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Shanghai copper prices rise on signs of improved China demand
Shanghai copper gained more than 1%, outperforming its peers in base metals on Wednesday. This was due to signs of improved demand in China, the world's largest metal consumer. The most active copper contract at the Shanghai Futures Exchange ended morning trade at 79.140 yuan (10,939.10) per metric ton, after reaching its highest level since September 30, 2024, at 79.390 yuan. ANZ analysts stated in a report that the fundamentals have improved, and the ANZ Downstream Copper Demand Indicator shows positive growth in particular in grid infrastructure, electric vehicles and other areas. The recent reduction in imports has led to an increase in production by manufacturers. First Futures analysts said that the refined copper output will probably fall in China in April, as more smelters begin equipment maintenance. Those who suffer severe losses will also lower their capacity utilization rates. In a report published on Tuesday by the state-backed Antaike, the copper cathode production among the smelters that were surveyed increased by 5.28% from January to February to 1.9 millions tons. The research house also predicted that March's output would increase by 4.32% compared to the previous year to 969,000 tonnes. China consumes around half of the global copper supply annually. Analysts at ANZ said that fears of a trade war around the world limited its price increases. SHFE aluminium climbed 1.13% to 20990 yuan per ton. Zinc jumped 0.99% to 23945 yuan. Tin grew 0.7% to 264,330 yuan. Lead gained 0.11% at 17,480 yuan. Nickel ticked up 0.2% to 132,880. As of 0345 GMT, the price for three-month copper at the London Metal Exchange was 0.52% higher, reaching $9,729 per ton. The LME aluminium price rose 0.41% to $2715 per ton. Lead increased 0.29%, nickel climbed 0.49%, tin fell 0.03%, to $33,150 and zinc dropped 0.14%, to $2916. ($1 = 7.2346 Chinese Yuan) (Reporting and editing by Sherry Jackson and Subhranshu Saghu; Reporting by Amy Lv)
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Iron ore prices rise as attention shifts to near-term demand
Iron ore futures rose Wednesday, as investors focused on near-term consumption after China's annual parliamentary meeting. However, lingering concerns about a global economic war dampened gains. The May contract for iron ore on China's Dalian Commodity Exchange ended the morning trading 0.97% higher, at 779.5 Yuan ($107.78). As of 0330 GMT, the benchmark April iron ore traded on Singapore Exchange rose 0.73%, to $101.5 per ton. The price of a ton reached its highest level since March 3, at $102,05, earlier in the day. Analysts at Jinrui Futures wrote in a report that "Iron Ore Arrivals last week fell short of expectations while Hot Metal Production accelerated, resulting in a dramatic reduction in portside inventory." Iron ore stockpiles at Major Ports Steelhome data showed that the market had fallen 2.5% in the previous week and 4.1% over the preceding month, to 141.3 million tonnes by March 7. This was a near-year low. Analysts at Jinrui Futures said that "prices of front-month contracts will benefit from a lingering expectation of increasing demand during peak construction season in march...but this does not reverse the glut of iron ore in 2013". Analysts at Mysteel, a consultancy, said that some steel mills who had begun maintenance on their blast-furnaces gradually resumed operation due to decent margins and signs showing an improvement in demand. Steel mills need to adjust production to balance supply and demand. They said that the pressure on exports of steel with increased trade frictions would likely pass on to domestic markets. The benchmarks for steel on the Shanghai Futures Exchange have advanced. Rebar gained 0.34%. Hot-rolled coils rose 0.51%. Wire rod climbed 0.622%. Stainless steel gained 0.41%. Coking coal and coke, which are both steelmaking ingredients, have also declined, by 0.23% and 0.25 percent, respectively.
