Gunmen kill Chinese security officials and Chinese workers in Nigeria

Related News

• Mali announces new mining deals in revised code

  Mali approved seven agreements that will give the state more revenue through international and local mining firms. This is the latest effort by the military-led government to increase income from this sector. According to a late Friday statement, the Council of Ministers had approved the exploitation agreements and exploration agreements during its Friday meeting. This gave Mali a non-reducible, guaranteed stake in mining projects, with priority dividend access. The agreements cover gold mines such as the Sadiola project, operated by Allied Gold, B2Gold Fekola Mine, Resolute Mining Syama and Ganfeng Bougouni Project. Mali's ruling military class introduced a new code of mining in 2023. The new code increased royalties from 6.5% to 10%, while increasing state and local ownership to 35%. These latest agreements follow on from preliminary agreements that were signed between September 2024 and November 2024 with the same companies. Resolute Mining refused to comment. Allied Gold B2Gold Ganfeng and Ganfeng didn't respond to comments immediately. Endeavour Mining, along with other gold producers, has signed agreements that reflect the revised Mali mining code. Barrick Mining of Canada, however, is still locked in a longstanding standoff with the Government. This month, it was reported that a Barrick executive had changed sides and become an advisor to the president of Mali. The situation for Barrick has been further complicated by this change. Mali is Africa's largest gold producer, but the regulatory uncertainty has affected investment and output. (Reporting by Tiemoko Diallo Writing by Maxwell Akalaare Adombila Editing by Robbie Corey-Boulet and David Goode) The government has, like other governments in the region, emphasized resource nationalism, while shifting from Western investors towards courting Russian interest. (Reporting and writing by TiemokoDiallo Maxwell Akalaare Adombila, Editing by Robbie CoreyBoulet & David Goodman).

• Document reveals Trump's 'America First" foreign aid funding plan

  According to a document sent by the Trump administration to Congress, $1.8 billion of foreign aid funds will be shifted to "America First" projects, such as investing in Greenland or countering "Marxist anti-American regimes in Latin America." The Congressional Notification, reviewed on Wednesday, stated that "the national security interests" of the United States demand that these funds be used to address new challenges that will make America stronger, safer or more prosperous. The Washington Post was the first to report on the administration's plan. The Washington Post reported that the State Department was looking forward to working with Congress on "America First Foreign Assistance" and said foreign assistance programs had to align with administration policies. In an email, the spokesperson stated that "the United States will prioritise trade over aid, opportunities over dependency, investment over assistance." Since Donald Trump began his second term as president in January, the administration has pursued a massive overhaul to foreign assistance. The strategy is a departure for the long-held belief that food, medical, and economic assistance are important components of U.S. influence around the world. The notification, dated 12 September, states that the $1.8 billion will be used to fund programs to "strengthen U.S. leadership in the world," focusing on several key areas of Trump administration policy. They include countering China's power, developing strategic infrastructure, and addressing the "immigration crisis." In the document, $400 million is allocated to support European efforts. This includes energy and minerals programming in Ukraine as well as economic development and conservation in Greenland. Trump said that he wanted to control Greenland. It is a semiautonomous territory in the Kingdom of Denmark. The strategically-located island is rich with oil, natural gases and minerals required for high-tech industry. The document states that $400 million will be used to support activities in the western hemisphere to stop illegal immigration into the U.S. and counter China's dominance of critical minerals and artificial Intelligence. USAID DISMANTLED Since January, the Trump administration has demolished the U.S. Agency for International Development and frozen then slashed millions of dollars in foreign aid. It says it wants to make sure that taxpayer money only goes to programs aligned to Trump's "America First". Cutbacks have effectively closed down USAID and led to the dismissal of thousands of its contractors and employees. This has put at risk the delivery of vital food and medical aid, and has caused global humanitarian relief efforts to be in chaos. The top Democrat of the Senate Foreign Relations Committee Senator Jeanne Shaheen from New Hampshire said that the plan outlined by the notification undermined the power of Congress, as outlined in its Constitution, to control the way government money is spent. She said that funding politically motivated, unaccountable pet projects like Greenland, or using aid to press African governments about immigration was out of line with America's interests in foreign policy and an abuse of tax dollars. Aides of Senator Jim Risch (the Republican chairman of the committee) did not respond immediately to a comment request. As part of Trump’s unprecedented effort to shrink the federal budget, Marco Rubio, the Secretary of State, announced in July that the U.S. would abandon what it called a charity model and focus on empowering nations to grow sustainably. Foreign aid has traditionally accounted for less than 1% of federal budget.

