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The gains in copper on a softer dollar are capped by uncertainty about tariffs
The copper price hovered just below its three-week peak on Thursday. A weaker dollar boosted the prices, but continued uncertainty about U.S. tariffs kept them in limbo. By 1000 GMT, the benchmark copper price on the London Metal Exchange was up 0.4% to $9,418 per metric tonne, after hitting a high of $9,481.50 the previous session, its highest level since April 3. LME copper is up more than 15 percent since it hit a low of $8.105, a level not seen in 17 months. It's difficult to predict what will happen from day to day. "There is no doubt that the tariff optimism which triggered the risk on rally in the early part of the week has faded once again," said Ole Hansen. He is the head of commodity strategy for Saxo Bank, in Copenhagen. The stock market slid as traders digested Wednesday's latest news about the trade war between China and the United States. A U.S. official had said that the high tariffs were not sustainable. Hansen continued, "There is no way to avoid the economic damage that will be caused by any solution to China. It's not going to happen over night. U.S. Comex Copper Futures rose 0.5% to $4.87 per lb. This brings the premium over LME Copper to $1,314 per ton. Hansen stated that the premium has recovered steadily from $480, when traders who held long or bullish Comex positions were forced to liquidate their positions. The dollar index dropped after U.S. president Donald Trump softened his stance towards China and backed off from threats to fire Federal Reserve head. Dollar-priced goods become more expensive to buyers of other currencies when the U.S. dollar weakens. Other metals saw an increase of 0.4% in aluminium to $2.442 per ton. Zinc rose 1.5% to $2.679; lead increased 0.6% to $1.958.50; tin grew 1.5% at $31,770, and nickel rose by 0.9% to $15,805.
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France seeks protection against Chinese steel imports following ArcelorMittal job losses
Sophie Primas, spokesperson for the French government, said that France and other European nations will push for measures protecting European steel against Chinese imports. Primas responded to ArcelorMittal's announcement that it would eliminate 600 jobs at seven French sites because of the crisis in Europe’s steel industry. Prima told CNews/Europe1 that "we have taken some initial steps, particularly on the issue of quotas as well as the introduction of Chinese Steel Quotas. But we must go even further, and France is leading the way." Steelmakers in Europe are being hit hard by the high cost of energy and cheap imports from China. Steelmakers in Europe are also facing higher tariffs for exports to the United States. Primas stated that the overproduction of Chinese steel is partly responsible for the decreased competitiveness of Europe’s steel industry. In a Wednesday statement to its Works Council, ArcelorMittal France North stated that it had "implemented the best short-term adaption measures but now the company must consider reorganisation to adapt its business in the new market context to ensure its competitiveness and future". Arcelor follows Tata Steel's announcement earlier this month that it would eliminate around 20% of jobs at its massive plant in The Netherlands. ArcelorMittal has been criticized for its job cuts. The steelmaker received subsidies from the French government as part of a drive to reindustrialise parts of France. "We fought hard for the funding of decarbonisation, which is crucial to ArcelorMittal", said Xavier Bertrand. The president of Hauts de France - a region that houses several sites that are affected by job cuts - Xavier Bertrand. He said this in a blog post on X. (Reporting and editing by Bart Meijer, Gareth Jones and Makini Brice)
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Gold prices rise on dip-buying; US-China trade updates are the focus.
Investors bought gold bullion on Thursday after a sharp drop in the previous session. However, U.S.-China tensions remained at the forefront of investors' minds. As of 0907 GMT, spot gold rose 1.6%, to $3,340.79 per ounce. Bullion fell over 3% Wednesday, its worst performance since November. U.S. Gold Futures rose 1.8% to $3.352.10. Gold's earlier pullback has removed some of the froth that surrounded its recent surge. This in turn attracted buy-the dip action amid persistent global trade war concerns, said Han Tan. Chief market analyst of Exinity Group. Gold bugs can be confident of achieving the $3,500 mark, given the apparent tailwinds that are still evident for this precious metal. Bullion that does not yield, which is traditionally viewed as a hedge to global instability, has increased by over 27% this year. The International Monetary Fund has reduced its forecasts for U.S. growth and global economic growth in 2018, citing President Donald Trump's tariff policies as the main reason. Ole Hansen is the head of commodity strategy for Saxo Bank. Scott Bessent, U.S. Treasury secretary, said that if Trump's policies were implemented, the U.S. economy will grow faster than the revised IMF estimate of 1,8%. This is down from 2,7% in January. He said that excessively high tariffs in the U.S.-China trade relationship are not sustainable and must be reduced to allow for further trade negotiations. The U.S. Dollar eased in support of gold, making greenback-priced metals cheaper for overseas purchasers. Silver spot fell by 0.5%, to $33.37 per ounce. Platinum was unchanged at $973.25 while palladium dropped 0.6% to $939.53. (Reporting by Rahul Paswan in Bengaluru; Editing by Varun H K)
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In April, Russia's oil revenues fell by 22% year-on-year.
