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Copper prices fall on the back of profit-taking, while tin reaches record highs
Investors booked profits on the recent rise in copper and waited for the next interest rate move by the Federal Reserve of the United States. Tin, meanwhile, reached a new record high. At 1700 GMT, the benchmark three-month copper price on London Metal Exchange was down?1.5% to $12,994.50 per metric ton. It reached $13,311 Monday, near the record high of $14,407 set on January 14. Traders said that the market has seen some profit-taking which led to a price drop. Ewa Mnthey, ING analyst, said: "Copper is still a hot commodity, and with prices so high, it's no surprise that some investors are locking in their gains." "However the overall backdrop hasn't changed much - inventories are tight and supply constraints persist." LME copper stock The number of tons in U.S. LME storage warehouses has increased by more than 11,000 tonne after the arrivals this month. The majority of exchange copper is stored in Comex warehouses . Before Wednesday's rate announcement in the United States, the dollar index fell to its lowest level in almost four years. The dollar index fell to its lowest level in nearly four years ahead of Wednesday's U.S. rate decision. Tin prices soared up to 7.6%, to $58,340 per ton. This was a rebound from the sharp drop in the previous session. By 1700 GMT, it was down to $54,780 and had gained 1.7% on the day. The traders said that the tin used in solder was likely following the precious metals rally. Tin has already gained over 35% this year. But the LME Cash contract last traded at a $185 per ton discount to 3-month tin The demand for metals in the near future is low. As spiraling power prices increase smelters costs, aluminium increased by 0.5% to $3.203 per ton. Zinc also rose 0.2% to $ 3,348.50. Nickel fell 2.1%, to $18,130 per ton. Lead was down by 0.8% to $2,021. (Reporting and editing by Emelia Sithole Matarise, David Goodman and Lewis Jackson)
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Venezuela's Oil Reform met with a flurry proposed changes
Sources close to the talks say that a commission of Venezuela's National Assembly received over 80 proposals from lawyers, politicians and energy associations seeking to change a reform?of the main oil law in the country. This is a blow to lawmakers who are rushing to approve the reform?next week. Interim President Delcy Rodriguez presented the proposed sweeping change earlier this month. She did so in response to a 50 million barrel oil supply agreement between Caracas, Venezuela and Washington. She encouraged lawmakers, in order for the country to boost production and encourage foreign investment, after 25 years strict nationalization. The reform is seen as essential by the partners of the state-owned company PDVSA, and new investors. However, lawyers and other experts have raised concerns about the contradictions in the legislation, the vague language and the loose regulation, and the need for changes to the related laws to give autonomy to private producers, and to reduce taxes and royalties. The National Assembly approved the reform in a first voting last week, and on Monday a period for?public comments began. The energy commission of the legislature must now finish a report on all suggestions before submitting an official text to be voted next week. Former government officials and opposition legislators have expressed concern about the limited time allotted to discuss reform, particularly since the proposed changes are complex and profound. Some of them have claimed that the reform, which includes a former oil ministry, is unconstitutional. Sources said that a portion of the criticism also came from?the ruling socialist party. Rodriguez, at an event held Monday at PDVSA headquarters in Caracas, said that a certain oil contract model, which was first introduced by Nicolas Maduro and used to negotiate with smaller producers over the past few years, would result in $1.4 billion?in investments this year. This is up from $900 millions last year. The reform includes the production-sharing model. Many oil executives and experts, however, believe that a more comprehensive reform is required to secure the $100 billion investment the U.S. president Donald Trump said Venezuela could receive following Washington's capture Maduro. Washington has said that it will relax sanctions against the country in order to encourage investments. Only a few licenses have been given to the trading houses that export Venezuelan oil, and U.S. firms, including Chevron, are still waiting for permission to expand their business. (Reporting and writing by Marianna Pararaga; editing by Alexandra Hudson).