• South Africa and China will push for investment following the increase in US import tariffs

  On Tuesday, South Africa and China launched their ninth annual conference for trade promotion. They pushed Chinese investment into sectors like mining, energy, and infrastructure. South Africa, who had not faced any U.S. tariffs on imports of its goods as a result of the U.S. African Growth and Opportunity Act, now faces tariffs of 30% under the Trump Administration, although the country is currently in negotiations to find a better deal. Zhang Chaoyang announced, as chairman of the South Africa China Economic and Trade Association (SA-CETA), that Gold One, a Chinese state-owned company, Baiyin Nonferrous Group Company Ltd. will invest $4 billion ($230 million) into its gold mining operations located in Gauteng. The China-Africa Development Fund, which is a private investment fund, will also bid on South Africa's projects for independent energy transformation, with the aim of increasing electricity through private sector investments. Chaoyang revealed that companies like China State Construction will be increasing local procurements. Zuko Godlimpi, South African Deputy Minister of Trade, emphasized Pretoria's emphasis on Chinese investments, particularly in manufacturing, services and energy transition. He called the partnership a chance to create "a mutually-beneficial future". Chinese companies such as Hisense, BAIC and Sinosteel have already made significant investments in South Africa. This is the continent's largest industrialised economy. According to official data, Chinese direct investments in South Africa will total $13.21 billion by 2024. Meanwhile, South African investments in China will total $8.05 billion. South Africa exports 93% minerals to China while China exports 92% manufactured goods to South Africa. Both countries have expressed their desire to rebalance the trade pattern. Wu Peng, the Chinese ambassador, said that Chinese companies would accelerate their localisation efforts. Peng urged Chinese automakers, "If you want to protect your long-term interest, you should invest in South Africa." He also urged them to accelerate the development of their factories. Beijing announced earlier this year that it would extend zero-tariff treatment for all 53 African nations with ties to China. Peng stated that over 30 countries had signed framework agreements. Reporting by Colleen Goko; editing by Kevin Liffey

