Commodities Update — Gold inches up; Copper hovers near 17-month low

Commodities Update — Gold inches up; Copper hovers near 17-month low
US gold futures rose 0.6 percent to $1,812.10 (Shutterstock)
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Updated 04 July 2022

Commodities Update — Gold inches up; Copper hovers near 17-month low

Commodities Update — Gold inches up; Copper hovers near 17-month low

RIYADH: Gold inched higher on Monday, as weakness in Treasury yields kept prices above the $1,800-mark and marginally outweighed pressure stemming from elevated US dollar levels.

Spot gold was up 0.1 percent at $1,811.99 per ounce, by 0319 GMT. 

US gold futures rose 0.6 percent to $1,812.10.

Silver eases

Spot silver eased 0.2 percent to $19.84 per ounce, while platinum fell 0.5 percent to $884.49. 

Palladium dropped 1.3 percent to $1,934.40.

Copper languishes near 17-month low amid slowdown fears 

Copper prices slipped on Monday to hover near a 17-month low as renewed lockdowns in top consumer China and the prospect of aggressive rate hikes stoked fears of global economic slowdown, denting demand for metals.

Three-month copper on the London Metal Exchange was down 0.3 percent at $8,027.50 a ton, as of 0404 GMT.

The most-traded August copper contract in Shanghai fell 2.1 percent to $9,153.68 a ton by the midday break.

Russian ship carrying Ukrainian grain detained by Turkey

Turkish customs authorities have detained a Russian cargo ship carrying grain which Ukraine says is stolen, Ukraine’s ambassador to Turkey said on Sunday.

Ukraine had previously asked Turkey to detain the Russian-flagged Zhibek Zholy cargo ship, according to an official and documents viewed by Reuters.

Reuters reporters saw the Zhibek Zholy ship anchored about 1 km from shore and outside of the Karasu port on Sunday, with no obvious signs of movement aboard or by other vessels nearby.

“We have full co-operation. The ship is currently standing at the entrance to the port, it has been detained by the customs authorities of Turkey,” Ambassador Vasyl Bodnar said on Ukrainian national television.

Bodnar said the ship’s fate would be decided by a meeting of investigators on Monday and that Ukraine was hoping for the confiscation of the grain.


Saudi healthcare provider Naba Alsaha reports 24% profit growth ahead of IPO

Saudi healthcare provider Naba Alsaha reports 24% profit growth ahead of IPO
Updated 16 sec ago

Saudi healthcare provider Naba Alsaha reports 24% profit growth ahead of IPO

Saudi healthcare provider Naba Alsaha reports 24% profit growth ahead of IPO

RIYADH: Naba Alsaha Medical Services Co. has posted 24 percent profit growth for the first half of 2022, ahead of an initial public offering on Saudi Arabia’s stock market.

This was coupled with a year-on-year revenue jump of 13 percent, CEO Nathir Al-Jishi told Argaam.

The executive noted that Naba Alsaha will open a new pharmacy in Riyadh, adding that it’s studying opening new branches in other neighborhoods.

The company is also looking to expand in non-medical operation segments by providing medical maintenance services as well as cleaning healthcare facilities and complexes, Al-Jishi said.

This comes amid plans to float 1.4 million shares on Saudi Exchange’s parallel market. With an IPO price of SR57 ($15), the subscription period is currently in progress and will end on Aug. 14.


Green bond sales drop 19-month low to $24bn amidst tight issuance windows: Bloomberg 

Green bond sales drop 19-month low to $24bn amidst tight issuance windows: Bloomberg 
Updated 16 min 7 sec ago

Green bond sales drop 19-month low to $24bn amidst tight issuance windows: Bloomberg 

Green bond sales drop 19-month low to $24bn amidst tight issuance windows: Bloomberg 

RIYADH: Global sales of green bonds, the largest category of sustainable debt by amount issued, fell to a 19-month low in July. 

According to data compiled by Bloomberg, green bond sales fell to about $24 billion in July from more than $45 billion the previous month. 

This is the lowest since December 2020, when companies and governments issued about $7.7 billion in green debt.

This happened as opportunistic borrowers have also preferred traditional bond offerings that are faster to complete, Bloomberg reported. 

This is also because July, August and December are historically considered the slowest issuance months for green bonds.

 


India In-Focus — Shares inch higher; Bajaj Housing Finance to issue 3-year bonds; DLF Cyber City to issue 2-year bonds

India In-Focus — Shares inch higher; Bajaj Housing Finance to issue 3-year bonds; DLF Cyber City to issue 2-year bonds
Updated 59 min 38 sec ago

India In-Focus — Shares inch higher; Bajaj Housing Finance to issue 3-year bonds; DLF Cyber City to issue 2-year bonds

India In-Focus — Shares inch higher; Bajaj Housing Finance to issue 3-year bonds; DLF Cyber City to issue 2-year bonds

RIYADH: Indian shares edged higher on Wednesday — led by the consumer goods and banking sectors — while losses in tech stocks kept gains in check as traders looked ahead to US inflation data for clues on the pace of rate hikes from the Federal Reserve.

