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The weekly copper price is up on the back of mine supply concerns and China demand
Copper prices were on track to gain a weekly % of?1.5% this Friday. This was due to concerns about mine supply disruptions and signs of active demand from?China, the top consumer. By 0948 GMT, the benchmark three-month price of copper at the London Metal Exchange had risen by 1.2% to $14,473.50 per metric tonne. Yangshan Copper Premium This week, the price of copper in China reached its highest level in four years, after the country returned from its week-long vacation. The Shanghai Futures Exchange monitors copper inventories in warehouses. The end-of-week stock level was 58,744 tonnes, an increase of 20,000 tons over the previous week. Exchange data revealed that copper stocks at the LME registered warehouses fell to a six-week-low of 233.025 tons, after daily outflows totaling 4,700?tons. This was mainly due to warehouses in Taiwan and Hong Kong. Since 2025, copper prices have been supported by the constant transfers of metal to Comex warehouses, especially in the last six months. This is due to uncertainty about potential US import tariffs for refined copper. Comex inventories are at a record high of 711 609 tons. Cash copper contracts ended Thursday with a $97 per ton premium over the three-month contract. Morgan Stanley stated in a report that "any slowdown in US stocks could make the markets feel looser. But China's demand has been resilient, and supply is experiencing significant disruptions." The union representing Antofagasta’s?Centinela mine in Chile has said that the strike will?begin affecting output in November. Antofagasta initially downplayed its impact, but this situation has increased the risk of disruptions at other mines. Aluminium and lead, among other LME metals, rose by 1.1% each to $3,085 a ton and $1,880 per ton. Zinc rose 1.7% to $3.781.50. Tin increased 2.1% to $52,305. Nickel climbed 1.2%, to $15,730.
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AI-related companies drive the majority of third-quarter US earnings increases
US companies will likely deliver a third-quarter earnings surge, and AI-related players, like the stock market rally, are driving most of these gains. Investors are excited about the hyper-growth of AI companies, but they are also concerned about the future of the share price and how long this trend will continue. According to Tajinder dhillon, LSEG’s head of earnings research and equity, analysts expect S&P500 earnings to increase by 31% in the third quarter. Two-thirds will come from the tech sector, including AI giants Alphabet and Amazon.com, as well as Meta Platforms. The S&P 500 reached a new record this week, ahead of earnings season. This is expected to begin unofficially next?week when banks such as JPMorgan Chase or Goldman Sachs report their results. "It is all AI, and to a lesser degree, energy and material, but this is because of geopolitics,"?Sameer samana, the head of global equity and real assets at Wells Fargo Investment Institute. It wouldn't be surprising if 70-80% growth could be attributed tech and AI. The US oil price has risen by roughly 30% during the third quarter due to the ongoing US-Israeli conflict with Iran. Samana pointed out that the?earnings estimates for the third-quarter are among the lowest. Strategists are unsure if the third-quarter growth in earnings can match the explosive growth seen in the second quarter. Most companies beat analyst's estimates and this is likely to continue in the third quarter. LSEG data shows that the S&P 500's earnings grew by 54% in the second quarter, the highest growth since 2021. LSEG data showed that excluding mark-to-market gains from Alphabet and Amazon.com for AI-related investments the growth rate was still about 35%. This is the highest level since 2021. Anthony Saglimbene is the chief market strategist of Ameriprise Financial. He said that investors should be concerned because we're approaching "peak earnings growth" in this cycle. "A lot is this AI trade built on continuing capex spending. Every quarter, as they continue to do so, the hurdle rates and scrutiny get higher." Dhillon, based upon LSEG data, said that earnings for US semiconductor firms, which are among the largest beneficiaries of the AI boom will?have risen by about 136% compared to about 158% during the second quarter. Nick Raich is the CEO of Earnings Scout. Three months ago, we were going 150 miles per hour. Raich stated that the latest reports, including those from Micron Technology, were strong and suggested other companies continue to "reap the benefits." Micron, a chipmaker, forecasted quarterly revenue that was above expectations and said customers had boosted their commitments to its long-term supply agreements up to $32 billion. This week, Google signed a huge power deal with Constellation Energy. Investors will also be paying close attention to the impact of higher interest rates on corporate profits during this earnings season. The US bond yields are rising due to concerns over inflation, high oil prices, and debt problems elsewhere. Samana warned that heavy borrowers such as utilities are at risk.