• China accuses EU of hypocrisy over critics of climate goal

  China's Foreign Ministry said that the EU's climate chief's criticisms of China's climate pledges show "double standards" and "selective blindness", accusing them of slow action on their own climate targets. China pledged earlier this week to reduce greenhouse gas emissions between 7% and a 10% reduction by 2035 compared to their peak levels as part of the new targets for its nationally determined contributions. Wopke hoekstra, the European Union's climate commissioner, called the goal "clearly disappointed". The Chinese Foreign Ministry appeared to make a reference to this statement without directly addressing it. A day earlier Donald Trump, the U.S. president, had described climate change in his address to the United Nations General Assembly as "the biggest con job." In response to Hoekstra, a ministry spokesperson wrote: "Some people are deaf and silent when they hear claims such as 'climate changes is a hoax.' Instead of ignoring and making irresponsible remarks about China's proactive and responsible actions to combat climate change." Hoekstra stated that China's new plan on climate change fell "well below what we believe to be both achievable and needed". The New York Times reported that he also called the United States climate policy "concerning" and "problematic". CHINA CALLS FOR MORE COOPERATION The statement read: "Such a rhetoric undermines the atmosphere for cooperation and disrupts global unity in addressing climate changes. That is what is truly disappointing." NDCs, or non-binding climate plans, are submitted to the UN every five years as part of the Paris Agreement. This 2015 agreement aims to limit global temperature increases to 1.5 degrees Celsius. After Trump's inauguration in January, the United States, which is the second largest emitter of greenhouse gases after China, formally resigned from the Paris Agreement a second. After a February deadline, the EU still hasn't announced its new climate action plan. However, it agreed to set an emissions reduction target of between 66.25% - 72.5% from 1990 levels by 2035. China's Foreign Ministry called on the EU in its statement to change its habit of speaking loudly but doing little. The Ministry also stated that China had "the most resolute commitment, most powerful actions, and most effective implementation" of its emissions reductions. China has set new climate targets, marking the first time that it has pledged to reduce its emissions. However, the reduction rate pledged is far lower than the 30% cut required by 2035 as per some scientists to bring China in line with the global goal of limiting warming to 1.5 degrees Celsius. In October, the European Commission reported that greenhouse gas emissions in the EU would be down 8.3% by 2023 as compared to the previous year. They were also 37% lower than 1990 levels. This was despite a GDP growth of 68%.

• The tough job of Fed gets even harder

  What will the ROI team be reading, watching and listening to this weekend? Hello Morning Bid readers! Yesterday, the job of U.S. Federal Reserve became a little more difficult. The first was the news that the second quarter GDP had been revised upwards to 3.8%. This is now the fastest growth rate since 3Q2023. Donald Trump, the U.S. president, announced new tariffs including 100% levies for branded drugs as well as 25% tariffs for heavy-duty trucks. Details are unclear, and there will be certain exemptions. However, the combination of resilient growth and possible price increases calls into question expectations of aggressive monetary easing. Markets had previously priced in a probability of more than 80% that a 50 basis-point cut would be implemented by December. This has now dropped to about 60%. The PCE inflation figures will be released later today. Even if policy rates continue to fall, as is expected, inflation fears, fiscal concerns, and political uncertainty could cause the long end of curve to rise. Joachim Klement is an investment strategist with Panmure Liberum. He believes that this could be bad news to the AI boom. Central bank watchers were also treated to a number of Fed officials' talks this week. These included Chair Jerome Powell and Governor Stephen Miran as well as San Francisco Fed President Mary Daly. Atlanta Fed President Raphael Bostic spoke also on the Market Musings Podcast, suggesting that Fed should replace the 2% target with a range and abandon the "illusion" of precision. In the commodities market, much attention was focused on Ukrainian drone attacks on Russia's infrastructure. Ron Bousso, ROI Energy columnist, argues that these attacks could raise President Trump's ire if they are successful. Clyde Russell, columnist for ROI Asia Commodities, says that the future of seaborne coking coal looks increasingly divided between robust domestic markets such as China, India, and Indonesia, and a slowly fading seaborne industry. Gavin Maguire, ROI Energy Transition columnist, explains which countries will likely play the largest role in determining the future trends of pollution, beyond China. Andy Home, ROI Metals columnist, explains the reasons why traders believe that the nickel prices have hit a rock-bottom. Check out what the ROI team recommends you read, watch, and listen to as we enter the weekend. Stay informed and prepared for the coming week. Please contact me via Sign up for the newsletter to receive Morning Bid every morning in your email. Subscribe to the Morning Bid newsletter Website You can find us on LinkedIn. The opinions expressed are solely those of the authors. These opinions do not represent the views of News. News is bound by the Trust Principles to maintain integrity, independence and neutrality. (By Anna Szymanski.)

