Latest News
-
Shanghai copper prices fall on weak China demand and strong dollar
Shanghai copper fell on Wednesday. The gains made in the previous session were lost due to a weakening of Chinese demand, resulting from high prices, and a stronger US dollar. As of 0302 GMT, the most active contract for copper on Shanghai Futures Exchange had fallen 0.63% to 84,990 Yuan ($11,931.77) a metric ton. The two sessions of gains were halted by the strong industrial production in China and new attempts to ease Sino U.S. trade tensions. The benchmark three-month futures for copper fell 0.15%, to $10608 per ton. The red metal's demand is muted by the low acceptance of high prices from downstream buyers. It's a good thing the copper price was corrected, because it might encourage some real consumption by downstream buyers. "They were not buying anything before," said a Shanghai copper trader, who requested anonymity because the person was not authorized to talk to the media. The copper price was also affected by the stronger dollar, despite Wednesday's slight decline. The price of commodities in greenbacks is weakened by a strong dollar, as buyers who use other currencies are forced to pay more. Traders also closely followed the China-U.S. Trade Conflict in the lead-up to a meeting planned between U.S. president Donald Trump and his Chinese equivalent Xi Jinping in South Korea next week. Copper prices are still held at a minimum by the supply shortage caused by mine disruptions. Any decline is therefore limited. Nickel was the only metal to lose 0.30%. Zinc and lead also remained unchanged. Zinc and lead, among other LME metals gained 0.23% while aluminium and nickel were barely changed.
-
Gold continues to fall from its record high due to profit-booking and trade optimism
Gold prices continued to fall on Wednesday as investors took profits from the recent bullion rally, while they awaited U.S. inflation figures due later in the week. As of 0236 GMT, spot gold was down by 0.4%, at $4,109.19 an ounce. Bullion dropped more than 5% Tuesday, its steepest drop since August 2020. U.S. Gold Futures for December Delivery climbed 0.4%, to $4124.10 an ounce. Matt Simpson, senior analyst at StoneX, said that the "simmering" tensions in trade between the U.S. This is a simple technical repositioning of a market which clearly needed a pullback following an extended move over $4,000. I believe we have seen the worst day-to-day fluctuations as dips are still likely to be purchased." U.S. president Donald Trump said he expects to reach a fair deal with Chinese president Xi Jinping next week when they meet in South Korea. He also played down the risk of a conflict over Taiwan. The Mint newspaper in India reported that New Delhi and Washington were close to a long-stalled agreement which would reduce U.S. import tariffs from 50% to 15% or 16%. The gold price has risen by 56% in the past year. It reached a record high of $4,381.21 yesterday, thanks to geopolitical, economic and rate-cutting bets, as well as sustained central bank purchases. Investors are now looking forward to Friday's release of the U.S. Consumer Price Index report for September. This will provide more clues about the Federal Reserve’s path towards interest rate cuts. Due to the U.S. shutdown, this report was delayed. According to a survey of economists, the Fed will cut its key interest rate next week by 25 basis points and again in December. However, opinions are still divided about where rates will end up by next year. Silver spot edged up 0.1% to $48,82 an ounce. Platinum fell 1.5% to 1,528.15 while palladium rose 0.7% to $1418.09. (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)
-
Iron ore prices rise on signs of eased US-China trade tension
Iron ore prices rose on Wednesday as signs of easing U.S. China trade tensions, and the expectation that Beijing will unveil more stimulus measures to boost economic growth, outweighed worries about a rising ore supply or a decreasing steel demand. After U.S. president Donald Trump stated on Monday that he expects to reach a fair deal with Chinese President Xi Jinping, hopes grew of a deescalation in the trade spat. Trump said that he will visit China in early 2019, at Beijing's request. By 0207 GMT, the most-traded iron ore contract for January on China's Dalian Commodity Exchange rose by 0.78% to $775 yuan (US$108.80) a metric ton. As of 0157 GMT, the benchmark November iron ore traded on Singapore Exchange was up 0.42% at $104 per ton. Analyst Zhuo Guiqiu at Jinrui Futures said that the rise was driven by a macroeconomic factor, as a reduction in U.S. - China trade tensions is expected. This has sparked heightened risk-on sentiment. Investors also bet on more China stimulus after a series of disappointing data. The Communist Party's four-day meeting behind closed doors that began Monday will culminate in an outline of the next five-year strategy. The price increases were tempered by the expectation of a growing supply in the remainder of the year and the seasonal slowdown of steel demand. Vale, the largest iron ore miner in the world, produced 94.4 millions metric tons (the equivalent of steelmaking material) during the third quarter. This is a 3.8% increase on an annual basis and the highest production since the final three months of 2018 Rio Tinto (RIO.L) has also stocked up 2 million tonnes of high-grade ore in Guinea at its Simandou Project for a shipment scheduled to take place mid-November. Both coke and coal, which are used in the production of steel, grew by 0.59%. The benchmarks for steel on the Shanghai Futures Exchange have gained ground. Rebar gained 0.33%. Hot-rolled coil increased by 0.47%. Wire rod gained 0.21%. Stainless steel gained 0.28%. $1 = 7.1230 Chinese Yuan (Reporting and editing by Amy Lv, Colleen Waye)
