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Oil prices set for weekly gain on China stimulus optimism
Oil costs were bit altered on Friday but were set for a weekly increase in the middle of optimism that economic stimulus efforts will trigger a recovery in China, however a. more powerful dollar topped gains. Brent crude futures fell 2 cents to $73.24 a barrel. by 0535 GMT. U.S. West Texas Intermediate crude was at. $ 69.61, down 1 cent, from Thursday's close. However, on a weekly. basis, Brent was up 0.4% and WTI increased 0.2%. The World Count on Thursday raised its forecast for. China's financial development in 2024 and 2025, but alerted that. subdued household and business confidence, along with headwinds. in the residential or commercial property sector, would keep weighing it down next year. China, the world's greatest oil importer, revised upwards its. 2023 gdp price quote by 2.7%, but likewise stated the. change would have little influence on growth this year. Chinese authorities have actually accepted provide 3 trillion yuan. ($ 411 billion) worth of special treasury bonds next year,. Reuters reported today citing sources, as Beijing increases. fiscal stimulus to revive a failing economy. Nevertheless, a more powerful U.S. dollar weighed on oil prices and. capped gains. The greenback has risen about 7% this quarter and. stayed pinned at a near two-year peak against major peers. after the Federal Reserve signalled slower rate cuts in 2025. A more powerful dollar makes oil more expensive for holders of. other currencies. The most recent weekly report on U.S. inventories from the. American Petroleum Institute industry group revealed unrefined stocks. fell recently by 3.2 million barrels, market sources said on. Tuesday. Traders will be waiting to see if the official stock. report from the U.S. Energy Details Administration verifies. the decrease. The EIA data is due at 1 p.m. EST (1800 GMT) on. Friday, behind typical due to the fact that of the Christmas vacation. Analysts in a Reuters survey anticipate unrefined inventories fell by. about 1.9 million barrels in the week to Dec. 20, while gasoline. and distillate inventories are seen falling by 1.1 million. barrels and 0.3 million barrels respectively.
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India's UltraTech buys stake in Star Cement for as much as $100 million
India's UltraTech Cement will buy an 8.69% stake in Star Cement, it said on Friday, in an offer that could be valued at as much as 8.51 billion rupees ($ 100 million) and firm its leading position in the sector. UltraTech stated it would pay not more than 235 rupees per Star Cement share, which is a 2% premium to the stock's closing price on Thursday. There has actually been a wave of deals ever since billionaire Gautam Adani's ports-to-power conglomerate entered the cement market in 2022 to challenge Aditya Birla Group-owned UltraTech's pole position in the market. UltraTech's newest offer comes weeks after local media had reported that the Adani Group was considering an acquisition of Star Cement, the biggest manufacturer in the country's north-east. Star Cement's shares leapt 7% in early trading to 247 rupees, above the maximum deal rate, which typically indicates that financiers are expect a greater deal or a competing bid. UltraTech's shares were up 0.7%. Star Cement, like many little cement mills, has experienced larger competitors competing for market share. Its annual sales development anticipated to slow to 6.8% this , from 22% in 2023, according to a price quote by brokerage Nirmal Bang.
