Nine trading companies are believed to be taking part so far in the international tender from Jordan’s state grains buyer to purchase 120,000 metric tons of wheat on Tuesday, traders said in initial assessments.
China's aluminium consumption will grow at a slower rate this year, state-backed research house Antaike said on Tuesday, with a contraction in construction-led demand in a troubled property market.
Malaysian palm oil futures closed higher for a third straight session on Tuesday, tracking gains in rival oils, while the market is waiting for a major industry conference due to be held in Kuala Lumpur next week.
Vietnam has imported husked brown rice from India for the first time in decades to process the grain and export the refined, white variety, trade and government sources said, as Hanoi tries to cash in on strong global demand for the staple.
Sportswear company Puma will be the official outfitter for German soccer club RB Leipzig from next season, CEO Arne Freundt said at a press conference on Tuesday.
Two people were killed during clashes with police in the suburbs of Guinea's capital Conakry on Monday, their families and medical sources said, amid a national strike that has paralysed the city and disrupted some mining operations.
British grocery prices rose this month at their lowest rate since March 2022, as supermarket promotions picked up after a post-Christmas slowdown, industry data showed on Tuesday.
On a cold winter evening in a car park in the Cypriot capital Nicosia, queues are already forming before former airline pilot Pantelis Panteli arrives in a small van to sell his produce.
Indonesia's palm oil exports in 2023 dropped by 2.7% on a yearly basis to 32.2 million metric tons from 33.1 million tons shipped in 2022, the Indonesia Palm Oil Association (GAPKI) said on Tuesday.
Cocoa arrivals at ports in top grower Ivory Coast had reached 1.163 million metric tons by Feb. 25 since the start of the season on Oct. 1, down about 30% from the same period last season, exporters estimated on Tuesday.
Puma on Tuesday said it expects a soft first half of 2024 as negative currency effects continue to put pressure on the German sportswear company, but stuck to the annual targets it gave in January.
Indonesia plans to double its palm oil replanting subsidy to 60 million rupiah ($3,833.87) per hectare, its chief economic minister Airlangga Hartarto said in a statement on Tuesday, in efforts to accelerate the programme.
John Hathaway, managing partner at Sprott (TSX:SII,NYSE:SII), shared his thoughts on the disconnect between the gold price and gold stocks, explaining why it's happening and what could make gold stocks start moving.In his view, the rise of passive investing is one reason gold stocks have gotten stuck. Hathaway noted that this style of investing dominates the markets today, and it doesn't favor smaller sectors like precious metals. The popularity of exchange-traded funds (ETFs) is another factor. "I think it's fair to say that the gold-backed ETFs have cannibalized demand for gold-mining equities," he said. "Before (gold ETFs existed) it was really difficult for equity investors to position in the macro thesis behind gold ... without owning gold stocks." The gold price is already historically high, but Hathway said more momentum could push gold stocks up. "Is it US$2,100? Is it US$2,500? Somewhere along the way higher gold prices will generate interest in gold-mining stocks because they're leveraged to the gold price," he said, adding, "At some point a higher gold price will lead to such incredible cashflow and profitability that even this tiny little space will catch somebody's eye." But aside from a higher gold price, there are other elements that could drive interest in the gold space. "What would that be? I think it would be a reversion to mean, not just in the gold-mining space, but a reversion to mean in the external markets. We all know that the stock market basically has been driven by seven names ... again, if you're a contrarian it's an easy trade to make — sell the Mag 7 like (Stanley) Druckenmiller just did and look for something that's completely discounted," Hathaway said during the conversation. "That's not just the gold-mining space, you can talk about oil and gas, you can talk about some cyclical names. So I think that's one thing." The other is potential issues in the banking system, possibly in terms of commercial real estate. "In a way, you could have ... the dot-com crash in 2000, 2001 and the global financial crisis in 2007, 2008 combining to turn consensus investment banking upside down. That's the sort of thing that would lead investors to look for diversification, which gold represents," he said. "I believe that that's the scenario I would point to for the gold-mining industry and gold itself to come back into favor." Watch the interview above for more from Hathaway on gold and gold stocks. Don't forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
A trade dispute with China over tariffs on Australian wine may be resolved "in a few weeks' time", Australian Trade Minister Don Farrell said on Tuesday, removing one of the final obstacles curbing its exports to China.
Indonesia's unblended biodiesel consumption in 2024 is seen rising to 12.5 million-13 million kilolitres from 12.2 million kilolitres last year, an energy ministry official said on Tuesday, leading to a possible fall in palm oil exports.
Malaysian palm oil futures rose on Monday for a third straight session, tracking gains in rival oils, while the market is waiting for a major conference due to be held in Kuala Lumpur next week.
Nickel prices were under pressure on Tuesday, as fears supply will be hit eased, while a weaker U.S. dollar lent some support. Three-month nickel on the London Metal Exchange (LME) was little moved at $17,170 per metric ton by 0504 GMT.
Chicago soybeans gained more ground on Tuesday, rising almost 1% as the market was supported by short-covering and expectations of lower output in Brazil, although ample world supplies kept a lid on prices.
Chinese state-owned planemaker COMAC will conduct flying displays of its C919 and ARJ21 jets in five Southeast Asian countries, it said on Tuesday, as it looks to lay the groundwork for future international sales.
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