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Campaign group warns that the new Congress in Brazil poses a threat to environmental legislation
According to a report by the climate advocacy group Observatorio Do?Clima that found almost 70% of elected legislators have no or little interest in environmental issues, Brazil's new Congress will likely pose a greater obstacle to legislation protecting the environment after elections this month. The study examined bills, legislative initiatives, speeches, and public statements made by newly elected and reelected legislators. It concluded that 64 out of 81 senators have demonstrated a "very low" commitment to environmental issues. In the lower chamber, 345 out of 511 legislators were placed in the same category. According to the study, the Liberal Party, which is home to Flavio Bolsonaro (a right-wing senator) who will be facing President Luiz Inacio Lula in a presidential runoff later this month has the lowest environmental credentials of all major parties. Bolsonaro defeated Lula in a first round despite pollsters' predictions, but he didn't get enough votes to prevent a second ballot. The environmental commitment of all 28 senators and lower house members who were elected by the party on Sunday was rated as very low. The study also found that other right-leaning political parties, such as?Novo and Republicanos, Progressistas, and Uniao Brasil showed low support for environmental issues. Observatorio do Clima stated that environmental advocates may face a more 'challenging' political landscape if Bolsonaro, whose previous?comments about climate change caused concern, is elected President. I contacted the parties named but did not receive a response. The group said that proposals to weaken environmental protections, such as measures to reduce protected lands, allow mining on Indigenous land, and ease licensing requirements for environmental matters, could gain "traction" under the new Congress. Suely Araujo is the public policy coordinator for the group. She said, "This image shows four years of hard work by those who are focused on climate and environment issues."
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Trump's comment that Iran can 'take out Los Angeles' was misinterpreted
US President Donald Trump said on Thursday that comments he made about Iran being able to "take out" California cities were misinterpreted. He was referring instead to the need for people to tolerate higher gasoline prices. Trump made these remarks on Monday at a Nebraska political rally, where he talked about the economic sacrifices of Americans during World War II. "Remember that the 'war' is artificial, it costs a lot, but it's worth it," he said. "It is a small price to pay in order to keep the world and our country safe. They could take out an entire city. Let's?take Los Angeles out, let's?take San Diego out. It's a small price to pay and it will be over very soon." California's Democratic Leaders and some Republican colleagues quickly condemned the remarks. Trump stated in a Truth Social posting on Thursday that "a temporary increase in Gasoline prices is a small price to be paid for Iran not having a nuclear weapon." "If you want to see a huge price, can you imagine what would happen if they bombed San Diego and/or Los Angeles?" He continued by saying he loved both cities. Trump has dismissed concerns about cost of living stemming the Iran conflict in the past.
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US to rescind methane policy against oil and gas industry
The US Environmental Protection Agency announced on Wednesday that it would be scrapping the Biden-era regulation aimed at curbing large leaks of'methane' from oil and gas operations. The move is part a broader effort by the Trump administration to reduce regulations, which it claims burden US businesses in its quest to increase fossil fuel production. "Americans should be able to afford heating their homes during the winter and filling up their cars to drive to work." The people who produce the energy cannot?do this when they are burdened by unnecessary burdens," EPA Administator Lee Zeldin stated in a press release after announcing the decision at a meeting with representatives of the oil and gas industries in New Mexico. The "super emitter program" of the EPA requires that companies react when third parties use remote sensing to report suspected methane leaks. After taking office in 2017, the Trump administration?delayed implementing this policy until next. EPA claimed that its proposal to rescind this?rule could save $45 billion a yearly. The oil and gas industry, which is a major source of methane, is responsible for the second largest?cause?of climate change?after carbon dioxide. Environmental groups have criticized the move. In a statement, Mahyar Sorour of Sierra Club's Beyond Fossil Fuels said: "This giveaway is foolish and shortsighted. It reveals to whom the Trump administration works - its political donors."
