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Stocks soar as SpaceX fever boosts technology; the yen remains flat following BOJ rate hikes
The global?stocks rose on Tuesday, following a rally on Monday on the news of a U.S. - Iran peace deal. Meanwhile, the dollar remained steady against the yen after the Bank of Japan increased rates to a '31-year-high. The markets have taken a more measured approach to Gulf developments, as the initial excitement surrounding the preliminary agreement reached between Washington and Tehran has begun to fade. Investors were encouraged by the blockbuster IPO of SpaceX, which took place late last week. Its shares rose nearly 20% on the following Monday and pushed the market value of the space exploration firm past $2 trillion. In premarket trading, they were up 10.7% on Tuesday. Nasdaq Futures rose by 0.1% while S&P500 e-mini Futures were flat. After the Japanese central banks voted 7-1 in favor of raising its benchmark policy rates to 1% levels last seen in 1995, the Nikkei 225 reached the 70,000 level for the first time. The yen remained flat at 160.31 against the dollar. The STOXX 600 index in Europe rose 0.6% and hovered near the record high of Monday. This was led by gains made by Schneider Electric, a company that caters to data centers, and ASML. Nvidia, world's largest maker of AI chips, shocked investors by tapping bond markets for 25 billion dollars. The company said that the money would be used to fund general corporate needs and the debt sale would serve as a benchmark for future issuance. Nvidia's shares fell a little in premarket trade. Mitch Reznick is the group head of Fixed Income at Federated Hermes. He said: "We're one-step closer to codifying the optimism of this market." He added that the key question is how much systemic inflation we have, its impact on consumers, and whether it has spread throughout the economy. The price of oil fell another 2.2%, to a low of just over $81 per barrel. Shippers in Asia and Europe have said that it could take several weeks for them to rebuild their confidence in returning transit through the Strait of Hormuz. According to ING's Warren Patterson, oil consumers are likely to scramble to replenish their inventories that have been depleted during the war. This means prices will not be able to drop much in the short term. The announcement by U.S. president Donald Trump of a nuclear deal with Iran on Monday brought relief to investors, but also put Washington on a collision course with Israel. Westpac analysts said in a research note that while the deal was an important diplomatic breakthrough, it would be tested over time. Many sticking points were left for future negotiations, such as the fate of Iran’s nuclear program. The dollar index, which measures the U.S. dollar against six other currencies, was stable at around 99.6. The euro increased by 0.1%, to $1.1605, and the pound traded at $1.342, two days before a Bank of England meeting, where it is unlikely that monetary policy will be changed. The Australian dollar is little changed after Reserve Bank of Australia held interest rates at the same level as expected. Its currency was 0.4% weaker, trading at $0.707. (Additional reporting by Gregor Stuart Hunter in Singapore; Editing by Shri Navaratnam and Jacqueline Wong) The yield on U.S. Treasury notes 10-years fell 2 basis points, to 4.45%. Gold, which is sensitive to U.S. expectations of interest rates, increased 0.9%, to $4,344 per ounce. (Gregor Stuart Hunter contributed additional reporting from Singapore; Shri Navaratnam, Jacqueline Wong and Jacqueline Navaratnam edited the article.)
