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Qatari PM: After missile salvo on US base, Qatari-Iran relations are damaged but will recover.
Qatar's Prime Minister said Tuesday that the Iranian missile attack on a U.S. base in the Gulf Arab State had damaged relations between Qatar and Iran. However, he expressed hope that they would "return to normal" at some point. Iran fired missiles at Al Ubeid Air Base on Monday in response to the U.S. involvement in Israel's war against Iran. No one was injured after Tehran provided advance warning. A ceasefire Washington announced the news a few hours later. Qatar, located just across the Gulf of Aden from Iran, is often used as a regional mediator, such as between Iran and the United States, or between Israel and Hamas during the ongoing Gaza War. The Qatari Prime Minister, Sheikh Mohammed bin Abdulrahman Al Thani said at a Doha press conference that the incident would definitely leave a scar on the relationship with Iran. However, I hope everyone will learn the lesson by then and not violate or undermine this type of neighbourhood relationship. He said: "The partnership between Qatar, the U.S. and Iran is growing stronger... I hope that the good relationship will return to normal with Iran as soon as possible." Al Thani said that Qatar had worked with Iran to facilitate a ceasefire at Washington's request. He said: "We hope that the ceasefire will be maintained as agreed, and we urge the U.S. to negotiate with Iran in order to reach a diplomatic solution which Qatar has been seeking for years." He said that Masoud Pezeshkian, the Iranian president, expressed regret to Qatar's ruling emir Sheikh Tamim bin Hamad Al-Thani in a telephone call that Tehran's intended target for retaliation against U.S. aerial strikes was a Qatari military base.
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Growing lettuce with fog in Chile's Atacama desert, the world's driest.
Researchers and growers in Chile's Atacama desert, the driest place on earth, are trying to capture moisture from fog to grow lemons and lettuces. They use a net that catches the drops. Near Chanaral, in the Atacama desert, where there are areas that have not seen rain for years, Orlando Rojas told reporters, "We grow hydroponic lettuce completely with fog water." "We've tried other crops and they didn't work, so we tended to do lettuce." Researchers at the UC Atacama Desert Center have launched a web-based mapping tool that allows anyone to see the locations of areas in the country with the potential to harvest fog-water. They are trying to cultivate these arid regions. Camilo Del Rio is the director of UC Atacama Desert Center. He said, "We know that it has a lot of potential. We know that we can use it as a solution and an option for different water needs on different scales in different areas where there are significant water shortages." The system is used to collect and store water in tanks in the midst of barren, rocky hills, and white, dry sand. A mesh is suspended between two poles and it intercepts the moisture in the air. Rojas said that the water collected from this region was also being used to grow lemon trees. This water resource is the source of life. We haven't stopped since we first learned about the project. It is essential for human survival." Mario Segovia from the fog-catching team also said that the collected water from moisture in air is pure. He said, "The harvest looks good, it is a super-healthy food, with pure organic nutrients." They're in water with nutrients because fog-catcher water has no chlorine or minerals. (Reporting and writing by Rodrigo Gutierrez, editing by Nia William)
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Copper reaches two-week high due to softer dollar, and Iran-Israel cease-fire
The dollar dropped and the yuan rose after U.S. president Donald Trump announced a ceasefire agreement between Israel and Iran. The price of three-month copper at the London Metal Exchange rose 0.8% to $9,743.50 per metric tonne by 1013 GMT, after reaching its highest level since June 11, when it reached $9,760.50. Market attention focused on the continued outflow of copper from warehouses registered with LME. The combination of large cash copper contracts, warrants (title documents conferring ownership) and other factors has led to an increase in the premiums on near-term contracts. The premium for cash copper contracts over the 3-month forward On Tuesday, the price of a ton dropped to $249. It closed at $280 Monday, its highest level since November 2021. This indicates tightness in LME copper market. The LME approved warehouses have seen a 65% drop in copper inventories since mid-February, with 94,675 tonnes, the lowest level since August 2023. Some traders moved metal to the United States, hoping to profit from the premium offered by COMEX copper contracts over the LME benchmark, while Washington continues to examine potential tariffs against copper imports. Metal traders said that the metal was dripping out of warehouses daily. The LME copper price is lower than Comex, so the LME system can't attract delivery. Aluminium fell 0.3% on the LME to $2,581 per ton, as the Iran-Israel ceasefire lowered oil prices, and the Middle East aluminium producers no longer faced an immediate threat in the Strait of Hormuz shipping lanes. Aluminium, whose smelting requires large amounts energy, reached a three-month peak of $2,654.50 Monday. LME lead increased 1.1% to 2,024.50 after reaching $2,025.5, its highest level since March 31, while zinc rose 0.9% to 2,711 after touching its highest level since June 4. Nickel gained 1.3%, to $14.990. Tin fell 0.1%, to $32,670. (Reporting and editing by David Goode)
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Tata Motors, owner of JLR, says there has been no panic button pressed on curbs made from rare earths.
