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Copper prices are little changed as contract expires; US-Russian talks focus
The price of copper traded within a narrow range on Tuesday, as traders moved forward their positions in anticipation of a contract that expires this week. Meanwhile, the market's attention was shifted to U.S. efforts aimed at ending Russia's almost three-year long war in Ukraine. The London Metal Exchange's (LME) three-month copper traded flat at $9 398 per metric ton as of 0716 GMT. On Friday, the contract reached its highest level in three months at $9.684.50. A trader stated that "if the talks between the U.S.A. and Russia progress favorably, there will be an increase in the likelihood of lifting of the ban on metals from Russia, which would lead to a flood of Russian metals onto the western market." Russia is one of the world's largest producers of nickel, copper and aluminium. The LME has banned Russian metals that were produced after or on April 13, last year. Later in the day, senior U.S. officials and Russian officials are expected to meet in Saudi Arabia for the first time in many years. This is ahead of the meeting between U.S. president Donald Trump and Russian president Vladimir Putin. The spread between cash LME copper and benchmark 3-month futures For the first time since 19 months, prices spiked on Friday to $249 per ton. Investors and traders completed rolling forward positions in anticipation of the contract expiration this week. Three sources said on Saturday that the U.S. proposed to take ownership of 50% Ukraine's essential minerals. Aluminium prices on the LME were down 0.3% at $2,637 per ton. Zinc was also down 0.3%, to $2.864, while tin remained unchanged at $32,670. Lead was off 0.2%, to $1,988, and nickel was 0.7% lower, to $15,385. The price of aluminium at the SHFE fell 0.2%, to 20,665 Yuan ($2,839.18). SHFE copper was down 0.8%, to 76850 yuan. Nickel was up 0.2%, to 123 730 yuan. Zinc gained 0.3%, to 23,880 Yuan. Lead rose 0.1%, to 17,150 Yuan. Tin lost 0.8%, to 261,060 Yuan. $1 = 7.2785 Yuan (Reporting and editing by Sumana Nady and Subhranshu Saghu)
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Riksbank is worried about the rise in headline inflation in Sweden during January
The Statistics Office (SCB), which measures consumer prices using a fixed rate of interest, reported that the price index in Sweden rose by 0.4% from January to the previous month, and was up 2.2% compared to the same period last year. Inflation was 2.7% excluding volatile energy prices, a measure that the Riksbank pays particular attention to at this time. Rents and food prices were the main factors, while electricity prices dropped compared to a year earlier. The central bank targets a headline inflation rate of 2 percent. The data confirms the preliminary figures released on 6 February which were far above expectations and showed an increase in headline inflation from December, when it was 1.5%. The rise in inflation confirms the message that the Riksbank sent in January when it cut its policy rate for the sixth consecutive time since spring of 2024, indicating it was likely done with the easing cycle. The Riksbank stated at its last rate-setting meeting that it would wait before changing rates. Some analysts believe that inflation will drop again, and another rate cut could be on the cards in May. The outlook is uncertain due to volatile inflation, potential U.S. Tariffs, and geopolitical development. The Riksbank's next policy announcement will be made on 20 March. (Reporting and editing by Terje Solsvik, Shri Navaratnam & Simon Johnson)
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European shares soar to record levels on hopes for peace in Ukraine
European futures reached record highs on Tuesday, as defence stocks soared amid expectations of a boost in spending. Meanwhile, Hong Kong shares were nearing three-year highs after investors cheered the business leaders' meetings with President Xi Jinping. As expected, Australia's central banks began their rate-cutting cycle. The Australian dollar found some support at $0.6350, as the reduction came with caution about further easing. S&P futures rose 0.2%, while European futures gained 0.1%. Japan's Nikkei gained 0.5%, with shares in banks and defence taking cues from Europe. The pan-European STOXX 600 closed Monday 0.5% higher, as a gauge for defence and aerospace stocks surged 4,6% to lifetime highs, after having more than doubled since Russia invaded Ukraine in 2013. Investors are expecting earnings to rise in the