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The U.S. uses an Iranian smuggling technique to sneak oil from the Gulf
US military conducted a number of secretive oil transfers between ships to maintain Gulf energy exports. They used aerial and water drones, as well as helicopters to guide convoys towards awaiting tankers. Operation on the Strait of Hormuz uses a technique that Iran has used for years to avoid sanctions. Eleven people who are familiar with the operation identified two specific locations for the oil transfers. One is off the coasts of Fujairah, United Arab Emirates, and the other is off Oman's Sohar port. According to satellite imagery and shipping data, the transfer began in early May. At least 92 vessels have been involved. Satellite images show that as recently as June 1117, pairs of ships were seen transferring oil at two sites simultaneously. Four sources, including an ex-U.S. official who was aware of the attack, claim that the Apache helicopter shot down by Iran on the 9th, which sparked retaliatory attacks by the U.S. Satellite imagery showed six pairs of oil tankers clustered in a small area near the port of Sohar on the day that the Apache helicopter was shot down. Could not confirm the role of the Apache in the operation. A U.S. Defense official responded to questions by saying that no Central Command forces were involved in the offshore ship-toship oil transfer operations. U.S. officials confirmed that a drone boat rescued both crew members. Prior to this, the extent of the transfers, their working, and Apache's involvement in the operation were not reported. Centcom was contacted by the White House. The Iranian government has not responded to requests for comments about the transfer operation. These two locations, located in the Gulf of Oman, near the exit of Strait of Hormuz are very close to the borders drawn by the Persian Gulf Strait Authority. This is a newly established Iranian body that was created to manage the Hormuz Strait. The Islamic Revolutionary Guard Corps may use drones and missiles to attack ships that do not comply with Iran’s orders. Fujairah has been repeatedly targeted by Iran during the U.S. led operation. According to British maritime risk management company Vanguard, a "unknown projectile", which struck a tanker near the coast of Oman, occurred over the weekend. Vanguard stated in a press release that the crew were safe, and the impact had caused some cargo leakage but not environmental damage. The statement did not say whether the tanker had been involved in a transfer from ship to ship. Iran's response to the U.S./Israeli conflict was to effectively close the Strait of Hormuz through which a fifth of the world's oil is normally consumed. This caused the largest global energy disruption in history, and has sparked inflation all over the world. Although risky and inefficient transfers from ship to ship, they appear to be part of Trump's administration's effort to restore normal oil flow from the Gulf. Donald Trump, the U.S. president, said that Friday would be the reopening of Strait of Hormuz under a framework agreement with Iran announced earlier this week. Details are still vague. The announced deal did not affect oil transfers, but it was impossible to determine. An investigation published on May 20 revealed that Iran had established its own system to guide ships through the Strait. This involved island checkpoints and diplomatic deals, as well as sometimes fees. STAGGERED Departures and Waypoints Eight sources confirmed that the U.S. Military is in full control of the American transfer operations, including the private security contractor involved with the transfers. According to satellite imagery and one source, tankers are required to sail to a rendezvous point before reaching the strait. Then, they must stagger their departures to be?around 3,000-4,000 meters apart. Four sources claim that their transponders and lights have been dimmed. The U.S. military can monitor the tankers' progress by setting up waypoints. But the Americans "are obviously watching you at all times," according to one source. The oil transfer begins when the tankers pass through the strait just outside the zone Iran has designated as its own. The oil transfer takes between 24 to 40 hours. The VLCCs are then loaded and sail through the Strait. This ship-to ship operation is possible because a few shippers are willing to navigate their vessels through this strait in order to deliver oil to waiting tankers despite the Iranian ban. The operation is dangerous. Noam Raydan is a Washington Institute senior fellow who specializes on maritime risk. He reviewed the findings. Iran has used the ship-to-ship method for years in order to avoid sanctions because it hides the source. Iran usually operates one pair of vessels at a given time to avoid detection, and also because its exports before the war were small. The U.S. led operation, which involves massive transfers, provides Gulf producers with better protection against Iranian retaliatory strikes so that they can move crude oil, condensate, and petroleum products to foreign buyers. The review of more than 12 satellite images between May 2 and 11 June showed ship-to-ship transfer involving Gulf state-owned tanker fleets, and international vessels receiving the oil. LSEG and Kpler data on shipping reviewed by revealed repeated rendezvous of tankers operating within the area. Based on the imagery, it was calculated that 90 million barrels or more of crude oil and petroleum-based products have likely moved through the offshore system since early May. Based on the tankers carrying capacity, the volumes are still low compared to pre-war levels of approximately 20 million barrels per day that passed through this strait. Michael Froman wrote a Friday note in which he said that "as the old rules are weakening, it is ironic that America now takes a page from the playbook used by