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TotalEnergies to Keep DeepSea Mira Rig in West Africa
TotalEnergies has exercised an option as part of the contract with Northern Ocean for its DeepSea Mira semi-submersible rig, extending its stay in West Africa for up to three months.The firm term of the contract has, as a result, been extended by approximately 65 to 93 days.This extension provides approximately $27 million to $38 million of additional revenue backlog and will increase Northern Ocean’s firm backlog to approximately $515 million to 545 million.Built in 2019, the Deepsea Mira is a 6th generation dynamically positioned/anchor-moored semi-submersible drilling rig of Moss Maritime CS60E design. It is designed to operate in both benign and harsh environments, with a maximum operational water depth of 3000 meters.The drilling rig is owned by Northern Ocean and managed by the Norwegian drilling firm Odfjell Drilling.“Northern Ocean is pleased with this extension, because it extends our good relationship with TotalEnergies and also demonstrates the capabilities of the rig.“The Deepsea Mira, with Odfjell Drilling’s services, is one of the most capable rigs for year-round operations in harsh weather conditions. In the last four months, the Company has increased its contract backlog by about $500 million,” said Arne Jacobsen, Chief Executive Officer of Northern Ocean.TotalEnergies Extends DeepSea Mira’s Stay in West AfricaTotalEnergies Extends DeepSea Mira Contract for Work in West Africa
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Base metals mixed, copper supported by tight supply
Base metal costs were mixed on Friday, moving within tight ranges with the strong dollar limiting gains, although copper found support from supply tightness in copper concentrate. The three-month copper on the London Metal Exchange (LME). increased 0.7% to $9,014 per metric lot by 0406 GMT. China's top copper smelters settled on cost assistance for. copper concentrate processing treatment and refining charges in. the very first quarter of 2025 at $25 per metric heap and 2.5 cents. per pound, down 28.6% from the fourth-quarter guidance of $35. per heap and 3.5 cents per pound, reflecting a sticking around scarcity. of copper concentrate. The charges tend to fall when ore supply declines and increase. when more concentrate is readily available. Meanwhile, the U.S. dollar index hovered near the two-year. high of $108.43 struck last Thursday and was trading at $108.14 at. 0406 GMT. The hawkish tone from the Federal Reserve relating to. possible interest rate cuts next year has kept the dollar. strong. Overall, unpredictabilities in the macroeconomic environment. have postured upward restraint on metal rates, Citic Futures said. in a note. A stronger dollar makes it more expensive for other currency. holders to purchase greenback-priced commodities, therefore keeping metals. prices under pressure. The most-traded January copper agreement on the Shanghai. Futures Exchange (SHFE) got 0.1% to 74,200 yuan. ($ 10,168.14) a load by the close of Asia morning trade session at. 0330 GMT. LME aluminium slid 0.6% to $2,548 a ton, nickel. increased 0.6% to $15,565, zinc fell 0.4% to. $ 3,035, tin was up 0.4% at $28,935, while lead. was 1.3% lower at $1,957. SHFE aluminium decreased 0.2% to 19,765 yuan a load,. nickel rose 0.1% to 125,900 yuan, zinc slid. 0.8% to 25,265 yuan, lead fell 2.8% to 16,890 yuan,. and tin edged down 0.3% to 244,010 yuan. For the top stories in metals and other news, click. or
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Iron ore heads for second weekly fall on failing China need
Iron ore futures slipped on Friday and were poised for a 2nd straight weekly decline, weighed down by faltering need in leading consumer China, although preholiday restocking and rising bets of additional stimulus limited the losses. The most-traded May iron ore agreement on China's Dalian Product Exchange (DCE) was down 1.79% at 766 yuan ($ 104.95) a metric load, as of 0238 GMT. The benchmark January iron ore on the Singapore Exchange fell 1.17% to $99.6 a load by 0230 GMT. Both standards have actually fallen 1% up until now this week after a more than 3% decrease in the previous week. Restored wish for more China stimulus had assisted the market increase earlier today. Typical day-to-day hot metal output of Chinese steelmakers surveyed moved 0.7% week-on-week to 2.28 million loads in the week to Dec. 26, hitting the most affordable level considering that late September and declining for a 6th straight week, information from consultancy Mysteel revealed. Upkeeps on blast heating systems and change to production plans at steel mills are underway, so there is not a surprise to see a relentless fall in hot metal output, experts in the beginning Futures stated in a note. The pre-holiday replenishment of feedstocks may near its end ... in the absence of more powerful stimulus, there is little inspiration (for some financiers) to build long positions. The Chinese New Year begins with Jan. 28 and domestic steelmakers usually build up stocks ahead of that to satisfy production needs during and after the holidays. Other steelmaking components on the DCE lost ground, with coking coal and coke down 1.26% and 2.15%,. respectively. Steel standards on the Shanghai Futures Exchange were hit. by decreasing need. Rebar lost 0.88%, hot-rolled. coil shed 0.61%, wire rod fell 0.56% and. stainless-steel dipped 0.23%. Earnings among steelmakers moved by 83.7% to 7.86 billion yuan. in the first 11 months of the year, information from the National. Bureau of Statistics showed.
