Latest News
-
Metals are on the defensive after Iran-Israel truce announcement
On Tuesday, the London Metals Exchange (LME) and Shanghai Futures Exchange (SFE) were largely rangebound as caution reigned following the announcement by U.S. president Donald Trump of the Iran-Israel ceasefire. As of 0103GMT, LME's three-month copper rose 0.04% to $9671.5 per ton. SHFE's most-traded Copper gained 0.09%, to 78400 yuan. Trump stated in a post to his Truth Social website that a "complete" and "total" ceasefire would be implemented between Israel and Iran with the aim of ending the 12-day conflict. The commodity market has been unpredictable this year, and traders and investors are likely to wait and see how things turn out. As news of a ceasefire eased fears of supply disruptions, the U.S. Dollar fell and oil dropped to its lowest level in over a week. The greenback price of commodities is cheaper for buyers who hold other currencies. LME Aluminium fell by 0.77%, to $2.568.5 per ton. On Monday, it had reached a three-month peak on fears that the conflict could push up energy costs and disrupt supply. SHFE aluminium fell 0.37% to 20 345 yuan. LME zinc fell 0.37%, to $2677 per ton. Tin dropped 0.13%, to $32,650, and lead declined 0.05%, to $2,000. Nickel rose 0.21% to $14.835. SHFE nickel fell 0.58% to reach 117,280 Yuan. Zinc rose 0.68% to 22080 yuan, while lead increased 0.3% to 16920 yuan. Click or to see the latest news in metals, and other related stories. Data/Events (GMT) 0500 Japan Chain Store sales YY May 200800 Germany Ifo Business climate, current conditions, expectations New Jun 1400 US consumer confidence Jun ($1 = 7,1790 Chinese Yuan) (Reporting and editing by Hongmei LI; Sumana Niandy).
-
Australia starts formal sale process of Gupta’s Whyalla Steelworks
The Australian government officially opened on Tuesday the sale process of commodity tycoon Sanjeev Gupta’s Whyalla Steelworks. It said that global steelmakers interested in expanding into low-emission manufacture have shown strong interest. In February, the steel plant in South Australia, whose operating company owed creditors tens and tens millions of dollars, was placed into administration. This forced the federal and state governments to provide a bailout package of A$1.9 billion ($1.23billion). Federal Industry Minister Tim Ayres announced that "selected prospective buyers" now have access to a secured data room. This allows for initial due diligence, and parties can prepare non-binding indication offers. A number of potential buyers have expressed an interest in purchasing and transforming integrated operations. Ayres stated that the independent sale process would be led by administrator KordaMentha, and sales advisors 333 Capital. Gupta’s family conglomerate GFG Alliance did not respond immediately to a comment request. GFG reported in March that it was the largest creditor of Whyalla Steelworks with A$536m ($347m). Since March 2021, when its main backer, the supply chain finance company Greensill, declared insolvency, the privately-held conglomerate has refinanced its global business in steel, aluminum and energy. Liberty Steel East Europe was placed into administration at the end of last year. ($1 = 1.5444 Australian dollars)
-
AVZ Minerals will resume legal proceedings against DRC in dispute over disputed Lithium deposit
AVZ Minerals, an Australian company, announced on Tuesday that it would resume legal proceedings against the Democratic Republic of Congo over mining rights for the Manono Lithium deposit. The parties had been unable to settle a dispute regarding the deposit. Unresolved issues could pose a problem for the plans of California-based metals company KoBold Metals to purchase AVZ Minerals stake in one world's biggest hard rock lithium deposits. AVZ originally held the permit for the Manono Project, but the DRC mines ministry revoked it in 2023 on the grounds that the project hadn't advanced fast enough. The rights were granted later to a unit of Zijin Mining, which prompted AVZ, to seek relief from both the International Court of Arbitration of International Chamber of Commerce and the International Centre for Settlement of Investment Disputes. In late May, the AVZ temporarily suspended the ICSID proceedings after the U.S. Government encouraged the parties to resolve the dispute. AVZ's shares were suspended by DRC in May 2022, and then delisted from the stock exchange two years later, due to a dispute. DRC said that it did not interact with AVZ at all during the suspension, and therefore the suspension is now void. The company announced that the ICSID proceedings will resume. KoBold Metals didn't immediately respond to our request for comment. (Reporting and editing by Sherry Phillips and Alan Barona in Bengaluru, and John Biju in Bengaluru)
-
Trump's announcement of a ceasefire between Israel and Iran has caused oil prices to fall over a week.