arms industry. They believe that a period of modest defense budgets is over and a rush for buying weapons has begun. Tony Sycamore is an analyst at IG Markets, Sydney. He said that if European defence spending reaches Trump's 5% GDP target, European defense companies such as Rheinmetall, SAAB and BAE Systems can increase their overnight gains. The euro was hovering around $1.0455 during the Asia session. However, Sycamore predicted that a sustained break below $1.0530 could lead to $1.06 or even higher ahead of Germany’s weekend elections. On Tuesday, Russian and U.S. officials will meet in Saudi Arabia for bilateral discussions. Volodymyr Zelenskiy, the president of Ukraine, has stated that his country will not recognize any decisions taken in meetings where they are not present. CHINA RALLY The U.S. market will reopen on Tuesday after a long holiday. The rare meeting on Monday between Xi, the Chinese president, and top business leaders has boosted markets in China. Hong Kong's Hang Seng reached its highest level since October, and an index of technology shares also hit a 3-year high. The tech index has risen more than 25% in the past year, boosted by artificial intelligence stock gains. Britney Lam is the head of LAM Group and runs a family business. She believes that China will win the AI race just as it has won the electric car race. This belief is based on China’s access to talent, data, and energy. After a steep decline on Monday, Baidu shares stabilized after the founder was not present at the meeting. The company will report earnings in the afternoon. Alibaba's shares rose 2% when Jack Ma, founder of Alibaba, was seen on TV shaking hands with Xi. BHP shares rose 0.4% after the global mining company reported its lowest first-half profits in six years but noted signs of economic improvement in China. In Europe, the markets are also watching the German elections at the weekend. The yen remained steady at 152.06, after solid growth figures the day before boosted chances of an interest rate increase in Japan within months. Investors awaited the employment and inflation figures later this week. The pound was trading at $1.2597 - just below its high level of two months. Gold fell from Friday's record-highs to $2,913 per ounce after seven weeks of gains. Bloomberg News, citing delegates, reported Monday that OPEC+, the oil producer group, is considering delaying a series monthly increases in supply due to start in April, despite Trump's calls for lower prices. Brent oil held gains overnight at $75.39 per barrel. (Reporting and editing by Nell Mackenzie, Tom Westbrook and Lincoln Feast.
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Kongsberg Maritime to Equip Bibby Marine’s Fully-Electric CSOV
Kongsberg Maritime has secured a contract to supply an integrated package of equipment for Bibby Marine’s new electric Commissioning Service Operation Vessel (eCSOV), the world’s first fully-electric offshore vessel.Kongsberg Maritime will provide full-electric rim-drive propulsion with azimuth and tunnel thrusters. The scope of supply also includes the automation system, full electrical control system, Dynamic Positioning, and thruster control.The new eCSOV will feature the largest ever battery installation on an offshore vessel, with a capacity of 25MWh.Kongsberg Maritime’s equipment will integrate with the battery system and optimize the use of energy on board.U.K.-based Bibby Marine has commissioned this pioneering service operation vessel from Spain's Armon shipyard. Bibby Marine Inks Shipbuilding Contract for eCSOV with Spanish ShipyardThe hybrid vessel will be capable of operating entirely on electricity for a full day via the Blue Whale Battery Energy Storage System from Norway’s Corvus Energy.This lithium iron phosphate system will enable the vessel to operate on electricity for 24 hours.The vessel is expected to be delivered in 2027.“The eCSOV marks a significant milestone not only for Bibby Marine and its partners, but also for the entire maritime industry and will certainly push the boundaries of innovation in the offshore energy sector,” said Gavin Forward, Bibby Marine New Build Project Director.“We are delighted to be part of this groundbreaking project with Bibby Marine, as they take hybrid operations in the offshore market, to the next level. Our integrated package of advanced maritime technologies will ensure the new eCSOV operates with unparalleled efficiency and sustainability, setting a new standard for the industry,” added Birger Teien Evensen, Sales Director - Offshore, at Kongsberg Maritime.
