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Copper prices fall outside US after Trump's 50% tariff
The London Metal Exchange and Shanghai Futures Exchange saw a drop in copper prices on Wednesday, as the announcement of U.S. tariffs on copper signaled the end of a long-running arbitrage trade which had pulled the metal from the global markets. U.S. president Donald Trump announced on Tuesday that he would announce 50% tariffs on copper. U.S. Comex Copper futures rose more than 12%, reaching a new record high. The U.S. Commerce Department's Howard Lutnick announced shortly after that the copper tariffs were likely to be implemented by the end or August 1 of this year. The announcement was like a thunderous boom in the middle night. A 50% tariff is higher than expected. Since the announcement of the tariff investigation in February, traders from around the world have sent copper to the U.S. as they anticipated higher prices. Comex inventories have reached their highest level since last year. The days of this trade are numbered, given the short time left to move the copper before the deadline. This could potentially lead to a release of supply from outside the U.S. Prices reflected a shift in the market. In the wake of a Comex record, the LME three-month contract for copper fell by 1.2%, to $9,675 a metric ton, at 0346 GMT. The most traded copper contract on SHFE also dropped 1.1%, to 78.580 yuan (10,944.29) per ton. Michael Wu, an analyst for copper at the Shanghai Metals Market said that there are few buyers in Asia who want to deliver copper to the U.S. given the short time left before the deadline. He added that the only shipments likely to meet the deadline will be those from Latin America. LME nickel dropped 0.5% to $14,965 per ton. Lead fell 0.6% to $2,000, while tin eased by 0.2% to $33,370. Zinc was down 0.4% to $2709 and aluminium was down 0.5% to $2574. SHFE nickel dropped 1.4% to 118.960 yuan per ton. Lead gained 0.5% at 17,195 yuan. Zinc was unchanged at 22,010, aluminium rose 0.2% to 20.525 yuan and tin increased 0.2% to 264.880 yuan. Click or to see the latest news in metals, and other related stories.
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A flash flood in a New Mexico resort town traps many in their homes and vehicles
A state official reported that flash flooding in New Mexico caused by monsoon rains trapped dozens in their homes and vehicles around Ruidoso, a mountain resort village. The floods also swept an entire home away. The house was ripped apart from its foundations and careened through the brown, muddy water of the flood-engorged Rio Ruidoso. It smashed trees on the way. "I have seen the video." Danielle Silva, spokesperson for New Mexico Department of Homeland Security and Emergency Management said: "We don't know who was inside the house." No immediate reports of death or injury from Tuesday's floodwaters have been confirmed. Silva reported that emergency teams, pre-positioned in Ruidoso by local law enforcement, and the National Guard, conducted at least 85 rapid-water rescues, including many victims who had been stranded by flooding in their homes and cars. Silva reported that the river rose quickly to a record-breaking 20.24 feet (6.22 metres) during the flood of late afternoon. As the floodwaters started to recede, the authorities began searching through the debris for survivors. She said that the intensity of the debris flow had been heightened by the charred landscape that was left by the wildfires that swept through the area in June last year, and the subsequent flooding that eroded soil. Ruidoso, a popular ski resort and summer getaway in south-central New Mexico's Sierra Blanca range is located about 115 miles south of Albuquerque. The latest flooding occurred in Texas Hill Country four days after a flash flood caused by torrential rainfall along the Guadalupe River devastated a large area of Texas Hill Country. At least 109 people were killed and scores more are still missing. Reporting by Steve Gorman, Los Angeles; editing by Michael Perry
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Investors await clarity on tariffs, which has led to a drop in oil prices from their two-week highs
The oil prices fell on Wednesday, after reaching two-week highs the previous day. Investors were waiting for new developments regarding U.S. Tariffs and the expectation of rising crude stocks in the United States. Brent crude futures fell 7 cents or 0.1% to $70.08 per barrel at 0400 GMT. U.S. West Texas Intermediate Crude fell 8 cents or 0.1% to $68.25 per barrel. The latest delay in tariffs by U.S. president Donald Trump gave some hope to the major trading partners Japan, South Korea, and the European Union, that deals could be reached to reduce duties. However, it left some smaller exporters, such as South Africa, confused and without clarity about the way forward. Trump has pushed the previous deadline of Wednesday back to August 1. He declared on Tuesday that "no extensions will be granted." Trump said he will impose a tariff of 50% on imported copper, and introduce levies that have been threatened for years on semiconductors and pharmaceuticals. This will intensify a trade conflict that has roiled markets around the world. Priyanka Sackdeva, a senior analyst at Phillip Nova, said: "Investors constantly deal with 'tariff headlines' and their potential impact on global trade." "... "... While there was a strong demand for travel during the U.S. holiday on July 4, industry data showed that crude inventories in the U.S. could have increased by around 7.1m barrels. Fuel products' stock levels were also lower. In a note to clients, ING analysts said that the API numbers overnight were negative for oil. They added that "changes made in refined products have been more positive". The U.S. Energy Information Administration will release official data at 1430 GMT today. The Energy Information Administration said in its monthly report on Tuesday that the U.S. would produce less oil than expected in 2025 due to the lower oil prices this year. In its report on short-term energy outlook, the EIA stated that it expects to see 13.37 million barrels of oil produced per day by 2025. This is a decrease from last month's prediction of 13.42 millions bpd.