China, Russia and North Korea as well as Iran, who pioneered the use of these methods to avoid U.S. sanctions and UN sanctions." Froman was the president of the Council on Foreign Relations. He was referring to the practice of sending vessels through the strait with no transponders. Trump had mentioned this in his comments on June 10, after the downing the Apache. Six sources who had direct knowledge of the operations said that the U.S. supported participating vessels by combining aerial surveillance, compliance screening, and monitoring instead of naval escort. No indication was found that U.S. personnel were involved directly in the transfers. According to an analysis of shipping records, the receiving side?of the operation has been dominated by international operators. Dynacom Tankers, a Greek company, has spoken of its attempts to find innovative ways to ship oil across the strait ever since the conflict began on February 28, George Procopiou (founder of Dynacom) told the Capital Link Shipping Conference in Athens, Greece, on June 1, that "freedom of navigation was essential, and no one could impose tolls, or any other burden." He said, "We're here to serve and Greece has a tradition of breaking blocksades since ancient times." "I'm not going to get into details, but the hints I gave should be enough for you to understand what I meant." Dynacom has not responded to an immediate request for a comment about the U.S. operations. A maritime source said, however, that the new system poses its own risks to their industry. The source for maritime security said that there was a lack of reliable data. Transponders that communicate the location of ships are turned off and companies do not report through the usual reporting centers. This increases the risk of collisions between ships traveling at night without lights at speeds which make maneuvering difficult. According to four sources who are familiar with the arrangements, operators wishing to access the system must undergo a compliance assessment process before they can be allocated transit window. This process involves submitting information to U.S. Navy’s Naval Cooperation and?Guidance for Shipping Office in Bahrain. Operators are required to review two preliminary compliance documents to ensure that they have complete geospatial track histories, a full disclosure of beneficial ownership, documentation for cargo, and an agreement to allow cargo testing. After approval, the participating vessels will be assigned transit times and stay in touch with the U.S. Military?offices in Bahrain during the entire voyage. According to the shipping records examined by, Emirati exports make up a significant portion of the U.S. transfers. According to six of the sources, UAE's national oil company ADNOC was among the most active participants. Kuwait Oil Tanker Company is also involved in the transfers. TankerTrackers.com reports that 2.3 million barrels were taken from one of their ships on the coast of Sohar, which was one of the busiest transfer days. Five days later, the receiving ship Sea Ruby was seen off India's south-west coast, bound for China where cargo was to be discharged. Requests for comments from the UAE government, ADNOC, and Kuwait Oil Tanker Company were not answered. Raydan said, "I do not see a solution permanent to all this." This is a temporary fix in extraordinary times. (Reporting from Feras Dalatey in Dubai, Jonathan Saul in London and Dmitry Zhdannikov in London.) Erin Banco contributed additional reporting from Washington, and Lori HInnant edited the article.
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Source: India wants samples of rare earth minerals from Rosneft's Siberian deposit
Source: 'Indian miner IREL has been in 'talks with Rosneft about sourcing rare?earth -samples - from Tomtor, the Siberian deposit that the Russian oil company acquired last year. New Delhi is seeking to secure supplies of vital minerals dominated by China. Source: The talks take place via government channels. Samples will be processed in Russia and then shipped to India. The source who spoke under the condition of anonymity because the discussions were confidential said that India is keen to examine the mineral composition of deposit before considering further engagement. IREL, a state-owned company, is 'at the forefront of India’s global outreach in order to secure rare earth supply to meet the rising domestic demand. It also aims to wean India off its dependence on 'China. IREL - India's Department of Atomic Energy - which?oversees state miner Rosneft - did not respond to a request for comment. Tomtor, located in Russia's Siberian Region of Yakutia, is one of the largest undeveloped rare-earth deposits on earth. To pressure Moscow, the United States imposed sanctions on Russia's energy industry, including measures that affected Rosneft, Lukoil and other companies. Permanent magnets are used in electric motors, as well as a variety of clean energy and defense applications. New Delhi approved in November a programme worth 73 billion rupees (770.77 millions dollars) to support the manufacturing of rare earth magnets. India does not have commercial-scale facilities that are capable of?refining and separating?all the rare earth elements into high purity levels. Reports indicate that India gathered rare earth samples in Myanmar, a neighbouring country, with the help of a powerful rebel organization. IREL has also been in discussions with?Japanese companies and South Korean firms about plans to produce rare earth magnets for commercial use, as reported last year. Source: The company plans to start rare earth magnet production between 2029 and 2030. It is also exploring mining opportunities for rare 'earth in Argentina, Australia, and Malawi. India is home to the third largest rare earth reserve in the world, with an estimated 7.23 million tons. However, it does not produce rare earth magnets at this time.
