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Shanghai copper prices rise as countries warn about low processing fees; trade problems persist
Shanghai copper rose on Thursday as investors focused their attention on the supply risks, with several countries warning of a tumbling fee for processing, and U.S. China trade tensions ahead of a high-stakes summit between leaders from both nations. The Shanghai Futures Exchange's most active copper contract closed the daytime trading at 85,050 Yuan ($11,938.18) a metric ton. As of 0703 GMT, the benchmark three-month price for copper at the London Metal Exchange was down by 0.13%, to $10,627 per ton. Japan, Spain and South Korea expressed concern on Wednesday over the plummeting treatment and refining fees (TC/RCs) for copper. They said the decline in this key revenue source threatened the sustainability of the copper industry. Three copper importers have warned that a persistently low or even negative TC/RC could reduce refined production by eroding profits. The warning was issued to intensify concerns about the refined copper supply, due to falling TC/RCs. This has given some support to red metal. Investors also pay attention to the latest developments in trade tensions between the United States and China. The top U.S. officials including Trade Representative Jamieson Grer and Treasury Sec. Scott Bessent warned that China's controls on rare earth exports were a threat to supply chains. They urged Beijing not to continue with its current course and warned of further decoupling. Beijing, on the other hand, defended its measure by saying that it did not constitute a ban on exports. The remarks were the latest development in the lead-up to a possible meeting between U.S. president Donald Trump and Chinese president Xi Jinping later this month, although the recent flare up of tensions has raised questions about whether or not the meeting will actually take place. Aluminium gained 0.48% among the SHFE base metals. Nickel closed at 0.21%. Lead rose by 0.26%. Tin increased by 0.34%. Zinc was the only one to fall by 0.25%. The LME also saw gains in aluminium, zinc, nickel, and lead. Lead rose by 0.1% while tin climbed 0.5%. $1 = 7.1242 Chinese Yuan Renminbi (Reporting and editing by Rashmi aich and Ronojoy Mazumdar;
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India's MRPL hopes to continue buying Russian oil despite US pressure
Mangalore Refineries and Petrochemicals in India is looking for alternative oil sources that are sold at a discounted price, while still hoping to buy Russian oil. This was the statement made by its managing director Mundkur S. Kamath on Wednesday. Donald Trump said on Wednesday that Prime Minister Narendra modi assured him that India would stop purchasing oil from Russia. Russia is India's largest source of oil imports. Washington hopes to end the war in Ukraine by reducing revenue going to Moscow. Indian refiners are taking advantage of the reduced prices Russia is forced to accept after sanctions were imposed by the U.S., the European Union and Russia in 2022. He said that Russian oil accounted between 35 and 40% of MRPL’s total oil imports during the third quarter. MRPL operates a refinery that produces 300,000 barrels of oil per day in the southern state Karnataka. Kamath, an analyst on a phone call, said that "we have already begun looking at other crudes available on discount through our own methods of sourcing oil". He added that the government had maintained the position that India would continue to favor the lowest-cost sources. "We are confident it will continue soon," he said in reference to Russian oil imports. He said that his company will look to buy U.S. crude oil but it has not been appealing in previous quarters. He said: "And I'm confident on an economic level that we'll be able sail through."
