Iran Mercantile Exchange Weekly Trade Tops $928 Million TEHRAN (Dispatches) –
Total Page：16
File Type：pdf, Size：1020Kb
4 January 5, 2020 ECONOMIC NEWS Iran Mercantile Exchange U.S. Stock Markets Fall in Aftermath of Top Iranian Commander Assassination Weekly Trade Tops $928 Million TEHRAN (Dispatches) – Dow percent, in what was its big- ing in half a year. Missile-mak- TEHRAN (Dispatches) - Iran Jones and S&P 500 stock indexes gest single-day drop in a month. er Raytheon also rallied at the Mercantile Exchange (IME) on posted their biggest losses in a The S&P 500 did not fare much news, adding around 1.5 percent. Saturday announced that around month after a U.S. assault assassi- better, plummeting more than Oil and gold stocks were also $928mn of various commodities weighting over 862,206 tons were nated Islamic Revolution Guards 0.7 percent to close the day at jubilant. Brent crude leaped 3.5 traded in its domestic trading and Corps (IRGC) Qods Force Com- 3.234.85 as renewed fears over percent to over $68 a barrel, exports halls in the past working mander Lieutenant General Qas- of a large-scale conflict poten- while U.S. crude climbed 3.1 week (Dec. 25- 31). The IME said that over 533,460 sem Soleimani, tempered only by tially breaking out in the Middle percent to reach $63.05 a bar- tons of various oil and petrochemi- the buoyant mood of defense and East soured investor mood. rel. The U.S. attack drove up cal products, including 158,821 tons oil-related shares. Defense and aerospace shares gold prices, too. They rose to the of bitumen, 75,982 tons of polymer products, 21,300 tons of VB feed Wall Street stocks went down surged, however, with Northrop highest level in four months. stock, 17,060 tons of lube cut-oil, at the news of the assassination Grumman (NOC) stocks rising Surging oil prices caused air 35,132 tons of chemical products, of General Soleimani in Iraq. 5.45 percent. Lockheed Martin, carriers to slump as well, with 29,115 tons of sulfur, 674tons of in- IME also added 313,363 tons of tons of zinc ingot and 10 tons of As markets closed on Friday, the maker of the beleaguered American Airlines losing 4.81% sulation and 2,300 tons of base oil steel, 4,770 tons of copper, 9,260 lead ingot as well as 21 kg of gold 2,000 tons of slack wax oil with the tons of aluminum, 120 MT of mo- bullion were traded by customers the Dow Jones Industrial Aver- F-35 jets, saw its stocks jump of its value and Delta Air Lines total value of $436mn were traded lybdenum concentrates, 12 tons of traded in the IME domestic and ex- age shed 233.92 points or 0.8 3.63 percent, their best show- 1.86%, and United losing 2%. in its domestic and exports halls precious metal concentrates, 300 ports halls in the last week. during the last week. U.S. Factory Sector in Deepest Slump in Gold on Path to Reach $2000 Per Ounce in 2020 More Than 10 Years umnist Mark Hulbert has predicted contributed to a cooling in the pace that this year gold price is set to of global economic growth. rise more than $100 per ounce or Last month, the two sides an- 6.9 percent. However, he doubts nounced they had reached agreement on a Phase 1 deal, and U.S. President that it will hit any records given Donald Trump this week said the ac- the historical precedents, inflation cord would be signed on Jan. 15 in expectations, and gold-timer senti- Washington, and talks to cement ment. a wider Phase 2 deal would begin “Those who are hoping gold will shortly. rise in 2020 to new all-time highs “Global trade remains the most significant cross-industry issue, but will be disappointed by an aver- there are signs that several industry age year, of course. That’s because sectors will improve as a result of the gold would have to rise by 30% Phase 1 trade agreement,” Timothy from current levels to make it to Fiore, chair of ISM’s Manufacturing MOSCOW (RT) - Gold prices ing for it in 2020,” Razaqzada told a new all-time high,” he wrote. LONDON (Reuters) - The U.S. lows, thwarted expectations for a level- Business Survey Committee, said in can spike further this year, beating Kitco News, adding that even if However, Hulbert notes that the manufacturing sector fell into its deep- ing off in the pace of decline in a sector a statement. the highs they reached in 2019, with bullion misses the forecast price, it precious metal would still be a est slump in more than a decade in buffeted by trade tensions. In addition to the drag from trade market analyst Fawad Razaqzada is still set to rise in the new year. December as the U.S.