Aluminum rose to the highest in almost four years as escalating hostilities in the Middle East worsened the supply outlook from the region, while copper and other industrial metals fell on falling risk appetite. Aluminum rose as much has 1.6% to $3,499.50 a ton, the highest since April 2022, on the London Metal Exchange, following a gain of almost 10% last week as the war snarled shipments shipmen...
Aluminum rose to the highest in almost four years as escalating hostilities in the Middle East worsened the supply outlook from the region, while copper and other industrial metals fell on falling risk appetite. Aluminum rose as much has 1.6% to $3,499.50 a ton, the highest since April 2022, on the London Metal Exchange, following a gain of almost 10% last week as the war snarled shipments shipments from the Persian Gulf. The region accounts for about 9% of global supply, and traders are bracing for more disruptions. Buyers of the metal in the US are rushing to secure alternative cargoes from Asia after at least two major smelters in the Middle East — one in Qatar and one in Bahrain — were forced to suspend deliveries. Crude oil spiked about 20% on Monday as the war curbed more production, reflecting deepening worries around the duration of the war and its impact on the global economy. Broader financial markets tumbled on Monday as investors avoided risk assets. A “prolonged war will hurt aluminum supplies further,” said Gao Yin, an analyst at Shuohe Asset Management Co. Many people are buying aluminum and selling other industrial metals in the near term, she added. On Sunday, Iran pressed attacks on neighbors, while Israel struck fuel depots in Tehran and threatened the Islamic Republic’s power grid. President Donald Trump warned the US would consider targeting areas that weren’t previously aimed at. The attacks will continue “until they surrender or, more likely, completely collapse!” he said in a social media post. Aluminum rose 0.7% to $3,4670.50 a ton as of 9:40 a.m. in Shanghai. Copper fell 1.8% to $12,637 a ton and nickel dropped 3.1% to $16,920 a ton.
PAG is considering a sale of poultry meat producer Shandong Fengxiang Co. after taking it private last year, people familiar with the matter said. The Asian private equity firm has held early discussions with prospective advisers to evaluate a possible sale of the business, the people said, asking not to be identified because the information is private. The operator of Fovo Foods could be valued a...
PAG is considering a sale of poultry meat producer Shandong Fengxiang Co. after taking it private last year, people familiar with the matter said. The Asian private equity firm has held early discussions with prospective advisers to evaluate a possible sale of the business, the people said, asking not to be identified because the information is private. The operator of Fovo Foods could be valued at $700 million to $900 million in a deal, the people said. Deliberations are ongoing and might not result in a transaction, they added. A representative for PAG declined to comment. Read More: Private Equity Firm PAG Makes a Big Contrarian Bet on China Fengxiang produces processed and raw chicken meat products mainly for the Chinese market and some overseas destinations, including elsewhere in Asia, the Middle East and Europe. It listed in Hong Kong in July 2020 and was privatized by PAG via Jingyu Enterprise Development (Shandong) Co. last year. Fengxiang also owns ready-to-eat chicken-breast brand iShape and Wu Genglu.
Fosun International Ltd. fell the most in months in Hong Kong trading after warning its annual loss may widen by as much as fivefold, driven by impairment charges on property projects and other assets. The Shanghai-based conglomerate dropped as much as 5% on Monday, the steepest intraday decline since October. Fosun said Friday that it expects a preliminary net loss of 21.5 billion yuan to 23.5 bi...
Fosun International Ltd. fell the most in months in Hong Kong trading after warning its annual loss may widen by as much as fivefold, driven by impairment charges on property projects and other assets. The Shanghai-based conglomerate dropped as much as 5% on Monday, the steepest intraday decline since October. Fosun said Friday that it expects a preliminary net loss of 21.5 billion yuan to 23.5 billion yuan ($3.1 billion–$3.4 billion) for the year ended Dec. 31, compared with a 4.35 billion yuan loss in 2024. The company, which has interests in property, finance, and healthcare, has been hit by China’s prolonged real estate downturn. The impairment charges underscore mounting pressure on conglomerates with significant exposure to property-linked assets.