Bank Of Hantam Tiongkok Chairman send off as Hantu by his former workers in Lunar 7th Month...RIP and Condolence to his family

[k1976]

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Chinese commercial bank chairman killed, stabbed in office, ex-subordinate held: report​

• Bank of Handan chairman Zheng Zhiying died in hospital on Thursday having been allegedly killed by his former employee, according to reports

 

[k1976]

The chairman of a state-controlled commercial bank in northern China’s Hebei province died in hospital on Thursday having been allegedly killed by his former subordinate, in a rare case that has shocked the financial community amid Beijing’s push to strengthen regulation of the key sector.

Zheng Zhiying, the 61-year-old chairman of the Bank of Handan, a regional lender with 231 billion yuan (US$32.3 billion) worth of assets, was stabbed in his downtown office on Thursday morning, the 21st Century Business Herald reported, citing information from a local government official.

 

[syed putra]

Probably about who gets the rights to bonk the office ladies.

 

[Pinkieslut]

Dead Tiong is always good news.

 

[k1976]

Too Much Steel in China Means Trouble for the World​

The prospect of peak steel demand in China has profound implications for the global industry.


By Bloomberg News
August 17, 2024 at 8:00 PM GMT+8
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Shanghai trader Yu Yongzhang’s annual steel sales have shrunk by more than three quarters in a matter of years, in a market so bad he “can't see light at the end of the tunnel.”

More than 1,000 miles away in Chile, Hector Medina is about to lose his job after almost five decades working in the Huachipato steel mills.

The unifying factor is China, the dominant force that’s long held sway over the industry they work in, and so also their careers and livelihoods.
https://www.bloomberg.com/tips/

 

[k1976]

China’s Refined Copper Exports Double to Record on Surplus​

• Weak local demand spurring overseas sales, inventory buildup
• That’s helping to drive a drop in global prices of the metal

By Bloomberg News
July 22, 2024 at 11:41 AM GMT+8
Updated on
July 22, 2024 at 3:12 PM GMT+8
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China’s refined copper exports surged to a record last month as weak demand in the world’s biggest metals buyer prompted smelters to turn to overseas markets.

Shipments more than doubled to 157,751 tons in June from May, well above the previous all-time high of 102,000 tons in 2012, according to customs data released on Sunday.

The figures follow data last week that showed a jump in unwrought copper and copper products exports.
https://www.bloomberg.com/tips/

 

[k1976]

 

[syed putra]

Too Much Steel in China Means Trouble for the World​

The prospect of peak steel demand in China has profound implications for the global industry.


By Bloomberg News
August 17, 2024 at 8:00 PM GMT+8
Save
Shanghai trader Yu Yongzhang’s annual steel sales have shrunk by more than three quarters in a matter of years, in a market so bad he “can't see light at the end of the tunnel.”

More than 1,000 miles away in Chile, Hector Medina is about to lose his job after almost five decades working in the Huachipato steel mills.

The unifying factor is China, the dominant force that’s long held sway over the industry they work in, and so also their careers and livelihoods.
https://www.bloomberg.com/tips/

If this trend continues, we will all end up dependent on Chinese products.

 

[k1976]

Giant metal stockpile in Singapore sparks rare warehouse battle​

Trading strategy allows some companies to benefit from the higher storage costs associated with the city-state

Published Fri, Aug 16, 2024 · 09:04 AM
Metals

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• Singapore has been an important distribution centre for base metals for decades. PHOTO: REUTERS
• Singapore has been an important distribution centre for base metals for decades. PHOTO: REUTERS
• Singapore has been an important distribution centre for base metals for decades. PHOTO: REUTERS
• Singapore has been an important distribution centre for base metals for decades. PHOTO: REUTERS
• Singapore has been an important distribution centre for base metals for decades. PHOTO: REUTERS

METAL stockpiles are surging in Singapore, and slowing global demand is only part of the reason.

Refined zinc and lead have been pouring into Singapore since the middle of last year, making one of the smallest countries in the world a critical vault for companies including Trafigura Group and Glencore.

The combined inventories of the two base metals in the London Metal Exchange’s (LME) Singapore-registered warehouses have grown more than 10-fold since May 2023 to a record of almost 430,000 tonnes in recent weeks, according to bourse data.

Behind it, in part, is the slowdown in the global economy. While bets on a US recession are rising, the biggest culprit is China, where a years-long property crisis and a lack of consumer spending has rippled across the globe.

“Soft demand in China is the ultimate reason,” said Jia Zheng, the head of trading with Shanghai Soochow Jiuying Investment Management.

“Traders are waiting for the Chinese demand recovery so they can ship these supplies to the world’s largest market quickly.”

 

[k1976]

Citi buys large amounts of zinc for lucrative LME warehouse deal​

Reuters | August 16, 2023 | 7:33 am Intelligence Markets Europe Zinc

Stock Image
Citibank has bought large amounts of zinc on the London Metal Exchange (LME) and arranged a lucrative deal to store the metal in LME approved warehouses, two sources with knowledge of the matter said.

While the exact quantity bought by Citi is difficult to determine, zinc stocks in LME warehouses in Singapore have jumped 54% to 141,750 metric tons over the past two days, the highest since March 2022.

Much of the zinc going on LME warrant – a title document that confers ownership – was sold into the system by Swiss-based commodity trader Trafigura and London-listed mining giant Glencore, the sources said.

Citi, Glencore and Trafigura declined to comment.

Demand for zinc, used to galvanize steel, has stalled alongside manufacturing activity around the world and industry sources say the surplus is being delivered to the LME, a market of last resort for some industrial metals.

Citi has bought the zinc for so-called “rent deals” with warehouse companies in which the fees or rent for storing metal in LME facilities are shared, the sources said.