-China trade war A reading below 50 indicates the frictions, Boeing Co’s inability to get smart bet next year. expecting the precious metal to hit “Gold’s technical outlook re- kept a lid on factory output, orders sector is in contraction, and De- its 737 Max jetliner back in service Central banks across the globe and employment, although the long- cember’s reading marked the fifth may have been a factor, especially $2,000 an ounce. mains bullish given that breakout have been boosting their gold awaited Phase 1 deal between Wash- straight month below that benchmark in the transportation equipment in- Bullion prices continued to reach in the summer from a 6-year-old holdings, by both repatriating and ington and Beijing could limit further level. Economists polled by Reuters dustry, which was the weakest of the higher during the last trading day consolidation at $1,350 and the purchasing the metal, in attempt downside. had been looking for an increase to six big industry sectors, according to of 2019, with gold for February de- subsequent bullish consolidation The Institute for Supply Management 49.0. to diversify their national reserves Fiore. Boeing will cease production livery up around 0.5 percent, trad- we have seen in recent months,” he (ISM) said its index of national factory The manufacturing sector had been of the plane this month until regula- amid geopolitical risks. Russia and ing above $1,525. The yellow met- noted. “So long as gold holds the activity fell to 47.2 last month from under pressure for much of the sec- tors allow it to resume flying in the China have been one of the cham- 48.1 in November. It was the lowest ond half of 2019, as tit-for-tat tar- wake of two crashes, and that could al touched its highest level since breakout above $1350, the long- pions in this trend, adding 34.9 tons reading since June 2009 and, coupled iffs by the United States and China be a headwind in the coming months September, when it stood at around term technical bias would remain and 21.8 tons to their stockpiles in with readings for both new orders slowed the flow of goods between the that may counter improvements aris- $1,540 an ounce. bullish.” the third quarter, according to the and factory employment at multi-year world’s two largest economies and ing elsewhere from the trade deal. I think gold has everything go- Meanwhile, MarketWatch col- World Gold Council (WGC). China to Pump an Extra $115bn Turkish State Banks Sell $1bn to Stimulus to Economy Effective Spare Lira From Rout BEIJING (Dispatches) - China ANKARA (Bloomberg) - Turk- moved to pump more cash into its fi- ish state lenders have sold between nancial system, suggesting that Beijing $1 billion and $1.5 billion to stem remained concerned about faltering the lira’s decline, according to three growth despite signs that the world’s people with knowledge of the matter. second-largest economy was stabiliz- The sales appear to have been ing. triggered by a global flight from China’s central bank, the People’s riskier assets as tensions between Bank of China, announced that it the U.S. and Iran escalated, two of would inject about US$115 bil- the people said. lion into the economy by freeing The lira slipped as much as 0.4% up banks to lend more money. The move comes after a similar action in amid the rout to a seven-month low September. of 5.9781 against the dollar, post- The change, announced on the New China’s latest stimulus effort is a cut to the so-called reserve requirement ratio, the ing one of the smallest declines Year’s Day holiday, is likely to focus amount of money that commercial banks are required to stash away across emerging-market curren- renewed attention on the health of ing of the country’s top economic ripples through the global economy. cies. But the practice has been a source as much as $15 billion to support the Chinese economy, a major driver planners and comes just weeks be- Germany narrowly avoided a reces- State banks have sold dollars to of controversy, with speculation the currency, according to traders’ of global growth. The move is rela- fore Beijing releases closely watched sion last fall, and its manufacturing prop up the lira over the last year, mounting the sales amount to estimates. In the second week of tively modest given the vast size of estimates of year-end growth. sector has slumped in part because of especially in times of heightened veiled intervention by the central October, transactions amounted to the Chinese economy, but the timing China’s leaders are contending with reduced demand from China.