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Data shows that the share of OPEC oil in India's imports has dropped to a record low.
Data from industry and trade sources revealed that the share of OPEC crude oil in India's imported oil fell to a new record low during fiscal year 2024-25, as refiners continued to gorge themselves on cheaper Russian oil, which was the number one oil supplier for New Delhi for a third consecutive year. India, which is the third largest oil consumer and importer in the world, has been buying Russian oil at a discounted price after the West imposed sanctions against Moscow due to the Ukraine conflict. In the fiscal year ending March 2025, the South Asian nation imported 4.88 million barrels of oil per day on average. This represents a 5% increase over the year before. The data showed that imports of Russian oil increased 7.3%, to 1.76 millions bpd. This raised its share to 36%, while OPEC’s share fell slightly to 48.5%. Russia is a close ally of OPEC, but it has eaten away at the Middle East's key producers. India has been forced to diversify its sources of crude oil due to the geopolitical tensions, and to find cheaper supplies in other countries such as Russia. India's second and third largest sources of crude oil were Iraq and Saudi Arabia. Data compiled by revealed that India's oil purchases from Saudi Arabia in the years 2024-25 fell to their lowest level in 14-years, while those from Iraq dropped to a 4-year low. Industry sources claim that Indian refiners have restricted their purchases of Saudi oil because of higher official prices set by Saudi Aramco, the state-owned Saudi company for most of this year. India's crude oil imports have been impacted by lower Middle East imports due to a decline in Iraqi and Saudi Arabian supplies. The data shows that India's imports from Russia of oil in March rose by 11% compared to February, reaching 1.7 million barrels per day, the highest level for 5 months. The data shows that India imported 5.3 millions bpd of oil in March. This is up 1.3% compared to the previous month. The U.S. ranked fourth in terms of oil supplies to India for the month.
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Dalian iron ore prices are on the rise as traders consider India steel duties and resilient China demand
Iron ore futures traded in a narrow range on Tuesday as investors weighed the impact of new temporary tariffs on certain Chinese steel with the brightening demand for near-term products from China. The September contract for iron ore on China's Dalian Commodity Exchange rose by 0.21%, to 711 Yuan ($97.26), per metric ton. As of 0705 GMT, the benchmark May iron ore traded on Singapore Exchange was down 0.87% at $98.5 per ton. Broker Galaxy Futures said that tariff concerns were affecting steel exports and the outlook for demand for iron ore during the second quarter. India implemented a temporary 12% tariff on certain steel imports (locally known as safeguard duty) to stop a rush of cheap shipments, mainly from China. Beijing has also accused Washington's of abusing tariffs, and warned other countries not to strike a wider economic deal with America at its expense. According to ANZ, despite efforts by the government to reduce capacity, steel production grew 4,6% in March to 93 millions tonnes. "Strong iron-ore purchases by steel mills, and lower imports, saw inventories fall sharply," said ANZ. Steelhome data shows that the total iron ore stocks across China ports fell by 2.39% in a week to 134.6 millions tons on April 18. Everbright Futures, a broker, reported that hot metal production has decreased by about 1,000 tons per month, but profits at steel mills have also declined. Iron ore demand is usually gauged by the hot metal production. According to a report by Mysteel, the volume of iron ore shipped from Australia and Brazil increased 0.1% compared to the previous week. Coking coal and coke, which are used in the steelmaking process, have both fallen by 2.42% and 1.83 percent, respectively. The benchmark steel prices on the Shanghai Futures Exchange have fallen. Rebar fell 0.74%. Hot-rolled coil, wire rod, and wire rod all lost 0.8%. Stainless steel dropped 0.63%. $1 = 7.3102 Chinese Yuan (Reporting and editing by Eileng Soreng, Janane Venkatraman).