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Scientists estimate that the European heatwave has caused 2300 deaths.
According to a rapid analysis of the scientific literature published on Wednesday, around 2,300 people in 12 European cities died from heat-related causes during the severe heatwave which ended last week. The study focused on the 10 days ending July 2 when temperatures in large parts of Western Europe reached 40 degrees Celsius. According to a study by Imperial College London and London School of Hygiene and Tropical Medicine, of the estimated 2,300 deaths during this time period, 1,500 were linked to climate changes, which caused the heatwave to be more severe. Climate change has made the world significantly hotter, making it more dangerous, said Dr Ben Clarke. He is a researcher from Imperial College London. Researchers found that climate change has increased temperatures in 12 cities, including Barcelona, Madrid and London, by as much as 4 degrees Celsius. Researchers used epidemiological models to estimate death rates. This includes deaths that were caused by heat, as well as deaths in which pre-existing conditions were exacerbated. Scientists said that they used peer reviewed methods to quickly estimate the death toll because most heat related deaths are not reported officially and some governments don't release this data. In a bulletin published on Wednesday, the EU's Copernicus Climate Change Service stated that June 2018 was the third hottest month on record for the planet, after the same months in 2024, and 2023. Copernicus reported that Western Europe had its warmest month on record in June. Much of the region experienced "very strong heat-stress" conditions, defined as temperatures of 38 degrees Celsius and above. Samantha Burgess is the strategic lead at Copernicus for climate. She said: "Heatwaves will become more intense, frequent and affect more people in Europe as a result of global warming." According to new research from European health institutions, researchers in 2023 reported that up to 61,000 people could have died during Europe's scorching heatwaves of 2022. This suggests the countries' efforts in heat preparedness are failing fatally. Over time, the average temperature of the Earth has risen due to the accumulation of greenhouse gases in the atmosphere. These emissions are mainly caused by the burning fossil fuels. The increase in the baseline temperature means that temperatures can soar higher during a heatwave.
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Rem Offshore's Zero-Emission Subsea Construction Vessel Hits Water (Video)
Norwegian shipowner Rem Offshore has launched the hull for its dual-fuel methanol energy subsea construction vessel (ESCV) Rem Pioneer in Vietnam, months ahead of schedule.The launch ceremony was held on June 27 at Song Cam shipyard in Vietnam.According to the company, hull construction will continue for a while, and outfitting will begin in the autumn at Myklebust Verft.Rem Pioneer ESCV will be delivered in 2026 and will be the first of its kind that can perform heavy construction work in both offshore wind and subsea with net zero emissions.The newbuild uses a number of solutions where energy consumption is almost halved compared to comparable tonnage in today’s market, as well as meeting future requirements for zero emissions from end to end, according to the company.The vessel will be equipped with dual-fuel methanol engines in combination with battery packs.All offshore lifting equipment, including the 250 T crane, is electric and regenerates power to the batteries.The working deck is over 1,400 m2, and it is also prepared for the installation of an offshore gangway for use in offshore wind.Rem Pioneer will be able to accommodates 120 persons.