• Copper prices fall as Grasberg's rally impacts demand

  The price of copper fell on Friday, as the rally this week -- driven by concerns about supply following an accident in the second-largest mine in the world -- affected demand. The benchmark three-month copper price on the London Metal Exchange fell 0.6%, to $10.202.50 per metric ton at 0947 GMT. After a disruption in the Grasberg Mine in Indonesia, analysts have lowered their forecasts of global supply for 2025 and 2020. Indonesia's government has reached an agreement with Freeport Indonesia, to stop operations at the mine in order to prioritize the search for trapped employees, said the country's Mining Minister on Friday. This confirms a previous update from Freeport-McMoRan. Alice Fox, Macquarie's commodities strategist, says that the drop in Grasberg supply will reduce the global surplus of copper Macquarie Group forecasted for 2025 and 2030, but it will not be sufficient to turn the market into a deficiency. Fox said that "this should support higher prices over the short-term, as compared to our previous forecasts. However, prices may struggle to remain above $10,000 per ton." The yuan, which is heading for its largest weekly decline in two months against dollar, added another layer of pressure to copper. China is the largest metal consumer in the world. Dollar-priced materials are more expensive to Chinese buyers before the national holiday. This is from October 1-8 this year. The Shanghai Futures Exchange monitored copper inventories in Chinese warehouses, which fell 6.6% last week. Yangshan premium on copper also decreased. The price of copper, which reflects the demand for imported copper into China, has stabilised at $53 per ton. This is its lowest level in a month. Aluminium fell by 0.2%, to $2.653.50 per ton. Zinc lost 0.8%, to $2.901, while lead dropped 0.4%, to $2.007; tin remained at $34,360 and nickel dropped 0.2%, to $15,245. (Reporting and editing by Kirby Donovan; Additional reporting by Dylan Duan)

• The Russian rouble gains against the US dollar as corporate tax payments boost

  The Russian rouble gained against the U.S. Dollar and the Chinese yuan Friday. This was due to the fact that corporate tax payments are due at the end the month, and there is certainty regarding the new state budget as well as new tax increases. LSEG data based off of over-the counter quotes showed that the rouble had strengthened by 0.5%, to 83.50 USD, as of 0930 GMT. The rouble was up 0.3% to 11.67 against the Chinese yuan. It is the most commonly traded foreign currency in Russia. Bogdan Zvarich, a PSB banker, said that if geopolitical expectations do not deteriorate, rising oil prices will support the rouble and increase exporters' supply of foreign currencies. The rouble is supported by the expectation that the central bank will slow or stop the easing cycle due to the new planned increases in value-added taxes, which are expected to accelerate inflation starting at the beginning of 2026. In the latest set of macroeconomic projections released by the government this week, the average rouble exchange rate in 2026 is 92.2 roubles to the dollar. This is about 8% higher than the previous set. (Reporting and editing by Shilpi Mahumdar; Reporting by Gleb Brnski)

• Shanghai copper firms capped gains due to soft demand and supply concerns

  Shanghai copper prices rose on Friday as supply disruption worries arose following Freeport's declaration of force majeure. However, gains were limited due to weaker demand and high prices. The Shanghai Futures Exchange's most traded copper contract closed the day with a gain of 0.38%, closing at 82470 yuan per metric ton ($11,558.68), ending the week on a 3.39% increase. The benchmark three-month price of copper at the London Metal Exchange dropped 0.35% as of 0716 GMT to $10,223.5 per ton, but it is expected to finish the week with a gain 2.33%. The LME copper price was impacted by a stronger dollar. The dollar maintained its steep gains on the Friday after better than expected U.S. economic data dampened expectations of further Federal Reserve easing this year. Shanghai copper prices rose to their highest level in a year on Thursday, after Freeport announced that it expects its Indonesian unit’s production will be 35% less than originally estimated by 2026. Analysts at Chinese broker Haitong Futures stated that the high prices are due to restocking in anticipation of China's National Day Holiday from October 1 through October 8. This is expected to have an impact on demand. Further gains in copper prices will depend on downstream acceptance of high prices. A state-run news outlet reported that China was studying ways to regulate its capacity for copper smelting. Chen Xuesen is vice chairman of the China Nonferrous Metals Industry Association. Chen said that copper enterprises should oppose the "involutionary" style of competition which is harmful to both the industry's and country's interests. Other LME metals saw a decline of 0.85% in zinc, 0.62% in lead, 0.45% for nickel, 0.38% for aluminium, and 0.16% on tin. Nickel fell 1.05% for SHFE base metals. Lead remained unchanged. Tin added 0.16%. Zinc, aluminium, and tin showed little change.