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Gold extends its record high due to trade anxiety, as Asia stocks rally with Wall Street
Stocks were up across Asia on Thursday. The chip sector was buoyant after a strong overnight rally by U.S. counterparts, and the start of Wall Street's earnings period also lifted the mood. Meanwhile, trade tensions between Beijing & Washington grew and the dollar was undercut. After U.S. president Donald Trump announced that Indian Prime Minister Narendra Modi pledged to stop purchasing oil from Russia - which supplies around one-third its imports - the price of crude oil soared from a five-month low. Nikkei gained 1.2% in Japan, as shares related to chip and artificial intelligence boosted the index. The index gained momentum after Taiwanese semiconductor maker TSMC announced record earnings. Taiwanese shares were already closed when TSMC announced its announcement. The day ended with a 1.4% gain and a new record. South Korea's KOSPI rose 2.2%, reaching a new record high after the country's top presidential adviser expressed optimism about the ongoing negotiations to finalise the U.S. trade agreement. Australia's equity index also reached a new record high as poor jobs data increased the likelihood of central bank easing. In a volatile session, the Hang Seng in Hong Kong fell by 0.7% while blue chips on the mainland were flat. Investors pondered what the future of trade relations with the U.S. would be. The European stock futures point to a 0.3% decline. The U.S. Stock Futures are flat after overnight gains of 0.4% for the S&P500 and 0.6% for the tech-heavy Nasdaq. The Philadelphia SE Semiconductor Index soared 3%. Michael Brown, Senior Research Strategist at Pepperstone, stated that he still believes the path of least opposition in the long-term is a positive one. "I'd say that the intraday price movement is largely noise, even though conditions are choppy." DOLLAR DIP - GOLD SURGE CONTINUES Stock investors were captivated by the optimism over AI and the signs of economic strength in the U.S. banks' earnings, despite Trump declaring late Wednesday that "the U.S. was engaged in a trade conflict with China", confirming what the markets already believed based on recent comments made from both sides. Gold reached a record $4,241.77 an ounce in the last session after rising by 0.8%. The dollar fell for the third consecutive session, falling 0.1% against a basket major counterparts. The pair fell as much as 0.4%, to 150.51yen. This brought the psychologically important 150-yen line into focus. However, the pair recovered to remain flat before the opening of European markets. This retracement was prompted by the news that Takaichi, the leader of the ruling Liberal Democratic Party, had been in discussions with the Japan Innovation Party (a right-leaning opposition party) for a partnership to secure enough votes in parliament to win the prime ministership in an upcoming vote. The euro rose by 0.1%, to $1.1657. Sterling increased by 0.1%, to $1.3412. The signs of a calming of trade tensions were encouraging. U.S. Treasury secretary Scott Bessent said that an extension of current tariff reprieve could be possible and that Trump expected to meet Chinese Leader Xi Jinping later this month in South Korea. The brinkmanship between China and the U.S. hasn't yet dissipated, said Kyle Rodda senior financial market analyst at Capital.com. It will only calm down when China backs off its threat to restrict rare earth exports, and the U.S. reverses the tariff increase scheduled for November 1 to 100%. Markets will be apprehensive until then." Trump's trade maneuvers have also helped oil prices rise from five-month lows. Brent crude futures are up 0.8% to $62.41 per barrel, and U.S. West Texas Intermediate futures are up 0.9% at $58.77. The U.S. President said on Wednesday that India will stop buying oil from Russia, its largest supplier. Washington would then try to convince China to follow suit as it intensifies its efforts to cut Moscow's revenue and to pressure it to negotiate an agreement in Ukraine.
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Sources say Indian refiners are preparing to reduce their Russian oil imports
Three sources with knowledge of the situation said that some Indian refiners were preparing to reduce their Russian oil imports. The U.S. was pressuring New Delhi, to stop purchasing Russian crude in order to end the conflict in Ukraine. Donald Trump, the U.S. president, said on Wednesday that Prime Minister Narendra modi assured him that India would stop purchasing oil from Russia - its main source of oil imports. India's main goal, it said on Thursday, was to secure energy supply and maintain stable prices. In a volatile energy market, it has always been our priority to protect the Indian consumer's interests. This is the only objective that guides our import policies," said a statement from the Foreign Ministry. The statement does not refer to Trump’s comments about India's purchase of Russian oil. TRADING OFF STEEP TARIFFS Indian officials are currently in Washington to hold trade talks. The U.S. has doubled the tariffs on Indian products to put pressure on New Delhi to cut down its Russian oil imports. U.S. negotiators said that curbing these purchases was crucial for reducing India’s tariff rate and achieving a trade agreement. India and China have become the top two buyers of Russian crude oil by sea. They are taking advantage of the reduced prices that Russia is forced to accept because European buyers refused to buy and after the U.S., the European Union and other countries imposed sanctions against Moscow in February 2022 for its invasion of Ukraine. "I was not happy with India buying oil and he (Modi), assured me today they would not be purchasing oil from Russia," Trump said to reporters at a White House function on Wednesday. India's Foreign Ministry said that it is discussing deeper energy cooperation with the United States. The current Administration has expressed interest in enhancing energy cooperation with India. In a statement, Randhir Jaiswal, spokesperson for the foreign ministry, said that discussions are underway. Sources claim that Indian refiners haven't been informed formally by the Indian government of the decision to stop buying Russian oil. The sources declined to give their names as they were not authorized to speak with the media. Sources said that it would be hard to stop buying Russian crude oil immediately, as switching to other crudes could cause global oil prices to spike and even threaten inflation. India imported 1,75 million barrels of Russian crude per day in April-September, the first six month of the fiscal year. Its share of India's total imports of oil fell to 36% from 40% a year ago, according to government data. India's crude oil imports from the United States increased 6.8% in a year, to 213,000 barrels per day (bpd), or 4.3% of total imports. Data showed that the Middle Eastern oil share in the six-month period leading up to September 2025 increased from 42% to 45%.