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US seizes $3 Million in fuel shipments from Cuba as crackdown continue
The US announced on Wednesday that it had seized 90 separate shipments of biodiesel bound to Cuba, worth nearly $3 million. This is the second time this week US authorities have announced the seizure "illegal" fuel en route to Cuba. The Trump administration is continuing to choke off Cuba's energy industry, only allowing small amounts of fuel to be shipped to the private sector on the island in an effort to undercut the Cuban government. Jose Figueroa, Special Agent in Charge of Homeland Security Miami, told Miami reporters on Wednesday that the seized cargo was destined for Enetec, an Enetec-based state-owned fuel firm sanctioned earlier this year by the US. The authorities said that they intercepted fuel shipments at Port Everglades in south Florida and Houston before they left the US. Homeland Security reported that more than 600,000 gallons were seized. Figueroa stated that "an effort of this magnitude to undermine US sanction is not an accident." These actions are aimed at shipments that could benefit the Cuban government through a state controlled entity. Anyone who attempts to undermine US laws to fund, facilitate or profit from such an effort should be put on notice. Cuba's government didn't?comment immediately on the fuel seizure. Cuba's communist-run government has called the Trump administration's blockade of fuel on Cuba "economic war" and "illegal". The blockade has exacerbated the ongoing problems of blackouts, shortages of water and inflation on the island, pushing it towards a humanitarian catastrophe. US President Donald Trump stated openly that his goal is to overthrow Cuba's government with the?blockade & sanctions. Last week, the US Coast Guard announced that they had intercepted in September a large container vessel carrying fuel bound for Cuba. The Coast Guard said that the ship was attempting to evade authorities, and had large amounts of fuel hidden within its ballast tanks. In either case, the US has not disclosed the identities of the exporters.
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Russia claims that Ukraine has struck two nuclear facilities at Zaporizhzhia
The head of Russia's state nuclear corporation said that despite the fact that Ukrainian drones had attacked two facilities at Zaporizhzhia, a Russian-held nuclear power plant in southeast Ukraine, there was no danger to nuclear safety. Alexei Likhachev said that a driver who was delivering food to plant workers had been killed by the drone attack. Likhachev said that a laboratory and a plant for the processing of radioactive waste were targeted. Ukraine has yet to comment on the incident. The plant's management announced on?Saturday that Ukrainian shelling in recent weeks has damaged the external power supply equipment. Electricity is currently provided by emergency diesel generators. The plant does not produce electricity, but it needs two external links for power to cool nuclear fuel. In the first few weeks of the war, which began with Moscow's invasion of its smaller neighbor in February 2022, Russia captured the?plant - Europe's biggest with six reactors. Since then, Moscow and Kyiv accuse each other regularly of military actions that compromise nuclear safety. The International Atomic Energy Agency (IAEA), the UN's nuclear watchdog has repeatedly taken action to ensure a ceasefire surrounding the plant so that repairs could be made to the lines connecting the facility to the main grid. UN monitors are at the Zaporizhzhia and three other plants in Ukraine. Maria Zakharova of the Russian Foreign Ministry wrote on her ministry's website that the West was enabling Ukrainian aggressions by not publicly condemning them. Zakharova wrote that "Kyiv has intensified its shelling of the Zaporizhzhia nuclear plant because Western countries have not responded appropriately to these actions, effectively facilitating new assaults." "Such an attitude toward strikes by the Ukrainian military shows the true 'value' of statements made by representatives of these nations about nuclear and physical safety at international forums."
