China's bulk commodity price index up in August

The index tracking the development of China's bulk commodity market went up for the fourth straight month in August, signaling that the endogenous growth momentum of the Chinese economy is further increasing, according to industry data released on Friday.

The China Federation of Logistics and Purchasing (CFLP) said that the index tracking the country's bulk commodity prices stood at 111.7 in August, up 0.3 percent month on month.

A reading above 100 indicates expansion, while a reading below 100 reflects contraction.

Of the 50 key types of products closely monitored by the federation, 25 saw prices rise on a monthly basis, with coke, praseodymium-neodymium oxide, and lithium carbonate posting the largest increases of 20.1 percent, 19.1 percent and 16.6 percent, respectively.

Computed by the performance of industries, equipment manufacturing and high-tech manufacturing maintained rapid growth in the month, driving price increases in some sectors.

The price index for ferrous and nonferrous metals kept recovering in August, up 2.2 and 0.2 percent month on month.

The summer peak in energy consumption, coupled with the implementation of policies to end the phenomenon of rat-race competition, helped the energy price index rebound, increasing 2 percent from July.

The agricultural product price index fell 0.8 percent on a monthly basis.

The chemical price index reported a continued month-on-month decrease of 1 percent.

The mineral price index continued to decline, down 1.6 percent month on month, as the hot and rainy weather slowed downstream demand.

"In August, policies to expand domestic demand and combat rat-race competition kept yielding positive results, steadily boosting confidence among industries and enterprises, and accelerating the process of substituting old growth drivers for new ones. However, as the global economy is still faced with significant uncertainties, prices in some sectors have remained low. To consolidate the foundations for an economic recovery, it is essential to intensify macroeconomic regulation and adopt effective measures to fully unleash the domestic demand potential," said Zhou Xu, deputy head of the branch on bulk commodity circulation at CFLP.

Experts said that looking ahead, with the arrival of the traditional peak production season in September and October, market demand is expected to expand, enabling the bulk commodity market to maintain steady growth.

China's bulk commodity price index up in August

Russia on Friday reported seizing eight cities and towns over the past week, while Ukraine claimed on the same day that its forces had stabilized the situation in the direction of Kupyansk, according to two separate statements released by the two sides.

The Russian Ministry of Defense said in its latest report that over the past week, its forces had controlled eight cities and towns, including Seversk, over the past week in the special military operation zone.

It also said that in response to Ukraine's attacks on the civilian facilities in Russia, the Russian armed forces had launched one large-scale attack and five coordinated attacks from Dec 6 to Dec 12.

The targets included Ukrainian military-industrial enterprises and their associated fuel and energy facilities, transportation infrastructure, and airports and ports used for Ukrainian military operations, as well as temporary deployment points of the Ukrainian armed forces and foreign mercenaries.

The National Guard of Ukraine reported advances in the direction of Kupyansk, controlling two settlements and multiple districts in the northern part of the city and cutting off Russia's supply lines to the strategic hub.

It said the situation in the direction of Kupyansk had been stabilized.

The General Staff of the Armed Forces of Ukraine said on Friday that its forces had attacked a Russian oil refinery in the Yaroslavl region, aiming to cut off the Russian military's fuel supply chain.

It also said that on the same day, the Ukrainian forces had launched multiple attacks in the direction of Donetsk, destroying a Russian ammunition depot and hitting a concentration site of Russian personnel.

Ukrainian President Volodymyr Zelensky said Friday on X that he had visited the city of Kupyansk in the Kharkiv region in eastern Ukraine.

During the visit, he met with the Ukrainian troops to mark the Land Forces Day and presented state awards to them.

Kupyansk, a key rail and road logistics hub, has seen intense battles since the autumn of 2024. In November this year, the Russian forces claimed that they had captured the city, according to local media reports.

Russia reports seizing settlements as Ukraine claims gains in direction of Kupyansk