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Lumina Metals shares rise nearly 55% at Warsaw debut
Lumina Metals shares rose by nearly?55% in their Warsaw 'Stock Exchange debut, making them a'second copper - and?silver - focused company listed on the Polish bourse along with state miner KGHM. The Warsaw debut comes after Lumina's initial listing at the Toronto Stock Exchange in April, when it raised C$406 (290 million) through an IPO that was priced at C$12.50 a share. IPO proceeds will be used to advance the 'company's flagship Nowa Sol project. CEO Jordan Pandoff said that the company intends to invest approximately 1 billion zlotys (approximately $272 mln) in Poland in five years. * Lumina Metals doesn't currently pay dividends, and it is unlikely to do so in the near future, since the company "has no immediate prospects of generating revenue."
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Source: India wants samples of rare earth minerals from Rosneft's Siberian deposit
Sources say that the Indian miner IREL has been in contact with Rosneft to source samples of rare earth minerals from Tomtor. This is the Siberian deposit purchased by Rosneft last year. New Delhi wants to secure supplies dominated by China. Source: The talks take place via government channels. Samples will be processed in Russia and then shipped to India. The source who was familiar with the issue and spoke on condition of anonymity because the discussions were confidential, stated that India would like to examine the mineral composition of the deposit prior to considering a deeper engagement. IREL, a state-backed company, is leading India's international outreach to secure rare earth supplies and reduce its dependence on China. However, relations between the two 'neighbours remain icy. IREL and India's Department of Atomic Energy which oversees state miner Rosneft, as well as the?foreign minister, the mines ministries?and Rosneft, did not respond to a request for comment. Tomtor, located in Russia's Siberian Region of Yakutia, is one of the largest undeveloped rare-earth deposits on earth. To pressure Moscow, the United States has implemented sanctions against Russia's energy industry, including measures that affect Rosneft, Lukoil and other companies. Permanent magnets are used in electric motors, as well as a variety of clean energy and defense applications. New Delhi approved in November a programme worth 73 billion rupees (770.77 millions dollars) to support the rare earth magnet industry. India does not have commercial scale facilities that can refine and separate rare earth elements at high purity levels. Reports indicate that India gathered rare earth samples in Myanmar last year with the help of a powerful rebel group. IREL has also been in discussions with Japanese?and South Korean firms about plans to produce rare earth magnets for commercial use, as reported last year. Source: The company plans to start rare earth magnet production in 2029 or 2030. It is also looking at rare earth mining opportunities in Argentina, Australia, and?Malawi. India is home to the third largest rare earth reserve in the world, with an estimated 7.23 million tons. However, it does not produce rare earth magnets at this time.
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China's May aluminium production rises for the ninth consecutive month due to strong export demand
China's aluminium production rose by 1.7% in May compared to a year ago, marking the ninth consecutive month of gains. This was aided by higher overseas prices. Prices have since eased and may even fall further now that Washington and Tehran have signed a ceasefire. The National Bureau of Statistics reported on Tuesday that China's aluminum output reached 3.89 million tons in May. The first five months of this year saw a 3.5% increase in output to 19.22 millions metric tons. There was still a lot of uncertainty in May about a U.S. - Iran peace deal. The Strait of Hormuz was a major waterway used by the Gulf's aluminum manufacturing industry, which produced 8% of world output before the conflict started in late February. In May, the price of three-month benchmark aluminium rose for a third month in a row by 5.5%. It has fallen 8.6% so far in June. The preliminary customs data showed that China's exports unwrought aluminum and products grew by 5.7% in May, and by more than 10% during the first five months in 2026. Exports of 'aluminium wire', which is used for power transmission and distribution in China, are also strong, thanks to the price rises caused by the Iran war and tax benefits compared with exports aluminium ingots. China's production grew by?2.2% in the past year to 6.98 metric tons of nonferrous metals, including copper, aluminum, lead, zinc and nickel. The year-to-date production was up 3.1% to 34.38 millions metric tons.