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Techano Oceanlift to Deliver Crane for Dual-Fuel Hybrid CSV Newbuild
Techano Oceanlift has secured a contract by Sefine Shipyard to deliver an offshore crane to a newbuild construction support vessel (CSV) that the Turkish shipyard is building for a strategic partnership between Agalas, Eidesvik and Reach Subsea.Techano Oceanlift, subsdidiary of Oslo-listed Nekkar, will supply a 150-tonnes capacity crane capable of performing subsea construction work and topside lifting operations. The company’s scope of work includes engineering, manufacturing and commissioning of the crane.The 150-tonnes capacity knuckle boom crane is equipped with an active heave compensated (AHC) winch with 3,200 metre wire for subsea construction operations and has been prepared for 3D compensation for topside lifts.The crane also features a control system and motion compensating system from its sister company Intellilift.Eidesvik, Agalas and Reach Subsea Order New Dual-Fuel Hybrid CSV“According to the vessel’s owners, flexibility is at the core of this newbuild CSV. We believe this is a key reason for choosing our crane solution, which is highly flexible and fits the requirements of an offshore vessel that can solve a broad range of offshore construction and subsea work,” says Nils Vidar Stray, managing director of Techano Oceanlift.The newbuild CSV will be used for subsea and offshore renewables operations, with the delivery scheduled for 2027.It will be specifically equipped to perform construction as well as inspection, maintenance and repair (IMR) work. The newbuild will feature a battery hybrid system alongside dual-fuel gensets capable of operating on either methanol or marine gas oil (MGO).The vessel boasts a highly flexible and advanced structure, has an overall length of 99.9 meters, a breadth of 21 meters, and accommodation for up to 100 personnel.The vessel will be two-thirds owned by an entity owned by Eidesvik and Agalas, controlled by Eidesvik, and one-third owned by Reach Subsea.Upon delivery, it will enter into a five-year time charter with Reach Subsea, with options for two extensions of one year each. Management of the vessel, including crewing, will be provided by Eidesvik.
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ORE Catapult and Japan’s FLOWRA to Jointly Advance Floating Wind
The Offshore Renewable Energy (ORE) Catapult and the Japanese Floating Wind Technology Research Association (FLOWRA) have signed a memorandum of understanding (MoU) to work together to reduce development risks and costs of floating offshore wind.The MoU is the culmination of a nine-month period of collaboration and will include personnel exchange, work on standardization of component technologies and a test and demonstration alliance to facilitate large-scale technology development.Floating offshore wind is set to play a major role in the future energy mix of both the U.K. and Japan in the years to come.Harnessing U.K. R&D capability and the strength of Japanese industrial manufacturing capacity will accelerate development of this important technology, bringing innovative and sustainable renewable energy to both countries and wider global markets.As well as the economic benefits and job creation opportunity floating offshore wind presents, it will provide significant energy security and support efforts in both countries for emissions reduction to combat climate change. “As two island nations with a longstanding history of trade and investment partnership, Japan and the UK are important partners for the burgeoning technology development of floating offshore wind.“Working with our friends and colleagues at FLOWRA to address the challenges and opportunities in bringing floating offshore wind to commercial deployment will stimulate significant economic and export opportunities, create jobs, bolster energy security and support our respective efforts to combat climate change,” said Cristina Garcia-Duffy, Director of Research and Technical Capabilities at ORE Catapult.
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Gold prices hold steady as markets monitor inflation data
Gold was steady on Wednesday, ahead of an important U.S. data on inflation that could be used to gauge the Federal Reserve’s interest rate trajectory amid fears about economic slowdown and trade tensions. Attention was also focused on a possible ceasefire agreement in Ukraine. As of 0300 GMT spot gold was unchanged at $2,916.69 per ounce. U.S. Gold futures rose 0.1% to $2922.30. Tim Waterer, KCM Trade's chief market analyst, said that gold is in "consolidation mode" ahead of the next set of U.S. Inflation data. Investors are awaiting the Consumer Price Index (CPI), which is due to be released later today, in order to determine the Fed's future interest rate stance. Gold may lose its appeal if rising prices force the Fed's interest rate to remain higher. It is not a yielding asset. The tariffs imposed by U.S. president Donald Trump are expected to increase inflation and economic unrest, which is why gold reached a record-high of $2,956.15 in February. "I expect that gold will remain a preferred asset as long as investors are worried about tariff wars or a slowdown in growth. Waterer stated that the gold bias remains positive due to ongoing tariff dramas. Trump defended his policies regarding tariffs on Tuesday, as he met with the CEOs of America’s largest companies. Many of these companies have seen their market values drop in recent weeks as fears about inflation and recession have soured investor and consumer sentiment. Trump reversed his course on Tuesday after hours of announcing higher tariffs. He had pledged to double the tariffs on Canadian steel and aluminum to 50%. The U.S. has agreed to resume its military assistance and intelligence sharing program with Ukraine, after Kyiv announced that it would accept the U.S. offer of a 30-day truce in Ukraine's conflict with Russia. Spot silver fell 0.5%, to $32.76 per ounce. Platinum rose 0.4%, to $978.60. Palladium dropped 0.6%, to $940.53.