Tata Motors (owner of Jaguar Land Rover), the luxury carmaker, announced on Tuesday that it was planning alternative sources for rare earth magnets. The company also said that China's export restrictions haven't caused them to panic yet. China's restrictions on rare-earth imports have caused a global automotive industry disruption. Companies are warning of an extreme supply shortage. Rare-earth magnetic materials are used for everything from anti-lock brake sensors to windshield wiper motors. "At the moment, I don't think there is any panic as we are confident that supplies will be forthcoming." No production has been curtailed. "At this time, nothing is planned," CFO PB Baliaji said at a Mumbai event. He added that sources, such as alternate technologies, were being investigated. Maruti Suzuki India's largest carmaker has cut its near-term production target for its electric vehicle eVitara by more than two thirds due to rare-earth shortages. China controls over 90% of global magnet processing capacity, which is used in automobiles, home appliances, and clean energy. As part of its response to the high tariffs imposed by the United States, China enacted in April restrictions that required companies to obtain permits from Beijing. Early June, it was reported that India held talks with companies in order to create long-term stocks of rare earth magnets. Balaji said that Jaguar Land Rover's luxury division, Tata Motors, would take price increases "in a calibrated way" to counteract the impact of U.S. Tariffs. Range Rover lowered its forecast for fiscal 2026 earnings margins before interest and tax to 5%-7% from 10% last week, amid uncertainty surrounding the global auto industry due to U.S. Tariffs. Balaji said that Tata Motors does not plan to build a manufacturing facility in the U.S., as a way to offset the tariff impact. Aditi in Mumbai, Meenakshi in Bengaluru and Manvi in Bengaluru. Reporting by Aditi and Meenakshi. Writing by Manvi. Editing by Sonia Cheema, Rashma Aich and Sonia Cheema.
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Portugal's budget surplus jumps up to 0.2% in the first quarter
Official data released on Tuesday showed that Portugal's budget surplus in the first quarter was 0.2%, up from 0.4% in the previous year. This is despite a contraction of the economy in the first three month of the year. The National Statistics Institute reported that public revenues increased 7.8% on an annual basis, with "increases across all components", and expenditures rose by 6.4%. The INE stated that expenditure on social benefits, salaries of civil servants and interest payments increased, but subsidies to the National Electric System for tariff reduction decreased. Portugal's economy shrank by 0.5% from the previous quarter, as exports dropped and imports increased in anticipation of tariff increases amid global trade disputes. However, it still grew by 1.6% on an annual basis. Last week, Finance Minister Joaquim Miranda Sarmento stated that Portugal, despite the high level of uncertainty surrounding geopolitical tensions and trade conflicts, maintained its goal to have a budget surplus this year of 0.3%, down from the 0.7% of 2024. However, the central bank had predicted a shortfall of 0.1%. He expects that the economy will grow by more than 2% in this year. This is slightly higher than last year's 1.9% growth rate.
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Kremlin denies it helped Iran little
The Kremlin reacted to criticism on Tuesday that it hadn't done enough for Iran. It said it had taken "a clear position" in condemning U.S. Vladimir Putin condemned the "unjustified attacks" by the United States on Iranian nuclear sites, which he had signed a treaty of strategic cooperation with in January. He stated on Monday that Russia will try to assist the Iranian people. However, he did not give any specifics. Earlier this week, Iranian sources said that Tehran was not impressed by Russia's support. When asked about the comparisons with the overthrow of Syrian leader Bashar Al-Assad last year, when Moscow refused sending troops or more power in the air to keep its ally at power, the Kremlin responded that some people are trying to ruin the Russian-Iranian relationship. Dmitry Peskov, Kremlin spokesperson, said that Russia had supported Iran's position with its clarity. He added that Abbas Araqchi the Iranian Foreign Minister appreciated Moscow's stand when he met Putin Monday. Peskov stated that it was too early to determine the extent of damage to Iran's nucleus facilities. Peskov stated that "some information is being received through the proper channels, but at this time it is too early." "No one has a complete understanding at this time." Peskov, when asked about a report claiming that Araqchi brought a letter from the Supreme Leader Ayatollah Ayatollah Khamenei to Putin, said no document had been handed over. "The fact that certain messages were sent by the Iranian leadership are true." Peskov stated that the report was not true. Donald Trump, the U.S. president, announced a ceasefire on Monday between Israel and Iran. This could end the 12-day conflict that caused millions to flee Tehran. It also sparked fears of a further escalation. Peskov added that Qatar was credited with brokering the ceasefire. The Russian Federation has called for this since the beginning of the conflict. This is a good thing and we should welcome it. We also hope that the ceasefire will last. (Reporting and writing by Dmitry Antonov, editing by Mark Trevelyan).