• Dalian iron ore ends four-week rally after EU tariffs weigh

  Dalian iron ore prices fell on Friday, ending a rally of four weeks and ending the week at a lower level. This was due to the European Commission's plan to impose high tariffs on Chinese imports. The January contract for iron ore on China's Dalian Commodity Exchange traded at 790 Yuan ($110.74), a decrease of 1.74%. Overall, the market fell by 1.12%. As of 0709 GMT the benchmark September iron ore price on the Singapore Exchange had fallen 0.33%, to $105.25 per ton. It was expected to finish the week with a 0.43% loss. Handelsblatt, a German business newspaper, reports that the European Commission intends to impose tariffs between 25% and 50% on Chinese steel products. This measure is designed to protect domestic producers and limit imports of steel as global overcapacity continues putting pressure on profit margins. Analysts predict that China's steel imports will hit a record this year. This trend is exacerbated due to the weak demand for domestic real estate. A Singaporean trader, who spoke on condition of anonymity because he was not authorized to speak to the media, stated that the primary goal of restricting imports of steel from China was to support domestic steel producers. The trader said that these measures are a reflection of the growing concern as Western economies recognise the importance to maintaining a certain level of domestic manufacturing capability for strategic resilience. According to Mysteel, the Chinese consultancy, inventories of five major carbon steel products rose by 0.7% during the week ending September 25. This reversed declines in the previous two consecutive weeks. Analysts from ANZ have noted that inventory growth has accelerated in the last few weeks, supporting the steel and raw materials markets. Coking coal and coke both fell by 2.64% and 2.79 % respectively. The benchmarks for steel on the Shanghai Futures Exchange have fallen. Rebar dropped 1.58%, while hot-rolled coils fell 1.22%. Wire rods also declined 1.02%. Stainless steels dropped 0.58%. ($1 = 7.1339 Chinese yuan). (Reporting and editing by Sumana Nandy, Ronojoy Mazumdar).

• ASIA GOLD - China gold prices hit a multi-year low, but other Asian hubs are continuing to purchase.

  The physical gold demand in China has weakened this week with discounts reaching multi-year lows. Meanwhile, in other major Asian centers, despite high prices, steady purchases have continued in anticipation of future gains. The spot gold price reached a record-high of $3,790.82 Tuesday. It is currently up 1.4% this week. Dealers in China have increased discounts from $31 to $71 per ounce The price range is now $21-$36 higher than last week. The trading volume at the Shanghai Futures Exchange is still significant, despite the increasing discounts on gold. This trend could be due to the desire for quick profits on the CSI300 which may have a slight impact on gold's performance. Hugo Pascal is a precious metals dealer at InProved. China's blue chip CSI300 Index is up nearly 2% this week and has reached its highest level since February 2022. In India, premiums The price of gold, including import and sales taxes, was up to $7 an ounce higher than official domestic prices. This is the highest level since November 2024. Investors are buying up bars and coins. Ashok Jain of Mumbai's Chenaji Narsinghji, a gold wholesaler, said that they are paying premiums over the record prices in hopes that the rally will continue. On Friday, domestic gold prices were around 112,500 rupees for 10 grams after reaching a record of 114179 rupees this week. Mumbai-based dealers with a private banking firm noted that jewellers are increasing imports in anticipation of higher duty rates, which will be expected following a revision of the fortnightly import base price. In October, Indians celebrate Dussehra (Diwali) and Diwali (Diwali), when gold is regarded as auspicious. Hong Kong's premiums varied from $1.50 up to $2. Singapore is $1.50 - $2.50 . The trend of buying gold is expected to continue. This will be especially true if the prices drop, as this could lead to increased purchases, according Brian Lan, managing Director at Singapore's GoldSilver Central. Japan's bullion Traded at a $1 premium. A trader said, "I assume that stable money will support physical gold over the medium term." (Reporting from Anmol Choubey, Bengaluru; and Rajendra Jadhav, Mumbai; editing by Harikrishnan Nair).

