Commodities Update — Gold edges up; Wheat falls, soybean firm; UK to impose duties of up to 29% on Chinese aluminum extrusions

Commodities Update — Gold edges up; Wheat falls, soybean firm; UK to impose duties of up to 29% on Chinese aluminum extrusions
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Updated 22 May 2022

Commodities Update — Gold edges up; Wheat falls, soybean firm; UK to impose duties of up to 29% on Chinese aluminum extrusions

Commodities Update — Gold edges up; Wheat falls, soybean firm; UK to impose duties of up to 29% on Chinese aluminum extrusions

RIYADH: Gold edged up on Friday, heading for its first week of gains in five on persistent worries over economic growth and a weekly decline in the dollar.

A slide in US Treasury yields supported the safe-haven metal on the day, sending spot gold up 0.1 percent to $1,843.29 per ounce. Prices hit a one-week high earlier in the session.

US gold futures settled up 0.1 percent at $1,842.10.

Platinum falls

Silver fell 0.1 percent to $21.69 per ounce, but was up about 2.9 percent for the week.

Platinum fell 1.4 percent to $948.77, while palladium eased 2.4 percent to $1,958.81. 

Wheat, corn ease 

Chicago wheat fell for a third straight session on Friday, retreating further from a two-month high it hit earlier this week as technical selling pressured the market, traders said.

Corn also eased, as accelerated US planting and news that Argentina may expand an export volume cap weighed. 

Soybeans gained on strong export demand, amid tight supplies.

The most-active wheat contract on the Chicago Board of Trade lost 31-3/4 cents at $11.68-3/4 a bushel, a 0.7 percent weekly decline.

CBOT corn ended 4-1/2 cents lower at $7.78-3/4 a bushel, ending lower for a third consecutive week.

Soybeans firmed 14-3/4 cents to $17.05-1/4 a bushel, logging a weekly gain of 58-3/4 cents, a 3.6 percent increase.

UK to impose duties on Chinese aluminum extrusions

Britain may impose anti-dumping duties of up to 29 percent on aluminum extrusions from China to protect domestic producers, a trade agency said on Friday.

Aluminium extrusions — widely used in the transport, construction and electronics industries — are being dumped in Britain at lower prices than they are sold in China, the Trade Remedies Authority said in an interim report.

“The TRA determined that there is already damage to the UK industry, having found clear evidence of price undercutting, indicating that UK businesses are struggling to compete with the dumped imports,” a statement said.

Provisional measures will be imposed as the TRA completes its investigation, requiring Chinese companies exporting to Britain to provide a bank guarantee beginning on May 28, it added.

Duties ranging from 7.3 percent to 29.1 percent were recommended, depending on the company and the level of dumping margin, the interim report said.

(With input from Reuters) 


Saudi food security boosted with $373m loans from Agricultural Development Fund

Saudi food security boosted with $373m loans from Agricultural Development Fund
Updated 13 sec ago

Saudi food security boosted with $373m loans from Agricultural Development Fund

Saudi food security boosted with $373m loans from Agricultural Development Fund

RIYADH: Farmers, poultry breeders and vegetable producers in Saudi Arabia are set to benefit from financing loans and credit facilities worth SR1.4 billion ($373 million) from the Kingdom's Agricultural Development Fund.

The announcement comes in line with the Fund’s strategic objectives of developing the agricultural sector in all its vegetable, animal and fishery fields, the Saudi Press Agency reported. 

The approved loans include development loans for small farmers, financing loans for the sectors of vegetable production in greenhouses, poultry breeding and production and fish farming.

So far, the value of loan approvals until the end of the first half of the current fiscal year amounted to over SR2.8 billion.


PIF launches new aircraft leasing company

PIF launches new aircraft leasing company
Updated 30 June 2022

PIF launches new aircraft leasing company

PIF launches new aircraft leasing company

RIYADH: Saudi Arabia’s Public Investment Fund has launched an aircraft leasing company named AviLease, according to a statement.

PIF said AviLease will initially focus on scaling through purchase-and-lease-back transactions with airlines, portfolio acquisitions and direct orders from aircraft manufacturers.

PIF added that AviLease will also look into expansions through corporate acquisitions.

AviLease’s fleet will consist of narrow-body and wide-body aircraft developed by the world’s leading manufacturers.

