Categories
Uncategorized

Commodities Update — Gold falls to 10-week low; Soyoil retreats; Copper dips – Arab News

https://arab.news/rxcfb
RIYADH: Gold prices fell to a 10-week low on Thursday, as an elevated US dollar hurt demand for greenback-priced bullion, while an impending Federal Reserve interest rate hike also dented the metal’s appeal as an inflation hedge.
Spot gold was down 0.5 percent at $1,877.18 per ounce, as of 0519 GMT, its lowest since Feb. 16. US gold futures slipped 0.6 percent to $1,877.70.
Silver down
Spot silver dropped 0.8 percent to $23.09 per ounce. 
Platinum eased 0.6 percent to $912.22, while palladium gained 1.5 percent to $2,234.98.
Chicago soyoil futures retreat
Chicago soyoil futures retreated on Thursday after rallying to a record high in the previous session following the Indonesian ban on palm oil exports.
July soyoil futures on the Chicago Board of Trade settled down 0.22 cents at 84.5 cents per lb.
CBOT soybean also edged down, while corn and wheat prices climbed higher as adverse weather continued to threaten harvest of the grains.
The most-active corn contract on CBOT added 0.52 percent to 8.16-1/2 a bushel, while wheat climbed 0.25 percent to $10.94 a bushel.
Soybean futures fell 0.16 percent to $16.9 a bushel.
LME copper dips
London copper prices slipped on Thursday as growing worries over demand due to continued COVID-19 restrictions in top metals consumer China and a stronger US dollar weighed on sentiment.
Benchmark three-month copper on the London Metal Exchange was down 0.7 percent at $9,790 a ton, as of 0520 GMT.
The most-active May copper contract on the Shanghai Futures Exchange rose 0.2 percent to $11,110.10 by noon break.
(With inputs from Reuters) 
RIYADH: To develop Saudi Arabia’s second wind power generation project, the renewable energy team at the Energy Ministry is expected to issue a request for qualifications for the contract by the third quarter of 2022.
The Yanbu wind independent power project has a planned capacity of 850 megawatts, according to MEED. 
Along with the hybrid concentrated solar power and the solar photovoltaic project in Hinakiyah, the Yanbu wind scheme makes up round 4 of Saudi Arabia’s National Renewable Energy Program. 
RIYADH: Saudi Arabia’s Ministry of Commerce issued 5,319 commercial registers in the entertainment sector in 2022 so far, Al-Eqtisadiah reported.
It said 683 registers were issued for parks, while 1,351 for entertainment centers and 3,285 for event organizations. 
The ministry noted that all registers are active. 
Riyadh achieved the highest number of commercial registers, followed by Makkah and the Eastern Province.
RIYADH: The Dubai Electricity and Water Authority has launched the next phase of its 7 billion dirhams ($1.9 billion) smart grid strategy, covering the years 2021 to 2035, according to MEED. 
The first phase of the state utility firm’s program from 2014 to 2035 has achieved its short-term goals, MEED reported citing DEWA. 
Between 2015 and 2020, the firm has replaced electricity and water meters with smart meters. Over 2 million meters are automatically read.
Between 2015 and 2017, DEWA fully automated its transmission network connected to the 400 kilovolt and 132 kilovolt substations.
RIYADH: Algeria has cautioned that it will halt natural gas flows to Spain if it re-exports supplies as diplomatic tensions with Morocco escalate, according to Bloomberg. 
This comes as the Spanish energy minister Teresa Ribera announced that Madrid will allow for gas flows to Morocco via the Maghreb-European pipeline, also known as MEG. 
“We see the Algerian warning as a reminder that no Algerian gas should go to Morocco. We expect Morocco to announce a specific LNG contract in Spain with specific volumes, and this should hopefully address the concerns,” Bloomberg reported, citing analysts from investment banking firm JPMorgan Chase & Co.
Algeria poses as Europe’s largest supplier after Russia and Norway, providing as much as 8 percent of its gas imports. 
On the other hand, Morocco is planning to purchase liquified natural gas and direct it to Spanish re-gasification terminals, to be later piped through the MEG pipeline, according to Morocco’s energy minister Leila Benali.
Since the MEG pipeline is owned by Moroccan, Spanish, and Portuguese firms, flows can be reversed without Algeria’s consent, according to Morocco. 
 
RIYADH: Abu Dhabi’s real estate developer Aldar Properties is planning an initial public offering of three of its fully owned business divisions next year, the company’s CEO told Sky News Arabia.
Talal Al Dhiyebi said the company will potentially offer shares in its three core businesses – Aldar Education, Aldar Estates, and Aldar Hospitality and Leisure.
He revealed a long-term plan to invest 10 billion dirhams ($2.7 billion) in various sectors, with a particular focus on Saudi Arabian and Egyptian markets.
Aldar had earlier reported solid financial results during the first quarter of 2022, as the acquisition of Egypt’s SODIC last year gave it a strong boost. 
During the last six months, the firm completed 5.5 billion dirhams worth of acquisition deals in Egypt and the UAE, the executive noted. 

source

Leave a Reply

Your email address will not be published.