-
Hong Kong stocks rise on signs of eased Sino-US tensions
Hong Kong and China stock prices rebounded on Monday sharply after a large selloff last Friday, as signs that Sino-U.S. tensions are easing boosted bets that U.S. president Donald Trump would once again retreat from his tariff threat. Investors also have their eyes on the Chinese Communist Party's leadership meeting, which will map out China's 5-year vision. On Monday, authorities released economic data for the third quarter that were in line with expectations. Hong Kong's Hang Seng Index, the benchmark index, jumped over 2% on Monday, driven by technology shares. It was its best day for two months. Both the blue-chip CSI300 and Shanghai Composite Index rose by nearly 1%. Scott Bessent, U.S. Treasury secretary, said that he expected to meet with Chinese Vice Premier He Lifeng this week in Malaysia to prevent an escalation in U.S. Tariffs on Chinese Goods which Trump claimed was unsustainable. Last week, China's and Hong Kong's stocks experienced their largest weekly decline since April after Trump threatened to impose 100% tariffs on Chinese imports as a retaliation for Beijing imposing new export controls on rare-earth minerals. Yuan Yuwei is a hedge fund manager with Water Wisdom Asset Management. She said that Trump will certainly back down. He said that a hard decoupling would increase U.S. inflation, and cause pain to ordinary Americans. China's supply chain and social system could help China stay in the game longer. China's economy expanded at a slower pace than expected in the third quarter of this year, according to official data released on Monday. The focus is now on the fourth plenum. This gathering, which will take place from Monday to Friday and include President Xi Jinping, will examine a roadmap for China between 2026-2030. Megan Ie is a senior equity analyst with GIB Asset Management in London. She said that the five-year plan was China's strategic map, which "tells where leaders will be directing talent, capital and subsidies." Investors will be able to gain confidence if policymakers use the same messages about innovation, self-sufficiency and commitment to capital markets. China's chipmaking, robot and artificial intelligence sectors all rebounded strongly on Monday after a recent correction. The Hang Seng Tech Index in Hong Kong jumped by more than 3%. (Shanghai Newsroom; Editing done by Subhranshu Sahu, Lincoln Feast)
-
The US plans to replenish strategic reserves and maintain gains in oil production.
The oil prices rose for the second consecutive day on Wednesday. This was boosted by supply risks related to sanctions, hopes for a U.S. China trade agreement, and news that America is looking for oil to fill its strategic reserves. Brent crude futures rose by 18 cents or 0.29% to $61.50 a barrel as of 1:37 GMT. U.S. West Texas intermediate crude futures climbed by 21 cents or 0.37% to $57.45. Oil prices have recovered from a five-month low that was hit on Monday. This bounce is due to producers pumping in more oil and trade tensions affecting demand. News that the planned summit between U.S. president Donald Trump and Russian president Vladimir Putin has been put on hold, and fears of supply disruptions fueled by Western pressures on Asian oil purchases have heightened supply risks. Mukesh S. Sahdev, CEO and founder of energy market consulting firm XAnalysts, said that despite the general bearish sentiment, a glut of oil and weak demand in the Middle East, Venezuela, Colombia, and Russia still prevents the oil price from falling below $60. Investors will also be closely monitoring the progress of U.S. China trade talks, as officials from both nations are expected to meet in Malaysia this week. Donald Trump, the U.S. president, said on Monday that he hopes to reach a fair deal with Chinese President Xi Jinping when he meets him in South Korea next. In a Wednesday note, ANZ analysts said that the U.S. plan for replenishing its strategic reserves was also supported by oil. The U.S. Department of Energy announced on Tuesday that it was looking to purchase 1 million barrels of oil to be delivered to the Strategic Petroleum Reserve. It is hoping to take advantage of the relatively low prices of oil to replenish the stockpile. Market sources cited American Petroleum Institute data on Tuesday to confirm that U.S. crude oil, gasoline, and distillate stockpiles fell in the past week. (Reporting and editing by Muralikumar Aantharaman in Singapore, Siyi Liu)
-
Mayor of Kyiv says that Russian missiles have caused fires and scattered debris in Kyiv.
