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Shanghai copper firms up as dollar falls
Shanghai copper prices rose on Monday, as the dollar fell to its lowest level in three years. However, a trade war between China and the U.S., the top metals consumer in the world, is likely to limit any further gains. As of 0342 GMT, the most traded copper contract at the Shanghai Futures Exchange was up 0.6%, trading for 76,480 Yuan ($10 494) per ton. London Metal Exchange (LME), is closed for Easter Monday. Dollar plunged Monday, as investor confidence in U.S. economics took another hit due to President Donald Trump’s plans to shake-up the Federal Reserve. This would put into question the independence and authority of the central banks. Separately on Monday, China warned against striking an economic deal with the United States that would be at its expense. It was ratcheting its rhetoric up in the spiralling trade conflict between the two largest economies of the world. Xie feng, China's ambassador in the United States, urged Washington to find common ground with Beijing, and to pursue peaceful coexistence, while warning that China was ready to retaliate as the trade war escalated. Other metals include: SHFE aluminium, which rose 0.7%, to 19,840 Chinese yuan per ton; zinc, up 0.98% to 22,230 yuan; lead, up 0.7%, to 16,930 Yuan; tin, up 1.2%, to 259,000 yuan; and nickel, up 0.4%, to 126.120 Yuan. $1 = 7.2876 Chinese Yuan (Reporting and editing by Sherry J. Phillips, Mrigank Dhaniwala).
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Gold soars at record high due to trade war fears and weaker dollar
Gold prices soared to record highs on Monday due to concerns about global economic growth caused by the spiraling Sino-U.S. Trade War. A weaker dollar also boosted the rally. As of 0246 GMT the spot gold price had risen 1.7%, to $3383.87 per ounce, after reaching a session high of $3384 earlier. U.S. Gold Futures rose 2% to $3 396.10. Dollar index hits three-year low making gold more appealing for holders of other currencies. "Markets are pricing in heightened risks due to U.S. trade tensions, stagflation fears, and resilient central bank demand," said IG's market strategist Yeap Jun-Rong. On April 2, U.S. president Donald Trump announced "reciprocal" tariffs on dozens countries. While his administration has paused levies on some countries, they have escalated their trade battle with China. China warned other countries on Monday against signing a wider economic agreement with the United States, which Trump is said to be seeking. Trump's team is evaluating the possibility of firing Powell. Russia and Ukraine have accused each other on the geopolitical stage of thousands of attacks which violated the ceasefire of one day declared by President Vladimir Putin. The Kremlin has said that there was no order for the frontline fighting to be extended. The safe haven bullion is in good hands. Rong stated that the next possible milestone for gold would be at the $3,500 mark. However, positioning could appear crowded near term, and technical indicators indicate near-term conditions of overboughtness. Silver spot rose 0.3%, to $32.66 per ounce. Platinum gained 0.3%, to $969.68. Palladium dropped 0.3%, to $959.43. (Reporting and editing by Anmol Mukherjee and Anushree Choubey in Bengaluru, and Sumana D'Souza and Savio d'Souza).
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Shanghai copper prices rise on Dollar weakness
Shanghai copper prices rose slightly on Monday, as the dollar fell to its lowest level in three years. However, a continuing trade tension between the U.S., which is the world's largest metals consumer, and China was likely to limit any further gains. As of 1400 GMT, the most traded copper contract at the Shanghai Futures Exchange was up 0.2%, trading for 76150 yuan per ton ($10,443.38). London Metal Exchange (LME), is closed for Easter Monday. Investor confidence in the U.S. economic system took a further hit as a result of President Donald Trump's plans for a shake-up at the Federal Reserve. This would put into question the independence and authority of the central banks. Separately China stated that it respected all parties who resolved economic and trade disputes with the United States by consultation on equal footing but will firmly oppose anyone striking a deal on China's cost, its Commerce Ministry announced on Monday. Xie feng, China's ambassador in the United States, urged Washington to find common ground with Beijing, and to pursue peaceful coexistence, while warning that China was ready to retaliate as the trade war escalated. Other metals include: SHFE aluminium, which rose 0.2%, to 19,740 Yuan per ton; zinc, up 0.7% to 22,180 Yuan; lead, up 0.4%, to 16,880 Yuan; tin, up 0.6%, to 258,280 Yan, and nickel, down 0.2%, to 125420 Yuan.
