World commodity markets were rocked this week by weak data in the US, a leading consumer of raw materials, which cast doubt on the prospect of a global economic recovery.
OIL: Crude oil hit eight-month peaks on Tuesday, before tumbling lower as weak US jobs data quashed hopes of a speedy economic recovery.
The market was also pulled lower by the strengthening greenback which makes dollar-priced commodities — like oil — more expensive for buyers using weaker currencies, which in turn dampens demand and pulls prices lower.
“Crude markets were ... lower as market participants continued to digest US employment data in subdued conditions with US markets closed for US Independence Day,” Sucden analyst Nimit Khamar said on Friday.
Meanwhile oil market officials here launched a probe into an alleged rogue trader who earlier this week helped push prices to eight-month peaks, costing his company nearly US$10 million.
PRECIOUS METALS: Prices mostly fell in line with the stronger dollar ahead of the US Independence Day holiday weekend.
By late Friday on the London Bullion Market, gold dipped to US$932.50 an ounce from US$942 a week earlier. Silver fell to US$13.44 an ounce from US$14.26.
On the London Platinum and Palladium Market, platinum sank to US$1,185 an ounce at the late fixing on Friday from US$1,203.
Palladium firmed to US$250 an ounce from US$245.
GRAINS AND SOYA: Grains and soya prices were subdued ahead of an early close on Thursday because of a US public holiday on Friday.
By Thursday on the Chicago Board of Trade, maize for delivery in December sank to US$3.57 a bushel from US$4.04 on Friday the previous week.
November-dated soyabean meal — used in animal feed — firmed to US$10.06 from US$9.91.
FIVE-YEAR WINDOW? A defense institute CEO said a timeline for a potential Chinese invasion was based on expected ‘tough measures’ when Xi Jinping seeks a new term Most Taiwanese are willing to defend the nation against a Chinese attack, but the majority believe Beijing is unlikely to invade within the next five years, a poll showed yesterday. The poll carried out last month was commissioned by the Institute for National Defense and Security Research, a Taipei-based think tank, and released ahead of Double Ten National Day today, when President William Lai (賴清德) is to deliver a speech. China maintains a near-daily military presence around Taiwan and has held three rounds of war games in the past two years. CIA Director William Burns last year said that Chinese President Xi Jinping
President William Lai (賴清德) yesterday said that China has “no right to represent Taiwan,” but stressed that the nation was willing to work with Beijing on issues of mutual interest. “The Republic of China has already put down roots in Taiwan, Penghu, Kinmen and Matsu,” Lai said in his first Double Ten National Day address outside the Presidential Office Building in Taipei. “And the Republic of China and the People’s Republic of China [PRC] are not subordinate to each other.” “The People’s Republic of China has no right to represent Taiwan,” he said at the event marking the 113th National Day of
SPEECH IMPEDIMENT? The state department said that using routine celebrations or public remarks as a pretext for provocation would undermine peace and stability Beijing’s expected use of President William Lai’s (賴清德) Double Ten National Day speech today as a pretext for provocative measures would undermine peace and stability, the US Department of State said on Tuesday. Taiwanese officials have said that China is likely to launch military drills near Taiwan in response to Lai’s speech as a pretext to pressure the nation to accept its sovereignty claims. A state department spokesperson said it could not speculate on what China would or would not do. “However, it is worth emphasizing that using routine annual celebrations or public remarks as a pretext or excuse for provocative or coercive
CONCERNS: Allowing the government, political parties or the military to own up to 10 percent of a large media firm is a risk Taiwan cannot afford to take, a lawyer said A Chinese Nationalist Party (KMT) legislator has proposed amendments to allow the government, political parties and the military to indirectly invest in broadcast media, prompting concerns of potential political interference. Under Article 1 of the Satellite Broadcasting Act (衛星廣播電視法), the government and political parties — as well as foundations established with their endowments, and those commissioned by them — cannot directly or indirectly invest in satellite broadcasting businesses. A similar regulation is in the Cable Radio and Television Act (有線廣播電視法). “The purpose of banning the government, political parties and the military from investing in the media is to prevent them from interfering
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