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Gold prices continue record rally due to US-China tensions and rate-cut betting
Gold prices reached a record-high on Thursday. They climbed for the fifth consecutive session as investors increased their safe-haven wagers amid tensions in trade between the two world's largest economies, the U.S. government shutdown, and the possibility of U.S. interest rate cuts. As of 0611 GMT, spot gold was up by 0.2%, at $4,217.39 an ounce. Bullion touched a new record high earlier in the session of $4,241.77. U.S. Gold Futures for December Delivery were up 0.7% to $4,232.0. U.S. officials criticised China on Wednesday for its expanded controls on rare-earths, calling them a threat to the global supply chain. They also signalled potential retaliatory actions, as both countries had introduced reciprocal fees at ports on their ships on Tuesday. "The Fed's comments that they are more likely to cut rates in the future is encouraging, and Donald Trump calling this a trade conflict is clearly providing gold with a strong boost," said OANDA Senior Analyst Kyle Rodda. Bessent said that Washington could take further measures, such as export controls, should Beijing continue. He also added that Washington was ready to impose tariffs on China for its purchases of Russian crude oil as long as European allies joined him. A Treasury official stated on Wednesday that the two-week federal government shutdown could cost the U.S. economic system as much as 15 billion dollars a week due to lost production. Investors expect a rate cut of 25 basis points at the Federal Reserve meeting this month, followed by another one in December. In a low interest-rate environment, non-yielding, or "non-yielding" gold tends to perform well. This is due to a variety of factors including geopolitical risk, bets on rate cuts, central bank purchases, de-dollarization and strong inflows into exchange-traded gold funds. ANZ expects the gold price to reach $4400 per ounce before year's end. The SPDR Gold Trust is the largest gold-backed ETF. Its holdings increased to 1,022.60 tonnes on Wednesday. This was their highest level since July 2022. Silver spot fell by 0.5%, to $52.78 an ounce. It had previously reached a record of $53.60 per ounce on Tuesday. This was due to the gold rally and a squeeze in the short market. Palladium dropped 0.3%, to $1,531.82, while platinum gained 0.3%, to $1.658.10. (Reporting and editing by Rashmi aich, Sherry Jacob Phillips, and Ishaan arora in Bengaluru)
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ABB says US tariffs have not affected its 'robust' market so far
ABB, a Swiss engineering company, said that the uncertainty caused by U.S. Tariffs has had little effect on the demand of its customers. ABB, a manufacturer of motors and drives for factory production lines said that operating earnings before tax, interest and amortization (EBITA), rose by 12% in the three-month period ending September. Analysts' consensus for the company had predicted $1.70 billion. The actual figure was a little higher. Orders rose 12%, and revenue rose 11% at the company that also manufactures electrification systems for data centres. Tariffs have not yet had a material impact on the economy. Morten Wierod, Chief Executive of GE Energy, said that he saw a "robust market situation", with customers continuing to spend on electrical power and automated systems. Wierod stated that "there are still uncertainties in the market due to U.S. tariffs, but we haven't seen any impact on profitability or demand." US ORDERS JUMP, CHINA FALLS ABB's U.S. orders increased by 27% in the third quarter with steep growth across all business areas. In Brazil, orders were up 38%. China, on the other hand, saw a drop of 4% in new orders due to a sharp decline in automation and electrification. Orders in India also dropped by 7%. ABB's performance is a good indicator of the state of the industrial economy. ABB products are used to control and electrify buildings, mines, and data centres. ABB expects to see its comparable sales grow by a mid-single-digit percentage for the fourth quarter. ABB also announced on Thursday that Chief Financial Officer Timo ihamuotila would leave the company by 2026. Christian Nilsson will replace him, who is the current CFO of ABB's electrification division. (Reporting and editing by Ludwig Burger, Lincoln Feast and John Revill)
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Ardian, a private equity firm, raises $20 billion to fund infrastructure in Europe
Ardian, a French private equity company, announced on Thursday that it had raised a record-breaking $20 billion for the next-generation fund, which is dedicated to Europe's energy, transport, and digital connectivity. This shows heightened investor interest in critical infrastructure. As U.S. president Donald Trump changes global trade and alliance policies, Europe seeks private investment in order to pursue new avenues of economic growth, and strengthen its independence, particularly with regards to infrastructure, defence, and energy. Mathias Burghardt, CEO of Ardian France, told journalists that the volatility is high and events are surprising and violent. This has led to investors feeling they have rediscovered diversification. International BACKING Burghardt stated that Ardian Infrastructure Fund VI targets physical and virtual connectivity to attract growing investments from United States. This fund is the largest infrastructure platform of Ardian Investments, backed up by 229 investors. It represents a 90 percent increase over Ardian Infrastructure V. Ardian stated that 32% of the investments made in the fund came from investors from Asia-Pacific. The fund's fundraising follows the closing of Sweden's EQT Infrastructure VI Fund at 21.5 billion Euros earlier this year. This was 35% higher than its predecessor. Reporting by Alessandro Parodi. (Editing by Mathieu rosemain and Mark Potter.)
