{"id":562959,"date":"2021-06-13T03:52:10","date_gmt":"2021-06-13T03:52:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/13\/reducing-carbon-emissions-could-fuel-the-commodities-boom-further\/"},"modified":"2021-06-13T03:52:10","modified_gmt":"2021-06-13T03:52:10","slug":"reducing-carbon-emissions-could-fuel-the-commodities-boom-further","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/13\/reducing-carbon-emissions-could-fuel-the-commodities-boom-further\/","title":{"rendered":"Reducing carbon emissions could fuel the commodities boom further"},"content":{"rendered":"

<\/a> SUPERCYCLE WATCH- Global prices of metals from copper to steel are likely to <\/strong>soar further as China cuts production to hit its ambitious carbon emissions targets<\/strong>, according to the Financial Times<\/a>. China, which produces 56% of the world\u2019s steel, plans to cut 236 mn tonnes of steel capacity in its 2021-2025 five-year plan to achieve carbon neutrality by 2060. China will have to balance its commitment to cut production with its goals to grow the economy, and prevent upward inflationary pressure. Meanwhile, steel prices in the US hit an all-time high this month due to higher housing demand.<\/p>\n

There\u2019s progress in US- China trade talks (even as Washington accuses Beijing of <\/strong>genocide): <\/strong>The US and China have agreed to push forward trade links during the first call between the countries\u2019 commerce ministers under the Biden administration on Thursday, Bloomberg<\/a> reports. The two sides \u201cagreed to promote the healthy development of pragmatic cooperation in trade and investment\u201d, while \u201c[exchanging] views frankly and pragmatically on relevant issues and mutual concerns,\u201d the Chinese government said.<\/p>\n

Wall Street is continuing to warm to China:<\/strong> US investment management group BlackRock will become the first asset manager to tap the Chinese market \u2014 worth some USD 19 tn \u2014 after Chinese regulators approved on Friday its bid for a wholly-owned onshore mutual fund business, the Financial Times<\/a> reports. The announcement comes weeks after BlackRock received a license to set up a wealth management venture with China Construction Bank, and reflects recent steps taken by the country to open up its financial markets.<\/p>\n

Banks with significant exposure to crypto assets will face the toughest bank capital <\/strong>requirements<\/strong>, the Basel Committee on Banking Supervision said in a report<\/a> on Thursday. The global regulatory body \u2014 part of the Bank of International Settlements \u2014 suggested crypto volatility should be mitigated with stricter capital requirements to reflect the higher risks. The committee is proposing a 1,250% risk weight be applied to a bank\u2019s exposure to BTC <\/strong>and certain other cryptos<\/strong>, meaning that for every USD held in crypto, a USD should be held in capital. State Street and Citigroup are among the banks that have hinted at providing crypto services to clients. The story is all over the global business press: <\/strong>Financial Times<\/a> | Bloomberg<\/a> | Reuters<\/a>.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

9,977<\/p>\n<\/td>\n

\n

-0.6% (YTD: -8.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.60<\/p>\n<\/td>\n

\n

Sell 15.70<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.60<\/p>\n<\/td>\n

\n

Sell 15.70<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

10,796<\/p>\n<\/td>\n

\n

+0.1% (YTD: +24.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

6,716<\/p>\n<\/td>\n

\n

+0.1% (YTD: +33.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

2,842<\/p>\n<\/td>\n

\n

+0.4% (YTD: +14.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,247<\/p>\n<\/td>\n

\n

+0.2% (YTD: +13.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,134<\/p>\n<\/td>\n

\n

+0.7% (YTD: +10.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 72.69<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 3.30<\/p>\n<\/td>\n

\n

+4.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,879.60<\/p>\n<\/td>\n

\n

-0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 35,927<\/p>\n<\/td>\n

\n

-2.8% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 fell 0.6% at Thursday\u2019s close<\/strong> on turnover of EGP 1.33 bn (2.5% above the 90-day average). Foreign investors were net sellers. The index is down 8.0% YTD.<\/p>\n

In the green: <\/strong>Pioneers Holding (+3.8%), MM Group (+3.5%) and Ibnsina Pharma (+3.3%).<\/p>\n

In the red: <\/strong>CI Capital (-2.8%), Sidi Kerir Petrochem (-2.4%) and Emaar Misr (-1.8%).<\/p>\n","protected":false},"excerpt":{"rendered":"