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Shanghai copper prices rise on signs of improved China demand
Shanghai copper gained more than 1% in value on Wednesday. This was a result of signs that the demand for metals in China, its largest consumer, is improving. As of 0234 GMT, the most active copper contract at the Shanghai Futures Exchange had risen 1.25% to 78,760 Yuan ($10,901.34) per metric tonne. ANZ analysts stated in a report that the fundamentals have improved, and the ANZ Downstream Copper Demand Indicator shows positive growth in particular in grid infrastructure, electric vehicles, and other areas. Manufacturers, supported by recent stimuli, are ramping production up... inventories of copper cathode in Shanghai and Guangdong have extended their declines since a peak, due to fewer imported in recent months. First Futures analysts said that the refined copper output will probably fall in China in April, as more smelters begin equipment maintenance. Those who suffer severe losses will also lower their capacity utilization rates. In a report published on Tuesday by the state-backed Antaike, the copper cathode production among the smelters that were surveyed increased by 5.28% from January to February to 1.9 millions tons. The research house also predicted that March's output would increase by 4.32% compared to the previous year to 969,000 tonnes. China consumes around half of the global copper supply annually. Analysts at ANZ said that fears of a trade war around the world limited its price increases. SHFE aluminium increased by nearly 1%, to 20,960 Yuan per ton. Zinc rose 0.95%, to 23,935 Yuan. Tin advanced 0.57%, to 263,990 Yuan. Lead was little changed, at 17,455 Yan, while Nickel eased 0.26%, to 132270 Yan. The price of three-month copper at the London Metal Exchange increased by 0.03% to $9,682 per ton. LME aluminium edged higher by 0.22% to $2.710 per ton. Lead added 0.19% at $2.059 while tin edged lower by 0.05% to 33,145. Zinc lost 0.02% at $2.919.5, and nickel dropped 0.15% at $16,455.
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Canadian Energy Minister: Ottawa will respond to US tariffs
Canadian Energy Minister Jonathan Wilkinson said on CNN Tuesday that Canada will respond soon to any tariffs imposed by the U.S., while adding Canada did not want to escalate or cause trade tensions between Canada and the U.S. In response to White House remarks that Canada is viewed by Washington as a rival, the energy minister stated Canada does not want to be a competitor. The White House announced on Tuesday that the 25% tariffs previously planned on steel and aluminium products from Canada and other countries, as well as the United States' northern neighbour, would go into effect on Wednesday. In a series of rapid-fire actions that sent financial markets into chaos, Donald Trump reversed his course on Tuesday after hours of announcing higher tariffs. This switch was made after a Canadian official backed down his own plans to charge 25% more for electricity. The back and forth between the U.S., Canada and other countries further shook financial markets that were already shaky due to Trump's tariff focus. The Canadian energy minister said late Tuesday that Canada was hoping for a positive result and would be watching to see if tariffs were implemented. He said that the tariffs might not be implemented because of the lack of predictability in the past. Reporting by Kanishka in Washington, Editing by Christopher Cushing & Raju Gopalakrishnan
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Euro surgrise on Ukraine ceasefire proposals, tariffs squeeze stock
The euro reached a five-month-high on Wednesday, as Ukraine was ready to accept a ceasefire lasting a full month. Meanwhile, stocks were swayed by the back and forth of U.S. tariffs plans and concerns about an economic slowdown in the U.S. European equity futures jumped by 0.8%, and FTSE Futures climbed 0.3%. This was after the U.S. announced it would resume military aid to Ukraine and share intelligence with Ukraine following Kyiv's acceptance of a U.S. proposed ceasefire. Russia has not yet responded. In New York, the euro reached its highest level since October at $1.0947. It remained steady at $1.0913 during the Asia session. Overnight, the Russian rouble reached a seven-month peak. The broadest MSCI index of Asia-Pacific stocks outside Japan rose 0.2%. Markets in Hong Kong, China and Japan were all relatively stable. Japan's Nikkei held its ground after falling to a nearly six-month-low a day before. Overnight, the S&P 500 was on the verge of a 10% drop from its record-breaking closing high in February. It ended a volatile session around 0.8% lower. After Ontario suspended its plans to impose a surcharge for exported electricity, President Donald Trump threatened and then backtracked from a 50% increase in steel and aluminum tariffs against Canada. Dollar has fallen, Treasuries are up and stocks have been selling at their highest level in months. Traders worry that tariffs and policy uncertainties will harm U.S. economic growth. Catriona Burst, portfolio manager for a global fund with Wilson Asset Management Australia said: "He is clearly trying to rebalance back the economy in favor of America." She said, "During this initial phase, when he is going hard, the environment in which you are operating is very dynamic." The uncertainty created by the tariffs, and the back and forth on them, is preventing decision-making... the impact that this has on the short-term pocket of the U.S. as well as the growth in that country will be very interesting." Travel stocks were hit after Delta Air Lines slashed its profit forecast by half, and rivals United Airlines and American Airlines warned about deteriorating results and falling government bookings. Investors worried about the economy punished retailers with disappointing financial results. Dick's Sporting Goods shares plunged 5.7% after a gloomy outlook, and Kohl's Corp's shares fell 24% following a decline in sales. Tariffs on steel and aluminum will be implemented later today. The U.S. data on inflation for February will also be released, but it may still be too early to see the impact of tariffs. The central bank meeting of Canada will be closely monitored to see how monetary policymakers in the frontline of Trump's Trade War are thinking. The market has priced in a seventh consecutive rate reduction, which was only a slight possibility two weeks ago. Overnight, the Canadian dollar fell to a low of C$1.443 before rising back up to C$1.443. U.S. stock futures were largely unchanged. The yen slipped from its five-month high, trading at around 148 dollars. The Australian dollar, which is sensitive to risk, was held at just below 63 U.S. Cents. Brent crude futures traded just under $70.00 a barrel. (Editing by Shri Navaratnam).