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Indonesia amends its mining law to improve access and support processing
The Indonesian parliament passed on Tuesday a bill that will revise its mining law. It is intended to boost the development of domestic mining industries and regulate access for small business and religious groups. The amendment aims to encourage smaller firms to participate in the mining sector and ensure that ore is available for processing industries. Indonesia, a country rich in resources, wants to develop its metals industry. Indonesia is one of the world's largest coal exporters and also has deposits of tin and copper, as well as bauxite. The world's biggest source of nickel is in Indonesia. The amended mining laws allows priority access to mining concessions for those companies who are building processing facilities. This is based on the size of the investment, value added and job creation. Small- and medium-sized companies, as well as religious groups through an enterprise under their control, will be given priority access to some mining areas. In the past, this priority access was only given to state-owned enterprises. Prior to this, universities were included in the list of parties entitled to priority access. Instead, priority will be given to certain government-controlled or private businesses to manage a mining area for the benefit of the universities, such as for research and scholarship funds. After a vote in the plenary, Energy and Mineral Resources minister Bahlil lahadalia said that the amendment was in line with government aspirations to reform governance for mineral and coal mines. The law revision also complied with a 2021 order from the Constitutional Court to revise certain articles related to mining, which were deemed unconstitutional by the court.
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European shares reach record highs amid hopes for peace in Ukraine
European futures reached record highs on Tuesday, as defence stocks soared amid expectations of a boost in spending. Meanwhile, Hong Kong shares were nearing three-year highs after investors celebrated the business leaders' meetings with President Xi Jinping. As expected, Australia's central banks began their rate-cutting cycle. The Australian dollar was supported at $0.6350, with a cautious approach to further easing. S&P 500 Futures rose 0.2%, while European futures gained 0.1%. Japan's Nikkei gained 0.5%, with shares in defence and bank stocks following Europe's rally. The pan-European STOXX 600 closed Monday 0.5% higher, as a gauge for defence and aerospace stocks soared 4.6%, reaching lifetime highs, after having more than doubled since Russia invaded Ukraine in 2013. Analysts have called this "supercycle" in the sector. It is expected that earnings will continue to grow in the defence industry due to the significant increase in budgets for new security requirements. The hope for a peaceful resolution of the conflict in Ukraine has also improved sentiments in other parts of Europe. Bruno Schneller is the managing director of Erlen Capital Management. He said that a resolution to the conflict could bring positive growth for Europe. This includes improved consumer confidence, reduced energy prices and easier financial conditions. French President Emmanuel Macron hosted an emergency summit about Ukraine on Monday after U.S. officials said that Europe would not have a role in any talks in Saudi Arabia this week aimed at ending conflict. The British government said that it is ready to send peacekeeping forces to support any agreement, and Russian and U.S. officials are preparing to hold their own discussions on Tuesday in Saudi Arabia. Volodymyr Zelenskiy, Ukraine's president, said that his country will not recognize any decisions taken in deliberations when he is not present. DELETED THREATS The U.S. market was closed for the public holiday. The rare meeting between Xi, the Chinese president, and top business leaders on Monday has boosted markets in China. Hong Kong's Hang Seng index rose by 1.8%, reaching its highest level since October. An index of technology shares also reached near three-year highs. After a steep decline on Monday, Baidu shares stabilized after the founder was not present at the meeting. The company will report earnings in the afternoon. Alibaba will report earnings later this week. BHP shares rose 0.6% after the global mining company reported its lowest first-half profits in six years but noted signs of economic improvement in China. The threat of reciprocal U.S. Tariffs has waned, but there was still a concern that these levies could include taxes based on the value-added tax in other countries. The Financial Times reported Sunday that, in order to protect its farmers and to follow the reciprocal trade policy of U.S. president Donald Trump, the European Commission will explore strict import limits for certain foods manufactured to different standards. In Europe, the markets are also watching the German elections at the weekend. The euro was hovering just below $1.05 while the yen remained steady at 151.74 following solid growth figures that boosted chances of an interest rate hike in Japan within months. Investors awaited the employment and inflation figures later this week. The pound was trading at $1.26033 - just below its high level of two months. Gold fell from Friday's record-highs to $2,895 per ounce after seven weeks of gains. Bloomberg News, citing delegates, reported Monday that OPEC+, the oil producer group, is considering delaying a series monthly increases in supply due to start in April, despite Trump's calls for lower prices. Brent oil held gains overnight at $75.42 per barrel. (Reporting and editing by Nell Mackenzie, Tom Westbrook and Lincoln Feast.