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Gold set for weekly rise; eyes on Fed, Trump's 2025 policies
Gold edged lower in light trading on Friday and was poised for a weekly gain, as financiers awaited hints on the U.S. economy to expect the Federal Reserve's. rate of interest path for 2025 and the inbound Donald Trump. administration's policies. Area gold fell 0.2% to $2,630.28 per ounce, since. 0221 GMT. Bullion acquired 0.3% up until now this week. U.S. gold futures relieved 0.2% to $2,649.10. We are in a vacation lull so price action is a little dull,. with moves perhaps overemphasized by thin liquidity, stated Kyle. Rodda, monetary market expert at Capital.com. The (rate-cut) decision shook the markets' confidence in. the number of cuts likely to come next year and that acted as a. headwind for gold. U.S. jobless claims fell to a one-month low recently, information. showed, suggesting a strong labor market and prospective pressure. on the Fed to maintain interest rates. After aggressively cutting rates in September and November,. the Fed persisted with relieving in December but hinted at fewer. decreases in 2025. Gold rates have actually risen almost 28% this year, reaching a. record high of $2,790.15 on Oct. 31, driven by Fed's considerable. rate cuts and escalating geopolitical stress. On the geopolitical level, Israel struck several Houthi. targets in Yemen on Thursday, consisting of the Sanaa International. Airport, resulting in a minimum of six deaths according to the. Houthi media. Gold is thought about a hedge against geopolitical turmoil and. inflation, but higher rates lower the non-yielding property's. appeal. Markets are preparing for significant policy shifts, including. tariffs, deregulation and tax modifications, in 2025 as Donald Trump. returns to the White House in January. Spot silver fell 0.2% to $29.75 per ounce and. palladium shed 0.3% to $922.58, while platinum. included 0.1% to $936.85. All 3 metals were headed for weekly. gains.
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Base metals mixed, copper supported by tight supply
Base metal costs were mixed on Friday, moving within tight ranges with the strong dollar limiting gains, although copper discovered support from supply tightness in copper concentrate. The three-month copper on the London Metal Exchange (LME). increased 0.4% to $8,990 per metric lot by 0140 GMT. China's leading copper smelters settled on rate guidance for. copper concentrate processing treatment and refining charges. ( TC/RCs) in the very first quarter of 2025 at $25 per metric ton and. 2.5 cents per pound, down 28.6% from the fourth-quarter guidance. of $35 per lot and 3.5 cents per pound, reflecting a lingering. scarcity of copper concentrate. The charges tend to fall when ore supply decreases and increase. when more concentrate is available. Meanwhile, the U.S. dollar index hovered near the two-year. high of $108.43 struck last Thursday and was trading at $108.15 at. 0140 GMT. The hawkish tone from the Federal Reserve regarding. prospective interest rate cuts next year has kept the dollar. strong. In general, uncertainties in the macroeconomic environment. have positioned upward restraint on metal costs, Citic Futures stated. in a note. A more powerful dollar makes it more costly for other currency. holders to buy greenback-priced products, thus keeping metals. prices under pressure. The most-traded January copper contract on the Shanghai. Futures Exchange (SHFE) gained 0.2% to 74,290 yuan. ($ 10,178.52) a load. LME aluminium moved 0.9% to $2,542 a heap, nickel. increased 0.5% to $15,565, zinc fell 0.3% to. $ 3,041, tin was up 0.5% at $28,955, while lead. was 0.8% lower at $1,968. SHFE aluminium reduced 0.3% to 19,760 yuan a ton,. nickel increased 0.3% to 126,170 yuan, zinc moved. 0.6% to 25,320 yuan, lead slid 1.8% to 17,060 yuan,. and tin edged down 0.1% at 244,580 yuan. For the leading stories in metals and other news, click. or
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Oil costs set for weekly gain on China stimulus optimism