Calculations showed that the revenue from oil and gas in Russia for April fell by 22%, to 0.96 trillion Russian roubles ($11.60billion), compared to the same month last year. This was due to lower oil prices and stronger roubles. The Kremlin's most important cash source has been oil and gas revenues, which have accounted for between a third and a half the total federal budget revenue over the last decade. Profits would also be down by 11% compared to March due to a lower profit-based tax. Calculations show that the Russian oil price per barrel has fallen to 4,620 roubles per barrel, from 6,965 roubles per barrel in April of 2024. Calculations show that Russia's oil-and-gas revenue could fall by 13% on an annual basis between January and April, to 3.6 trillion Russian roubles. The Finance Ministry will publish its estimates by May 7. Since the launch of its military campaign, or what it calls a special military operation in Ukraine in February 2022, Russia has increased its defence and security expenditures. According to a document from the Economy Ministry, Russia's forecast for oil and gas export revenues for 2025-2027, which are a major source of funding for state budgets, has been cut due to lower oil prices. The proceeds have fallen by 15% in this year. The Russian central bank warned that oil prices may be weak for several years. Urals prices dropped to their lowest level since 2023 at around $53 a barrel in April, and they traded under $60 per barrel last week.
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JSW Steel CEO: India's steel safeguard tariff will help control imports
Jayant Acharya said on Thursday that India's decision to impose a temporary 12% tariff on certain steel imports would help reduce imports in some cases. India, the world's second largest crude steel producer, has imposed temporary tariffs, or a provisional safeguard duty on certain steel imports. The duty will last for 200 days. The country's imports for finished steel products increased for the second consecutive year in fiscal 2025, with imports reaching an all-time high amid increased shipments from China. The influx of steel cheaper from China has forced Indian mills into reducing their operations and considering job cuts. Acharya, in an interview said that India is still vulnerable to imports at low prices. "We must determine if the (duty of 12%) is enough or if we need to calibrate our safeguard duty." Acharya said that Europe's plans for tightening steel import quotas will restrict JSW Steel's existence in the region. He did not elaborate. The European Commission announced in March that it would tighten steel import restrictions to protect the European steel industry from soaring imports. Separately Acharya stated that JSW Steel will explore Indian coal assets, and make acquisitions on the basis of strategic and commercial viability. The company currently sources coal, a crucial raw material for steelmaking, from Australia, Mozambique and the United States. (Reporting and writing by Neha Arora, Mumbai; Editing and proofreading by Sonia Cheema).
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The gains in copper on a softer dollar are capped by uncertainty about tariffs
The copper price hovered just below its three-week peak on Thursday. A weaker dollar boosted the prices, but continued uncertainty about U.S. tariffs kept them in a limbo. By 0840 GMT, the benchmark copper price on the London Metal Exchange was up 0.2% to $9,400.50 per metric tonne. It had previously reached a high of $9,481.50, its highest level since April 3. LME copper is up more than 15 percent since it hit a low of $8.105, a level not seen in 17 months. The stocks in Asia fell as traders digested Wednesday's latest news about the trade war between China and the United States. A U.S. official had said that the high tariffs between them were not sustainable. The dollar index dropped after U.S. president Donald Trump softened his stance towards China and backed off from his threats to fire the Federal Reserve head. Dollar-priced goods become more expensive to buyers of other currencies when the U.S. dollar weakens. Other metals saw an increase of 0.3% in aluminium to $2.440 per ton. Zinc rose 1.5% to $2.679, while lead increased by 0.7% to $1.959. Tin gained 1.2% at $31,700, and nickel was up by 0.9% to $15,810 per ton.
