A major Chinese metals refiner is seeing a large volume of demand for platinum to deliver against a new local futures contract, a sign of how the product is luring more of the metal into the country. “Many speculators and industrial clients holding short platinum positions are choosing physical delivery” as the more profitable option than closing positions, said Wang Yanhui, general manager at She...
A major Chinese metals refiner is seeing a large volume of demand for platinum to deliver against a new local futures contract, a sign of how the product is luring more of the metal into the country. “Many speculators and industrial clients holding short platinum positions are choosing physical delivery” as the more profitable option than closing positions, said Wang Yanhui, general manager at Shenzhen Yuexin Precious Metals Co. Ltd. Many have captured the spread between the spot price in London, where the international benchmark is set, and the domestic exchange, he said. Guangzhou Futures Exchange launched China’s first platinum futures late last year, attracting substantial interest from local speculators and driving prices to a premium over international prices. The increased Chinese demand is likely to tighten international supply of the precious metal, particularly as Beijing has long maintained restrictions on exports. Global prices of platinum — which also has industrial uses — have more than doubled over the past year. A big part of the enthusiasm has been concentrated in the benchmark contract for June delivery, and there are signs that investors are buying platinum ahead of the contract expiring, Wang said. Read More: China to Offer Platinum Stockpile Data as Market Tightens As of the end of last week, there was around 14.4 tons of open interest for the platinum futures contract for June delivery, with around 600 kilograms of warehouse inventories on warrants, data from the exchange shows. China Platinum Co., a state-owned trader , holds most of the stockpile. The relative low level of inventory “underscores the need for physical platinum” and demand likely will stay elevated as the nearest contract approaches expiry, Wang said. Shenzhen Yuexin is one of the biggest precious metal refiners in China, producing around 200 tons of gold and 20 tons of platinum last year. “Many clients are asking to sign long-term contracts with us,” in order to secure supply ...
(RTTNews) - The Hong Kong stock market on Friday snapped the two-day winning streak in which it had jumped more than 770 points or 2.8 percent. The Hang Seng Index now rests just beneath the 26,400 point plateau although it's expected to reverse those losses on Monday.
(RTTNews) - The Hong Kong stock market on Friday snapped the two-day winning streak in which it had jumped more than 770 points or 2.8 percent. The Hang Seng Index now rests just beneath the 26,400 point plateau although it's expected to reverse those losses on Monday.
The Chinese yuan is more than 20% undervalued against the US dollar, according to Goldman Sachs Group Inc., which expects the currency to keep strengthening over the coming year. The yuan remains well below levels justified by China’s export strength and external surplus, strategists including Kamakshya Trivedi said. They now see it at 6.80 in three months, 6.70 in six months and 6.50 in a year, u...
The Chinese yuan is more than 20% undervalued against the US dollar, according to Goldman Sachs Group Inc., which expects the currency to keep strengthening over the coming year. The yuan remains well below levels justified by China’s export strength and external surplus, strategists including Kamakshya Trivedi said. They now see it at 6.80 in three months, 6.70 in six months and 6.50 in a year, up from 6.85, 6.80 and 6.70 previously. The currency is currently trading at around 6.80. “China’s external surplus is approaching unprecedented levels as a percentage of global GDP, reflecting deep levels of export competitiveness, and also a highly undervalued currency, with currency appreciation an equilibrium outcome of those forces,” the strategists wrote in a note dated May 8. The yuan is near its strongest level against the dollar since early 2023, buoyed by improving US-China ties and weakness in the greenback. Other Wall Street banks have also predicted further gains, with JPMorgan Asset Management saying that a “productive” summit between President Donald Trump and Chinese leader Xi Jinping may be a catalyst that pushes the yuan to 6.50. Goldman said while the meeting could be important in helping to stabilize trade relations, the case for a stronger renminbi is “more fundamental and longer-lasting.” Trump and Xi are scheduled for talks Thursday and Friday in Beijing. The bank added that the strength in recent People’s Bank of China fixings and a rise in exporter conversion ratios also suggest that “a gradual but sustained move is still the right baseline.”
Microsoft CEO Satya Nadella is expected to take the stand Monday in Elon Musk's lawsuit against OpenAI, to explain emails that revealed how his company funded the ChatGPT creator's shift from philanthropic organization to for-profit AI giant.He will rely on recently disclosed Microsoft emails from January 2018 to demonstrate that the tech giant only opened its checkbook once a profit appeared poss...
Microsoft CEO Satya Nadella is expected to take the stand Monday in Elon Musk's lawsuit against OpenAI, to explain emails that revealed how his company funded the ChatGPT creator's shift from philanthropic organization to for-profit AI giant.He will rely on recently disclosed Microsoft emails from January 2018 to demonstrate that the tech giant only opened its checkbook once a profit appeared possible.