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Australian shares are buoyed by gold miners and banks during a holiday-thin week
The Australian share market ended Tuesday with little change as volumes were low in a week shortened by holidays. A rush towards safer assets such as gold miners and banks offset a drop in sectors that are more exposed to tariffs, like technology and energy. The S&P/ASX 200 Index finished at 7,816.70, a slight decline. The volume of trade was the lowest it has been in over three weeks, as trading resumed following a four-day holiday. The markets will close again on Friday. A flight overnight from U.S. assets sparked President Donald Trump’s constant criticism of Federal Reserve Chairman Powell spilled over into Australia’s tech stocks, which broadly track the Nasdaq Index. The benchmark was kept afloat by a rush of gold miners and bankers. Jessica Amir is a market analyst at moomoo. She predicts that gold will continue to solidify due to rising demand. The gold miners rose nearly 3%, finishing at a new record high. Bullion continued to reach new heights. The sub-index recorded its seventh consecutive day of gains. Northern Star Resources and Evolution Mining both reached new highs, with gains of 3% and 4,9% respectively. The "Big Four" banks dominate the financial sub-index which has risen over 1% in a matter of weeks. Commonwealth Bank of Australia, Australia's largest lender, surged by 4.2% and finished at a record high of A$168.00 a share. The Australian banks are viewed as a haven of safety. We are seeing a lot more buying in CBA, and the stock is up against the market. The tech sector fell by nearly two weeks, and the energy sector dropped 1.9% due to low oil prices. Healthcare and real estate both fell by up to 1%. The benchmark S&P/NZX50 index in New Zealand, which is based on the S&P 500 index, lost 2.3% and finished at 11,836.69. (Reporting and editing by Sumana Niandy in Bengaluru)
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Short-covering of oil prices has pushed up the price, but concerns about tariffs persist
Investors took advantage of Tuesday's loss to cover their short positions. However, concerns remain about economic headwinds resulting from tariffs and U.S. policy. Brent crude futures increased 36 cents or 0.5% to $66.62 per barrel at 0421 GMT. U.S. West Texas Intermediate Crude contract for May expires Tuesday and was $63.73 per barrel, an increase of 65 cents or 1%. The WTI June contract, which is the most actively traded, was up 43 cents or 0.7% at $62.84 per barrel. The benchmarks fell more than 2% each on Monday as the signs of progress made in the nuclear agreement talks between Iran and the U.S. helped to ease supply concerns. Hiroyuki Kikukawa is the chief strategist at Nissan Securities Investment. "However concerns about a possible recession driven by the Tariff War persist," he stated, predicting WTI would likely trade between $55 and $65 for the moment given the ongoing uncertainty regarding tariffs. Donald Trump, the U.S. president, repeated on Monday his criticisms of Federal Reserve chair Jerome Powell. He also said that the U.S. economic growth could be slowed if interest rates are not immediately lowered. His comments about Powell fueled concerns about the Fed's ability to set monetary policy independently and the outlook for U.S. investments. On Monday, the dollar index and major U.S. stock indices fell to their lowest levels in three years. Kikukawa stated that "the growing uncertainty around U.S.monetary policy will negatively impact financial markets as well as the wider economy. This could also lead to a decrease in crude oil demand." A poll conducted on April 17 revealed that investors believed the tariff policy would trigger a significant economic slowdown this year and the following, with a median probability of recession within the next 12 month approaching 50%. The U.S. has the largest oil consumption in the world. The U.S.-Iran nuclear talks could have a positive impact on the oil price and ease supply concerns, as Iran is a major oil producer. Vivek Dhar is an analyst with Commonwealth Bank of Australia. In a recent note, he said that the U.S. could be willing to ease sanctions on Iran. According to documents obtained, the Russian economy ministry's forecast for the average Brent crude price in 2025 has been cut by 17% compared to its calculations in September. A preliminary poll conducted on Monday showed that U.S. crude and gasoline stocks were likely to have declined last week. However, distillate inventories are expected to be higher, according to the American Petroleum Institute's and Energy Information Administration's weekly reports. Reporting by Yuka Obaashi in Tokyo and Emily Chow, Singapore; editing by Himani Sarkar
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MORNING BID EUROPE - Trying to contain the US market contagiousness