The NSE Nifty 50 index was up 0.07 percent at 17,538.10, as of 0357 GMT, and the S&P BSE Sensex rose 0.09 percent to 58,904.24, having hit a near four-month high in the previous trading session. Indian markets were closed on Tuesday for a holiday.

Nifty’s private bank index was up 0.38 percent and the fast-moving consumer goods index advanced 0.34 percent.

India’s Bajaj Housing Finance to issue 3-year bonds

India’s Bajaj Housing Finance Ltd. plans to raise at least 100 million rupees ($1.26 million) through a sale of bonds maturing in three years, three merchant bankers said on Wednesday.

The housing finance company has invited bids from bankers and investors for the same on Thursday, they said.

The notes are rated AAA by CRISIL and the issue will close for subscription on Friday.

The issue has a greenshoe option to retain an additional 9.90 billion rupees and will mature on Aug. 12, 2025.

DLF Cyber City to issue 2-year bonds

India’s DLF Cyber City Developers Ltd. plans to raise 5 billion rupees ($62.86 million) through the sale of bonds maturing in two years, three merchant bankers said on Wednesday.

The real-estate company will pay a coupon of 7.80 percent on this issue and has invited commitment bids from bankers and investors for the same on Thursday, they said.

The notes are rated ‘AA’ by CRISIL and the issue has a call option at the end of one year and nine months.

The issue will close for subscription on Friday and will mature on Aug. 12, 2024.

(With input from Reuters)


Crypto Moves – Bitcoin and Ethereum fall; Coinbase posts loss amid crypto market turmoil

Crypto Moves – Bitcoin and Ethereum fall; Coinbase posts loss amid crypto market turmoil
Updated 10 August 2022

Crypto Moves – Bitcoin and Ethereum fall; Coinbase posts loss amid crypto market turmoil

Crypto Moves – Bitcoin and Ethereum fall; Coinbase posts loss amid crypto market turmoil

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Wednesday, falling 3.69 percent to $22,981 as of 7:46 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,683 falling by 5.46 percent, according to data from Coindesk.

Coinbase posts loss amid crypto market turmoil

In response to this year’s rout in risky assets, Coinbase Global Inc. reported a bigger than expected quarterly loss after the bell on Tuesday, sending its shares down 6 percent, Reuters reported.

Retail trading fell by 68 percent at the cryptocurrency exchange in the second quarter, while institutional trading dropped by 46 percent.

The cryptocurrency exchange’s trading volumes also dropped more than half to $217 billion.

Despite the collapse of certain crypto ventures and a broad selloff in financial markets, Coinbase expects trading volumes to fall further in the current quarter.

The downturn in 2022 has sent Bitcoin 50 percent lower, forced Coinbase to cut jobs and raised fears of a drop in small-scale trading interest.

In the April-June quarter, Coinbase’s monthly transacting users decreased by 2 percent to 9 million.

Based on Refinitiv data, the adjusted loss for the quarter was $4.76 a share. Analysts had expected $2.65 a share. Market expectations were missed by 63 percent.

Despite a 37 percent increase in operating expenses, the company lowered its technology, development, and administration expenditure forecast to between $4 billion and $4.25 billion from $4 billion to $5 billion.

First cryptocurrency import order from Iran

Iran’s semi-official Tasnim agency reported on Tuesday that the Ministry of Industry, Mine and Trade has registered its first official order to import $10 million worth of cryptocurrency, Reuters reported.

Alireza Peymanpak, head of the country’s Trade Promotion Organization said: “This week, the first official import order registration worth 10 million dollars was successfully completed using cryptocurrency.

“By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries.”

(With inputs from Reuters)

 


Saudi retailer BinDawood launches express stores in Jeddah, Makkah

Saudi retailer BinDawood launches express stores in Jeddah, Makkah
Updated 10 August 2022

Saudi retailer BinDawood launches express stores in Jeddah, Makkah

Saudi retailer BinDawood launches express stores in Jeddah, Makkah

RIYADH: BinDawood Holding Co., a Saudi-based grocery retail operator of hypermarkets and supermarkets, has opened two Danube Express stores at the Haramain High Speed Railway stations in Jeddah and Makkah.

The opening marks the first express stores with two more to follow in the city of Madinah as well as the King Abdullah Economic City in 2022, the company said.

“The Haramain railway is expected to carry over 60 million passengers annually, and we are thrilled to reach more customers across the Kingdom and introduce them to the Danube experience through the new ‘express’ model,” said Ahmad BinDawood, CEO of BinDawood.

Following the announcement, shares of the retailer rose 1.17 percent to reach SR86.6 ($23) in the early hours of Wednesday.