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JSW suspends talks on restructuring with unions
The Polish coal miner JSW suspended important restructuring talks with unions on Tuesday, it said. This put a government-backed plan for rescue and vital funding into doubt, after what the company called a "significant" change in the unions’ stance. Why it's important JSW is unable to obtain the 3 billion zlotys (854 million dollars) of liquidity it requires for 2026. This puts the European Union's largest coking coal producer in financial danger as losses continue to mount. CONTEXT After media reports about comments made by Wlodzimierz?Czarzasty, a left-wing Polish politician and speaker of the lower house of the?Polish parliament? Czarzasty - who is also the leader The New Left - one of the parties in the current ruling coalition – called for the ruling alliance to discuss JSW’s “very difficult” situation on Tuesday, citing the "poor" management, according to the?Polish Press Agency. BACKGROUND State-controlled miner struggles with low demand, increased competition by cheaper imports and high operating costs. It reports a 7.24 billion Zloty net loss for 2024. The fragmented system of "dozens" of unions has historically complicated talks. What's Next? JSW announced that its management would be analyzing "alternative restructuring forms". The report said that the deal collapsed despite Grzegorz Werona, Deputy Minister of State Assets, having attended talks a day before. $1 = 3.5116 Zlotys (Reporting and editing by Matt Scuffham in Gdansk)
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Sheinbaum, Mexico's Sheinbaum, does not deny that oil shipment to Cuba has been halted
When asked on Tuesday if Mexico had stopped oil shipments to Cuba due to pressure from Washington, Mexican President Claudia Sheinbaum said that the decisions regarding the shipments were made by Mexico and not based on U.S. pressure. Sheinbaum, however, appeared to acknowledge the fact that Mexico had stopped a planned shipment for Cuba. Sheinbaum was asked at her morning press conference if she denied media reports that Mexico had stopped the shipment. She replied: "It's a sovereign decision, and it's made when necessary." Sheinbaum avoided a question on whether Mexico would resume oil deliveries to Cuba by saying: "In any case, this will be reported." Bloomberg was the first to report the suspension of oil shipment. Exclusively reported last week, the Mexican government was evaluating whether to continue sending oil to Cuba amidst growing fears in Sheinbaum's Administration that Mexico might face reprisals by the United States over this policy. Mexico's oil exports to Cuba are under scrutiny after U.S. President Donald Trump pledged to stop the flow from Venezuela of oil and money to Cuba in the wake of the capture of Venezuelan president Nicolas Maduro on Jan. 3, by U.S. Special Forces. According to internal documents and shipping data from the state-owned company PDVSA?cargoes were falling off because of a U.S. ban even before Maduro was captured. Mexico was the island's second largest supplier in 2025 with 5,000 barrels of oil per day. Pemex shipments are now the only lifeline available to the island, as Venezuela is no longer online. Mexico's state-owned oil company Pemex has exported to Cuba 17,200 barrels per day of crude and 2,020 barrels per day of petroleum products in the nine months ending September. Sheinbaum said that Mexico's decision to give or sell oil to Cuba has a?long history and is influenced by economic blockade of the island nation. Sheinbaum explained that "the decision as to when and how (oil is) sent is a sovereign one, and is made by (Mexican State Oil Company) Pemex, based on contracts, or, in any event, by the Government, who decides it's humanitarian to send oil under certain conditions." (Reporting and editing by Emily Green; Additional reporting provided by Mexico City Newsroom)
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Wash Post reports that US national parks are being asked to remove signs about climate change and mistreatment of Native Americans.
The Washington Post reported on Tuesday that U.S. officials ordered this month national parks to remove hundreds of signs and displays about the mistreatment by settlers of Native Americans, as well as climate change. This is part of Donald Trump's effort to change public spaces and museums, which rights activists say could reverse decades of social progress. Last week, the National Park Service removed an exhibition on slavery from Philadelphia's?historical site, in accordance with Trump’s claims of "anti-American ideologies" at historical and cultural institutions. The Post reported citing documents that Trump administration officials had ordered that this month signs in at least 17 more parks, including the Grand Canyon and Glacier Parks, Big Bend, Zion, and Big Bend, be removed or modified. The Post reported that the'removal orders' included a display about the forced'removal of Native Americans at the Grand Canyon, while officials from the Trump administration flagged a climate change brochure and sign at Glacier National Park. The U.S. The Interior Department, which