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RIYADH: Gold prices slipped on Thursday, with bullion’s outlook hurt by fears the US Federal Reserve could opt for a more aggressive interest rate hike this month to tackle skyrocketing inflation.
Spot gold was down 0.5 percent at $1,726.29 per ounce by 0532 GMT.
US gold futures dropped 0.6 percent to $1,725.30.
Spot silver dipped 0.8 percent to $19.03 per ounce, while platinum slipped 1 percent to $846.00.
Chicago corn futures gained on Thursday, with prices underpinned by concerns over yield losses amid forecasts of hot and dry weather in the US Midwest.
Wheat rose for the first time in four sessions, although gains were limited as the market awaited potential resumption in Black Sea shipments from war-torn Ukraine.
The most-active corn contract on the Chicago Board of Trade was up 1.3 percent at $6.02-3/4 a bushel, as of 0422 GMT, while soybeans rose 0.9 percent to $13.61-1/2 a bushel.
Wheat added 1.9 percent to $8.26-1/2 a bushel.
Industrial metals fell on Thursday as US inflation fueled expectations of aggressive policy tightening and slowing economic growth, prompting fears of lower demand.
The most-traded August copper contract on the Shanghai Futures Exchange was flat at $8,349.44 a ton at 0500 GMT, having dropped earlier in the session to 54,750 yuan a ton, its lowest since November 2020.
Three-month zinc on the London Metal Exchange was down 0.8 percent at $2,926.50 a ton; lead shed 1.5 percent to $1,924.50 a ton. LME copper rebounded 0.2 percent to $7,342 a ton from a near 20-month low hit in the previous session.
RIYADH: Gold prices edged lower on Monday after solid US jobs data last week boosted the prospect of aggressive interest rate hikes by the US Federal Reserve, lifting the dollar and Treasury yields.
Spot gold was down 0.1 percent at $1,771.74 per ounce, as of 0454 GMT, after dropping 1 percent in the previous session.
US gold futures eased 0.2 percent to $1,788.20.
Spot silver was flat at $19.87 per ounce, while platinum fell 1.3 percent to $920.25.
Chicago wheat futures edged higher on Monday, recouping some of the previous session’s losses but pressure from expectations of higher sea-borne grain exports from Ukraine curbed gains.
Corn lost ground, falling for the first time in four sessions, while soybeans ticked higher, although higher US production and weakening Chinese demand limited gains.
The most-active wheat contract on the Chicago Board of Trade added 0.3 percent to $7.78-1/4 a bushel, as of 0426 GMT.
Corn fell 0.2 percent to $6.08-3/4 a bushel and soybeans gained 0.2 percent to $14.11-1/4 a bushel.
Copper prices rose as falling inventories and improved exports in top consumer China balanced out fears of weakening demand from a global recession.
Three-month copper on the London Metal Exchange rose 0.1 percent to $7,881.50 a ton by 0222 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange advanced 1.8 percent to $8,987.78 a ton.
RIYADH: Saudi stock started Monday’s session flat with the market uncertain over oil price fluctuations.
As of 10:07 a.m. Saudi time, TASI and the parallel market Nomu opened at 12,227 and 21,780, respectively.
Middle East Paper Co. topped the gainers with a 5.51 percent gain, following a 216 percent increase in first-half profits.
Wafrah for Industry and Development Co. gained 2.67 percent, following the signing of a $4 million contract with German GEA Food for meat production.
Bank Albilad rose 0.60 percent, following the announcement of the establishment of Enjaz Payment Services Co., a closed joint stock company located in Riyadh.
Almarai Co. fell 0.56 percent, following the announcement of the re-appointment of Prince Naif bin Sultan bin Mohammed bin Saud Alkabeer as chairman and Suliman Al Muhaideb as vice chairman.
The Kingdom’s oil giant Saudi Aramco started the day with a 0.13 percent increase, while the Kingdom’s largest valued bank Al Rajhi added 0.12 percent.
In energy trading, Brent crude settled at $96.03 a barrel and US West Texas Intermediate at $90.07 a barrel, as of 10:12 a.m. Saudi time.
