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The most active Japanese rubber futures contract rose 2.00% on the day, currently trading at 356.40 yen per kilogram.On January 14th, Wang Jun, Deputy Director of the General Administration of Customs, stated at a press conference held by the State Council Information Office that my countrys goods trade has been continuously optimized and upgraded. Over the past five years, the import and export of high-tech products has grown at an average annual rate of 7.9%, with the year-on-year growth rate further accelerating to 11.4% in 2025, contributing nearly 60% to the overall foreign trade growth. The export scale of the "new three" products—electric vehicles, photovoltaic products, and lithium batteries—is expected to reach nearly 1.3 trillion yuan in 2025, a 3.5-fold increase compared to 2020. New business formats and models are flourishing. According to preliminary statistics from customs, my countrys cross-border e-commerce imports and exports are expected to reach 2.75 trillion yuan in 2025, a 69.7% increase compared to 2020.On January 14th, Wang Jun, Deputy Director of the General Administration of Customs, stated at a press conference held by the State Council Information Office that by 2025, my country will have trade relations with 249 countries and regions worldwide. Among them, 14 countries and regions will have trade exceeding one trillion, 62 exceeding one hundred billion, and 137 exceeding ten billion yuan, representing increases of 2, 6, and 10 respectively compared to 2024. Across the five continents, my countrys imports and exports with at least 60% of the countries and regions on each continent will see growth. Looking at individual economies, by 2025, my countrys top ten trading partners will account for 47.7% of my countrys total foreign trade, a decrease of two percentage points compared to 2024, indicating a slight decrease in concentration and a more balanced distribution.On January 14th, Wang Jun, Deputy Director of the General Administration of Customs, stated at a press conference held by the State Council Information Office that my countrys intermediate goods trade achieved rapid growth in 2025, becoming a major driver of exports and providing strong support for global industrial cooperation. my countrys export markets have become more diversified, with exports to countries participating in the Belt and Road Initiative increasing by 11.2%, contributing 5.4 percentage points to overall export growth. ASEAN has been Chinas largest export market for three consecutive years. Export growth to emerging markets such as Latin America, the Middle East, Central Asia, and Africa all outpaced the overall growth rate. my country continues to provide the world with high-quality, affordable, stable, and reliable products, becoming a "key link" in the global industrial and supply chains. Overall, my countrys exports are characterized by more robust innovation, a stronger foundation for green development, and a brighter commitment to win-win cooperation. "Good Chinese products" are widely popular globally, playing a vital role in ensuring the stability of global production and supply chains, injecting certainty into global economic and trade development, and bringing new opportunities.On January 14th, Wang Jun, Deputy Director of the General Administration of Customs, stated at a press conference held by the State Council Information Office that exports of high-tech products are projected to increase by 13.2% year-on-year by 2025, contributing 2.4 percentage points to my countrys overall export growth. Specifically, exports of specialized equipment, high-end machine tools, and industrial robots increased by 20.6%, 21.5%, and 48.7%, respectively. Notably, exports of industrial robots exceeded imports last year, making my country a net exporter of industrial robots.

WTI corrects below $77.00 as buyers grow nervous ahead of the Caixin Manufacturing PMI

Daniel Rogers

Mar 01, 2023 11:42

After encountering stiffer resistance above $77.50 in the late New York session, West Texas Intermediate (WTI) futures on the New York Mercantile Exchange have sharply reversed. As investors wait for the Caixin Manufacturing PMI data to be released, the oil price has fallen to $76.60 and is expected to remain on edge.

 

There is no disputing that international organizations and investment banking firms are optimistic about a strong economic rebound in China following the administration's dismantling of pandemic controls following a three-year lockdown. The People's Bank of China (PBoC) has pledged a complete recovery in domestic demand through expansionary monetary policy, so China's post-pandemic period is anticipated to be robust.

 

Investors are anxiously awaiting February's figures after being taken aback by January's disappointingly low Caixin Manufacturing PMI data. A prolonged period of negativity would be detrimental to the market's oil prices. In general, investors continue to be risk cautious as they anticipate a bleak future due to aggressive Western central banks. And the current low Manufacturing PMI for China will make investors' risk aversion even worse.

 

The majority predicts that IHS Markit will issue the Caixin Manufacturing PMI at 50.2, up from the previous release of 49.2.

 

In addition to the Caixin Manufacturing PMI, the United States Energy Information Administration's (EIA) oil inventory data for the week concluding February 24 will be closely monitored.

 

Despite being smaller than the previous release of nearly 10 million barrels, US American Petroleum on Tuesday reported a massive stockpile of oil stockpiles of 6.20 million barrels. For the past three months, oil inventories have been steadily growing, pointing to a sharp drop in global consumption.


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