oversees National Park Service in a press release, stated that they were implementing Trump's Executive Order on "Restoring Truth to American History". All federal agencies must review the interpretive material to ensure accuracy, truthfulness, and alignment with national values. The National Park Service has completed the review and is now taking the appropriate actions in accordance with this Order. In?September, the department announced that all interpretive signs in national parks were being reviewed. The department announced in?September that all interpretive signage in national parks was being reviewed. Civil rights groups claim that the Trump administration is reversing social progress and denying recognition of important phases in?American history. Last year, the Republican president alarmed civil right advocates with an executive order in which he said that he was fighting "a false revisionism of history". He complained about the "excessive focus" on slavery. (Reporting and editing by Daphne Psaledakis)
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Andy Home: The Zinc Market continues to defy expectations
Zinc did not perform according to script in 2018 and the galvanising material continues to surprise 2026. The London Metal Exchange (LME) is trading at its highest levels in three years this week. A market that was expected to move to an oversupply by 2025, was instead rocked in October by a fierce squeeze. The global mine production is increasing at a rapid pace, but the flow through to the refined metal segment is taking longer than expected. This is because the'surplus' is all stuck in China. LME zinc inventories have increased from the depleted levels of October thanks to an influx of Chinese exports. The inventory rebuild has slowed in recent weeks. This suggests that the Western market requires more consistent Chinese supply. Mine Supply on Track Zinc's bear story is based on increasing mine production, and things are going according to plan. According to the International Lead and Zinc Study Group, the global mine production grew by 6.5% in the first ten months of 2025. Boliden’s Tara mine, located in Ireland, has reopened after being closed in mid-2023 because of low prices. Ivanhoe Mines’ Kipushi operation is also ramping up in the Democratic Republic of Congo. The Russian mine Ozernoye has also begun full production following a?one-year delay due to a combination between a fire in November 2023 and a shortage of spare parts because of Western sanctions imposed over the war in Ukraine. China's dramatic increase in raw material imports is a clear indication of the impact. The volume of zinc concentrates imported into China increased by 30% on an annual basis, reaching a record high of 5,33 million metric tonnes in 2025. According to ILZSG, the latest figures show that the turnaround in the market for zinc concentrates allowed China to increase its output of?refined Zinc by 8.4% during the first 10 months in 2025. CHINA TRADE SHIFTS The global refined zinc production however, only grew by 2.9% during the same period, because smelter output outside China decreased by 2.2% compared to 2024. The closure of Toho Zinc Annaka and the temporary suspension at the Seokpo Smelter in South Korea have contributed to the lower metal production in Brazil, Kazakhstan and South Korea. The Western markets are now dependent on Chinese exports in order to fill the gaps in their supply chain. China's refined zinc trade began to shift in the fourth quarter last year when it became a net importer for the first since 2022. Exports rose to 42,800 tonnes in November, the largest monthly total in nearly 20 years. Chinese smelters sent metal to?LME storage facilities in Hong Kong Singapore and Taiwan in order to benefit from the historic increase in the cash premium, which reached over $300 per tonne. Exports fell to 27,000 tonnes in December as LME tightened up. REBUILD OF PARTIAL STOCKS China's late year export surge helped the LME warehouse stocks recover, from less than 50,000 tons in November to 131,000 tonnes at the end December. The upward trend has slowed down since then. Exchange inventory, both registered as well as?off-warrant is currently at 138,000 tonnes. The amount of metal that has been earmarked to be physically loaded out, as indicated by the number of cancelled warrants, has steadily increased to 12,100 tonnes, or almost 11%, of the registered tonnage. This suggests that the Western market?is still running short of zinc, and needs more Chinese supplies to meet the demand. On paper, the global zinc supply is growing. However, with the excess metal in China it will require higher LME prices in order to get it out. Last year, the disconnect between zinc prices in the east and west was a surprise to bears. The LME's three-month zinc is now trading at over $3,300 per tonne for the first since January 2023. Bears may have to wait before this market catches up to expectations. Andy Home is an author and columnist. These are Andy Home's opinions. Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Wash Post reports that US national parks are being asked to remove signs about climate change and mistreatment of Native Americans.
