The Indian rupee continued to rise, on Monday, recording its highest level in six months, with traders anticipating the possibility of the Indian Central Bank intervening to buy the dollar, in light of its balancing between the need to enhance foreign exchange reserves and managing large forward selling positions for the dollar.
The rupee recorded 93.70 against the dollar during trading, continuing last week's gains that exceeded 1 percent. The currency rose by about 3.25 percent in about a month, after approaching its lowest levels ever, according to Reuters.
Madhavi Arora, of Emkay Global, expected that the Indian central bank would take advantage of any sustained improvement in dollar flows to rebuild its foreign exchange reserves, instead of allowing a sharp rise in the value of the rupee.
It said the central bank's large net debt positions in the futures market, along with India's ongoing needs to finance its current account deficit, would likely limit further gains for the currency.
Recovery support factors
Positive developments, coupled with measures taken by the Reserve Bank of India, helped support the rupee's recovery. The decline in crude oil prices eased pressure on the Indian currency, while foreign investors returned to pumping their investments into local stocks.
At the same time, the central bank's recent measures have helped address the persistent imbalance between supply and demand in the foreign exchange market, where importers' demand for dollars has been outstripping supply by exporters.
Bankers are currently wondering at what level might prompt the central bank to intervene to buy the dollar and limit the rise of the rupee.
Bankers point to two factors that may push the central bank to absorb part of the dollar supply: The first is a decline in India's foreign exchange reserves by about $68 billion from their peak, and the second is the size of the central bank's large exposure in the futures market.
The Indian central bank's net dollar position in the futures market rose to a record level of about $240 billion in September, leaving it with large future liabilities in the US currency to manage.
Copper prices rose on Monday, recovering from last week's losses, in light of continued concerns about supplies in China, the world's largest consumer of the metal, although the potential repercussions of the US midterm elections on tariffs and artificial intelligence infrastructure continue to put pressure on prices.
Standard three-month copper contracts on the London Metal Exchange increased by 0.81 percent to $13,880 per ton, while the most traded copper contract on the Shanghai Futures Exchange rose by 0.68 percent to 107,650 yuan ($16,124.93) per ton, by 03:30 GMT, according to Reuters.
In China, copper price premiums reached unprecedented record levels. The copper premium at Yangshan Port, which is an indicator of Chinese demand for imported copper, jumped to $215 per ton, while the local premium paid over Shanghai Futures Exchange contract prices reached 2,615 yuan.
In an additional indication of tight supplies, copper stocks monitored by the Shanghai Stock Exchange fell sharply to 33,848 tons last week, their lowest level since early January 2024, according to the latest inventory data issued by the exchange.
Analysts at the Chinese brokerage firm Everbright Futures said that copper prices may remain weak and move within a limited range, with external markets leading the decline, while low inventory levels and high premiums in the physical market in China could limit price losses.
For their part, Citi Bank analysts pointed out that the shortage of scrap and other raw materials has pushed copper stocks in China to levels approaching their lowest levels in several years, which sets the stage for strong purchases and restructuring of stocks when prices decline, if investor sales lead to a further decline.
On the other hand, the gains achieved by the Democrats in the US midterm elections raised concerns about tightening restrictions imposed on data centers in the United States, and the decline in the possibility of imposing customs duties that President Donald Trump intends to apply to refined copper, which threatens the demand related to artificial intelligence and the operations of storing the metal in anticipation of the duties, and these are two factors that supported prices during the last period.
Citi said that the decline in optimism about artificial intelligence may lead to an additional wave of selling in the copper market, while the decline in expectations regarding US tariffs is likely to lead to an increase in investors’ orientation towards less risky assets.
The bank added that the continued uncertainty over the duties may also put pressure on prices by increasing copper deliveries to LME warehouses, but an actual announcement of the imposition of duties may re-attract speculative buyers to the market.
Citi reduced its expectations for the price of copper during the next three months to $13,300 per ton, compared to its previous estimate of $14,500.
In other metal markets, aluminum rose on the London Metal Exchange by 0.65 percent, zinc by 1.10 percent, and lead by 0.27 percent, while nickel fell by 0.02 percent and tin by 0.28 percent.