SUPERCYCLE WATCH- Global prices of metals from copper to steel are likely to soar further as China cuts production to hit its ambitious carbon emissions targets, according to the Financial Times. China, which produces 56% of the world\u2019s steel, plans to cut 236 mn tonnes of steel capacity in its 2021-2025 five-year plan to achieve […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[1077,116,4059,72,119,131,9683,122,117,897],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562959","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-blackrock","tag-china","tag-china-construction-bank","tag-enterpriseam","tag-financial-markets","tag-manufacturing","tag-metal","tag-planet-finance","tag-us","tag-wall-street","wpautop","entry"],"acf":{"mongo_id":"0997d152-45bb-4388-bc9d-87b826170db8","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[562939],"teaser":"","voice_url":""},"yoast_head":"\nReducing carbon emissions could fuel the commodities boom further - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/13\/reducing-carbon-emissions-could-fuel-the-commodities-boom-further\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reducing carbon emissions could fuel the commodities boom further\" \/>\n<meta property=\"og:description\" content=\"SUPERCYCLE WATCH- Global prices of metals from copper to steel are likely to soar further as China cuts production to hit its ambitious carbon emissions targets, according to the Financial Times. 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USD 2.6k per tonne this week, supported by a post-pandemic global economic recovery and a sustained rebound in prices of industry-related materials, the Financial Times reports. Aluminium prices rose 31% y-o-y in 2021, with the potential for this year\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556519,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/28\/how-bad-are-egypts-ghg-emissions\/","url_meta":{"origin":562959,"position":1},"title":"How bad are Egypt\u2019s GHG emissions?","author":"enterpriseam admin","date":"28 October 2021","format":false,"excerpt":"Who are the world\u2019s biggest emitters of greenhouse gases? Ahead of the COP 26 climate conference in Glasgow next week, the Financial Times has put together a neat searchable dashboard comparing the emissions and climate pledges of 193 countries, using data from Climate Watch and the International Energy Agency. Five\u2026","rel":"","context":"In "CLIMATE WATCH"","block_context":{"text":"CLIMATE WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/climate-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/308.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563203,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/22\/china-escalates-crypto-crackdown\/","url_meta":{"origin":562959,"position":2},"title":"China escalates crypto crackdown","author":"enterpriseam admin","date":"22 June 2021","format":false,"excerpt":"China is further escalating its clampdown on crypto, ordering all of the country\u2019s major financial bodies to cut off all transactions linked to BTC and other digital currencies, according to a statement by the People's Bank of China yesterday. The Agricultural Bank of China, China Construction Bank, Industrial and Commercial\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554136,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/21\/china-makes-the-tiniest-rate-cut-to-spur-economic-growth\/","url_meta":{"origin":562959,"position":3},"title":"China makes the tiniest rate cut to spur economic growth","author":"enterpriseam admin","date":"21 December 2021","format":false,"excerpt":"China cuts lending rate as economy struggles: China\u2019s central bank has cut one of its most important lending rates in a sign that the country is entering an easing cycle, the Financial Times reports. The marginal 5 bps cut to the one-year loan prime rate, which is used as a\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558951,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/03\/what-the-markets-are-doing-on-3-january-2021\/","url_meta":{"origin":562959,"position":4},"title":"What the markets are doing on 3 January 2021","author":"enterpriseam admin","date":"3 January 2021","format":false,"excerpt":"The New York Stock Exchange is moving to delist three Chinese telecom companies with ties to the Chinese army, it said in a statement on Thursday. The move to take the shares of China Mobile, China Unicom, and China Telecom off the NYSE comes after US President Donald Trump blocked\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":562072,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/05\/what-the-markets-are-doing-on-5-may-2021\/","url_meta":{"origin":562959,"position":5},"title":"What the markets are doing on 5 May 2021","author":"enterpriseam admin","date":"5 May 2021","format":false,"excerpt":"SUPERCYCLE WATCH- It looks like the \u201cperfect storm\u201d for a commodities supercycle is here: Demand for agricultural commodities, industrial metals, and energy is booming as economic recoveries take hold in the US, Europe, and China, suggesting that the commodities supercycle everyone has been talking about is now kicking off, the\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562959","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=562959"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562959\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/562939"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=562959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=562959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=562959"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=562959"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=562959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}