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Copper gains as US shipments likely to continue despite possible tariffs
On Wednesday, copper prices rose at the London Metal Exchange (LME) and Shanghai Futures Exchange, as traders were expected to continue to rush metal shipments into the U.S. before potential import tariffs. This would further reduce inventories that are already very low. As of 0702 GMT the most traded copper contract on SHFE rose 0.65% to 80.540 yuan per metric ton after reaching 80.930 yuan in the second half of March and remaining at its highest price range to date. The LME's three-month copper price rose 0.06%, to $9939.5. Low copper inventories on the SHFE and LME, along with continued shipments to the U.S. prior to the imposition of import tariffs, have supported prices. This is according to a Beijing-based futures analyst. Copper Stocks Copper inventories in LME-registered storage shed 66% between the middle of February and now stand at 91 250 tons. In the warehouses monitored, the SHFE has also seen a 66% drop in stock since early March. In the summer, copper inventories in China tend to rise due to a weakening of seasonal demand. ANZ reported that "U.S. Treasury Sec. Scott Bessent stated that Washington's negotiation with Beijing would focus first on reciprocal duties, and then on duties on raw materials such as copper." "A delayed tariff decision would justify a premium for U.S. Copper, giving traders more shipping time before levies are implemented." SHFE nickel increased by 0.69%, to 121.220 yuan per ton. Tin gained 0.44%, to 268,520, aluminium rose 0.36%, to 20,635 and lead grew by 0.23%, to 17,175 while zinc fell 0.11%, to 22,230. LME aluminium rose 0.12%, to $2.601.5 per ton. Lead also rose 0.12%, to $2.040.5. Nickel also increased 0.12%, to $15.225. Tin fell 0.58%, to $33,465, while zinc dropped 0.15%, to $2.710. Click or to see the latest news in metals, and other related stories.
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Handelsblatt: German government does not hold talks about TKMS stake
Handelsblatt, citing sources in the government, reported Wednesday that the new German government has not yet entered into any discussions aimed at acquiring a share in Thyssenkrupp’s defence division TKMS. According to the report the Chancellery and the Ministries involved have agreed to not push for state involvement in this period. The German economy and defense ministries have not responded to email requests for comments. Thyssenkrupp didn't immediately respond to an email or phone call seeking comment. Handelsblatt reported that the government would instead seek to establish a "security accord" in order to protect national security and jobs despite a spinoff. This agreement would require regular consultations. Handelsblatt reported that the agreement would include a government right of refusal in the event a strategic shareholder wanted to purchase TKMS. However, this is not expected. Thyssenkrupp said that in the past, government participation was not a precondition to any divestment from TKMS. The planned spin-off will go ahead without it. (Reporting and Writing by Anneli Palmer, Miranda Murray; Editing Kim Coghill & Lincoln Feast).
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Palm production likely to fall in June due to better demand
The price of palm oil in Malaysia rose on Wednesday as a result of improved demand, a rally of soyoil and a possible reduction of production for June. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for September delivery had gained 66 Ringgit or 1.66% to 4,034 Ringgit per metric ton. "Overall, the market has improved. Demand has returned to normalcy." Our preliminary assessment of lower production in the month of June, coupled with the rallying soyoil prices, helped keep palm prices competitive, said Paramalingam Supramaniam at Selangor brokerage Pelindung Bestari. Dalian's palm oil contract, which is the most active contract, gained 0.79%. The Chicago Board of Trade's (CBOT) soyoil price was 0.71% higher. As palm oil competes to gain a share in the global vegetable oils industry, it tracks the price fluctuations of competing edible oils. According to AmSpec Agri Malaysia (an independent inspection company), exports of Malaysian products containing palm oil rose by 4.3% in June compared to the previous month. Intertek Testing Services reported a 4.7% increase. The statistics bureau reported that Indonesian crude palm oil and refined palm oils exports increased by 53% from a year earlier in May. This was because the tropical oil began trading at a lower price than its competitors, which boosted demand from major buyers. Indonesia increased its crude palm oil benchmark price to $877.89 a metric ton, up from $856.38 a metric ton, in June. A trade ministry regulation published on Monday showed this increase. The palm ringgit's trade currency, the dollar, fell by 0.41%, making the commodity more affordable for buyers who hold foreign currencies. Technical analyst Wang Tao stated that palm oil could retest the resistance level of 4,015 Ringgit per metric tonne. A break above this would lead to gains in the range between 4,041 Ringgit and 4,063 Ringgit.
