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Indian shares extend gains on US-Iran peace deal
Indian shares closed higher 'on Tuesday. They advanced for a third consecutive session as a preliminary U.S. - Iran peace deal cooled down oil prices & improved risk appetite. The Nifty?50 increased 0.57%, to?23989.15. Meanwhile, the BSE Sensex rose 0.71%, to 76 808.48. This represents gains of 3.6% and 4% respectively in just three sessions. The small-cap and middle-cap indexes each rose 0.4%. Brent crude dropped about 2%, to $81.6 per barrel. This was a good thing for India, which imports oil. The?moderation in oil prices, to around $82 per barrel, along with India's stable macro-fundamentals, steady interest rates, and controlled inflation augurs well after the year-to date underperformance against emerging-market peers, said?Vinit Blinjkar. Foreign portfolio investors, who have sold Indian stocks for a record $30.8 billion in 2026, became net buyers after 13 consecutive sessions of selling. Inflows of $21.2 million were recorded. Bolinjkar said that "coordinated steps taken by the government and central bank to support rupee and attract foreign investors to bonds?are positives to the markets, as they could result in a reversal to foreign outflows." Devyani International, the operator of KFC India, jumped by 2.5%. Sapphire Foods grew by 5%. The company said it received "no objections" from NSE, and "no adverse remarks" from BSE regarding its proposed merger with Sapphire Foods. HDFC Bank and Reliance Industries, index heavyweights, rose by 1% and 1,7% respectively to lead benchmark gains. Aluminium producers Hindalco Industries (and?National Aluminium) fell by 3.1% and 4.1% respectively, tracking weaker global aluminum prices. General Insurance Corporation of India fell 8% following the announcement by government that it would sell a stake at a 9.1% discount from its previous closing price. Bharathrajeswaran, Bengaluru. Edited by Sonia Cheema & Ronojoy Mazumdar.
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After the US-Iran agreement, spot oil premiums have fallen to levels seen before the war. However, shipping anxiety provides a floor.
After the U.S. and Iran deal to end the Middle East conflict, spot premiums for crude oil in Asia are back to their pre-war level. However, caution over how soon normal shipping will resume is keeping the oil markets afloat. Prices fell across the board after U.S. president Donald Trump announced that a preliminary deal had been signed. Details have not yet been released, and the U.S. as well as Iran say that a permanent ceasefire is still being negotiated. Dubai's premium for swaps on Middle East crude returned to its pre-war level of $2.06 a barrel on Monday. This compares to an all-time peak of over $60 in March, after the war disrupted supply. NAPHTHA FLIPS CONTANGO This month, producers such as United Arab Emirates and Kuwait offered prompt cargoes that weighed on the crude and naphtha market. Asia's market for naphtha went into contango on monday, while the refining margins?for petrochemical feedstocks have fallen about 90% to $45 per metric ton compared to Brent crude. This is the lowest price since November 2023, and compares to a record high of $248 on March 31. In a contango, the prices for immediate delivery are lower than those of future deliveries, which indicates that there is ample supply near-term. Concerns about cargo availability in early July have also been eased by the resumption UAE supplies via ship to ship transfers. Energy Aspects, a consultancy, estimated that 7?million barrels naphtha on vessels stuck in the Strait would add to Asian volumes. DIESEL, JET FUEL MARGINS Last week, cash premiums for diesel and jet fuel in Asia fell to levels seen before the war on the expectation of abundant regional supplies in July & August. Regional trade sources report that Northeast Asian exporters have increased spot sales for July shipments of these fuels over the past two week, and shipbroking fixtures show May exports by South Korean refiners at levels close to pre-war. Diesel premiums were $2.65 per barrel and $1.40 for jet fuel on Monday. As a result, the price of residual fuels has also fallen. High-sulphur oil (HSFO), for example, is down more than very low-sulphur oil (VLSFO), as the market focuses on the resumption in HSFO shipments by top HSFO providers like Iraq. After reaching a high of $90 per ton in March, the spread between July and August for 380cst HSFO has narrowed down to $3 to $4 per ton. In a market that is backwardated, immediate prices are higher than the future months. GASOLINE, ?DIESEL, JET MARGINS REMAIN STRONG Although the refining margins of transportation fuels are also lower, they remain higher than their pre-war levels because of?tight inventories and concern about how quickly Middle Eastern supplies will be able to resume through Strait of Hormuz. "As long as the war-risk premiums remain high, crude and refined products will be temporarily supported, until there is a sign of a safe passage across the strait," said Xavier Tang senior market analyst at Vortexa. Asian gasoline margins are down about 35%, to around $24 per barrel over Brent crude. This is from a high of $43 a barrel in March. However, this is still three-times higher than the pre-war level. The diesel and jet margins have nearly doubled to $40 per barrel. Neil Crosby is a senior oil analyst with Sparta Commodities. He said that the price risk was now heavily skewed in favor of the upside. Data showed that oil product stocks in Asia’s main trading hub Singapore dropped to their lowest level in almost 13 years last week as Middle Eastern shipments were curtailed because of the conflict.
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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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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).
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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.
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.)
(source: Reuters)