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Gold prices rise as demand for safe havens increases amid uncertainty over Trump's tariff plans
Gold prices rose on Tuesday, as the uncertainty surrounding President Donald Trump's proposed tariffs continued to dominate sentiment. This drove demand for safe haven assets amid fears of an escalating global trade war. As of 0301 GMT, spot gold was up 0.2% at $2,903.56. U.S. Gold futures rose 0.6% to $2 916.80. Kyle Rodda, a financial analyst at Capital.com, said: "There's a lot of central bank buying going on and we may also have shortages in Europe because there's a rush in the U.S. to buy gold to avoid tariffs." "I believe the trend is bullish for gold. The fundamentals are sound." Trump has implemented a 10% tariff against Chinese imports since his inauguration. He also announced and delayed a 25% tariff on goods imported from Mexico, as well as non-energy imports of Canada. Trump has set a date to implement a 25% tariff on imported steel, aluminium and other metals. Michelle Bowman, the U.S. Federal Reserve governor, said that she wants to be more confident about inflation easing further this year. This is especially true given the uncertainty surrounding new trade policies and other policy changes. Bullion has traditionally been used as a hedge against inflation and economic uncertainty. Later in the day, two Fed officials will speak to provide further insight on monetary policy. Goldman Sachs has raised its gold forecast for the end of 2025 to $3,100 an ounce, up from $2,890, due to structurally higher demand by central banks. The European leaders who met in Paris on Monday called for increased spending to boost the continent's defense capabilities, but were divided over the idea of sending peacekeepers into Ukraine to support any peace agreement. Spot silver dropped 1.5% to an ounce of $32.30. Palladium rose 1.3% and platinum gained 0.7%. (Reporting and editing by Rashmi aich in Bengaluru, Anushree mukherjee from Bengaluru)
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Iron ore supply is recovering, but China's stimulus plans are not working.
Iron ore futures were traded in a narrow range on Tuesday as investors weighed the recovery of shipments from Australia, a major supplier, against the expectations that China, whose top consumer, would increase its stimulus, which might boost demand. As of 0241 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange rose 0.75% to 804 yuan ($110.59). The benchmark March Iron Ore at the Singapore Exchange fell 0.38%, to $105.3 per ton, as of 0234 GMT. This was due to a stronger U.S. Dollar, which made commodities priced in greenbacks more expensive for those who hold other currencies. After the tropical cyclone Zelia passed, major ports were reopened and prices pushed up. Analysts at ANZ said that the market's focus is now on the broader dynamics of demand. According to GF Futures hot metal production, a measure of iron ore consumption, is likely to hover around 2,28 million tonnes by the end of February, which is close to the most recent assessment from Mysteel as at February 14. The market saw a gradual improvement as more steel mills began production following the Lunar New Year holiday in China. "A slow recovery of ore demand will limit the price increase," GF Futures said. Analysts at ANZ noted that there is speculation about the upcoming "Two Sessions", in China, which will offer more proactive policies aimed to stimulate consumption. Two parallel sessions of "Two Sessions" will be held in Beijing, China next month. Coking coal and coke, which are both steelmaking ingredients, have also advanced on the DCE. They rose by 0.28% and 0.5%, respectively. The Shanghai Futures Exchange saw a rise in most steel benchmarks. Rebar gained 0.7%, hot-rolled coil rose 0.74%, and wire rod gained by 0.11%. Stainless steel declined 0.04%. Reporting by Amy Lv, Lewis Jackson and Sumana Nandy; Editing by Sumana Niandy.
