World commodity markets were rocked this week by weak data in the US, a leading consumer of raw materials, which cast doubt on the prospect of a global economic recovery.
OIL: Crude oil hit eight-month peaks on Tuesday, before tumbling lower as weak US jobs data quashed hopes of a speedy economic recovery.
The market was also pulled lower by the strengthening greenback which makes dollar-priced commodities — like oil — more expensive for buyers using weaker currencies, which in turn dampens demand and pulls prices lower.
“Crude markets were ... lower as market participants continued to digest US employment data in subdued conditions with US markets closed for US Independence Day,” Sucden analyst Nimit Khamar said on Friday.
Meanwhile oil market officials here launched a probe into an alleged rogue trader who earlier this week helped push prices to eight-month peaks, costing his company nearly US$10 million.
PRECIOUS METALS: Prices mostly fell in line with the stronger dollar ahead of the US Independence Day holiday weekend.
By late Friday on the London Bullion Market, gold dipped to US$932.50 an ounce from US$942 a week earlier. Silver fell to US$13.44 an ounce from US$14.26.
On the London Platinum and Palladium Market, platinum sank to US$1,185 an ounce at the late fixing on Friday from US$1,203.
Palladium firmed to US$250 an ounce from US$245.
GRAINS AND SOYA: Grains and soya prices were subdued ahead of an early close on Thursday because of a US public holiday on Friday.
By Thursday on the Chicago Board of Trade, maize for delivery in December sank to US$3.57 a bushel from US$4.04 on Friday the previous week.
November-dated soyabean meal — used in animal feed — firmed to US$10.06 from US$9.91.
KONG-REY: A woman was killed in a vehicle hit by a tree, while 205 people were injured as the storm moved across the nation and entered the Taiwan Strait Typhoon Kong-rey slammed into Taiwan yesterday as one of the biggest storms to hit the nation in decades, whipping up 10m waves, triggering floods and claiming at least one life. Kong-rey made landfall in Taitung County’s Chenggong Township (成功) at 1:40pm, the Central Weather Administration (CWA) said. The typhoon — the first in Taiwan’s history to make landfall after mid-October — was moving north-northwest at 21kph when it hit land, CWA data showed. The fast-moving storm was packing maximum sustained winds of 184kph, with gusts of up to 227kph, CWA data showed. It was the same strength as Typhoon Gaemi, which was the most
TECH EFFECT: While Chiayi County was the oldest region in the nation, Hsinchu county and city, home of the nation’s chip industry, were the youngest, the report showed Seven of the nation’s administrative regions, encompassing 57.2 percent of Taiwan’s townships and villages, became “super-aged societies” in June, the Ministry of the Interior said in its latest report. A region is considered super-aged if 20 percent of the population is aged 65 or older. The ministry report showed that Taiwan had 4,391,744 people aged 65 or older as of June, representing 18.76 percent of the total population and an increase of 1,024,425 people compared with August 2018. In June, the nation’s elderly dependency ratio was 27.3 senior citizens per 100 working-aged people, an increase of 7.39 people over August 2018, it said. That
‘UNITED FRONT’: The married couple allegedly produced talk show videos for platforms such as Facebook and YouTube to influence Taiwan’s politics A husband and wife affiliated with the China Unification Promotion Party (CUPP) were indicted yesterday for allegedly receiving NT$74 million (US$2.32 million) from China to make radio and digital media propaganda to promote the Chinese government’s political agenda and influence the outcome of Taiwan’s elections. Chang Meng-chung (張孟崇) and his wife, Hung Wen-ting (洪文婷), allegedly received a total of NT$74 million from China between 2021 and last year to promote candidates favored by Beijing, contravening the Anti-Infiltration Act (反滲透法) and election laws, the Chiayi District Prosecutors’ Office said. The couple acted as Beijing’s propaganda mouthpiece by disparaging Hong Kong democracy activists
EARLY ARRIVALS: The first sets of HIMARS purchased from the US arrived ahead of their scheduled delivery, with troops already training on the platforms, a source said The Ministry of National Defense (MND) yesterday said it spotted 35 Chinese military aircraft, including fighters and bombers, flying to the south of Taiwan proper on the way to exercises in the Pacific, a second consecutive day it has reported such activities. The Chinese Ministry of National Defense did not respond to a request for comment on the missions, reported just days before tomorrow’s US presidential election. The US is bound by law to provide Taiwan with the means to defend itself. Its arms sales to Taipei include a US$2 billion missile system announced last month. The MND said that from 9am yesterday,
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