On the Shanghai Stock Exchange, aluminum rose 0.58 percent, tin rose 0.65 percent, and nickel rose 0.45 percent, while zinc fell 0.22 percent and lead 0.16 percent.
The net profit attributable to the shareholders of the Saudi “Sinomi Centers” company declined by 19.1 percent on an annual basis during the third quarter of 2026, to reach 404.9 million riyals ($108 million), compared to about 500.7 million riyals ($133.5 million) in the same period last year, despite the growth in revenues and the improvement of a number of the company’s operational and financial indicators.
The company's financial results showed an increase in revenues by 10 percent to 606.2 million riyals ($161.7 million), compared to 551.3 million riyals ($147 million) in the third quarter of 2025. It also increased by 6.5 percent compared to the second quarter of the current year, in which it recorded 569.4 million riyals.
In contrast, adjusted net profit rose to 417.9 million riyals ($111.4 million), an increase of 32.8 percent year-on-year, compared to 314.7 million riyals in the corresponding period. This indicator reflects the company's performance after excluding some items, and should not be confused with the announced net profit, which declined during the period.
In terms of costs, the cost of revenues rose to 145.9 million riyals ($38.9 million), compared to 99.4 million riyals ($26.5 million) a year ago. On the other hand, impairment losses on receivables, balances with related parties, and accrued revenues decreased by 78 percent to 17.8 million riyals, compared to about 81 million riyals.
Net financing costs also decreased by 22.4 percent to 138.6 million riyals ($37 million), compared to 178.6 million riyals in the third quarter of last year, while fair value gains on investment properties increased by 19.6 percent to 215.1 million riyals ($57.4 million), compared to 179.9 million riyals.
At the operational level, the number of visitors to the company’s malls increased to 39 million visitors during the third quarter, an increase of 20.7 percent compared to 32.3 million visitors in the same period last year, as the mall portfolio continues to expand and attract new brands.
Nine-month results
During the first nine months of 2026, Sinomi Centers’ revenues increased by 1.9 percent to 1.758 billion riyals ($468.8 million), compared to about 1.725 billion riyals ($459.9 million) in the corresponding period last year.
But the declared net profit fell by 16.6 percent to 993.1 million riyals ($264.8 million), compared to 1.19 billion riyals ($317.5 million) in the first nine months of 2025. The adjusted net profit stabilized at 1.031 billion riyals ($274.9 million), recording a slight growth of about 0.5 percent compared to the corresponding period.
The cost of revenues increased during the period to 335 million riyals ($89.3 million), compared to 271.6 million riyals, and net financing costs increased to 572.9 million riyals ($152.8 million), compared to 489.1 million riyals ($130.4 million).
On the other hand, impairment losses on receivables and related balances decreased by 74.7 percent to 59.3 million riyals, compared to 234.5 million riyals, while fair value gains on investment properties increased by 6.5 percent to 537.9 million riyals ($143.4 million), compared to 505 million riyals.
The announced earnings before interest, taxes, depreciation and amortization amounted to 1.104 billion riyals ($294.4 million), compared to 1.239 billion riyals ($330.5 million) in the corresponding period. As for adjusted earnings before interest, taxes, depreciation and amortization, it increased by 5.3 percent to 1.125 billion riyals ($300.1 million), compared to 1.068 billion riyals ($284.9 million).
The company's centers recorded 109 million visits during the first nine months, an increase of 10.3 percent year-on-year, while the like-for-like occupancy rate reached 91.8 percent.
Expansion and attraction of brands
In terms of operational activities, the company attracted 162 brands during the third quarter, including 110 international brands and 52 local brands, and it renewed 1,997 lease contracts during the first nine months of the year.
Regarding its new projects, Westfield Jeddah entered the operating phase on July 30, 2026, after the pre-leasing rate reached about 97 percent, with the preparation of commercial units continuing.
As for the “Westfield Riyadh” project, the structural work has reached 100 percent, and the pre-leasing rate has reached 95 percent, with the start of operation targeting during the fourth quarter of this year.