The oil prices fell on Tuesday, to their lowest levels in over a week. U.S. president Donald Trump announced that a ceasefire had been reached between Iran and Israel. This eased concerns about a supply disruption. Brent crude futures dropped $2.69, or 3.76%, to $68.79 per barrel at 0006 GMT. This follows a session in which Brent crude futures had fallen more than 4% and reached its lowest level since the 11th of June. U.S. West Texas Intermediate Crude fell $2.7 or 3.94% to $65.46 a barrel after hitting its lowest level since June 9 during the session. It also dropped around 6%. Trump announced Monday that Israel has agreed to a full ceasefire with Iran. He added that Iran would begin the ceasefire immediately and Israel 12 hours later. The war will end officially after 24 hours if both sides keep peace. He stated that a "completely and totally" ceasefire would be implemented to end the conflict between both nations. Tony Sycamore is an analyst at IG. He said, "With the ceasefire announcement we now see a continuation of risk premium built in to crude oil prices last week almost disappear." Iran is OPEC’s third largest crude producer. The easing of tensions will allow Iran to export more oil, which would prevent any supply disruptions. This has been a major reason for the recent spike in oil prices. The oil contract prices fell by over 7% in the previous session, after reaching five-month highs following the U.S. attack on Iran's nuclear facility over the weekend. This stoked fears of an expansion in the Israel-Iran war. "Technically speaking, the overnight sale reinforces a resistance layer between approximately $78.40 ($October 2024 to June 2025 highs), and $80.77 ($the year-to date high). It's clear that something unexpected and detrimental to crude oil supply will be required to break through this resistance layer," Sycamore said.
-
Investors' reactions after Trump announces ceasefire between Iran & Israel
Donald Trump, the U.S. president, said Monday that an "absolute and complete" ceasefire will be implemented between Israel and Iran in order to end the conflict between these two nations. Trump wrote about his Truth Social website that "On the assumption everything works as it is supposed to, which it will, i would like to congratulate Israel and Iran for having the stamina, courage, and intelligence to end, what we should call, 'THE 12-DAY WAR.'" After Trump's announcement that came after Wall Street closed trading, U.S. crude oil futures fell. S&P 500 futures increased when trading resumed. Comments ROBERT PAVLIK, SENIOR PORTFOLIO MANAGEMENT, DAKOTAWEALTH "I think that it will be huge." We could have a very limited Iran. We don't need to worry about a regime change if we have a country with the same government but no nuclear capabilities. A possible attack on Israel is off the table and there's no threat to US troops. The market will like this. "I expect a more positive reaction from the market tomorrow, as we move forward." ART HOGAN, CHIEF MARKET STRATEGIST, B. RILEY WEALTH "If this is true, then I'd say it's a positive for the market, and futures are moving in that direction." Talk is cheap when it comes to these things. I do think that the market, and the rest the world, would prefer to see this issue resolved peacefully and not escalate any further than we have already seen. "I think the market's action this afternoon was leaning towards that, and I hope this is the next move in that direction. We don't need to worry about the next escalation which will never be pretty." JACK ABLIN, CHIEF INVESTMENT OFFICER, CRESSET WEALTH ADVISORS, PALM BEACH, FLORIDA This removes some of geopolitical uncertainties surrounding the markets. However, most equity investors have shrugged off the uncertainty. "I think it is certainly an incrementally positive, but I do not think that it will be a catalyst for a new bull market." It certainly sounds like an important milestone and I hope that it is true." JAKE DOLLARHIDE is the CEO of LONGBOW ASSET MANAGER, TULSA. The higher oil prices, as well as the geopolitical risks have been a major factor in the decline of equities. A ceasefire or an end to the conflict could help solve both issues. This may be the match to spark a continuation of today's rally." (Compiled by Global Finance & Markets Breaking News)
-
Investors' reactions after Trump announces ceasefire between Iran & Israel
Donald Trump, the U.S. president, said Monday that an "absolute and complete" ceasefire will be implemented between Israel and Iran in order to end the conflict between these two nations. Trump wrote about his Truth Social website that "On the assumption everything works as it is supposed to, which it will, i would like to congratulate Israel and Iran for having the stamina, courage, and intelligence to end, what we should call, 'THE 12-DAY WAR.'" After Trump's announcement that came after Wall Street closed trading, U.S. crude oil futures fell. S&P 500 futures e-minis increased slightly after trading resumed. Comments ART HOGAN, CHIEF MARKET STRATEGIST, B. RILEY WEALTH "If this is true, then I'd say it's a positive for the market, and futures are moving in that direction." Talk is cheap when it comes to these things. I do think that the market, and the rest the world, would prefer to see this issue resolved peacefully and not escalate any further than we have already seen. "I think the market's action this afternoon was in this direction. Hopefully, this is the next move in this direction so that we won't need to worry about the next escalation which will never be pretty." JACK ABLIN, CHIEF INVESTMENT OFFICER, CRESSET WEALTH ADVISORS, PALM BEACH, FLORIDA This removes some of geopolitical uncertainties surrounding the markets. However, most equity investors have shrugged off the uncertainty. "I think it is certainly a positive step, but I do not think that it will be a catalyst for launching the next bull market." It certainly sounds like an important milestone and I hope that it is true." JAKE DOLLARHIDE is the CEO of LONGBOW ASSET MANAGER, TULSA. The higher oil prices, as well as the geopolitical risks have been a major factor in the decline of the stock market. A ceasefire or an end to the conflict could help solve both issues. This may be the match to spark a continuation of today's rally." (Compiled by Global Finance & Markets Breaking News)