Global stock markets continue to fall without any clarity on tariffs and the economy
After a sharp drop on Monday, stocks fell again on Tuesday. However, the pace was slower. This is because U.S. president Donald Trump announced that he would double tariffs for Canadian metal imports. This fueled fears of an economic recession caused by tariffs.
The U.S. Treasury yields rose along with the oil price, even though Trump announced on Tuesday that he instructed his Commerce Secretary to impose an additional 25% on all steel and aluminium imported into the United States by Canada. This would bring the total tariff for these products to 50%.
The S&P 500 saw its largest one-day percentage decline since September 2022, and the Nasdaq experienced its biggest drop in a single day. The reaction was a response to President Trump’s Fox News interview from the weekend, where he refused to rule out a possible recession due to his trade policies and spoke of a "period transition."
In addition to the concerns over tariffs, the data released on Tuesday showed that U.S. small business confidence fell for the third consecutive month in February. This erased much of the gains made in the wake of Trump's election victory in November.
Phil Blancato of Osaic Wealth, New York's chief market strategist, said that the guidance given by Delta Airlines and retailer Kohl's would indicate a future softening in consumer spending.
Blancato said, "You're not seeing the dead cat bounce that you would want after a bad day like yesterday."
You're not seeing many bottom feeders yet. The headlines are still unclear. "There's a lot more uncertainty in many areas, and this is leading to a shortage of buying power among institutions."
Blancato said that while investors are hoping to get some clarity about tariffs in early April, they will also be anxiously awaiting the U.S. Consumer Price Index reading for February on Wednesday for information regarding inflation conditions.
The data for last month was hotter than expected, with the largest monthly price increase since August 2023.
The Dow Jones Industrial Average fell 483.32 points or 1.15% at 41,428.39. The S&P 500 dropped 40.90 or 0.73% to 5,573.66. And the Nasdaq Composite lost 47.75 or 0.27% at 17,420.81.
The MSCI index of global stocks fell 6.31 points or 0.76% to 826.42. The pan-European STOXX 600 fell by 1.8%.
The yields on U.S. Treasury bonds have steadied after falling to a five-month low earlier in the session.
The yield on the benchmark 10-year U.S. notes increased 3.6 basis points from late Monday to 4,249%.
The 30-year bond rate rose by 4.1 basis point to 4.5804%. The 2-year note yield, typically moving in line with expectations of interest rates for the Federal Reserve rose by 0.8 basis point to 3.904% from 3.896%.
The U.S. Dollar rose to an all-time high of one week against the Canadian Dollar, while the Euro reached a four-month-high against the Greenback amid hopes for a German defense spending agreement.
The Canadian dollar fell 0.26%, to C$1.45 for every U.S. Dollar.
The dollar gained 0.09% against the Japanese yen to 147.39. The pound rose 0.51% to $1.294.
The dollar's weakness helped oil prices rise, but gains were limited as worries about a U.S. economic slowdown and tariffs had an impact on the global economy.
U.S. crude climbed 1.17%, to $66.80 per barrel. Brent rose 1.21% to $70.12 a barrel.
The gold price rose after a sell-off in the previous session. Spot gold was up 0.92% to $2,916.10 per ounce, and U.S. Gold futures were 0.81% higher, at $2914.50 per ounce.
Bitcoin gained 2.36% in cryptocurrencies to $81,151.44. (Reporting from Sinead carew in New York; Alun in London; Ankur Banerjee, in Singapore; Alun in London; additional reporting by Dhara Raasinghe, Kirsten Donovan, Alexandra Hudson)
(source: Reuters)