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The top cases in the US Supreme Court docket
US Supreme Court will hear a number of important cases in its new term, which begins Monday. These include issues like President Donald Trump's Immigration Policies, the ban on assault-style rifles, the financial responsibility of Big Oil for climate change and Republican-backed voting restriction. This is a list of some of the cases that are being argued in the current term. The term runs until the end of June. Big Oil Climate Suit ExxonMobil, Suncor Energy and Boulder officials argued on October 5, attempting to "thwart" a lawsuit filed by Boulder officials. The Justices grappled with the complex question of whether local governments should be allowed to hold oil companies responsible for harms caused by climate change. After Colorado's highest court allowed Boulder to sue them for violating state laws and seeking unspecified damages, the companies filed an appeal. Trump's administration supported the companies. The justices expressed concerns over unduly restricting the power of states to pursue litigation related to climate change, and the potential for chaos if local government across the nation were allowed to sue these corporations. The ruling is expected to be made by the end June. TRUMP'S MANDATORY DETENTION OF IMMIGRANTS The court will determine the legality Trump's policy, which subjects millions of illegal immigrants living in the US to mandatory detention while deportation proceedings are underway. Trump's policy of mass deportation includes this policy. The Supreme Court heard the Trump administration appeal of a lower-court ruling that ruled against the policy, in a case concerning a Brazilian citizen. The US administration has abandoned its long-standing interpretation of federal laws that allowed immigrants living in the US to be released under bond until their cases were heard in immigration court. Dates for the arguments have not been set yet. The ruling is expected to be made by the end June. DEPORTATIONS TO A THIRD COUNTRY BY TRUMP In December, the justices will hear arguments over the Trump administration’s policy to deport migrants to "third countries", or other nations than their home country. They won't give them the opportunity to demonstrate the harms that they might face. On September 29, the court allowed the Trump administration to continue its policy, suspending a federal judge’s ruling that deporting migrants to third-country countries was illegal. Human rights groups claim that more than 25,000 migrants were deported under this policy to 29 different countries. The ruling is expected to be made by the end June. Ban on assault-style rifles On December 2, the justices will hear arguments in a challenge against state prohibitions of 'assault style rifles. This case involves a weapon type that is often associated with mass killings. The lower courts in Cook County Illinois and Connecticut upheld the bans on powerful semiautomatic weapons such as AR-15s. Lower courts rejected arguments that these measures violated the US Constitution's Second Amendment rights to "keep and bear arms." Gun rights groups, as well as other opponents, have argued that Supreme Court precedents regarding the Second Amendment protect firearms in "common usage." The end of June is the expected date for a ruling. Voting Rights On December 8, the justices will hear arguments in a Republican led bid to reinstate voter restrictions in Arizona. This would require proof of citizenship for all voter registrants, and purge voter lists in Arizona from alleged non-US citizen voters. Republicans appealed a lower court's decision to stop certain provisions of Arizona law for violating federal voting registration laws. The Trump administration has supported key aspects of the appeal. The Arizona measure, according to critics, adds additional mandates for voting which unfairly targets Latinos and Native American voters. These groups tend to support Democratic candidates. The ruling is expected to be made by the end of June. LGBT RIGHTS On November 3, the justices will hear arguments in an appeal by the Archdiocese of Denver, and other Catholic entities, to be exempted of a Colorado program that funds preschools' nondiscrimination requirements. A lower court ruled that Colorado's program didn't violate the First Amendment rights of the Catholic plaintiffs. State funds are provided for preschools. The Catholic plaintiffs objected that the state required schools receiving funding through the program to give all children an "equal chance" to enroll in pre-school, regardless of certain characteristics. This included the sexual orientation of students and their families. The ruling is expected to be made by the end June. EPIC GAMES SUE AGAINST Apple Apple will try to avoid being found in contempt by the justices in its legal battle with Epic Games, the maker of "Fortnite". The iPhone maker had been found to be in violation of an order from a court ordering sweeping changes in its lucrative App Store as part the antitrust litigation. Apple appealed the ruling of a lower court that upheld a federal judge's decision in Oakland, California finding Apple in contempt for Epic's lawsuit against App Store fees. Dates for the arguments have not yet been announced. The ruling is expected to be made by the end June. PEPSICO TRADEMARK CASE The court will hear arguments regarding a claim by Rise Brewing, a maker of canned coffees, to hold PepsiCo responsible for an alleged trademark violation involving Pepsi’s morning energy beverage "Mtn Dew Rise." Rise Brewing appealed the ruling of a lower court that rejected the company's claim the name "Mtn Dew Rise," infringes on its trademarks, and confuses customers with its coffee brand. No date has been set for the arguments. The ruling is expected to be made by the end June.
