USD hits 6.7100 against offshore RMB, onshore RMB reported at 6.7050

(1) According to a report by shipping data analysis firm Kpler, crude oil outflows from the Strait of Hormuz have returned to pre-war levels. Affected by this news, international crude oil prices declined in early trading. Brent crude oil remains above $100, quoted at $101.20 per barrel, while WTI crude oil is at $89.73 per barrel. Both major benchmarks actually recorded gains compared to last Friday’s closing prices, indicating that some traders are waiting for solid evidence of shipping improvements. (2) Preliminary data from Kpler show that from September 27 to 29, the daily crude oil flow through the Strait of Hormuz ranged between 19.5 million and 22.5 million barrels, roughly double that of a month ago. Despite ongoing attacks on Saudi energy infrastructure and oil tankers in the strait, crude oil transportation volumes have still recovered. (3) Kpler previously disclosed that shipping flow through the strait was still below the ten-day moving average, which had caused concerns about supply among energy market participants. Even after tanker attack incidents, some market participants believe the actual impact of the attacks on oil prices is limited. (4) The data also show that liquefied natural gas (LNG) flows through the Strait of Hormuz have similarly returned to pre-war levels. QatarEnergy remains under force majeure on exports, and though it is purchasing LNG spot cargoes to fulfill long-term contracts, emergency procurement alone makes it difficult for the country to restore LNG exports to pre-war levels.

According to sources, Honda plans to reduce costs by 20% and halve development time in its cooperation with Tata Technologies. Due to Honda management's failure to reach an agreement with Indian suppliers, Honda is seeking support from Tata Technologies.

Tanzania has renewed the mining license for the Barrick North Mara gold mine for 15 years.