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Iron ore futures are up on a supply decline, but China's property woes limit gains
Iron ore futures rose on Wednesday, as exports from Australia and Brazil fell. However, the persistent weakness of China's real estate market limited gains. As of 0357 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was trading 0.77% higher. It was 716 yuan (US$99.91) per metric ton. Singapore Exchange benchmark August iron ore was up by 0.86% to $94 per ton. Everbright Futures, a broker, said that iron ore exports from Australia and Brazil, two of the world's top iron ore producers, have decreased, while global iron ore shipment has also declined. Everbright reported that hot metal production, which is a measure of iron ore consumption, has continued to rise month-on-month. China's factory output has increased since November 2024, according to official PMI and Caixin PMI. Even so, the resale prices of homes in China dropped at a faster rate in June. Meanwhile, new home price growth slowed down, highlighting persistent weakness on the property market in China. Analysts at ANZ also noted that a proposed by the China Iron & Steel Association restricting exports of certain products of steel could increase supply in the country and potentially pressure prices. Coking coal and coke both gained 0.92% on the DCE. The benchmark steel prices on the Shanghai Futures Exchange have risen. Rebar climbed 1.44%; hot-rolled coil jumped 1.12%; wire rod grew by 0.45% and stainless steel jumped 1.04%.
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EU adds international CO2 credits as part of next climate goal
A draft of the proposal revealed that the European Commission would propose on Wednesday an EU climate goal for 2040, which for the first will allow countries to utilize carbon credits from developing countries to meet a small share of their emission goals. The draft seen by said that the European Union executive will propose a legally binding target to reduce net greenhouse gas emission by 90% by 2040 from 1990 levels. This is to keep the EU on track to achieve its core climate goal of reaching net zero emissions in 2050. The draft EU proposal, however, includes flexibility that will soften the 90% emission target for European industry, following pressure from France, Germany and other governments, including Italy, Poland, and the Czech Republic. Prior EU emission targets were based solely on domestic emission reductions. The draft reflects Germany's public position that up to three percentage points of 2040 targets can be covered through carbon credits purchased from other countries via a U.N. supported market. This reduces the effort required for domestic industries. The draft stated that the carbon credits will be phased-in from 2036. "EU will propose legislation setting robust and high integrity standards and criteria, as well as conditions on origin, timing, and use of these credits," it said. The report said that countries would be given more flexibility in choosing the sectors of their economy that contribute most to the 2040 target. Climate change has made Europe one of the fastest-warming continents in the world. A heatwave that hit the continent this week caused wildfires, disruption and chaos. But Europe's aggressive policies to combat the temperature increase have stoked the tensions among the 27 member bloc. The European Commission's climate agenda is a way for the European Commission to improve Europe’s competitiveness and safety. However, some governments and legislators say that industries already struggling with high energy prices and U.S. tariffs cannot afford stricter emission rules. The draft stated that "Decarbonisation not only is crucial for the environment, but it can also be a key driver of growth in the economy when integrated with policies on industrial, trade, and competition." Un spokesperson for the Commission declined to comment on this draft which may change before publication. Carbon credits can be generated through projects that reduce CO2 emission abroad, such as forest restoration projects in Brazil. These carbon credits then raise money for these projects. Investigations have revealed that some credits did not deliver the claimed environmental benefits. The EU's Climate Science Advisors oppose counting them towards 2040 and say that spending money on carbon credits from abroad would divert investment away from local industries. EU legislators and countries must agree on the 2040 target. This lawmaking process may take many years, but by mid-September the EU must submit to the U.N. its new 2035 climate goal - which should be derived directly from the current 2040 target - as the Commission had stated. (Reporting and additional reporting by Michel Rose, editing by Barbara Lewis.)