• Iron ore to drop weekly as EU prepares steep tariffs against China steel

  The European Commission's plan of imposing steep tariffs on Chinese imports of steel weighed on iron ore futures, which fell on Friday. As of 0310 GMT the most traded January iron ore contract at China's Dalian Commodity Exchange was trading 0.56% lower, at 799.5 Yuan ($112,10) per metric ton. It was expected to end the week with a 0.74% decline. The benchmark September Iron Ore on the Singapore Exchange dropped 0.09% to $100.55 a ton and was expected to end the week with a 0.19% loss. Handelsblatt, a German business newspaper, reports that the European Commission intends to impose tariffs between 25% and 50% on Chinese steel products. This measure is designed to protect domestic producers and limit imports of steel as global overcapacity continues putting pressure on profit margins. Analysts predict that China's steel imports will hit a record this year. This trend is exacerbated due to the weak demand for domestic real estate. A Singaporean trader, who spoke on condition of anonymity because he was not authorized to speak to the media, stated that limiting steel imports is intended to support domestic steel producers as well as ensure the survival of local industry. The trader said that these measures are a reflection of the growing concern as Western economies recognise the importance to maintaining some manufacturing capability in the country for strategic resilience. According to Mysteel, the Chinese consultancy, inventories of five major carbon steel products rose by 0.7% during the week ending September 25. This reversed the declines that had occurred in the two previous weeks. Analysts from ANZ have noted that inventory growth has accelerated in the last few weeks, supporting the steel and raw materials markets. Coking coal and coke, which are used to make steel, also fell on the DCE. They lost 0.98% each and 1.49% respectively. The benchmark steel prices on the Shanghai Futures Exchange have fallen. Rebar dropped 0.73%. Hot-rolled coils fell 0.63%. Wire rod fell 0.43%. Stainless steel declined 0.58%. ($1 = 7,1322 Chinese yuan). (Reporting and editing by Sumana Nady; Reporting by Lucas Liew)

• Shanghai copper catches up to Freeports; prices are high but still limit gains

  Shanghai copper prices rose on Friday, with supply disruptions a concern following Freeport's declaration of force majeure. However, gains were limited due to weaker demand and high prices. As of 0212 GMT, the most traded copper contract on Shanghai Futures Exchange rose 0.48%, trading at 82470 yuan (11,559) a metric ton. As of 0212 GMT, the benchmark three-month price for copper at the London Metal Exchange had increased by 0.03%. It was now $10,263 per ton. Shanghai copper prices rose to their highest level in a year on Thursday, after Freeport announced that it expects its Indonesian unit’s production will be 35% less than originally estimated by 2026. Analysts at Chinese broker Haitong Futures stated that the high prices are due to restocking in anticipation of China's National Day Holiday from October 1 through October 8. This is expected to have an impact on demand. Further gains in copper prices will depend on downstream acceptance of high prices. A state-run news outlet reported that China was studying ways to regulate its capacity for copper smelting. Chen Xuesen is vice chairman of the China Nonferrous Metals Industry Association. Chen said that copper enterprises should oppose a "style of involution" competition which is detrimental to both the industry as well as the country. Nickel, lead, and zinc were all down, but aluminium, tin, and zinc remained unchanged. Nickel fell 0.87% for SHFE base metals. Zinc rose 0.3%. Lead dropped 0.18%. Aluminium and Tin were little altered.