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Indians suffer from respiratory problems and skin rashes after living in the world's worst polluted city
Sumaiya Ansari was suffering from breathing difficulties for several days prior to being hospitalized in March. She was given oxygen support. Doctors say that her illness is likely caused by high pollution levels. According to IQAir's estimates, Byrnihat’s average annual PM2.5 concentration was 128.2 milligrams per cubic meter in 2024, which is over 25 times higher than the WHO recommended level. PM2.5 is particulate matter that has a diameter of 2.5 microns and less. This can cause deadly diseases, including heart problems. Abdul Halim, Ansari’s father, said, "It was scary. She was breathing like fish." He brought Ansari home after two days in the hospital. According to data from the government, respiratory infections cases in the region increased to 3,681 by 2024, up from 2,082 in 2012. Dr. J Marak, of Byrnihat Primary Healthcare Centre, said that 90% of the patients he sees daily have a cough and/or other respiratory problems. Residents report that the toxic air causes skin rashes, eye irritations, damages crops and prevents them from doing routine tasks such as drying their laundry outside. Dildar Hussain, a farmer, said: "Everything has been covered in dust or soot." Critics claim that Byrnihat's pollution problem is indicative of a larger trend that affects not only India's major cities but also the Capitalism As industrialisation accelerates, environmental protections are being eroded. Government data shows that the air quality in Byrnihat remains poor throughout the year. Experts say that the pollution problem in this town is worsened by the fact that it has a "bowl-shaped" topography and 80 industries, many of which are highly polluting. Arup Misra, the chairman of Assam’s pollution control board, said that the terrain between Meghalaya's hills and Assam’s plains is too narrow for pollutants to spread. A Meghalaya official, who declined to be identified, stated that the town's geographical location made it harder to find a solution, as both states shifted blame between themselves. Assam, Meghalaya and IQAir have formed a joint committee to fight the pollution in Byrnihat. (Reporting and writing by Tora Aggarwala, Sakshi Dayal and Raju Gopalakrishnan; editing by Raju Gopi Krishnan)
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Progress in US-Iran negotiations eases supply concerns, lowering oil prices
The oil prices dropped by about 1% after the nuclear talks between Iran and the United States progressed. This eased concerns that this dispute would reduce the supply of the Middle Eastern major producer. Brent crude futures fell 70 cents or 1.03% to $67.26 per barrel at 0030 GMT, after closing 3.2% higher on Thursday. U.S. West Texas Intermediate Crude was trading at $64, down 68 cents or 1.05% after closing up 3.54% the previous session. Last week, Thursday was the final settlement day due to the Good Friday holiday. Iran's Foreign Minister said that the U.S. had agreed to start drafting a framework for any potential nuclear deal with Iran on Saturday, following talks described by a U.S. government official as "very positive progress." Progress in the nuclear talks follows the U.S. imposing further sanctions last week. These included sanctions against a teapot oil refinery based in China, which it claims processed Iranian crude. This increased pressure on Tehran during the discussions. Teapot is the industry term for smaller independent processors. Brent and WTI both gained about 5% in the last week due to concerns about the tightening of Iranian oil supplies and hopes for an agreement between the United States, and the European Union. This was their first weekly increase in three weeks. Separately, Russia, Ukraine and President Vladimir Putin blamed each for breaking the one-day ceasefire declared on Easter Sunday by the Russian president. Both sides accused the other of hundreds attacks, and the Kremlin said there was never an order to extend the ceasefire. (Reporting and editing by Christian Schmollinger; Florence Tan is the reporter)
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Interfax reports that the Russian economy ministry has cut its Brent price forecast for 2025 by almost 17%.
Interfax reported on Monday morning that the Russian economy ministry had reduced its forecast of the average price for Brent crude in 2025 from the amount it thought the price would be in September by almost 17%. Interfax reported that in the ministry's baseline scenario for economic forecasts of 2025, the average price of Brent is expected to be $68 per barrel, down from $81.7 per barrel in the September forecasts. The Ministry of Finance estimates that the price of Urals, Russia’s main blend, is $56 per barrel, compared to the $69.7 per barrelle on which Russia based its budget for 2025. The agency quoted a ministry representative as saying, "We think that this is an estimate which is fairly conservative." Oil and gas revenues account for a third (or more) of the budget. In April, the Russian central bank had warned that due to a lower global demand, oil prices may be lower for several years than expected. Urals prices dropped to their lowest level since 2023 early April, trading at around $53 a barrel. They traded below $60 per barrel last week. The ministry said that it did not expect a recession to occur due to the trade wars of U.S. president Donald Trump and believes global growth will be slightly higher than 2% this year. Interfax quoted the representative of the ministry as saying: "The world's still bigger than the United States. So some flows will be directed." The Ministry maintained its forecast of 2.5% for the gross domestic product (GDP) growth in Russia and raised its inflation forecast from 4.5% to 7.6%. The rouble is also expected to be slightly stronger this year than it was previously forecasted, with an average of 94,3 roubles for every dollar, compared to an earlier prediction of 96.5.
