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 is on the hunt for gold, and a string of finds suggests that the nation’s reserves may be substantially larger than previously estimated. Photo: AFP
China economy

China discovers Asia’s largest undersea gold deposit

Country has been steadily stepping up mineral exploration, with nearly 450 billion yuan invested since 2021.

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China trade

China jails antimony smugglers in tough stance on critical minerals

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China trade

China bets big on copper processing, but ‘weaponisation’ risks are low: analysts

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Brazil

Chinese mining giant CMOC buys four Brazilian gold mines to expand

CMOC will own the Aurizona, RDM, Fazenda and Santa Luz mines, with 8 tons of combined annual gold output.

Gold seams at the Al-Amar Gold Mine, 195 kilometre southwest of the Saudi capital Riyadh on May 28, 2008. Photo: AFP
China consumption

Forging ahead: China’s copper heartland vows to build US$28 billion empire

Shandong province plans to create a world-class smelting hub by 2027 to secure supply chains for the strategic metal as prices sizzle.

China trade

China’s food-security push to slash soy imports by two-thirds: Goldman Sachs

Beijing is lowering feed content and making related advancements that analysts say could reduce China’s foreign-soybean dependence dramatically within a decade.

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China-Africa relations

First China ore shipment rewards Guinea leader’s push for Simandou alliance

Mining minister says China and Rio Tinto were pressed to work on shared infrastructure because ‘we do not want railways running everywhere’.

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Illustration: Lau Ka-kuen
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

White metal doubles in value this year to reach record high, outshining gold’s 60 per cent rise.

Mainland China

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

Chairman Chen Jinghe, 68, will become honorary chairman and senior consultant; he says it is the best time to transition to a new leadership.

Zijin Mining Group’s market value ballooned to more than US$100 billion this year for the first time. Photo: Shutterstock
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.

The logo of Anglo American is seen on a jacket of an employee at the Los Bronces copper mine in Chile. Photo: Reuters
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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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.

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.

The logo of the Organization of the Petroleoum Exporting Countries (OPEC) outside of OPEC’s headquarters in Vienna. Photo: AP
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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