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After Axis Bank, private banks are leading the Indian benchmark share price increase
India's benchmark stocks rose on Thursday as private banks gained after Axis Bank reported better than expected net interest margins and improved asset quality in its second quarter results. As of 10:23 a.m. IST, the BSE Sensex rose 0.51% and the Nifty 50 increased 0.48%. The Nifty and Sensex trade at about 3% and 3.5 % below the record highs they reached in September 2024. Twelve out of 16 major sectors saw gains. Axis Bank, a private bank, grew by 3% and grew 0.8%. Analysts cited improved asset quality and operating performance as positive factors, despite the fact that the private lender reported a lower-than-expected profit for the third quarter. The broad small-caps and middle-caps both gained 0.4% and respectively 0.3%. HDFC Bank, the largest stock, and ICICI Bank each gained 0.6%. Reliance Industries added 0.3%. Three companies will announce their quarterly results in the coming week. Amnish Aggarwal is director of research for institutional equities, PL Capital. He said that the demand outlook has improved after recent tax cuts. This could lead to a virtuous circle of earnings growth and lift overall sentiment. Information technology stocks fell by 0.4%. Infosys is the second largest software services provider in India. Infosys, the country's No. 2 software services provider fell by 0.7% before its quarterly results that are due after market hours on Thursday. Mangalore Refinery & Petrochemicals, a stock that has a quarterly profit after a loss last year, grew 2.4%. Oberoi Realty, a developer of real estate, jumped by 4.1% following a reported 29% increase in its second-quarter profits. Huhtamaki India, a packaging solutions provider, jumped 12% following a tripled quarterly profit. Westlife Foodworld increased its profit by 2% as it kept the status quo in relation to the royalty rate that is payable to McDonald's. This was deemed a positive development for Westlife Foodworld's operating profit and cash flow.
Morning bid Europe- News overload splits the markets
Kevin Buckland gives us a look at what the future holds for European and global markets.
Investors are unable to find the right information with so much information.
Investors are now looking in multiple directions simultaneously, and this is creating a clear split between asset classes.
The stock markets in Asia are rallying on Thursday. From Taipei to Seoul, and Sydney to Sydney, they have all reached new highs. This is due to the AI euphoria, which has been a driving force in the tech-heavy North Asian market. The SOX semiconductor index also rose 3% over night.
ASML, a Dutch manufacturer of semiconductor equipment, sent out a bullish message on Wednesday when its third-quarter bookings beat market expectations. This has boosted expectations for strong ASML results later today.
The big banks also kicked off the U.S. earnings period with strong results, which paint a picture of an economy that is resilient. These figures are getting more attention due to the lack of official macro-data because of the government shutdown.
Gold has been rising to record highs and the dollar is falling, especially against the traditional safe havens of the yen, the Swiss franc and the euro.
Outside of the equities market, traders are worried about an escalation in tensions over trade between Washington and Beijing. On Wednesday night, President Donald Trump said that they were "in a war of trade" despite his Treasury and Trade chiefs expressing some hope for a de-escalation.
Treasury Secretary Scott Bessent hinted, for instance, at an extension of tariff reprieves and said Trump still expected to meet Chinese leader Xi Jinping this month in South Korea, but without providing a date.
This type of market tug-of war creates an inherent tension and increases the risk that something, or several things, will snap back.
European stock futures currently point lower. A rebalancing may already be underway.
The following are key developments that may influence the markets on Thursday.
Estimate of UK GDP, Services, Industrial Output, Manufacturing Output (all August).
Italy CPI (September).
-Euro area trade balance (August)
(source: Reuters)