The Washington Post reported?on Tuesday? that U.S. officials ordered this month national parks to remove hundreds of signs and displays relating to the'mistreatment of Native Americans in the past by settlers', as well as the - climate change and - environmental protection. This is part of Donald Trump's effort to change public spaces and museums, which rights activists say could reverse decades of social progress. Last week, the National Park Service removed an exhibit about slavery from a Philadelphia historical site, in accordance with Trump's claims, which were rejected by civil right groups. The Post?reported citing documents that Trump administration officials had ordered this month for signs to be removed or edited in at least 17 more parks, including the Grand Canyon and Glacier Parks,?Big Bend, Zion, and Big Bend. The Post reported that the?removal order includes a display about the forced removal Native Americans at the Grand Canyon, while officials from the Trump administration flagged a climate change brochure and sign at Glacier National Park. The National Park Service didn't?respond immediately to a comment request. The U.S. Interior Department, the department that oversees National Park Service, announced in September, "all interpretive signs in national parks were under review." The interpretive signage in national parks and other places provides written and visual information on their history and culture. Civil rights groups claim that the Trump administration is reversing social progress and undermining recognition of important phases in American history. Last year, the Republican president sparked alarm among civil rights advocates with an executive order in which he declared that he was fighting "a false revisionism of history". He complained of what he deemed as an excessive focus on the "how bad slavery was." (Reporting and editing by Daphne Psaledakis)
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India's Vodafone Idea Q3 losses narrowed on higher premium data usage
Vodafone Idea, an Indian telecom operator, reported on Tuesday a smaller fiscal third-quarter profit. This was due to increased data consumption and a higher number of users upgrading their plans to 4G or 5G. The debt-ridden telecom operator's loss after tax narrowed from 66.09bn rupees to 52.86bn rupees in the December 31st quarter, down from 66.09bn rupees one year ago. Vodafone Idea has invested in its 4G/5G infrastructure over the past few years in order to improve service quality and reduce subscriber losses. The average revenue per user (a key industry metric) rose 7.3% on an annual basis to 186 rupees. The increase was a result of a 2% rise in subscribers to 4G and 5G, and a 26,7% jump in the average data usage by these users. The ARPU of?Vodafone still falls behind rivals Reliance Jio's 211.4 rupees and Bharti Airtel's 256 rupees. In a recent announcement, the government set a cap of $13,79 million per year for the six-year period on the long-pending revenue adjustments due to Vodafone Idea, which eased the immediate cash flow pressures. The company said on Tuesday that its AGR debts were frozen at 876.95 trillion rupees by December 31. It added that the amount is still subject to reassessment. India's third largest telecom provider, owned 49% by the Indian Government, was formed in 2018 after a merger of the Indian arm?UK's Vodafone Group with Aditya Birla Group?s Idea Cellular. Since then, the company has lost money every quarter and ceded its market share to Jio and Airtel. It is struggling with a debt of more than $22 Billion and a network rollout that is behind larger competitors. Analysts had predicted a revenue of 112,77 billion rupees. However, the actual figure was 113.23 milliards rupees.
EU-India trade agreement leaves carbon border tariff in place
The EU has confirmed that the landmark trade agreement between India and the European Union, signed on Tuesday, will not result in any changes to the carbon border tariff of the EU, despite India’s concerns about the scheme.
India has criticized the policy, which is a world first. Since the EU announced the policy in 2021 it has warned that the levy may hamper the steel trade. This month, the scheme began charging fees for EU imports of high-carbon goods such as steel, cement and others.
An EU official stated on Tuesday that "nothing will be phased-out in terms of CBAM implementation." The EU levy has been referred to as the carbon border adjustments mechanism.
EU Promises No One Will Get Favorable Treatment
India was concerned that the EU could offer exemptions to?U.S. The official said that India had agreed to a trade agreement with Donald Trump as part of the deal.
Unknown to? The EU had refused to offer Indian companies more flexible CBAM regulations or change the levy.
Brussels and New Delhi instead agreed to hold technical discussions around the carbon tax, and the EU committed itself that it would not give other countries more favourable treatment under the scheme than India.
This pledge has no practical effect, as EU law already prohibits the bloc from giving special treatment to certain countries in CBAM.
The first official stated, "We do not intend to discriminate between countries in the implementation of the CBAM."
The EU Carbon Levy was designed to bring imports up to par with those manufactured in Europe where factories pay for CO2 emissions.
It has angered some trading partners including South Africa, Brazil and others who claim that it penalizes their economies by imposing EU standards to developing nations, without them having the resources to meet these standards.
In the same trade agreement, the EU agreed to give 500 million euros to India to reduce its emissions. India will also receive 1.6 millions metric tons in duty-free steel to be exported to the EU. This is about half of the annual shipments.
Analysts and industry executives have stated that the CBAM will likely curb Indian steel exports to Europe and encourage mills to look for alternative buyers in Africa or the Middle East.
CBAM will initially only be charged on imports if they emit a certain amount of CO2, as the EU introduces the tax gradually. Reporting by Kate Abnett in Brussels and Philip Blenkinsop. Shivangi Acharya contributed additional reporting from New Delhi. Mark Potter (Editing)
(source: Reuters)