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On August 18th, Bank of America Securities issued a report stating that Zijin Mining International (02259.HK) reported a first-half net profit of US$1.45 billion, slightly higher than the profit forecast of approximately US$1.4 billion, and declared its first interim dividend. The target price was raised from HK$140 to HK$150, and the "Buy" rating was reiterated. Based on year-to-date performance, the bank raised its full-year net profit forecast for the company by 3% to US$3.1 billion, mainly reflecting lower unit cost assumptions.Hong Kong stocks two major MINIMAX-W stocks declined, with Zhipu (02513.HK) falling more than 10% and MINIMAX-W (00100.HK) falling more than 8%.According to Al Arabiya TV, an airstrike targeted the Abu Zuhur military airfield in the eastern countryside of Idlib, Syria.Futures Commentary by Everbright Futures: On August 17th, COMEX gold continued its upward trend, closing at $4473.1 per ounce, a gain of 0.81%. Domestic SHFE gold opened lower and closed higher in the night session, settling at 957.80 yuan per gram, a gain of 0.41%. Geopolitically, the ceasefire agreement window between the US and Iran expired yesterday, but negotiations remain deadlocked. Trump explicitly stated that he would not seek to extend the memorandum of understanding with Iran, saying there was "no timetable" for resolving the Iranian issue, and indicated that if Oman "obstructs US efforts to reopen the Strait of Hormuz and end the war with Iran," the US would bomb Oman. High oil prices and persistent US inflation risks have somewhat dampened market risk appetite, narrowing gold price gains. Additionally, according to data released by the US Treasury Department, foreign holdings of US Treasury bonds decreased by $72.1 billion month-on-month, bringing the total to $9.3 trillion. Since reaching a record high in February of this year, foreign holdings have declined in three of the past four months. With the release of US inflation data, the probability of an interest rate hike has significantly decreased, and the market has seen some profit-taking. However, the deepening of stagflation in the US, persistent geopolitical risks, and the central banks reduction of US Treasury bonds and purchase of gold all provide structural support for gold. Gold may maintain a high-level fluctuation or even a slightly stronger trend. Attention should be paid to the pressure on overseas gold prices near the 4,500 mark.August 18th - According to data from Lighthouse Pro, as of August 18th, the total box office for 2026 (including pre-sales) has exceeded 26 billion yuan. "Pegasus 3", "Kung Fu Womens Soccer", "A Letter to Grandma", "The Eight Immortals", and "The Swordsman: The Wind Rises in the Desert" are currently ranked among the top five films in the annual box office.

Oil Quiet As Price Cap Suggestion Assists in Relieving Supply Concerns

Skylar Williams

Nov 25, 2022 14:48

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Benchmark Brent oil declined on Thursday, while West Texas Intermediate (WTI) crude remained unchanged, hovering at two-month lows due to uncertainty about the degree to which a proposed G7 restriction on the price of Russian oil would limit supply.


A larger-than-anticipated rise in gasoline inventories in the United States and an expansion of COVID-19 limitations in China also knocked on oil prices.


At 15.15 p.m. ET (2015 GMT), Brent oil prices decreased 29 cents, or 0.3%, to $85.12 per barrel, while U.S. WTI crude futures decreased 2 cents, to $77.96 per barrel.


Due to the Thanksgiving break in the United States, trade volumes were quite low.


The announcement on Wednesday that the expected price ceiling for Russian oil may surpass the current market level triggered a decrease of about 3 percent for both benchmarks.


European Union nations remained divided over what level to cap Russian oil prices to limit Moscow's ability to pay for its battle in Ukraine without causing a global oil supply shock; if positions converge on Friday, more conversations are possible.


A European official claimed that the G7 is discussing a cap of $65-$70 per barrel for Russian oil transported by sea, but European Union member states have not yet reached an agreement on a price.


A higher price ceiling might encourage Russia to continue selling its oil, decreasing the possibility of a global oil supply shortage.


According to two sources, several Indian refiners are discounting Russian Urals crude by between $25 and $35 per barrel compared to the worldwide benchmark Brent oil. Urals is Russia's principal crude export.


Despite the obstacles, Bart Melek, global head of commodities market strategy at TD Securities, is rather optimistic about oil. "The Russian price ceiling is another aspect that contributed to the current price fall," he stated.


The Energy Information Administration (EIA) said on Wednesday that gasoline and distillate inventories in the United States climbed substantially during the previous week. [EIA/S]


In contrast, oil stockpiles decreased by 3.7 million barrels to 431.7 million barrels in the week ending November 18, despite a Reuters survey predicting a reduction of 1.1 million barrels.


China reported the highest daily number of COVID-19 cases since the outbreak began over three years ago on Wednesday. Local officials intensified measures to remove the breakouts, raising investor anxiety over the economy and demand for fuel.

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