Saudi Ports Handle 28m Tons of Cargo in May

Saudi Ports Handle 28m Tons of Cargo in May
TT

Saudi Ports Handle 28m Tons of Cargo in May

Saudi Ports Handle 28m Tons of Cargo in May

Saudi Arabia’s ports handled more than 28 million tons of cargo in May, the Authority (Mawani) revealed on Thursday. Tnumber of containers amounted to 613,000, an increase of 6.36 percent compared to the same period in 2019.

According to Mawani’s statistical index, the number of vessels received by Saudi ports during the same month amounted to 919, 10,000 passengers, 57,000 vehicles and 480,000 heads of livestock.

“This remarkable increase affirms the strength of the Saudi economy, its supply chains and commercial traffic,” Mawani said in a statement.

“It highlights the quality and effectiveness of the Kingdom’s performance and continued business in efficient and competent manners, in light of the economic challenges the world is facing due to the coronavirus pandemic.”

Mawani aims to contribute in stimulating the logistic services industry, facilitating and supporting import and export processes in the Kingdom and making them more smooth, flexible and competitive.

This comes within its strategic plans and ambitious initiatives that seek to enhance the competitiveness of its services and raise the level of its maritime, operational and logistical operations, for a promising future for the logistic services sector and for Saudi ports.

In other news, the Saudi Grains Organization (SAGO) announced on Thursday issuing its fourth tender in 2020 to import 960,000 tons of feed barley for supply during August and September.

Governor of SAGO Eng. Ahmad Abdulaziz al-Fares said the amount specified is distributed on 16 ships. Twelve of these ships will arrive in the Kingdom’s ports on the Red Sea and the four other ships will arrive in the Arabian Gulf ports.

The tender is an extension to the Kingdom’s plan to meet the local demand for feed barley and maintain its strategic reserve, Fares stressed.



Gold Eases on Firmer Dollar, All Eyes on US Inflation Print

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters
TT

Gold Eases on Firmer Dollar, All Eyes on US Inflation Print

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters

Gold prices dipped on Monday as the dollar ticked higher, while investors looked towards this week's US inflation data to gauge the size of an expected Federal Reserve rate cut.

Spot gold fell 0.1% to $2,495.04 per ounce by 1027 GMT. US gold futures were unchanged at $2,524.50.

The dollar index rose 0.5%, making dollar-priced gold less appealing to holders of other currencies.

Bullion, which offers no interest of its own, tends to thrive in a low-interest-rate environment.

According to Reuters, traders see a 75% chance of a 25-basis point cut at the Fed's meeting next week, and a 25% chance of a 50 bp reduction. August US consumer price data on Wednesday could change these expectations. Eyes are also on Thursday's Producer Price Index (PPI).

"If inflation numbers comes much lower than expected and raise hopes for a 50 bp cut, then gold could hit all-time highs. But even if the consensus stays for a 25 bp cut, gold wouldn't see a dramatic loss in prices as the Fed is definitely cutting rates," said Kinesis Money market analyst Carlo Alberto De Casa.

"The key support area is at $2,470 and key resistance at $2,520," he added.

Last week, a report showed US employment increased less than expected in August, but a drop in the jobless rate to 4.2% suggested the labour market was not falling off a cliff to warrant a half-point cut.

Fed Governor Christopher Waller on Friday said he could support back-to-back cuts, or bigger cuts, if the data suggests the need. Meanwhile, Chicago Fed President Austan Goolsbee said he wants to calibrate policy based on data as it comes in.

On the central bank front, the People's Bank of China held back on buying gold for its reserves for a fourth straight month in August, official data showed on Saturday.

Spot silver rose 0.7% to $28.11 per ounce, platinum gained 1.9% to $939.65 and palladium was up 1.4% at $923.25.