RIYADH: Oil prices edged up from multi-month lows on Monday as investors’ appetite improved following data on US jobs and Chinese exports that eased recession concerns.
Brent crude futures had risen 22 cents, or 0.2 percent, to $95.14 a barrel by 0439 GMT.
US West Texas Intermediate crude was at $89.18 a barrel, up 17 cents, or 0.2 percent.
Cuba gets help from Mexico, Venezuela to fight oil fire
Cuba appeared to make progress on Sunday bringing under control a fire at its main oil storage facility that has killed one firefighter, drawing on help from Mexico and Venezuela to fight the raging flames.
A lightning strike on Friday ignited one of eight storage tanks at the Matanzas super tanker port 60 miles east of Havana. A second tank caught fire on Saturday, catching firefighters and others at the scene by surprise. Sixteen people were missing.
Susely Morfa Gonzalez, head of the Communist Party in Matanzas, told local reporters “there are no flames at this time, only white smoke” coming from the first tank hit by lightning.
She said a second tank was still burning, sending up a huge column of black smoke, while a third, which on Saturday night officials feared would explode “is being cooled with water at intervals, in order to maintain an adequate temperature that prevents combustion.”
A secondary fire feeding off oil leaking from the area was also extinguished. No oil had contaminated Matanzas Bay, officials said.
The second explosion on Saturday injured more than 100 people, many first responders, and 24 remain hospitalized, five of those in critical condition.
On Sunday, 82 Mexican and 35 Venezuelan personnel experienced in combating fuel blazes joined the effort, bringing four planeloads of fire-fighting chemicals.
“The help is important, I would say that it is vital and it is going to be decisive,” Diaz-Canel said.
(With input from Reuters)
RIYADH: Saudi stocks started the week lower on Sunday, after worries over recession pushed oil prices to their lowest levels since February.
TASI closed 0.6 percent down at 12,216 points, while the parallel Nomu market lost 0.3 percent to 21,776 points.
The Kingdom posted a SR77.9 billion ($20.8 billion) budget surplus during the second quarter of 2022, the Ministry of Finance reported.
Elsewhere, Qatar and Bahrain ended flat, while Kuwait and Oman slipped 0.4 and 0.3 percent, respectively.
Outside the Gulf, the Egyptian primary index extended gains by 0.9 percent, after adding over 5 percent in the prior session.
In energy trading, Brent crude reached $95.69 a barrel by 9:07 a.m. Saudi time on Monday, while US West Texas Intermediate reached $89.64 a barrel.
Almarai Co. re-appointed Prince Naif bin Sultan bin Mohammed bin Saud Alkabeer as chairman and Suliman Al Muhaideb as vice chairman
Bank Albilad established a closed joint stock company in Riyadh, Enjaz Payment Services Co., with a capital of SR200 million
Wafrah for Industry and Development Co. signed a contract with German food solutions firm GEA to manufacture and supply frozen and cooked meat processing lines
Middle East Paper Co. posted a 216 percent leap in profits during the first half of 2022 to SR192 million
Raoom Trading Co.’s shareholders approved a 25% capital increase plan to SR62.5 million
Alakaria’s unit Al Widyan Saudi Real Estate Co. will reduce its capital from SR100 million to SR500,000
Middle East Healthcare Co. reported a 46 percent profit surge to SR31 million for the first half of 2022
Makkah Construction and Development Co. was suspended from trading due to its failure to announce financial results in the specified period by the Saudi Exchange
International Human Resources Co. set its price guidance for a direct listing on Nomu at SR34 per share
Start of Naba Alsaha Medical Services Co.’s IPO subscription
Alamar Foods Co. will start trading its shares on the Saudi Exchange
Saudi Aramco will announce its financial results for the second quarter of 2022
Close of Naba Alsaha Medical Services Co.’s IPO subscription
RIYADH: Saudi food firm Wafrah for Industry and Development Co. has signed a contract with German GEA Food Solutions, one of the world’s largest manufacturers of food lines and plants.
Under the $4 million contract, GEA Food Solutions will manufacture and supply highly automated lines for processing and packaging frozen and cooked meats for Wafrah, according to a bourse filing.
Wafrah said the company will start upgrading its production capacity and revenue in the second half of 2023.