Wayne Cole gives us a look at what the future holds for European and global markets. It is said that the U.S. can sneeze and the whole world will catch a cold. Is contagion inevitable if it's a self-inflicted injury? The Nikkei, which is flat today despite the S&P500's 2.4% loss on Monday, may be an indication of this. It would normally be down by 1,000 points. This is despite the stronger yen. The money that is leaving U.S. assets must go somewhere and it's not only to European defence stocks. According to LSEG Lipper, investors purchased a net of $11 billion worth of European equity funds, and $3.6 billion worth in Asian equity fund in the week ending April 16. Meanwhile, U.S. equity fund saw a $10.6 billion outflow. Since then, Trump has raised the stakes and attacked Fed Chair Powell because he is not cutting rates as quickly as Trump would prefer. Although it's unclear if Trump has the authority to fire Powell, the mere appearance that he is threatening independence of the central banks is a blow to investor confidence. The dollar dropped to a new decade low against the Swissy, at 0.8842. This brings the losses since "tariff-day" to over 8%. The dollar is now testing the 140.00-yen barrier and the euro has surged above $1.15. Unhedged foreign investors in the U.S. have suffered a particularly difficult April. The yields on 10-year Treasuries increased to 4.41%. This is a continuation of the recent increase in term risk. If Trump were to consider Powell's ouster and the appointment of a loyalist then, for example, replacing Treasuries by zero coupon perpetual bonds would not be so outlandish. Trump will also be counterproductive, as the Fed may now be less willing than before to reduce rates out of fear that they'll appear to have bowed to political pressure. Fed fund futures have fallen and are 90% against a May rate cut. Today, there are at least 5 Fed speakers scheduled. It will be interesting to watch how they deal with this difficult political issue. Dodge, maybe. Tesla also released its results today, so investors can see just how bad the news has already been for their shares. The following are the key developments that may influence Tuesday's markets: ECB members Knot, de Guindos and BoE's Breeden speak Jefferson, Kugler Barkin Kashkari, and Harker are among the Fed members who spoke. US Richmond Fed survey on EU consumer confidence
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London copper reaches a two-week high as the dollar falls
The copper price in London reached a two-week-high on Tuesday. This was due to a sharp drop in the dollar, as Donald Trump's harsh criticism of the Federal Reserve Chairman shook the confidence of investors in the U.S. As of 0350 GMT, the benchmark three-month price for copper on London Metal Exchange (LME), was up by 1.2% to $9,302.5 a metric tonne. It briefly reached $9,319.5 per ton, its highest level since April 4. After a weekend break for Easter, the LME returned on Monday. The Shanghai Futures Exchange's (SHFE) most-traded contract for copper rose by 0.6%, to $10,525 per metric ton. The U.S. dollar sagged near the decade low reached the day before against the Swiss Franc and hovered close to a 3-1/2 year trough when compared with the euro. The dollar's weakness makes the price of commodities in U.S. dollars cheaper for buyers who use other currencies. Trump stepped up his criticisms of Fed chief Jerome Powell in a Truth Social posting on Monday, calling him "a major loser" while demanding that he reduce interest rates "NOW", or risk an economy slowdown. Kyle Rodda is a senior financial analyst at Capital.com. He said that the crisis of confidence among U.S. investors was intensifying as Trump's policies could potentially disrupt global economic order. Other metals include LME aluminium, which rose by 0.89%, to $2.386.5 per ton. Lead was up 0.75%, to $1.936.5; tin, up 1.4%, to $31,080; zinc, up 0.8%, to $2.598; and nickel, up 0.5%, to $15,695 per ton. SHFE aluminium fell 0.4%, to 19,695 Yuan per ton. Zinc was down 0.4%, to 22,130 Yuan. Lead was down 0.3%, to 16,890 Yuan. Nickel was up by 0.3%, at 125850 yuan. Tin was down 0.78%, to 257300 yuan. ($1 = 7.3078 Yuan) (Reporting and editing by Janane Venkatraman, Mrigank Dhaniwala).
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China's CMOC shares jump after announcing the acquisition of Lumina Gold
The shares of China's CMOC Group jumped Tuesday after the miner announced that it would purchase Canada-listed Lumina Gold in a cash-only deal for C$581,000,000 ($420.7million). The acquisition allows CMOC to gain access the flagship asset, Cangrejos, of Lumina Gold, which is located in Ecuador's El Oro Province, and has total mineral reserves of approximately 659 millions tons. This project is the largest primary gold deposit of the South American country. CMOC shares listed in Shanghai jumped over 4% while those listed in Hong Kong rose more than 8%. Shares of Lumina Gold soared 29%. The purchase comes at a moment when gold prices are on a rise, reaching multiple historic highs in this year. This is fueled by demand for safe haven amid uncertainty over the U.S. Tariff impact and lingering political conflicts. CMOC reported a 64% increase in its net profit in 2024, aided by a surge in the production of copper and cobalt. The company has also assets such as molybdenum. tungsten. niobium. and phosphate fertiliser. Reporting by Amy Lv, Lewis Jackson and Varun H. K.