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Iron ore prices continue to rise despite falling shipments, but China data is mixed and may limit gains
Iron ore prices rose for the second session in a row on Wednesday. This was aided largely by a drop in shipments, and a resilient demand. However, mixed factory data from China, whose top consumer, curbed gains. As of 0250 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was trading 0.68% higher. It was worth 736.5 Yuan ($102.57). As of 0240 GMT, the benchmark August iron ore traded on Singapore Exchange was up by 0.34% to $96.1 per ton. Everbright Futures analysts said that iron ore shipments have dropped after the ramp-up at the end of last quarter. Galaxy Futures analysts noted that the ore price will be supported by the supply side. Galaxy's analysts said that despite a slight decline, hot metal production remained at a high level. Steel consumption in the manufacturing sector is also strong. Iron ore demand is usually gauged by the hot metal production. The gains, however, were modest. Data showed that China's consumer price index rose in June for the first five months. Meanwhile, its producer deflation reached its highest level in nearly two years. In the second largest economy in the world, uncertainty about a trade war around the globe and a subdued domestic demand are still causing policymakers to be under pressure to introduce more support measures. Coking coal and coke, which are used to make steel, have gained 1.55% and 1.06 % respectively. The benchmarks for steel on the Shanghai Futures Exchange have been moving in a narrow range. The price of rebar was 0.07% higher. Hot-rolled coil, stainless steel and wire rod were all flat. ($1 = 7,1802 Chinese Yuan) (Reporting and editing by Harikrishnan Nair; Amy Lv, Lewis Jackson)
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Gold nears a one-week low amid firmer US dollar and yields
The gold price hovered near its lowest level in over a week on Wednesday, under pressure due to a stronger U.S. Dollar and rising Treasury yields. Meanwhile, fresh tariff threats by U.S. president Donald Trump unnerved the markets. As of 0234 GMT, spot gold remained at $3.301.50 an ounce. U.S. Gold Futures dropped 0.2% to $3310.10. Trump announced that he would impose tariffs of 50% on imported copper, and levy the long-promised levies against semiconductors and pharmaceuticals. Trump reiterated on Tuesday his threat to impose 10% tariffs on BRICS countries. A day earlier, he had notified 14 countries including Japan and South Korea of the tariff increases that would take effect August 1. The U.S. Dollar Index steadied on Wednesday after reaching a new two-week-high late Tuesday. Meanwhile, the yield of benchmark 10-year U.S. Treasury Notes hovered around a three week high. Ilya Spirak, global macro head at Tastylive said: "Gold prices have held up well against the backdrop of rising yields as well as a stronger dollar. Its ability to resist pressure indicates underlying strength and bullish bias." A higher yield increases the cost of non-yielding gold, while a weaker US dollar makes it more affordable to holders of other currencies. Investors are closely examining the minutes of the latest U.S. Federal Reserve meeting, which is due later today, to look for any hints about possible interest rate reductions, despite the central bank’s wait-and see approach. Spivak stated that "it's been a quiet week in terms of economic data. However, the reaction of prices to the minutes from the June FOMC meeting could help determine where we stand on this debate between Fed and markets." The New York Fed's most recent survey showed that Americans' expectations for inflation remained unchanged. One-year inflation was estimated at 3% in the latest survey, down from the 3.2% of May. Three- and five year inflation expectations were also maintained at 3% and 2,6% respectively. Spot silver dropped 0.5% to $36.58 an ounce. Platinum was down 0.8% to $1,348.78, and palladium fell 0.4%, falling from $1,106.29.
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As traders consider tariffs, the dollar is firmer and Asian stocks are mixed.