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Tesla sales drop 28.2% in March as European car sales increase
According to the European Automobile Manufacturers Association's (ACEA) data, Tesla new car sales in Europe fell 28.2% from a month earlier. However, overall sales of battery-electric vehicles rose 23.6% during the same period. The data shows that total new car sales in Europe increased 2.8% during the month. This was boosted by double-digit increases in Britain and Spain. Why it's Important Tesla's drop in sales in Europe is a sign that some drivers are turning away from Elon Musk's brand of electric cars as the competition with China increases and others protest his political views. While European carmakers also face competition from China and are battling high costs on home markets, they now have to deal with the effects that President Donald Trump’s 25% tariffs will have on auto imports. Trump's 145% tariffs on Chinese imports, and Beijing's retaliatory duties have also caused global growth predictions to be revised downwards. This has created new risks for automakers. By the Numbers The ACEA reported that the sales of cars in March rose from 1,42 million to 1,42 million after two months of decline, according to the ACEA. Stellantis registered a 5.9% decline in registrations, while Volkswagen and Renault saw their numbers increase by 10.3% and 130% respectively. Tesla's third-month sales were down 28.2% on a year-over-year basis, and its market share dropped to 2%, from 2.9%. The EU's total car sales declined 0.2% on an annual basis, falling for the third consecutive month, despite a 17.1% increase in battery electric cars (BEV), a 23.9% rise in hybrid electric vehicles (HEV), and a 12.4% jump in plug-in hybrid vehicles (PHEV). In March, 59.2% more passenger cars were registered with electric vehicles, either BEVs, HEVs or PHEVs, than the previous year. Sales in Spain and Italy grew by 23,2% and 6,3%, respectively, whereas in France and Germany, they fell by 14,5% and 3,9%. Registrations in Britain increased by 12.4%. CONTEXT According to market experts, Europe is the second largest EV market in the world. This growth in interest is largely due the new EU emission standards and the introduction of cheaper electric cars. However, the EU recently proposed a loosening of the targets.
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Shares of UK auto distributor Inchcape fall amid fears of tariffs
Inchcape, a British auto distributor, said tariff uncertainties could affect supply from automakers as well as reduce market demand. This sent its shares tumbling on Thursday after it reported a drop in revenue for the first quarter. The shares of the company fell by nearly 17%, to 575 pence, their lowest level in almost four and a quarter years. The tariffs imposed by U.S. president Donald Trump have disrupted the global supply chain, even though he had earlier in the month suggested possible exemptions for auto-related taxes. The CEO Duncan Tait stated that the current tariff situation is not affecting demand, but we expect to see possible impacts on the supply from our OEMs. The company that exports cars to global manufacturers in 40 countries said it was taking steps to manage inventory levels and costs. Inchcape reaffirmed their 2025 guidance as well, but excluded any impact from tariffs which they did not quantify. Peel Hunt analysts wrote in a report that OEMs are focusing on the strongest distributors, and this could create opportunities. They also said Inchcape's shares remain a good value. In April, UK Finance minister Rachel Reeves stated that Britain worked with Washington in order to get an exemption from U.S. automobile tariffs. Britain could also review a credit program that benefits Elon Musk’s Tesla in an effort to boost support for the UK auto industry. Inchcape’s revenue for three months ending March 31 was 2.1 million pounds ($2.79 million), 5% less than the previous year, on a constant-currency basis. This is due to a challenging economic environment in key markets such as Asia-Pacific and Europe.
Wildfires rave out of control near Los Angeles, killing at least 2
A minimum of 2 individuals were killed as a trio of fastgrowing wildfires raged out of control on Wednesday near Los Angeles, destroying numerous structures, sweltering hillsides and triggering officials to buy some 70,000 individuals to evacuate their homes.
Intense winds were hindering firefighting efforts and fuelling the fires, which have expanded unimpeded because they began on Tuesday.