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Oil prices remain unchanged as OPEC+ increases weigh on the market
The price of oil futures was little changed on Tuesday as the markets considered the expectations for more supply next month from major producers, a weaker U.S. Dollar and a mix bag of economic indicators and market indicators coming from the U.S. Brent crude rose 2 cents to $67.13 a bar at 0345 GMT while U.S. West Texas Intermediate Crude fell 1 cent, down to $65.44 a bar. Brent oil has fluctuated between a high and a low of $69.05 per barrel since June 25. This is because concerns about supply disruptions have diminished following the ceasefire agreement between Iran and Israel. Sources said that American Petroleum Institute data released late Tuesday showed U.S. crude inventories had increased by 680,000 barrels over the past seven days, at a period when stocks are typically low during the summer season. "Today's oil prices are influenced by a combination of factors, including a potentially increasing OPEC+ production, unclear U.S. stock signals, an uncertain geopolitical scenario, and macro policy ambiguity," stated Phillip Nova Senior Market Analyst Priyanka Sahdeva. Investors have already factored in the planned increases by the Organization of the Petroleum Exporting Countries (OPEC+), which includes Russia. They are not likely to be caught off guard again soon, said Ms. Sher. Four OPEC+ source told us last week that the group will increase output by 411,000 barrels a day when it meets next month on July 6. This is a similar amount as what was agreed upon for May, June and even July. According to Kpler data, the market has already seen the effects of previous OPEC+ increases. Saudi Arabia, which is the largest oil exporter in the world, increased its shipments by 450,000 bpd in June from May. This was the highest level in over a year. Sachdeva said that, "With geopolitics at a minimum for the moment, oil futures are likely to trade in a tighter band this week as global economic worries persist. An easing dollar is the only exception which could extend any upward momentum." The greenback The number of people who are unemployed has fallen to its lowest level in three and a half years A weaker dollar could support prices, as it would encourage buyers to pay in other currencies. Tony Sycamore is an analyst at IG. He said that the Federal Reserve's interest rate reductions in the second half will be influenced by the non-farm payroll data released on Thursday. Lower interest rates would spur economic activity, which in turn would boost oil demand. The Energy Information Administration will release official data on the U.S. stockpile of oil by Wednesday morning at 10:30 am ET. ET. (Reporting and editing by Christian Schmollinger; Trixie Yap, Singapore; Sudarshan Varadahan in Singapore)
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PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia
Malaysia’s oil and gas services Velesto has secured a drilling contract for its NAGA 5 jack-up drilling rig by PTTEP HK Offshore and PTTEP Sarawak Oil, collectively referred as PTTEP, for its 2025 - 2026 drilling campaign in Malaysia.Under the contract, Velesto will assign NAGA 5, one of its premium jack-up rigs, to drill a firm 15 wells with operations scheduled to commence in June 2025.The latest award follows Velesto’s recent announcements for NAGA 4 and NAGA 8 in May 2025, further strengthening the group’s fleet utilization outlook.Velesto continues to benefit from rising regional demand for jack-up rigs and anticipates a more active second half of 2025, supported by a robust tender pipeline and stable client activity.NAGA 5 is a premium independent-leg cantilever jack-up drilling rig with a rated operating water depth of 400 feet and drilling depth capability of 30,000 feet.“We thank PTTEP for their continued confidence and the opportunity to support their drilling operations in Malaysia. Our focus remains on safe, reliable execution, driven by consistent delivery across campaigns.“With several rigs under long-term contracts, we remain committed to operational discipline and value-driven execution that creates sustainable returns for our shareholders,” said Megat Zariman Abdul Rahim, President of Velesto.