The dollar was trading at a two-and-a-half-week high against major peers on Tuesday, while copper reached a new all-time high overnight after U.S. president Donald Trump expanded his global trade conflict by threatening to impose a 50% tariff. Trump said that levies would be imposed on pharmaceuticals and semiconductors in the near future, which weighed on Wall Street Tuesday. Futures indicate further weakness on Wednesday. Stock markets in Asia-Pacific were mixed as investors digested Trump’s latest shifting trade salvos. Japan and South Korea, two of the largest U.S. trading partner countries in Asia-Pacific, face a deadline on August 1, to either reach a deal with Trump or face new tariffs. Trump has given mixed signals about how flexible he is regarding this date. Trump's Monday comment that he was "firm but not 100%" confirmed the belief among some markets that deadlines were a negotiation tactic the U.S. President would eventually back away from. Trump's stance appeared to be hardened on Tuesday when he said, "No extensions will ever be granted." Nikkei, the Japanese stock index, fell 0.2% after a small gain. Australia's index of stocks fell by 0.4% and Hong Kong's Hang Seng dropped 0.9%. The KOSPI in South Korea rose 0.5%, while mainland Chinese blue-chips gained 0.2%. U.S. S&P futures eased by 0.1% following a loss of 0.1% for the cash index Tuesday, which extended the 0.8% decline that began the week. The delay of the imposition of tariffs against some of the U.S. major trading partners until August 1st has both pushed the can down the road, and reinforced the notion that higher tariff rates were a negotiation ploy," Kyle Rodda wrote in a Capital.com note. "As a consequence, the markets are left hanging and waiting for a more powerful catalyst to drive the move." Trump said that the trade talks with China and the European Union have been good, but he also added that he was only a few days away from sending the EU a tariff letter. Since Trump's announcement of reciprocal tariffs on April 2, "Liberation Day", the markets have been roiled. Washington and China reached an agreement in June on a framework for tariff rates. Metals, Currency U.S. Copper Futures have risen by over 10%, reaching a new record high, after Trump threatened to introduce new duties on this metal, which is essential for electric vehicles, military equipment, the power grid, and many consumer products. These duties would be added to those already in place on steel, aluminum and automobile imports. Copper futures in London, Shanghai and other markets fell on Wednesday as traders might not have enough time to ship to the United States after Trump's sudden tariff announcement. Trump has also threatened to impose 200% tariffs for drug imports. He said that the delay could be up to a year. The U.S. Dollar continued to gain strength on Wednesday and reached its highest level since June 20, at 147.02 Japanese Yuen. The dollar index (which measures the currency's value against the yen, and five other major competitors) edged up at 97.573 after reaching its highest level since June 25, Tuesday, when it was 97.837. The dollar was unchanged at $1.1720 and the euro at $1.1720. Sterling was also flat at $1.3585. After a more than 1% decline on Tuesday, gold found a bottom at $3,301 an ounce. The oil prices have retreated from their two-week highs of Tuesday. Brent crude futures fell 20 cents, to $69.95 per barrel. U.S. West Texas Intermediate Crude dropped 21 cents, to $68.12 per barrel.
FACBTOX-Here's what we understand about Trump's scheduled executive orders after swearing-in
Donald Trump prepares to provide a flurry of executive orders and directives after he is sworn in as U.S. president on Monday to put his stamp on his brand-new administration on matters varying from energy to migration.
2 sources familiar with the planning stated more than 100 such orders and instructions might be released beginning on The first day in what is understood internally as a shock and awe effort.
Here is what we know about the executive orders so far:
MIGRATION
Trump plans to take a flurry of executive actions focused on cracking down on legal and unlawful migration and increase deportations after he gets in the White Home on Monday, an inbound Trump administration authorities said.
Trump plans to declare illegal immigration at the U.S.-Mexico border a
nationwide emergency situation
to support the building of a border wall and send additional troops to the border, the authorities said.
Trump will release a sweeping pronouncement that intends to block access to all asylum at the Mexico border, the authorities stated. He will also release an order intended to end birthright citizenship for U.S.-born kids whose parents lack legal migration status, the official stated.
Citing the 14th Amendment to the U.S. Constitution, the authorities said in a rundown: The federal government will not acknowledge automated bequest citizenship for children of prohibited aliens born in the United States. We are likewise going to improve vetting and screening of prohibited aliens.
The U.S. Constitution's 14th Change provides for granting citizenship to all individuals born or naturalized in the United States. Any relocation by Trump to end due citizenship would deal with a legal obstacle.