Vitali Klitschko, the mayor of Kyiv, said that Russian missiles fired at night ignited fires in several districts and scattered debris, shattering glass and damaging cars. Klitschko, who posted on Telegram, said that emergency services were dispatched at several sites to clean up the debris left by the air weapons, but there had been no reports of casualties. Witnesses heard what sounded as if air defence units were in operation. It was not immediately known the size of the attack and the primary target. Klitschko claimed that the attack was carried out using ballistic missiles. Russia has not yet commented. Mykola Kashnyk, the governor of the region, told Telegram that a house in the area surrounding Kyiv caught fire due to the Russian attack. An elderly woman was injured. Since 2022 when Russia launched a full-scale invasion, it has continued to attack Ukrainian energy installations. It maintains that these facilities are legitimate targets in the war. The attack on Ukraine Tuesday killed four people, left hundreds of thousands of people without electricity and many others without water. Kyiv claimed that this was the latest in a series of attacks by Moscow to disrupt its neighbour's power system in advance of winter. Reporting by Gleb Garanich in Kyiv, Sergiy Karazy from Melbourne and Lidia Kelly from Kyiv; editing by Chris Reese & Jamie Freed
-
Australia and New Zealand prepare for heat and fierce winds
The weather in Australia and New Zealand will continue to be hot and windy this week. On Wednesday, the meteorological agencies warned that conditions would worsen over the next few days. MetService, New Zealand's weather forecaster, said that gusts of up to 150 kilometres per hour (93 miles an hour) could be experienced along the South Island’s east coast on Thursday, and as high as 140 kilometres per hour in Wellington, New Zealand’s capital. Authorities warned people to stay inside, avoid traveling and prepare for potential power and communication outages. The warnings come after strong winds and heavy rainfall on Tuesday, which left thousands of people without power. A man was killed in Wellington Park when a branch from a tree fell on him. Winds on Tuesday fanned wildfires in Hawke's Bay, on the North Island and near Kaikoura, on the South Island. Ken Cooper, Assistant National Commander of Fire and Emergency New Zealand, said that 14 buildings were destroyed near Kaikoura. This included five homes. The area remains closed and there are evacuation centres. Officials haven't estimated the size of the fire. FENZ reported that in Hawke's Bay, they were making progress on the four vegetation fires despite the windy conditions. They were also monitoring the weather. The Bureau of Meteorology in Australia said that extreme heat could be a record-breaker across the central regions, bringing heatwaves and increased fire danger. Sydney will reach 39 degrees Celsius on Wednesday. (Reporting and editing by Stephen Coates; Lucy Craymer)
-
Celebrities join Prince William of the UK in Brazil to celebrate Earthshot Prize
The Prince of Wales and the former Formula One champion Sebastian Vettel are among the celebrities who will join him at his award ceremony in Brazil next month for his multimillion dollar environmental prize. In 2020, the British heir-to-the-throne established the Earthshot Prize with the goal of finding innovative solutions for pressing environmental issues. The winners of this year's Earthshot Prize will be announced on November 5 at an event in Rio de Janeiro that is sure to attract a lot of attention. The night's performers will include Brazilian musicians Gilberto Gil and Seu Jorge, as well as Canadian pop singer Shawn Mendes, and Minogue, who was selected by William's dad King Charles to be an artist whose song brings him joy. Organisers announced this on Wednesday. Luciano Huck, a Brazilian TV host, will be the event's host. Other presenters include Brazilian gymnast Rebeca André, Brazil's top Olympian Cafu and four-time F1 World Champion Vettel. In 2022, the German driver who was increasingly vocal about sustainability and environmental issues, saying that climate change made him doubt his job, retired. Winners receive cash prizes for their projects Earthshot's CEO Jason Knauf stated that "with two weeks left, we are delighted to announce the support from global artists, performers and Brazilian talent who will be joining us in Rio." The organizers also released a trailer titled "Meet the World's True Action Heroes", which was voiced in Hollywood by actor Matthew McConaughey. Earthshot aims to find innovative solutions to climate change and other environmental issues. Five winners will receive 1 million pounds ($1.3million) each for their projects. William will represent his father at the UN Climate Summit COP30 in Brazil. William has been campaigning on environmental issues since more than 50 years. (Reporting and Editing by Ros Russel)
India's NTPC posts Q4 earnings rise on strong power demand
India's National Power Thermal Corp (NTPC) reported higher fourthquarter profit on Friday, sustained by strong domestic power need.
Consolidated net earnings for the country's top power producer grew 27% to 61.69 billion rupees (about $743 million) in the three months to March 31.
A rise in profits comes as India saw heightened temperature levels in the quarter, leading to a rise in electrical energy need as a requirement for cooling home appliances grew.
Meanwhile, the nation's electricity generation increased at an average of about 8% annually following the pandemic year of 2020/21 due to both searing heatwaves and an uptick in economic activity.
NTPC's gross power generation increased by over 4% to 93.39 billion units throughout the quarter.
It added 3,704 megawatts (MW) of installed capability in fiscal year 2024, taking its total set up capacity to 75,958 MW.
Nevertheless, thermal power - its greatest segment's plant load factor, a portion of energy utilised by the power plant representing set up capability, fell to 89.4% from 93.5%. between January and March.
Income from operations grew 7.6% to 476.22 billion rupees.
It also approved the incorporation of a subsidiary company. for undertaking a nuclear power energy organization.
Adani Power reported a jump in fourth-quarter. earnings on greater demand and capability, while Gush Power's. earnings fell on higher expenses.
(source: Reuters)