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Futures News, August 19th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes: 1. Pulp futures warehouse receipts: 373,905 tons, down 515 tons from the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 2,758 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,520 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 20,420 tons. 6. Petroleum asphalt futures warehouse receipts: 14,230 tons, down 10 tons from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 26,500 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2,961,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 330 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.On Wednesday, August 19, the German DAX 30 index opened down 3.12 points, or 0.01%, at 26,148.57; the UK FTSE 100 index opened down 0.76 points, or 0.01%, at 10,727.28; the French CAC 40 index opened up 9.78 points, or 0.11%, at 8,519.14; the Euro Stoxx 50 index opened up 6.08 points, or 0.09%, at 6,474.25; the Spanish IBEX 35 index opened down 0.31 points, or 0.00%, at 19,934.59; and the Italian FTSE MIB index opened up 49.16 points, or 0.09%, at 53,067.00.According to Futures News on August 19th, as of 15:00 Beijing time, spot platinum rose 0.26% and spot palladium rose 0.12%.At midday closing, most domestic futures contracts rose, with fuel oil up over 6%, coking coal up over 3%, starch and methanol up nearly 3%, and asphalt, synthetic rubber, coke, and corn up over 2%. On the downside, silver fell over 4%, lithium carbonate fell over 3%, and platinum and palladium fell nearly 3%.ECB Governing Council member Rehn: Maintaining stable inflation expectations is crucial.

Samsung Elec announces a higher Q2 profit owing to solid server-chip demand

Charlie Brooks

Jul 07, 2022 11:18


Samsung Electronics (OTC:SSNLF) Co Ltd announced its greatest April-through-June profit since 2018 with an 11 percent year-over-year gain, as demand for its memory chips from server customers more than offset decreased sales to smartphone manufacturers due to inflation.


The world's leading memory chip and smartphone manufacturer stated Thursday that its second-quarter operating profit grew to 14 trillion won ($10.73 billion) from 12.57 trillion won a year earlier.


It was quite close to Refinitiv's SmartEstimate of 14,45 trillion won.


In agreement with market estimates, Samsung (KS:005930) announced in a short earnings report that sales likely climbed by 21 percent year-over-year to 77 trillion won.


This month, Samsung will provide detailed financial results.


Large U.S. IT companies that rely heavily on data center services continued to acquire chips to meet cloud demand, insulating Samsung's chip revenue from a potential client oversupply after two years of high demand.


According to the data source TrendForce, the price of some DRAM chips, which are utilized in electronic devices and servers, decreased by around 12 percent last month compared to the same time period one year prior. As demand for smartphones and laptops decreases, analysts believe that prices will continue to fall.


"Server DRAM is currently the only feasible sales channel... As a result, Korean manufacturers were the first to signal a willingness to contemplate a quarterly price cut of more than 5 percent (for server goods) "DRAMS," according to TrendForce.


According to TrendForce, the costs of NAND Flash chips, which are used in electronic devices for data storage, are projected to decline by as much as 5 percent between July and September compared to the previous quarter.


Following two profitable pandemic years in which customers purchased devices for remote work, chipmakers throughout the globe are observing a fall in demand.


According to analysts, rising prices, worries of a dramatic market collapse, the Ukraine war, and China's COVID-19 lockdowns have hampered smartphone sales, leaving server chip demand as the only bright light.


During morning trade, the price of Samsung's stock jumped by 0.9%.


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