QUOTES-World responds to Trump's plan to withdraw US from Paris environment pact
President Donald Trump will buy the U.S. to withdraw from the Paris climate agreement, the White House stated on Monday, once again putting the world's leading historic emitter of greenhouse gas emissions outside of the worldwide pact targeted at pressing nations to tackle climate change through domestic actions.
The announcement, which has actually been extensively anticipated ever since Trump won the Nov. 5 presidential election, drew criticism from other Paris signatories and ecological groups along with declarations of ongoing assistance by states, cities and other nations for the goals of the arrangement.
The ultimate U.S. departure even more threatens the main goal of the arrangement to prevent a rise in international temperatures of 1.5 degrees Celsius, a target that appears a lot more tenuous as last year was the world's hottest on record.
Here are some reactions to the statement of the second U.S. withdrawal from the climate pact:
SIMON STIELL, U.N. CLIMATE CHANGE EXECUTIVE SECRETARY
Embracing (the worldwide tidy energy boom) will imply huge revenues, countless making tasks and tidy air. Neglecting it only sends out all that vast wealth to competitor economies, while climate disasters like droughts, wildfires and superstorms keep worsening, ruining residential or commercial property and businesses, striking nation-wide food production, and driving economy-wide price inflation. The door stays open to the Paris Arrangement, and we welcome constructive engagement from any and all nations.
ALI MOHAMED, CHAIR OF THE AFRICA GROUP OF NEGOTIATORS AND KENYA'S UNIQUE ENVOY FOR ENVIRONMENT CHANGE
The management of the United States is vital in setting in motion environment finance, advancing clean energy shifts, and making sure the equitable implementation of worldwide environment objectives. Equally essential is the need to promote multilateralism as the structure for addressing climate modification and other global obstacles. The African Group highlights its belief that the United Nations Structure Convention on Environment Change and other international platforms remain the most reliable avenues for cultivating collaboration and accountability.
NEW YORK CITY GUV KATHY HOCHUL AND NEW MEXICO GOVERNOR MICHELLE LUJAN GRISHAM, CO-CHAIRS OF THE U.S. ENVIRONMENT ALLIANCE
Our states and areas continue to have broad authority under the U.S. Constitution to protect our development and advance the climate services we need. This does not change with a shift in federal administration ... It's crucial for the global community to know that climate action will continue in the U.S. Environment Alliance will bring this message to the United Nations Environment Modification Conference in Brazil (COP30). later on this year.
ANI DASGUPTA, PRESIDENT AND CEO OF WORLD RESOURCES INSTITUTE
It simply makes no sense for the United States to. willingly quit political impact and miss. chances to shape the exploding green energy market. Resting on the sidelines also means the United States will have. fewer levers to hold other major economies accountable for. measuring up to their dedications.
LAURENCE TUBIANA, CEO OF THE EUROPEAN ENVIRONMENT FOUNDATION AND. A KEY ARCHITECT OF THE PARIS ARRANGEMENT
The context today is really different to 2017. There is. unstoppable financial momentum behind the global transition,. which the U.S. has actually acquired from and led, now dangers. forfeiting.
ABBY MAXMAN, PRESIDENT AND CEO OF OXFAM AMERICA
The U.S. needs to be leading the fight for a livable world -. not only because of its duty as the largest historical. polluter, however since disregarding the issue at our doorstep will. harm individuals residing in the United States, who have just recently. suffered extreme damage from climate-driven disasters like the. Los Angeles wildfires and will face even more in the years. ahead..
(source: Reuters)