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Atlantic Zonda Drillship Starts its Maiden Job with Petrobras
The seventh generation Atlantic Zonda drillship, managed by Ventura Offshore Midco, has started operations for Petrobras under a three-year drilling contract.The Atlantic Zonda is managed by Ventura Offshore through marketing and operating agreements with the rig owner, Eldorado Drilling, and the company will earn its management fees and reimbursable revenues from these agreements.Following the delivery of the Atlantic Zonda from Samsung shipyards, contract preparations were carried out in Singapore, where the rig was upgraded with the most advanced technological drilling package available.The three-year contract marks the start of its inaugural assignment, with an option for additional three years for the Brazilian state-run firm Petrobras.The Atlantic Zonda is a full dual activity rig equipped with Managed Pressure Drilling (MPD) capability.“We extend our heartfelt congratulations to the entire Ventura Offshore team for achieving this important milestone. Their dedication and hard work have been instrumental in bringing this project to fruition. Additionally, we would like to express our sincere gratitude to Eldorado Drilling for their invaluable partnership and support throughout this endeavor. We look forward to delivering safe and efficient operations to Petrobras with the Atlantic Zonda,” said Guilherme Coelho, CEO of Ventura Offshore."We are excited to commence the contract made possible through our strong relationship with Ventura and the hard work, dedication and commitment of the entire Zonda project team,” added Svend Anton Maier, CEO of Eldorado Drilling.
EXPLAINER-From trade to environment, 5 takeaways from the EU election
The European Parliament took a shift to the right after a fourday election concluded on Sunday, with more eurosceptic nationalists and less mainstream liberals and Greens.
The parliament's essential function is reviewing and authorizing new legislation and it usually develops modifications on which it and EU governments require to agree in the past EU regulations or instructions can enter force.
The EU assembly will also need to approve the next president of the European Commission - probably incumbent Ursula von der Leyen for a 2nd term - and their 26 other commissioners.
The rightward shift could have a bearing on a series of essential policy areas in the next five-year term.
ENVIRONMENT
The next 5 years will be essential for identifying whether Europe achieves its 2030 climate change targets.
The EU invested the last five years passing a bumper bundle of clean energy and CO2-cutting laws to strike its 2030 targets, and those policies will be tough to reverse.
However a more climate-sceptical EU Parliament could try to include loopholes to damage those laws, because lots of are due to be evaluated in the next few years - including the bloc's 2035 phase-out of the sale of brand-new combustion engine vehicles, which dealt with criticism throughout the EU election project, including from lawmakers in von der Leyen's centre-right political group.
The European Parliament will also work out with EU nations a new, legally binding target to cut emissions by 2040. That goal will set the course for a future wave of policies to suppress emissions in the 2030s in every sector, from farming, to manufacturing, to transport.
DEFENCE, UKRAINE
Foreign and defence policy are primarily the domain of the EU's member nations, not the European Parliament. So the election outcome ought to not have any instant influence on EU assistance for Ukraine or military matters.
However, the Parliament will have a role to play in strategies to encourage pan-European cooperation between nations and business on defence tasks and to get governments to buy more European military set. The European Commission's Defence Industrial Program, which aims to understand those objectives, requirements the permission of both EU federal governments and the European Parliament.
Gains for celebrations that oppose higher European integration might make these aspirations harder to attain. Likewise, for the Commission's plans to bring any real influence, they will require lots of money from the next long-lasting EU budget, which should also be approved by the Parliament.
TRADE
The European Parliament's principle role in EU trade policy remains in approving open market agreements before they can go into force. It is not straight associated with trade defence, such as the imposition of tariffs.
The European Commission and some EU leaders argue that the bloc needs more trade agreements with dependable partners to make up for lost company with Russia and to lower dependence on China.
A number of trade agreements are still awaiting approval, such as with Mexico and the South American bloc Mercosur, while the European Commission is also looking for to strike handle the likes of Australia.
All those deals, and the Mercosur arrangement in specific, have faced opposition and pushing them through parliament might be even more hard with greater numbers of nationalist eurosceptics.
CHINA, U.S. RELATIONS
The European Commission argues that the EU needs to provide a united stance towards major competitors such as China and the United States, particularly if former President Donald Trump returns to the White Home.
It likewise says the European Union needs a clearer unified industrial technique to remain a major industrial base for green and digital items as rivals pump in enormous subsidies.
Critics say the nationalist conservative celebrations advocate a. looser, more fragmented Europe that will be less able to increase to. these obstacles.
AUGMENTATION, REFORM
The EU needs to reform its internal farming policy and. the way it supports its members to equalise standards of living. before it admits new nations, specifically huge ones such as. Ukraine, because the current system of transfers is already seen. as too costly.
To confess brand-new members - Ukraine, Moldova and the Western. Balkan countries - the EU will likewise need to change how it makes. decisions, reducing the need for unanimity, which is proving. significantly challenging to achieve.
If such reforms are proposed in the next 5 years, the. parliament will have a crucial function to play in forming them and. a more powerful voice of the far-right, which opposes deeper EU. combination, may have a crucial effect.
(source: Reuters)