Oil costs were bit changed on Friday however were set for a. weekly increase amid optimism economic stimulus efforts will prompt. a recovery in China, the world's biggest oil importer. Brent unrefined futures fell 1 cent to $73.25 a barrel. by 0145 GMT. U.S. West Texas Intermediate crude was at. $ 69.60, down 2 cents, from Thursday's close. However, on a. weekly basis, Brent was up 0.4% while WTI increased 0.2%. The World Count on Thursday raised its forecast for China's. economic development in 2024 and 2025, however cautioned that suppressed. family and company self-confidence, together with headwinds in the. home sector, would keep weighing it down next year. China on Thursday modified upwards the size of its economy by. 2.7%, however said the modification would have little effect on growth. this year, as policymakers pledged more stimulus to spur. growth in 2025. Chinese authorities have actually accepted issue 3 trillion yuan. ($ 411 billion) worth of special treasury bonds next year, as. Beijing ramps up fiscal stimulus to revive a failing economy. The latest weekly report on U.S. stocks, from the. American Petroleum Institute market group, showed crude stocks. fell recently by 3.2 million barrels, market sources stated on. Tuesday. Traders will be waiting to see if the main inventory. report from the Energy Info Administration validates the. decline. The EIA information is due at 1 p.m. EST (1800 GMT) on Friday,. later than regular because of the Christmas holiday. Analysts in a Reuters poll expect crude inventories fell by. about 1.9 million barrels in the week to Dec. 20, while gasoline. and extract inventories are seen falling by 1.1 million. barrels and 0.3 million barrels respectively.
United States legislators urge the EPA to abandon the regulation requiring farms to report manure emissions
U.S. Congress members from both political parties have been urging the Environmental Protection Company not to propose a rule that would require farms to report on air emissions from animal waste, according to a letter seen .
The EPA is soliciting public discuss whether it need to revoke or modify a rule from previous President Donald Trump's. administration that exempts animal manure from an environmental. statute requiring industry to report chemical releases for the. purpose of neighborhood information. Ecological groups want EPA. to revoke the guideline, stating contamination from animal waste is. sickening individuals in rural neighborhoods.
Animal manure can generate hazardous chemicals like ammonia. and hydrogen sulfide which can cause irritation and burning to. the eyes and respiratory tract.
Reinstating the reporting requirement would create a. documentation stockpile for EPA and regulative burden for farmers, the. agents stated in the letter, which was led by Republican politician. Nick Langworthy and Democrat Jim Costa and signed by 44 others.
While we comprehend the need to reduce GHG (greenhouse gas). emissions, needing the reporting of air emissions from family. farms in the future would put an unjustifiable and unnecessary. problem on our country's agricultural manufacturers, said the letter,. sent to EPA on Wednesday.
The letter is supported by top farm groups consisting of the. American Farm Bureau Federation, National Cattlemen's Beef. Association, and National Pork Producers Council, stated a. spokesperson for Langworthy.
The Biden administration in 2021 stated it would revise or. rescind the 2019 guideline as part of continuous lawsuits brought by. ecological groups.
EPA's remark solicitation suggests the agency is. waffling on that dedication, stated Tarah Heinzen, legal. director at the environmental advocacy group Food & & Water Watch.
Air pollution from agriculture is definitely sickening. people in these rural communities, and they have definitely no. info about what they're being exposed to, Heinzen stated.
The EPA did not instantly react to an ask for. comment.
(source: Reuters)