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Severe weather strikes the Midwest and South of the US, killing two people in Oklahoma
Police said that at least two people including a child died after their vehicle became stranded on flood waters in Oklahoma, during the Easter weekend, when severe weather and flooding affected parts of the U.S. South, Midwest and Midwest. In a press release, police in Moore (Oklahoma), about 11 miles south-southeast of Oklahoma City, stated that the weather was "historic". "One (of the vehicles) was swept underneath the bridge. All but two of the occupants were saved at the time. "It is with deep sadness that we announce that two people, an adult male and a 12-year old boy, were found dead later," the statement said. The police in Moore, Oklahoma have urged residents to stay home. They responded late Saturday to more than a dozen calls by residents who were stuck in their vehicles because of high water. Oklahoma was covered by flood warnings that indicate a flood may be imminent or has already occurred. National Weather Service stated on Sunday that severe thunderstorms are expected to occur from east Texas through far southeast Iowa, Illinois and into central Arkansas. A strong tornado with damaging winds is also possible from central Arkansas and central Missouri. The National Weather Service has issued a tornado watch for certain parts of Arkansas and Kansas, Louisiana, Missouri and Oklahoma. A deadly spring storm that swept across the U.S. from Texas to Ohio caused tornadoes, heavy rains, and even a few deaths in the South and Midwest. (Reporting and editing by Mary Milliken, Chris Reese and Kanishka Singh from Washington)
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Russia-Ukraine War: US welcomes extension of ceasefire
The U.S. State Department announced on Sunday that it would be happy to see the one-day ceasefire declared by Russian president Vladimir Putin for Easter extended beyond Sunday, despite the Kremlin's earlier statement that there had been no extension order. Both Russia and Ukraine have accused each other of violating the ceasefire. Putin declared a ceasefire for one day in Ukraine, until Sunday midnight Moscow time (2100 GMT). KEY QUOTES "We've seen that President Putin announced a temporary truce due to Easter. In an email statement sent on Sunday, a spokesperson for the State Department said that they remain committed to achieving full and comprehensive peace. As we evaluate their seriousness, we welcome the extension of this punishment beyond Sunday. Why it's important U.S. president Donald Trump Has repeatedly warned about the risk of escalation in the three-year old war that was started by Russia's full scale invasion of its neighbor, and has said he wants the war to end. The U.S. secretary of state has said that the war should be ended. Marco Rubio Washington said that it will abandon efforts to broker a deal for peace if there are no clear signs of progress in the near future. Trump announced that he would sign a mineral deal with Kyiv within a week after the U.S.A. and Ukraine signed a Memorandum of Understanding on Thursday. A failed attempt in February was the result of Zelenskiy and Trump's clash in the Oval Office. CONTEXT Volodymyr Zelenskiy, the Ukrainian president, said that Russia pretended to respect the Easter ceasefire but in reality, it had continued hundreds of artillery assaults Saturday night and more on Sunday. Russia's Defence Ministry claimed that Ukraine violated the ceasefire and caused damage to civilians and infrastructure. Putin wants Ukraine to give up its NATO ambitions and permanently cede the four lost regions to Russia. He also wants to limit its army size. Kyiv claims that these demands amount to a demand for its capitulation.
MORNING BID AMERICAS-Yen slips once again with Amazon due, Treasury prepares irritate
A take a look at the day ahead in U.S. and global markets from Mike Dolan
World markets stalled on Tuesday as another heavy incomes week for megacap stocks cranked up, with renewed slippage in Japan's. yen and U.S. Treasuries considered closely in the background.
Significant macro market relocations are most likely in check for now as the. Federal Reserve starts its latest two day policy meeting - with. Wall Street also eyeing very first quarter arises from 2 more top. 10 world caps Amazon and Eli Lilly.
News of a bigger U.S. Treasury borrowing slate for the. coming quarter than previously estimated unnerved the bond. market a touch overnight. Blaming lower cash receipts, the. government said late Monday it anticipates to borrow $243 billion in. the 2nd quarter - some $41 billion more than it stated in. January.
However currency markets stayed focussed on the fate of the. yen as it fell once again previously on Tokyo's return from Monday's. public holiday - during which suspected main intervention. raised it from a trough of 160 per dollar.