ENERGY
One of Trump's orders on Monday will declare a national energy emergency aimed at letting loose economical and trustworthy American energy, an authorities with the incoming White House stated. Trump, who pledged during his campaign to drill, baby, drill, will likewise sign an executive order focused on Alaska, the official stated, including that the state was vital to U.S. national security and might allow exports of LNG to other parts of the United States and allies.
Sources acquainted with the strategies of members of Trump's. shift group have actually said that Trump is considering executive. orders to target everything from electric cars to. withdrawing again from the Paris climate agreement, an action he. took in his first administration.
Members of his transition group are advising sweeping. changes to cut off assistance for electric vehicles and charging. stations and to reinforce steps obstructing the import of cars and trucks,. parts and battery products from China, according to a. file seen .
The shift team also recommends enforcing tariffs on all. battery materials internationally, a bid to increase U.S. production, and. then negotiating individual exemptions with allies, the document. shows.
Trump's executive orders will likewise likely seek to roll back. Biden's environment regulations on power plants, end his time out on. liquefied gas exports, and withdraw waivers allowing. California and other states to have tighter pollution rules.
TARIFFS
Trump will release a broad trade memo on Monday that stops. short of imposing new tariffs on his very first day in office, but. rather directs federal companies to assess U.S. trade. relationships with China, Canada and Mexico, an incoming Trump. administration official said.
The Republican politician inbound president has actually vowed tariffs of. 10% on global imports, 60% on Chinese products and a 25% import. additional charge on Canadian and Mexican items, tasks that may. upend trade circulations, raise expenses and draw retaliation.
The official, validating a Wall Street Journal report,. said Trump will direct companies to investigate and remedy. consistent trade deficits and address unreasonable trade and currency. policies by other nations.
The memo will single out China, Canada and Mexico for. examination but will not announce brand-new tariffs, the official stated. It will direct companies to assess Beijing's compliance with its. 2020 trade handle the U.S., in addition to the status of the. U.S.-Mexico-Canada Agreement, or USMCA, the official said.
Trump thinks tariffs would assist enhance economic development in. the United States, although challengers alert that the costs would. likely be passed along to consumers.
TRANSGENDER RIGHTS
Trump will release an executive order declaring that the. U.S. federal government will only recognize two sexes, male and. female, an inbound White Home official stated on Monday. Trump. has actually sworn to sign an executive order ending transgender rights. in the U.S. military and inside U.S. schools.
As for transgender professional athletes, he told a rally on Sunday that. he would act on his first day to stop the participation of trans. professional athletes in females's sports.
DIVERSITY PROGRAMS
Trump will likewise issue an order ending radical and inefficient. variety, equity and addition programs inside the federal. government, an inbound White House authorities said on Monday.
Throughout his first term, Trump signed an executive order. to curtail efforts to resolve racial variations in the. office, through programs consisting of diversity training inside. business.
Biden reversed that executive order on his very first day in. office in January 2021, and Trump is most likely to renew his. initial order early in his second term, and possibly on his. first day in workplace.
Trump has actually likewise slammed variety, equity and inclusion. policies inside universities.
PARDONS
Trump has also stated he will take action immediately on. taking workplace to issue pardons for some of the hundreds of. individuals convicted or charged in connection with the Jan. 6, 2021,. assault on the U.S. Capitol by his supporters.
GENDER-AFFIRMING CARE
Trump stated in a project video in 2023 that on his first day. in workplace he would withdraw the Biden administration's policies. that provide details and resources to those seeking medical. care so they can align their bodies with the gender they. identify with. That care can consist of hormone treatment and. surgical treatment.
DRUG CARTELS
Trump plans to classify drug cartels as foreign terrorist. companies in an early executive order, Punchbowl News. reported on Sunday, fulfilling a pledge he made on the campaign. path to punish the sources of the deadly opioid. fentanyl.
REQUIRING FEDERAL WORKERS TO RETURN TO THE OFFICE
Trump has railed against work-from-home plans for. 10s of thousands of federal employees, which were greatly. increased during the COVID-19 pandemic, and he has sworn to end. them.
In December, Trump said if federal employees refuse to return. to the workplace, they're going to be dismissed.
By requiring government workers back into the workplace Trump and. his allies hope it might set off massive resignations, which. would assist in their goal of minimizing the size of the federal. bureaucracy.
(source: Reuters)