage: resuming purchases to calm tensions or cutting them when relations fray.

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Soybeans are harvested on the Warpup Farm in Warren, Indiana, on September 17. Photo: AP
IPO

Morgan Stanley faces US scrutiny over Zijin Gold’s Hong Kong IPO

Zijin Gold’s parent was added to a US government list of firms whose imports are banned over alleged human rights abuses involving Uygurs.

United States

Bananas and beef: White House unveils Latin America trade deals

Argentina, Guatemala, Ecuador and El Salvador have agreed to open their markets to US products in exchange for tariff relief on some items.

Rare earths

Baotou set to become China’s rare earth hub under Inner Mongolia’s 10-year plan

Initiatives include a boost to mining, refining and magnet production to supply new-energy industry and global markets while firms and nations race to diversify.

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Inner Mongolia’s second-largest city, Baotou (pictured), has plans to become a world-leading hub for critical materials. Photo: Getty Images
US-China trade war

Explainer | Rare earths, chips and batteries – what China can and cannot weaponise

Experts explore how China balances export curbs with legal reforms as global partners diversify supplies, firms hunt rare-earth alternatives.

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Workers transport soil containing rare earth elements for export at a port in China’s Jiangsu province. Photo: Reuters
Science

In world first, Chinese scientists find rare earth minerals from a living plant

High-value minerals can be recovered while ‘remediating polluted soil and restoring the ecology of rare earth tailings’, institute says.

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China stock market

Chinese gold stocks set to shine as UBS and Schroders see bullion extending gains

UBS sees gold possibly hitting US$4,700, while Schroders expects central banks’ gold purchases to keep prices elevated.

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Hong Kong economy

Opinion | Can Hong Kong be the Switzerland of the East for commodities?

The city must supplement its financial expertise with a careful consideration of the needs of the real economy.

A worker stands by a stream of molten steel at a steel factory in Huai’an, in China’s eastern Jiangsu province, on July 22. Photo: AFP
Energy

Opec agrees to output increase, moderates plans due to glut fears

Opec has raised output targets by more than 2.7 million bpd since April but slowed the pace in October and November amid predictions of oversupply.

China-Latin America relations

Brazil shrugs off US-China soybean deal as seasonal trade

Farmers say Beijing’s renewed US buys won’t upend Brazil’s exports, but tight credit and dry weather cloud outlook.

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US-China relations

Trump-Xi meeting closer to truce than durable peace, China seen looking stronger

China agrees to major US soybean purchases, approves TikTok transfer, but gains ground in fundamental areas such as rare-earth leverage.

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Chinese President Xi Jinping meets with US President Donald Trump in Busan, South Korea, on Thursday. Photo: Xinhua
US-China trade war

China’s US soybean buys bring relief to farmers, but permanent deal elusive

While the Xi-Trump talks helped to end the soybean standstill, analysts said agriculture will remain one of many points of contention.

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A worker sorts imported soybeans at a processing facility in Binzhou, China, on March 6. Photo: Getty Images
India

India pressured to stop Russian oil imports after US sanctions on 2 producers

Despite Washington’s sanctions against Russian oil producers, India is expected to increase its purchases of other goods from Moscow.

China food security

Opinion | China’s next power move is as much in the fields as in factories

The attention to agriculture at China’s fourth plenum only reinforces a growing focus on food security as a policy priority.

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US-China relations

Opinion | US has woken up to China’s rare earth challenge too late

China’s latest export controls hit the US where it hurts. Washington’s attempts to develop its own rare earth industry will take years to bear fruit.

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A handout photo taken on April 14 and received on October 21 from Lynas Rare Earths Limited shows the company’s rare earths mine located at Mount Weld in Western Australia. The US has inked a critical minerals deal with Australia, opening an alternative pipeline of highly sought-after metals as China tightens its grip on production. Photo: Handout / Lynas Rare Earths Limited / AFP
US-China trade war

Video | China’s boycott of US soybeans

China made no soybean purchases from the US in September 2025 as it looked elsewhere for supplies, but American farmers continue to hope for a change of heart.

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SCMP
Ray Dalio

Explainer | Gold slumps after record highs. Why is Ray Dalio such a big advocate for it?

Despite the billionaire investor’s long-time support for gold, some analysts warn that it is in a bubble.

US-China trade war

Can US-Australia rare earth deal loosen China’s grip on critical minerals trade?

New pact between Washington and Canberra intends to curb China’s dominance, boost local supply chains and secure the future of rare earths.

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