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China's Lithium Futures Near Two-Week High on Short Covering
The prices of lithium carbonate in China rose on Tuesday, reaching their highest level in almost two weeks. This was largely due to a wave covering of shorts, but a persistent supply surplus in the material for electric vehicle batteries remained an obstacle. The Guangzhou Futures Exchange's most active contract for lithium carbonate closed the daytime session 3.06% higher, at 60,700 Yuan ($8,458.28), per metric ton. It had earlier reached its highest level since the 11th of June at 61,660 Yuan per ton. Chen Jing said that the price rally is due to some bears selling off their positions in response to market talk pointing towards improving fundamentals. In reality, Chen Jing added, fundamentals are not changing much. Analysts say that despite the gains in lithium prices, the expectation of a growing supply coupled with a seasonal sluggishness in demand will continue to keep them under downward pressure. Galaxy Futures' Chen said that domestic lithium carbonate production is expected to reach a record high in July, as some producers intend to resume production by mid-June. Hedging margins will be boosted thanks to the two price recovery rounds this month. The price of lithium carbonate has fallen by 22% this year due to a glut in supply as a result rapid capacity expansions and slower than expected demand growth. On Monday, the futures contract reached its lowest level since July 2023 when it was first launched at 58.400 yuan per ton.
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Prices of EUROPE GAS have fallen by over 10% following the news that Iran and Israel had reached a ceasefire
The wholesale gas price in the Netherlands and Britain fell by more than 10% Tuesday morning, following the news that Iran had agreed to a ceasefire with Israel. This removed the premium for risk the market had built into the market due to potential disruptions of oil and gas supplies. The benchmark Dutch front month contract at the TTF Hub fell by 4.86 euro to 36.38 Euros per Megawatt Hour (MWh), which is $12.38/mmBtu by 0939 GMT. It had traded as low 35.45 Euros/MWh earlier, LSEG's data showed. The British front-month contracts was down 13.72 pennies at 84.85 cents per therm. The two contracts have now reached their lowest level since June 11. Contracts all along the curve are showing drops of about 12%, erasing any gains made since the first Israeli strike on Iran. A trader explained that Tuesday's decline was due to the news from Israel that it had agreed to U.S. president Donald Trump's proposal of a ceasefire between Iran and the United States. In its daily market report, Auxilione noted that "at the open today we saw an incredible sigh relief as more than 10% of the price levels were eroded." They warned that any breach of the ceasefire by either party would immediately bring back concerns to the market. Israel claims that Iran has violated the ceasefire, and it will respond. Iran denies the claims. Gas prices were at an 11-week high before due to fears that hostilities would lead to the closure of the Strait of Hormuz and lock in 20% of global LNG supply. The oil price also fell sharply on Tuesday. Arne Lohmann, GRM's chief analyst said that the talk of a Hormuz Strait closing and broader war risks has all but disappeared for the moment. A trader stated that gas prices could fall even lower, to levels not seen before the war, due to the high LNG supply, and the need to unwind some long positions by market participants. The Dutch day-ahead contracts plunged further, dropping from 36.25 euros/MWh to 4.92 euros. The British contract for the day ahead fell by 9.25 pence, to 85.50 pence per therm. The contract for the next day was down 11.60 pence, at 85.00 pence per therm. The benchmark contract on the European carbon markets was up by 0.90 euros at 74.17 euro per metric ton. Nora Buli, OSLO; Nina Chestney, editing.
CORRECTED: Rift between China and the Philippines over South China Sea deepens
Under Ferdinand Marcos Jr., the relationship between Manila and Beijing has soured. Manila is now turning back to the United States for support in its maritime disputes against China.
This timeline shows the key events that have escalated tensions in the Philippines-China relationship since 2023:
Marcos will visit Beijing for three days, where he will meet with Chinese President Xi Jinping and agree to establish direct communication between their foreign ministers on the South China Sea.
