Global mining group Glencore's revenues in 2021 surged 43% to $204 billion thanks to higher commodity prices.Iron ore plummeted as Beijing ramped up a campaign to stop prices overheating even before the government rolls out demand-boosting stimulus measures this year. Prices tumbled more than 11% in Singapore on signs that authorities in China will intensify efforts to quell a big rally since mid-November.
Futures on the Singapore Exchange were down 11.4% at $131.55 a ton by 1:22 p.m. local time. On China’s Dalian Commodity Exchange, prices dropped as much as 9.7% - very close to their daily limit.Asian markets mostly fell again Tuesday, extending a global sell-off fuelled by fears that Russia is about to invade Ukraine, though the losses were more muted than the previous day and oil dipped after Moscow said a diplomatic agreement was still possible.
In a televised meeting, he told President Vladimir Putin that talks with US and European leaders showed enough of an opening for progress on his goals, adding:"I would suggest continuing."German Chancellor Olaf Scholz was due in Moscow on Tuesday for talks with Putin. Oil prices dipped on the comments, though they remain at more than seven-year highs and within touching distance of $100 a barrel, having soared around 25 percent since the start of January.
"What we are seeing is a Fed that is reacting to inflationary prints even though many of the pressures on inflation are factors that the Fed really can't solve," Kristina Hooper, of Invesco, told Bloomberg Television."Still, with the global economy in recovery mode and most governments easing containment measures, observers remain upbeat about the outlook for markets.
"The tone changed suddenly... following a headline that Russian Foreign Minister Lavrov said there is a chance for agreement on security issues," said Patrick O'Hare at Briefing.com.In what appeared to be a possible climbdown amid raging tensions over Ukraine, Russian Foreign Minister Sergei Lavrov told President Vladimir Putin that there was a"chance" of reaching an agreement on security with the West.
In earlier Asian deals, Brent had climbed as high as $96.16 and WTI crude to $94.94 per barrel, stoking renewed concern over elevated inflation. The JSE's All-Share index was down almost a percent, with Naspers falling almost 5% and Steinhoff down 7%.In a profit update, Shoprite said that it expects its earnings per share from continuing operations for the 26 weeks to 27 December to increase by between 27.8% and 33.8%.Stocks slid Monday and crude oil extended a rally as geopolitical risks over Ukraine rippled through global markets, supporting demand for havens such as sovereign debt.