The biggest blaze had taken in more than 5,000 acres in the picturesque Pacific Palisades neighborhood, which lies west of Los Angeles in between the beach towns of Santa Monica and Malibu and is home to many movie, television and music stars. More than 1,000 structures have actually been destroyed, Los Angeles County Fire Chief Anthony Marrone stated at a news conference on Wednesday.
Another fire, the Eaton fire, had grown to more than 2,000 acres as it burned some 30 miles (50 km) inland in Altadena, near Pasadena. Two fatalities were reported there, though officials stated they did not have additional information.
The Hurst fire, in Sylmar in the San Fernando Valley northwest of Los Angeles, had actually surpassed 500 acres. All 3 fires were 0% consisted of, officials stated.
A high number of considerable injuries had occurred amongst homeowners who did not follow evacuation orders, Marrone said.
Authorities alerted that the gusty winds were anticipated to continue throughout the day.
We are absolutely not out of threat yet, with the strong winds that continue to press through the city and the county today, Los Angeles City Fire Chief Kristen Crowley stated.
The skies above Los Angeles glowed red and were blanketed by thick smoke as the sun rose on Wednesday.
As the flames spread and locals began evacuating after the fires broke out on Tuesday, roadways were so jammed that some people deserted their vehicles to leave the fire. Emergency situation responders were going door to door to press evacuation orders.
California Governor Gavin Newsom stated a state of emergency on Tuesday.
Roughly 100 of the 1,000 public schools in the Los Angeles Unified School District were shut down, Superintendent Alberto Carvalho told journalism conference.
Pacific Palisades resident Cindy Festa said that as she evacuated, fires were this near the automobiles, showing with her thumb and forefinger.
Individuals left their vehicles on Palisades Drive. Burning up the hillside. The palm trees - everything is going, Festa stated from her vehicle.
David Reed said he had no option but to leave his Pacific Palisades home when law enforcement officer appeared at his door. They laid down the law, Reed said. He gathered his crucial belongings and accepted a. trip from officers to the evacuation center at the Westwood. Recreation center. I grabbed my trombone and the latest book I've been reading,. which is my Jack Kerouac anthology here, since I'm a beatnik,. he stated, adding that he could see flames approaching his home.
Pacific Palisades is among the most costly areas. in the nation. A typical home was valued at $3.7 million since. the end of 2023, according to Zillow, more than all however 4. other postal code in the United States.
AT LEAST THREE BLAZES
In the Pasadena area, the Eaton fire swallowed up homes, a. synagogue and a McDonald's dining establishment.
Practically 100 residents from a retirement home in Pasadena were. left, CBS News stated. Video showed elderly locals, numerous. in wheelchairs and on gurneys, crowded onto a smoky and. windswept car park as fire trucks and ambulances attended.
Around 188,000 homes and organizations in Los Angeles County. lacked power on Wednesday, data from PowerOutage.us. showed.
Several burn victims were treated after strolling toward. Duke's dining establishment in Malibu in the evening, the Los Angeles. Times reported, mentioning a fire authorities.
We're facing a historic natural disaster. And I believe that. can't be stated strong enough, Kevin McGowan, director of. emergency situation management for Los Angeles County, said at journalism. conference.
Firefighting aircraft scooped water from the sea to drop it. on the flames as they engulfed homes. Bulldozers cleared. abandoned cars from roads so emergency situation automobiles might pass,. television images revealed.
The fire singed some trees on the premises of the Getty. Rental property, a museum filled with valuable artworks, however the. collection stayed safe mostly due to the fact that nearby bushes had actually been. cut as a preventive step, the museum said.
Before the fire started, the National Weather Condition Service had. provided its highest alert for extreme fire conditions for much of. Los Angeles County from Tuesday through Thursday.
With low humidity and dry plant life due to an absence of rain,. the conditions were about as bad as it gets in terms of fire. weather condition, the service said.
Newsom stated the state had actually placed personnel, firetrucks. and aircraft in other places in Southern California since of the. fire danger to the larger region. California had actually protected federal. grants to suppress all 3 fires, he stated on Wednesday.
President Joe Biden said in a declaration over night that he. had been informed on the wildfires and had offered federal help.
(source: Reuters)