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Copper gains as traders continue to ship ahead of potential US tariffs
On Wednesday, copper prices rose at the London Metal Exchange (LME) and Shanghai Futures Exchange, as traders were expected to continue to rush metal shipments into the U.S. before potential import tariffs. This would further reduce inventories that are already very low. As of 0105 GMT the most traded copper contract on SHFE rose 0.62%, to 80,520 Yuan ($11238.43), per metric ton. This is the highest price range in 2025 so far, around the second half of March. The LME's three-month copper also increased 0.12%, to $9,945.5. Low copper inventories in the SHFE and LME, along with the continued shipment to the U.S. prior to the imposition on import tariffs, have supported the price. Copper Stocks Copper inventories in LME-registered storage shed 66% between the middle of February and now stand at 91 250 tons. In the warehouses monitored, the SHFE has also seen a 66% drop in stock since early March. The summer months are usually the time when copper inventories in China tend to increase due to a low season demand. ANZ reported that "U.S. Treasury Sec. Scott Bessent stated that Washington's negotiation with Beijing would focus first on reciprocal duties, and then on duties on raw materials such as copper." "A delayed tariff decision would justify a premium for U.S. Copper, giving traders more shipping time before levies are implemented." SHFE aluminium rose 0.61%, to 20,685 Yuan per ton. Tin gained 0.4%, to 268,420 Yuan. Lead increased by 0.2%, to 17,170 Yuan. Nickel grew by 0.16%, to 120,580 Yan, while Zinc fell 0.4%, to 22,165 Yan. LME aluminium rose 0.33%, to $2607 per ton. Lead gained 0.2%, to $2042, while zinc grew 0.06%, to $2715.5. Click or to see the latest news in metals, and other related stories. Data/Events (GMT 0900 EU Unemployment May Rate ($1 = 7.1647 Chinese Yuan) (Reporting and Editing by Rashmi aich; Reporting by Hongmei Li)
Brazil taps COP30 head, warns of Trump's influence on climate talks
Brazil's newly nominated head of the planned 2025 COP30 environment summit in the Amazonian city of Belem alerted on Tuesday that President Donald Trump's. decision to withdraw the United States from the Paris Arrangement. would cast a shadow over the talks.
We are still examining President Trump's statements,. but there is no doubt they will have a substantial effect on. preparation for COP30, Ambassador Andre Correa do Lago told. press reporters on Tuesday quickly after he was named to the post.
Trump withdrew the U.S. from the 2015 pact right after. taking workplace for a second non-consecutive term on Monday,. eliminating the world's most significant historical emitter of greenhouse. gases from global efforts to combat climate change for the second. time in a decade.
The move adds to difficulties Brazil was already set to deal with. as COP30 host, including tough conflicts over financing the. energy transition in establishing countries and the brand-new pledges to. minimize emissions countries have promised to make.
Correa do Lago said there are still numerous courses of dialogue. with the U.S., despite Trump's latest relocation, keeping in mind the country. is still a member of the United Nations climate convention, a. online forum of dialogue in between countries about global climate policy.
The announcement of the COP30 head is the starting point for. the Brazilian government to set up the management structure that. will perform settlements for what likely will be among the. most difficult conferences in recent years.
In his new role, Correa do Lago will work as the primary. facilitator and mediator between country delegations at the. November summit.
The presidency is considered necessary to the success of the. conference, in which leaders from nearly every country on the. world will work out how to keep international warming listed below. devastating levels, after 2 years of record heat.
Correa do Lago's choice by President Luiz Inacio Lula da Silva. marks a return of the conference's leadership to the hands of. authorities with a history of operating in climate policy.
He has been Brazil's negotiator at worldwide climate tops. given that 2023, a function he likewise had between 2011 and 2013, and has. worked in climate diplomacy and sustainable development because. 2001.
Both Azerbaijan, which hosted the conference last year, and. the UAE, the host in 2023, designated authorities who worked in. state-owned oil companies to lead the summit.
Brazil is also facing steep difficulties to get the city of. Belem, in the Amazon rain forest, prepared to welcome 10s of. countless individuals in November.
In the next couple of months, the city will require to a minimum of. double the variety of beds available in hotels and other. lodging.
Lula, who has actually pledged to end logging in the. Amazon, has actually attached much of his political capital on the global. stage to the success of the conference in Belem, the 2nd most. populous city in the area.
Sources in the government told Reuters that Correa do Lago. was the very best prospect for the position, because he is not just. familiar with all climate settlements however likewise has connections. with all sectors included within the government itself.
He was responsible, for instance, for fixing the deadlock. in between rich countries and establishing ones in the G20 climate. negotiations in Rio de Janeiro, which threatened to immobilize the. summit communique in 2015.
(source: Reuters)