“As a PIF fully owned company, PIF’s ample liquidity and strong balance sheet, combined with its depth of financing and investment-structuring expertise will help the company leverage the opportunity in the aircraft leasing market,” according to PIF.

In the statement, PIF revealed that its assets under management had reached approximately $620 billion.

 


Dubai’s real estate sector most transparent in MENA: JLL Index

Dubai’s real estate sector most transparent in MENA: JLL Index
Updated 30 June 2022

Dubai’s real estate sector most transparent in MENA: JLL Index

Dubai’s real estate sector most transparent in MENA: JLL Index

DUBAI: The real estate sector in Dubai has been named the most transparent in the Middle East and North Africa region, according to JLL’s latest Global Real Estate Transparency Index, also known as GRETI.

This is for the first time that Dubai’s real estate sector is entering the transparent tier, and is the only city in the region to enter the list.

“The government’s ongoing efforts that are driving digital services and data provisions, new regulations and sustainability reporting have helped advance Dubai’s ranking in this year’s Global Real Estate Transparency Index, which is an important guide used for cross-border investment and corporate occupiers to inform their decision making,” said Sultan Butti bin Mejren, director general of Dubai Land Department.

In the overall global list, Dubai is placed 31st on the overall global list, while Saudi Arabia ranked  49th, which indicates a semi-transparent market.

“The Kingdom scored particularly well in the category of Listed Vehicles’ Corporate Governance transparency. KSA also scored well on its Investment Performance transparency,” said JLL in a statement.

Abu Dhabi which ranked 45th globally gained one rank and maintained its position in the “Semi-Transparent” tier.

The UK ranked first in the list of 99 countries, followed by the US, France, Australia, Canada, the Netherlands, Ireland, Sweden, Germany, and New Zealand.

China is placed 30th on the list, while India is on the 36th spot.

According to the report, ranks until 34 come under the transparent tier, while 35th to 56th are considered semi-transparent. 

 


Retail major Alhokair back to profit as sales soar to $1.6bn post-pandemic

Retail major Alhokair back to profit as sales soar to $1.6bn post-pandemic
Updated 30 June 2022

Retail major Alhokair back to profit as sales soar to $1.6bn post-pandemic

Retail major Alhokair back to profit as sales soar to $1.6bn post-pandemic

RIYADH: Fawaz Abdulaziz Alhokair Co. has turned into profit in its fiscal year ended March 31, supported by a post-pandemic rebound in sales.

The Saudi retailer made SR38 million ($10 million) in profit, after erasing losses of SR1.11 billion from a year earlier, according to a bourse filing.

The profit hike was coupled with a 40-percent rise in revenue due to a gradual ease of COVID-19 restrictions which led to a recovery in trading activity and consumer spending.

Revenues reached as high as SR5.9 billion by the end of the fiscal year.

“The robust results are supported by the trading activity returning to pre-pandemic levels, the successful execution of the operational upgrade strategy, and the strength of our teams across the business,” said interim CEO Mohamad Mourad, commenting on the results.

Based on the strong foundation set during the past year and the positive momentum in key markets, he said the company expects to build on its growth trajectory to deliver a credible performance in the fiscal year 2023.


Biden says will see Saudi’s crown prince, won’t push directly on oil

Biden says will see Saudi’s crown prince, won’t push directly on oil
Updated 30 June 2022

Biden says will see Saudi’s crown prince, won’t push directly on oil

Biden says will see Saudi’s crown prince, won’t push directly on oil

MADRID: US President Joe Biden on Thursday said he would see Saudi Arabia’s king and crown prince during a visit to the country next month but that the purpose of his trip was not to press them to increase oil output.

Asked at a press conference in Spain if he would ask the Saudi leaders to increase oil production, Biden said “No.”

He said he had indicated that all the Gulf states should be increasing oil production generically, not Saudi Arabia particularly.

He said he hoped the countries would conclude that it was in their own interest to do so.

His comments came as The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, agreed on Thursday to stick to earlier approved oil output increases in July and August and refrained from any policy discussions for September.

The decision to stick to the planned increases comes despite calls for bigger increases to tame crude prices.

Russia's invasion of Ukraine has exacerbated concerns about oil supplies, sending prices to record highs this year.

In their monthly video conference, which lasted about an hour, the 23 members of OPEC+ agreed to add another 648,000 barrels per day in August, the same as for July.