As the Nikkei stock criteria leapt more than 1% on. its return from the vacation, the Japanese currency. damaged nearly a complete yen from Monday's New York close to. within a hair of 157 - nearly 1% below levels seen before. Friday's Bank of Japan meeting and in spite of the other day's wild. swings.
Without verifying Monday's intervention, Japan's top. currency diplomat Masato Kanda stated on Monday that 'speculative,. quick and abnormal' yen moves might not be overlooked and on. Tuesday stated the authorities were all set to act around the clock.
We are ready 24 hours, so whether it's London, New York or. Wellington, it doesn't make a difference, he informed press reporters.
Kanda likewise stated financing ministers of Japan, China, South. Korea and ASEAN nations will meet on the sidelines of the. upcoming Asian Development Bank's yearly conference in Tbilisi,. Georgia.
Whatever the merits or otherwise of the yen's speeding up. fall to 34-year lows for Japan's own economy, there's some. uneasiness that it might overthrow the competitive landscape across. Asia's major exporting nations and South Korea and others are. seeing carefully.
To that end a minimum of, China continues to hold the yuan. reasonably stable versus the dollar - although its. just recently resilient stock exchange wobbled a bit once again. Tuesday after a combined set of month-to-month service studies showed a. slowing down of activity there in April.
China's Politburo, a leading decision-making body of the judgment. Communist Celebration, said on Tuesday it will step up its assistance for. the economy, flexibly using policy tools that include banks'. reserve requirement ratios and rates of interest.
It also said it would collaborate and enhance policies to. lower real estate inventories and optimize policy procedures for brand-new. real estate to resolve the continuous residential or commercial property sector bust - though the. declaration seemed to stop brief of detailing the sort of major. efforts that markets had speculated about on Monday.
In Europe, the heavy incomes season controlled - however there. was some relief that April customer price inflation readings for. the euro zone was available in as anticipated at annual 2.4%, core inflation. rates receded and flash readings for quarterly growth in the bloc. beat forecasts with a 0.3% expansion.
Cash markets are more than 70% priced for the very first. European Reserve bank rate of interest cut as soon as June and the. euro held constant.
That's despite the contrast with Fed expectations, where. futures now don't totally price a quarter point off rates up until. after November's election.
With the Fed kicking off this week's two-day conference on. Tuesday, it's extensively expected to hold the line once again - however. there is some focus on whether it will reveal anything on. slowing its balance sheet rundown of Treasury holdings.
Upset by the 'higher for longer' rates prospect, heavier. second-quarter borrowing strategies and even the possibility Japan may. soon be a seller of Treasuries to money intervention to support. the yen, 10-year yields nudged greater once again on. Tuesday to 4.65%.
In business news, HSBC's stock increased 2% after Chief. Executive Noel Quinn stated he prepares to step down, marking the. surprise departure of a hard-nosed leader who has overseen a. raft of asset sales, guided the lending institution to record profit and. raised its share cost.
A former head of the bank's markets service who was. appointed to the No. 2 function over a year back, Chief Financial. Officer Georges Elhedery is most likely the leading internal. prospect for the job.
Back on Wall Street, Tesla took the program on Monday. as its beaten down shares surged 15.3% after the electric. vehicle maker made development in securing regulative approval to. launch its sophisticated driver-assistance program in China.
Apple, which reports profits on Thursday, got. 2.5% following a report the iPhone maker had restored conversations. with OpenAI about utilizing the start-up's generative artificial. intelligence innovation.
Amazon tops the heavy profits diary later on, with eyes also. on Super Micro Computers for a peek of what's happening in. the AI world.
Key journal items that might provide instructions to U.S. markets later. on Tuesday:. * United States April customer self-confidence, Chicago April PMI company. survey, Dallas Fed April service sector survey, United States Q1 labor. expenses, Feb monthly home prices. * Federal Reserve's Federal Free market Committee starts two-day. policy conference - choice Wednesday. * US business revenues: Amazon, Eli Lilly, Super Micro. Computer Systems, Advanced Micro Gadgets, Prudential Financial, PayPal,. 3M, Marathon, Mondelez, Coca Cola, Starbucks, Molson Coors,. McDonalds, Clorox, Corning, Edison, Eaton, Amcor, Archer Daniels. Midland, Stryker, Sysco, Hubbell, Pacar, Skyworks Solutions,. Incyte, CentrePoint Energy, Diamondback Energy, Caesars. Home Entertainment, American Tower, Illinois Tool Functions, Republic. Solutions, Essex Property Trust, Ecolab, Gartner and so on
(source: Reuters)