How AI has sabotaged clean-air initiatives in one of America’s most polluted city
Barbara Johnson, an organizer for Metropolitan Congregations United in North St. Louis' mostly Black neighborhoods, has been fighting coal pollutants for decades. The group is one of many activist groups that are campaigning for cleaner pollution in a city with some of the dirtiest air in the nation.
Johnson believed that things would get better because the federal soot standard, adopted by Biden in 2024, was scheduled to take effect in 2027. This meant that plants had to reduce emissions or close. Ameren Labadie Energy Center, one of the region's largest polluters, would have been forced to reduce its soot emission by half in order to remain in business. Johnson's hopes were dashed in February when the Trump administration, under President Donald, scrapped the standards prior to their implementation as part of an effort to ensure that the grid could meet the surge in demand from data centres. She wonders now if she will ever see the changes that she has been fighting for from her youth.
Johnson, 75, said: "You take two steps forward and four steps back." "I'm used to this backwards tendency, but how many generations before these positive changes become permanent?" Trump's rollbacks on AI are a reversal of U.S. environment policy, and a painful reality for America's environmental activists. After years of pushing coal to the sidelines, the rise in power-hungry power centers has pushed the most polluting source of electricity back onto the stage. Trump issued a presidential executive order titled "Reinvigorating America’s Beautiful Clean Coal Industry", which stated that coal-fired energy was essential to meet the increase in electricity demand caused by the construction artificial intelligence data centers. Since then, he has provided funding for old plants to continue operating, issued orders delaying plant retirements and rolled back the environmental regulations regarding mercury and other toxic substances to save plants from expensive upgrades.
In an email statement, the U.S. Environmental Protection Agency stated that affordable baseload energy, including coal, was essential to keep the lights on in American homes and heat them. "EPA is dedicated to ensuring that all Americans have clean air, regardless of their race, gender or creed."
U.S. Department of Energy predicts artificial intelligence and the growth of data centers will generate 50 gigawatts of electricity by 2030. This is a nearly 4 percent increase over the 1,300 gigawatts of electricity produced by U.S. power stations in 2025.
For this article, we interviewed 20 air-quality activists and health-advocates. All of them agreed that the AI boom and policies supporting it are the greatest threat to U.S. Air Quality due to the need for energy from dirty sources such as coal. According to EPA data, over the last decade, the number U.S. coal power plants that provide energy for the grid and other 'industrial operations' has dropped from 400 to 200. This pace of growth has now slowed dramatically.
According to the U.S. Energy Information Administration, only four plants with a combined capacity of 2.6 gigawatts will be retired in 2025, while 94 plants that produced 15 gigawatts did so in 2015. This is because the DOE issued an emergency order keeping these plants online. Farmers, environmentalists, and homeowners are united in their opposition to data-center expansion, out of fear for the impacts. These include higher power bills, reduced water supply, or even a liability for Republicans during November's midterm elections. Trump has secured voluntary agreements with big tech companies that will pay for their power requirements and shield American consumers against higher bills. However, his administration has yet to announce steps to address health effects from increased pollution.
According to interviews and data from the government, St. Louis is likely to be one of the U.S. Cities most affected by regulatory rollbacks. This is primarily because it has poor air quality, and its proximity to the massive?Labadie facility.
According to the Air Quality Index of the EPA, only one third of the time in the past year did metro St. Louis residents breathe "good" quality air. St. Louis ranked 475th out of 501 large and small U.S. metropolitan areas in terms of air quality. According to EPA and scientific studies, the Labadie Energy Center has a major contribution.
