4/28/2021 Financial News: Communist China’s Oil Prices Ushered In The “Sixth Rise”; International Corn Prices Hit Another Eight-year High

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1.Communist China’s oil prices ushered in the “sixth rise” during the year

On April 28, the domestic product oil price adjustment window was opened again, and it is expected to usher in the sixth increase in the year, with a range of about 110 yuan/ton. India, as the world’s third largest oil importer, has a negative impact on international oil prices due to the worsening of the epidemic, and short position’s profit-taking has caused oil prices to fall. However, the number of initial jobless claims in the United States has dropped to a year-on-year low, and major European countries will ease the blockade measures to help crude oil demand rebound.

2.International corn prices hit another eight-year high

Due to drought in Brazil and extreme cold weather in the United States, the market is concerned about supply, and the futures prices of agricultural products, including corn, wheat and soybeans, hit an eight-year high. CME’s corn futures prices rose 3% on Monday (April 26), setting a new eight-year high. According to data from the US Department of Agriculture, the global corn market has been in short supply for four consecutive years. In 2020/2021, global corn production was 1.137 billion tons, consumption was 1.149 billion tons, and inventory was 284 million tons, a year-on-year decrease of 6.3%. U.S. corn stocks are the lowest in the past seven years, at 34.34 million tons, compared with 48.76 million tons in the same period last year.

3.9 stocks “Special Treatment” overnight, and these stocks are very risky

As many as 9 listed companies have disclosed announcements that the company’s shares would be subject to delisting risk warnings (ie “Special Treatment”); 5 of them triggered “2020 audited net profits are negative and operating income is less than 100 million yuan”. This is the day with the largest number of companies implementing delisting risk warnings this year. Among the companies that did not disclose the annual report or the performance report, a total of 28 companies had an operating income of less than 100 million yuan in the first three quarters of last year. It is worth noting that many of these companies have predicted that the net profit in the 2020 annual report will be a loss.

4.Communist China FAW recalls more than 40,000 defective Pentium X40 cars

It was decided to recall part of the 2019 Pentium X40 produced from April 24, 2019 to September 4, 2020, totaling 43,087 units. Due to the defects in the design of the carbon canister assembly of the vehicles within the scope of this recall, abnormal vehicle flameouts may occur during the normal driving of the vehicle; in extreme cases, there is a risk of causing an accident in the vehicle, and there are potential safety hazards.

5.Melamine prices soar in Communist China

The domestic melamine market price has risen sharply since February, and the price increase trend has continued for nearly three months. On April 26, the reference price of melamine was 11,500 yuan/ton, which was 63.51% higher than the reference price of 7033.33 yuan/ton on February 1. It is estimated that the domestic production of melamine in April will be around 116,400 tons, a month-on-month decrease of 2.66% and an increase of 18.65% from the same period last year.

6.Mastercard and digital currency exchange Gemini to launch crypto rewards credit card

Mastercard Inc (MA.N) and U.S. cryptocurrency exchange Gemini will launch the first credit card that gives users digital currency “rewards” on purchases this year, deepening the involvement of major payment firms in the emerging asset class. Users of the card will from this summer receive up to 3% in bitcoin or other cryptocurrencies on their purchases, the companies said in a statement, with the digital currency deposited in the cardholder’s Gemini account. Mastercard said in February it was planning to offer support for some cryptocurrencies on its network this year, while Visa will also allow the use of cryptocurrency to settle transactions on its payment network.

By 【Financial Team – 小海星Starfish】
News Collection: Wendy
Proofreading: Tracy

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