FEB 2, 2014 - Under the 2014 Enhanced Defense Cooperation Agreement, the Philippines allows the United States to access four additional military bases.
FEB 13-14: The Philippines accuses China of using a "military grade laser" to target one of their ships. The ship was resupplying troops aboard a warship Manila intentionally grounded in 1999 on the Second Thomas Shoal, a dispute. Marcos summons China's ambassador.
APRIL 3, 2019 - The Philippines reveals locations of four additional bases Washington can use in accordance with EDCA. Three of the bases face north toward Taiwan, and one is located near the disputed Spratly Islands.
APRIL 11, 2019 - The largest joint military exercises in history between Filipinos and Americans begin in the Philippines.
APRIL 22: Marcos and his Foreign Secretary meet with China's former foreign minister Qin Gang at Manila. They pledge to work together in order to resolve maritime disputes.
May 1: U.S. president Joe Biden receives Marcos, the first Philippine leader to visit the White House in 10 years. They expressed "unwavering dedication to freedom of overflight and navigation in the South China Sea".
May 3 - The United States, Philippines and other countries agree to new guidelines regarding their 1951 Mutual Defense Treaty. These guidelines specifically state that the mutual defense commitments will be invoked if either country is attacked "anywhere" in the South China Sea.
JUNE 6, 2009 - First trilateral manoeuvres by the coast guards from the United States of America, Japan, and the Philippines in the South China Sea.
AUG. 5 - The Philippines has accused China's coastguard of firing water cannons at a supply vessel transporting food to troops on Second Thomas Shoal. This area is known in China under the name Renai Reef, and in Manila it is called Ayungin Shoal.
AUG 7: The Chinese coast guard asks the Philippines if they can remove the warship that is stranded on Second Thomas Shoal.
OCT 22-24: The Philippines accuses Chinese Coastguard vessels of deliberately colliding with their vessels supplying its forces stationed on the Second Thomas Shoal. The incident was not serious.
The Philippines has called on China to remove "illegal structures", which are built in its exclusive economic zones (EEZ), stop reclamation of these areas, and take responsibility for any damage caused by the activities.
NOV 21: The Philippines and United States militaries launch a joint patrol from the waters near Taiwan up to the South China Sea.
NOV 25: The Philippines and Australia launch their first joint air and sea patrols in South China Sea.
DEC 9-10: The Philippines accuses China that it fired water cannons at its boats including one with its military chief and rammed others, causing severe engine damage. China's coastguard says that the Philippine vessel deliberately rammed their ship.
DEC 19: Marcos says that a paradigm shift is required in the way his country views the South China Sea. Diplomatic efforts with Beijing are heading in a "poor" direction.
DEC 21: China warns against Philippines "misjudging the maritime situation" and says that bilateral relations between the two countries are at a crossroads.
JAN 3: The Philippines and United States conduct their second joint patrol of the South China Sea, while China is conducting a similar activity in the disputed watersway with its air and naval forces.
FEB 9: The Philippines and United States conduct joint maritime exercises for the third time in the South China Sea, while China continues its "routine patrols".
The Philippine Coast Guard accused China of making "dangerous" and "blocking" maneuvers when its vessel was patrolling near Scarborough Shoal, in the South China Sea.
The Philippines has condemned China's coast guard for their "reckless" "illegal" actions which led to the collision of a Chinese ship with a Philippine vessel, causing damage to the latter, and injuring its crew during a resupply for troops on the Second Thomas Shoal. China claims that the Philippine vessels intruded illegally into the waters near the shoal.
MARCH 6, 2019 - The Philippines summoned China's deputy head of mission to Manila in protest against "aggressive" actions by Chinese naval forces towards the resupply missions.
China has warned the United States to refrain from "stoking up trouble" and taking sides in the South China Sea dispute, following the statement made by U.S. Secretary Antony Blinken, during a trip to Manila. Blinken claimed that a security agreement with the Philippines included attacks against the Philippine Coast Guard.
China's coastguard claims it has taken action against Philippine vessels resupplying troops on the Second Thomas Shoal. The Philippines, however, has branded the actions, which included the use of water cannons that damaged their ship and injured crew members, as "irresponsible" and "provocative".
The Philippines summoned China's envoy on March 25 to protest "aggressive" actions in the South China Sea. Manila's Defence Minister dared Beijing, to support its vast claims of sovereignty by taking them before international arbitration.
(source: Reuters)