-
Trump Administration to open up undeveloped forests for mining and logging
The U.S. Department of Agriculture announced on Monday that it will end a Clinton-era ban on logging, mining, and roads in undeveloped forest areas so they can better manage fire risk. This move was opposed by environmentalists. USDA stated that the change would allow for nearly 59,000,000 acres (23.9,000,000 hectares) to be managed better in terms of fire risk. This move aligns with the goal of President Donald Trump to remove environmental regulations, which he claims are a roadblock to industry. The Western Governor's Association met in Santa Fe, where Agriculture Secretary Brooke Rollins made an announcement at the meeting. Rollins, during a briefing to the press at the meeting, said: "After repealing this rule we will go back to common sense forest management to make sure our forests are around for generations to come." The U.S. Forest Service, a division of Agriculture's Department of Agriculture, is responsible for managing the U.S. Forest Service. According to USDA, the Roadless Rule affects about 30% of Forest Service land. Trump is not the only one who has tried to reverse the policy. In 2020, the Trump administration exempted Alaska’s Tongass Forest from the Roadless Rule. This was a decision that President Joe Biden reversed in 2023. The Tongass National Forest is the largest national forest in the United States. USDA stated that the move would allow the lands be managed locally. USDA reported that the Roadless Rule prevents road construction on about 60% of forest land in some states, including Utah and Montana. Rollins, in his speech at the meeting said that "this misguided rule" prohibits the Forest Service to thin and cut trees for the prevention of wildfires. He added that the average area of U.S. forests burned by wildfires each year has doubled since this rule was implemented thirty years ago. Michelle Lujan Grisham, the New Mexico governor, reacted to Rollins' claim that the Roadless Rule was responsible for the rise in the area of wildfires over the last three decades. Lujan Grisham, Western Governors Meeting: "Climate Change is the most serious problem with fuel and these destructive fires", Lujan Grisham said to the applause of the audience. Earthjustice, an environmental group, criticized the rule by saying that wildfires tend to begin more often in landscapes with roads. The roadless rule has been protecting 58 million acres in our most wild national forests from clearcutting since more than a decade. The Trump administration wants to remove these forest protections so that the timber industry makes huge profits from unrestrained logging," Drew Caputo is Earthjustice's Vice President of Litigation for Lands, Wildlife and Oceans. These are lands that all Americans own, not just the timber industry. Reporting by Andrew Hay, Santa Fe; Nichola Groom, San Marino (California); and Chris Reese & Stephen Coates.
-
Ukrainian forces attack an oil depot in Russia’s Rostov Region
The Ukrainian military reported that Ukrainian forces attacked and destroyed an oil depot located in the southern Rostov region of Russia, which was used to supply Russian troops in parts of Ukraine occupied by Russia. The General Staff of Ukraine’s Armed Forces announced that the military’s special operations units in conjunction with rocket and artillery forces had struck the Atlas plant in Rostov Region, not far away from Ukraine’s eastern border. In a Telegram statement, the General Staff confirmed that "our forces have struck in the area where the target is located." "A fire was observed." "The results of the attack are being clarified." The facility is used to supply fuel and lubricants for Russian units in the Russian-occupied Luhansk region and Donetsk region on the eastern front of the war. Ukrainian forces have engaged in cross border attacks including energy targets. The General Staff stated that the aim was to curb Russia's ability to continue the war in Ukraine, which has been going on for more than three years. Ukrainian military bloggers reported earlier on the raid at the oil depot. They said that fuel tanks were engulfed by a fire. (Reporting and Editing by Rosalba o'Brien, Ron Popeski)
Investors' reactions after Trump announces ceasefire between Iran & Israel
Donald Trump, the U.S. president, said that on Monday a "completely and totally" ceasefire will be implemented between Israel and Iran in order to end the conflict between these two nations.
Trump wrote about his Truth Social website that "I would like to congratulate Israel and Iran on their stamina, courage, and intelligence to put an end to what we should call, 'THE 12-DAY WAR.'"
After Trump's announcement that came after Wall Street closed trading, U.S. crude oil futures fell. S&P 500 futures rose slightly after trading resumed.
Comments
JACK ABLIN, CHIEF INVESTMENT OFFICER, CRESSET WEALTH ADVISORS, PALM BEACH, FLORIDA
This removes some of geopolitical uncertainties surrounding the markets. However, most equity investors have shrugged off the uncertainty. "I think it is certainly an incrementally positive, but I do not think that it will be a catalyst for a new bull market."
It certainly sounds like an important milestone and I hope that it is true."
JAKE DOLLARHIDE is the CEO of LONGBOW ASSET MANAGER, TULSA.
The higher oil prices, as well as the geopolitical risks have been a major factor in the decline of the stock market. A ceasefire or an end to the conflict could help solve both issues.
This may be the match to spark a continuation of today's rally." (Compiled by Global Finance & Markets Breaking News)
(source: Reuters)