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Iron ore miners look to India and ASEAN for growth as they seek alternatives to China
Iron ore miner's in Australia stressed on Tuesday that a?growing demand for steel in India and Southeast Asia?would offset the stagnating markets in China and other top customers. India, already the second-largest steel producer in the world, plans to double its current output from 168 million to 400 million ton by 2035-2036. The new targets, while still only a fraction of China’s production of almost 1 billion tons, will require huge additional quantities of metallurgical coal and iron ore, both of which India imports in large amounts. Michiel Hovers, BHP's group sales and marketing officer, said at a conference on the industry in Singapore, Tuesday, that BHP is among the largest producers of met coal in India. The miner has long predicted that South?Asia would be a major growth market. Bold Baatar, Rio Tinto's chief commercial officer, said at the same conference, that the new steel demand from India and Southeast Asia would offset the stagnation in China. The crisis in China's property sector, which was once its biggest steel consumer, has been going on for five years. China Mineral Resources Group, a state-run buyer that uses 'hardball tactics', including purchasing bans, to negotiate better conditions for steelmakers, has slowed down the production of steel in China to a 7-year low by 2025. China's situation is unlikely to improve in the coming year. The Chinese steel market is'set to decline again', Jinkui Zhao, the deputy secretary-general of the conference said. CMRG launched a new campaign against iron ore mining company Fortescue last month, following a long-running effort this year against BHP. (Reporting from Amy Lv in Singapore, Ruth Chai in Beijing and Solomon Cefai)
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Australia declares El Nino that could be the strongest El Nino for decades in Pacific
Australia's weather bureau warned on Tuesday of an El Nino weather pattern forming in the tropical pacific and that it could 'intensify' to become one of the strongest in 70 years. The Bureau of Meteorology said that sea surface temperatures in the area exceeded El Nino thresholds, and atmospheric indicators were all aligned to the phenomenon which brings extreme weather. In a press release, it stated that "based on the degree of warming in central tropical 'Pacific", forecasts point towards an El Nino event strong to very powerful. Around half of the models suggest that this event could reach levels comparable to the highest recorded?since 1950." El Nino, a periodic?warming sea surface temperature in the central and east Pacific Ocean, is linked with less rainfall during winter and spring in Australia's east and southern coasts, and higher daytime temperatures. This weather phenomenon has a particularly negative impact on Australia, as it impacts agricultural production. Australia is one of the largest exporters in the world for wheat, sugar and beef. The last El Nino that Australia experienced from 2023-2024 was the driest period of three months on record. In 2015 and 2016, one of the strongest events in recent memory caused widespread drought, and reduced grain and oilseed production. Climate change, according to scientists, will exacerbate the effects of El Nino this year. Reporting by Renju José and Christine Chen, Sydney; Editing and production by Christopher Cushing & Clarence Fernandez
Australia declares El Nino set to be strongest in decades
The Australian weather bureau warned that an El Nino weather pattern had formed in the tropical Pacific and could intensify in the second half of 2026 to become the strongest for seven decades.
Forecasters are expecting the stronger weather to bring excessive rainfall to the Americas, and hot, arid conditions to Asia, where crop planting has already been disrupted. This raises concerns about the?food supply in the most populous part of the world.
The Bureau of Meteorology released a statement that said sea surface temperatures in the region had exceeded El Nino thresholds, and that atmospheric indicators were all in line with the phenomenon.
The extent of the warming in the central tropical Pacific is a factor that has been used to make forecasts.
Around half of the models suggest that this event could reach levels comparable to the highest observed since the 1950s.
Scientists say climate change will amplify the effects of El Nino this year.
The Bureau said that El Nino, a periodic warming of the sea surface temperature in the central and eastern Pacific Ocean, is associated with less rain in winter and spring on Australia's east cost, and higher temperatures in southern Australia.
Australia is particularly affected by the weather phenomenon, as it has a major impact on the agricultural production of the country. Australia ranks as one of the largest exporters in the world for wheat, sugar, and beef.
The last El Nino that Australia experienced from 2023-2024 was the driest period of three months on record.
The'strongest' of these events occurred in 2015 and 2016. It was a time of widespread drought, and a reduction in grain and oilseed production. (Reporting from Renju Jose in Sydney and Christine Chen in Singapore, with additional reporting by Naveen Thkral in Singapore. Editing by Christopher Cushing & Clarence Fernandez).
(source: Reuters)