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Gold prices retreated sharply on January 30th after surging to a record high, as traders took profits and a stronger dollar increased the cost of the precious metal for overseas buyers. Market focus has now shifted to President Trumps expected decision on his nominee for Federal Reserve Chair, to be announced later Friday. Trumps advisors have hinted that he may nominate Kevin Warsh. Saxo Bank analysts noted that Warsh is considered less controversial and less clearly dovish compared to other candidates circulating before the nomination announcement.Germanys seasonally adjusted unemployment figures and unemployment rate for January, as well as the preliminary value of the unadjusted annual GDP growth rate for the fourth quarter, will be released in ten minutes.On January 30th, the Industrial and Commercial Bank of China (ICBC) issued an announcement regarding adjustments to the rules for its Ruyi Gold Accumulation business and the sale of certain branded physical gold products, as well as revisions to the Ruyi Gold Accumulation business agreement. Starting February 7th, 2026, on weekends and public holidays (excluding Shanghai Gold Exchange trading days), ICBC will implement quota management for the Ruyi Gold Accumulation business. These quotas will include daily accumulation/redemption limits for the entire amount or a single customer, and limits on the total amount accumulated or redeemed in a single transaction, and will be dynamically set. Gold withdrawals will not be affected.January 30 - From January 29 to 30, Liu Haixing, Special Envoy of General Secretary Xi Jinping and Minister of the International Department of the CPC Central Committee, visited Vietnam to congratulate the successful convening of the 14th CPC National Congress and the election of To Lam as General Secretary of the CPC Central Committee.On January 30th, the Shanghai Futures Exchange (SHFE) reported the following changes in warehouse receipts for various commodities: 1. Fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day; 2. Silver futures warehouse receipts: 455,068 kg, a decrease of 26,940 kg from the previous trading day; 3. Alumina futures warehouse receipts: 171,104 tons, an increase of 9,583 tons from the previous trading day; 4. International copper futures warehouse receipts: 10,615 tons, a decrease of 526 tons from the previous trading day; 5. Petroleum asphalt plant warehouse futures warehouse receipts: 28,480 tons, unchanged from the previous trading day; 6. Petroleum asphalt warehouse futures warehouse receipts: 13,580 tons, unchanged from the previous trading day; 7. Nickel futures warehouse receipts: 46,876 tons, an increase of 22 tons from the previous trading day; 8. Hot-rolled coil futures warehouse receipts: 190,323 tons, an increase of 2,655 tons from the previous trading day; 9. 10. Pulp warehouse futures receipts: 131,447 tons, up 1,005 tons from the previous trading day; 11. Pulp mill warehouse futures receipts: 11,000 tons, unchanged from the previous trading day; 12. Medium-sulfur crude oil futures receipts: 3,464,000 barrels, unchanged from the previous trading day; 13. Gold futures receipts: 103,029 kg, unchanged from the previous trading day; 14. Aluminum futures receipts: 145,071 tons, up 2,366 tons from the previous trading day; 15. TSR20 rubber futures receipts: 53,625 tons, down 202 tons from the previous trading day; 16. Zinc futures receipts: 28,468 tons, up 227 tons from the previous trading day; 17. Copper futures receipts: 156,851 tons, up 5,223 tons from the previous trading day; Natural rubber futures warehouse receipts totaled 110,930 tons, a decrease of 40 tons from the previous trading day; 18. Lead futures warehouse receipts totaled 29,418 tons, unchanged from the previous trading day; 19. Low-sulfur fuel oil warehouse futures warehouse receipts totaled 27,860 tons, unchanged from the previous trading day; 20. Rebar warehouse futures warehouse receipts totaled 17,283 tons, unchanged from the previous trading day; 21. Butadiene rubber futures warehouse receipts totaled 28,320 tons, unchanged from the previous trading day; 22. Stainless steel warehouse futures warehouse receipts totaled 43,519 tons, unchanged from the previous trading day; 23. Tin futures warehouse receipts totaled 8,524 tons, an increase of 30 tons from the previous trading day.

The conclusion of the Argentine truckers' strike increases grain shipments

Charlie Brooks

Jul 01, 2022 11:36


The Argentine truckers' strike ended on Thursday, when several unions incensed by fuel shortages reached an agreement to terminate the one-week protest near the vital port of Rosario, which is expected to assist future grain exports.


The truck driver's protest over high gasoline prices has halted shipments of corn and other goods, just as the bulk of the harvest was making its way to ports for export to worldwide markets.


Due to the exclusion of a few tiny truckers groups from the deal, however, it is possible that certain protests may continue.


Argentina is the second-largest exporter of maize, the top exporter of processed soy oil and meal, and a major supplier of wheat and beef.


One of the unions, Autoconvocados Unidos, issued the following statement: "Despite our dissatisfaction (with the latest settlement of truck freight rates) and in light of the present crisis in our country, we have chosen to halt the strike."


The union described their action as an act of kindness.


The number of trucks entering ports surged by 70 percent on Thursday compared to the previous day, reaching approximately 1,500 vehicles, as reported by the Rosario grains market.


The Rosario ports are the departure point for 80 percent of Argentina's agricultural exports, the vast majority of which are transported by truck.


The ability of trucks to access the port is returning to normal, according to the manager of the country's marine port chamber, Guillermo Wade.


Additionally on Wednesday, the transport ministry secured a deal with non-striking agricultural and transport groups to hike grain freight charges by 25%.


However, the majority of protesting unions, led by the UNTRA truckers' union, felt the rate increase insufficient and chose to dismantle highway blockades.


The head of the UNTRA, Carlos Geneiro, said, "We have far greater expenses than that."