According to EPA statistics, the plant is a sprawling facility located around 40 miles west of the city. It produces the most sulfur dioxide and nitrogen oxidation among U.S. Coal Plants.
According to an analysis of the EPA’s Co-Benefits Risk Assessment tool (COBRA), pollution costs up to $5.5 billion per year. Residents of St. Louis are responsible for about $820 millions of these costs.
COBRA measures the cost of health care, such as hospital visits, and how much people are willing to collectively pay for cleaner air, which lowers their risk of dying prematurely.
The analysis was shown to two experts outside the company - Bryan Hubbel a senior researcher at the non-profit group Resources for the Future, and John Graham a scientist with the environmental research group Clean Air Task Force. Both agreed that the figures were correct.
Ameren Corp., the utility based in St. Louis that owns Labadie, has not contested the analysis of EPA data.
Ameren stated that the plant is operating within federal pollution limits. Ameren says Labadie's operation will continue for another decade, as the demand for artificial intelligence-driven data centres outpaces cleaner energy.
Craig Giesman said that Ameren employees "live here, raise their families here, and rely on energy like our neighbors." "This is only one of the many reasons why we are committed to operating responsibly, protecting public health, and providing reliable power, especially during times when it's most needed."
The EPA declined comment on a COBRA analysis, but stated that it is updating its cost-benefit modelling tools.
According to a scientific study conducted by researchers from the University of Washington, and published last year in the Journal of the International Society for Environmental Epidemiology, St. Louis was the city that would be most affected by the delay of tougher standards for U.S. coal plant emissions. Biden's regulation could have forced Labadie, to remain in operation, to reduce its soot emission by over half. According to EPA's cost-benefit analysis for 2023, these soot limitations would have resulted in net benefits to public health of up to $3 billion by 2037.
Since then, the EPA has reversed its course. The agency said that the estimates of the Biden administration were exaggerated and that current standards provide an "ample margin of safety" to protect public health.
St. Louis Clean Air activists have a different perspective.
Darnell Tingle is the director of United Congregations of Metro-East - another activist network. "We're trying to prepare our communities for these data centres and minimize their impact on them."
Cheap Power
North St. Louis' predominantly Black neighborhoods already have some the worst air pollution in the city. According to an analysis of data tracked and analyzed by the EPA, tiny particles of soot that can penetrate the brain or lungs regularly exceed federal safety standards in North St. Louis. This is due to pollution from industrial sources, as well as pollution from nearby highways, and rail operations.
According to the NAACP 78% of African Americans reside within 30 miles of coal-fired plants, compared with 56% of white non-Hispanics. According to a study published in Environmental Science & Technology, soot pollution caused by power plants kills African Americans 25% more than the average.
The logic is that the United States needs cheap electricity. If you consider the increase in healthcare costs in the St. Louis region, this isn’t cheap," said Patricia Schuba. Schuba runs a local environment group that monitors Labadie, as well as three other coal-fired plants.
Ameren was forced to upgrade Labadie due to stricter pollution standards. Ameren upgraded Labadie about a decade back to meet the Obama-era limits on soot.
Ameren, in a letter to the EPA requesting an exemption for March 2025, said that older controls would have had to be retrofitted on the remaining boilers. Ameren refused to answer any questions regarding the cost of upgrading the plant.
As developers begin to build major data centers around St. Louis and the region, regional electricity demand is increasing.
Ameren said that it had signed service contracts for an additional 2.3 Gigawatts in peak demand potential from data centers, roughly equivalent to the Labadie Plant's output. It also stated that there are more requests coming. Amazon Web Services has proposed a 1,000-acre data center project in rural Montgomery County about 55 miles away from Labadie. Ameren would provide the power.
Amazon has declined to comment.
Data Center Coalition, the trade group for the data center industry, said that its members were among the largest purchasers of clean power but that utilities and grid operators ultimately are responsible for what consumers use.
The data center industry has a strong interest in supporting the development of a 21st century electrical grid. However, it is important to remember that decisions about resource planning and generation are made by grid operators and policymakers and not large load users like data centers.
(source: Reuters)