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Copper prices rise on China's stockpiling, and a stronger risk sentiment
The price of copper rose on Tuesday, after the news that China plans to increase its stockpiles and risk sentiment among investors re-emerged. The benchmark three-month copper price on the London?Metal Exchange?advanced by 4.1%, to $13,418 a metric tonne at 1715 GMT. It had fallen to a 3-week low the previous session. LME copper reached a record high of $14,527.50, fueled by speculation, on Thursday. Then, it plunged 14.5%, from this high, to a low intraday on Monday. Ole Hansen is the head of commodity strategy for Saxo Bank, based in Copenhagen. The market also likes the headline "China increasing its strategic copper reserves." A state-backed official of the?China Nonferrous Metals Industry Association? said on Tuesday that China would expand its strategic reserve?of copper, and investigate building a commercial storage system. The Shanghai Futures Exchange's most active contract for copper rose 2.6% in daytime trading to close at 104 500 yuan (15,066) per ton. Investor sentiment improved on Tuesday, as industrial metals and gold joined other financial markets to bounce back. This was partly due to a long-awaited U.S.-India trade agreement. Copper, which is facing weak demand and increasing inventories, was still a concern for analysts. Hansen said, "I do not feel that current fundamentals are sufficient to justify a strong recovery, but if speculative interest is high enough, prices could 'overshoot upwards. LME nickel rose 3.2% to $17.370 per ton, after Macquarie raised its average price forecast for 2026 to $17.750, from $15,000, following the reduction of mining quotas by top producer Indonesia. Macquarie analyst Jim Lennon said in a note that the net effect is to lower our projection for the global market balance, from a surplus 250,000 tons in this year, to 90,000. "This effectively stops the sharp increase in world inventories," he wrote. LME aluminium rose 1.7% to $3.107 per ton. Zinc increased 0.1% to $3.328, tin increased 7.6% to $51,150, and lead remained unchanged at $1.963. $1 = 6.9359 Chinese Yuan Renminbi (Reporting and Editing by Louise Heavens, David Goodman)
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Gold, silver and global stock indexes bounce back
MSCI's global equity gauge rose on Tuesday, while Wall Street's major indexes fell as investors awaited high-profile earnings announcements. In contrast, precious metal prices rose, regaining ground lost after a two-day slide. The U.S. Dollar edged lower?and the Australian Dollar was the star performer. It rallied broadly after joining Japan as the only developed world economy to increase interest rates. Commodities and the dollar have been wildly fluctuating since U.S. president Trump nominated Kevin Warsh as the new head of the Federal Reserve on Friday. Warsh, who will be pressured by Trump to lower interest rates, is also keen to shrink Fed's balance sheets, which could push up bond yields and negatively impact precious metals. On Tuesday, you can spot gold. The rise in 5.91% 4,940.99 After falling by about 13% over the previous two sessions. Spot silver The rise in the number of people who are able to vote has been 11.17% After a 6% drop on Monday and a 27% fall on Friday, the ounce is now down to $1.10 Jack Janasiewicz is the lead portfolio strategist for Natixis Investment Managers. He said, "The market has been a little worried and at least taken a hawkish stance towards Kevin Warsh's nomination as Fed Chair." We're finally taking a deep breathe and saying that maybe we overreacted. Let's calm down a bit. "We're seeing some calmness return to the markets, especially on the commodities side. Look at gold and silver." The CBOE volatility index, which measures the risk of a stock market, suddenly rose at the end of first quarter of U.S. session. Nvidia shares were the most heavily traded on Wall Street in AI news after it was reported that ChatGPT developer OpenAI had been looking for faster alternatives to Nvidia artificial intelligence chips. After the close of the market, AMD and Super Micro Computer will report. Wall Street's S&P 500, Nasdaq and Dow Jones had started higher but quickly lost ground as software stocks fell due to fears about AI competition. S&P 500 and Nasdaq Composite both fell by a combined 239.39 points or 1.01% to 23,352.71 at 11:16 a.m. The Dow Jones Industrial Average increased 42.46 points or 0.09% to 49,450.12. MSCI's global stock index .MIWD00000PUS Rose 2.71 points 1,046.48 The pan-European STOXX 600 .STOXX Index After hitting a record-high earlier, the market was flat. The greenback has taken a step down in currencies after a rally last week against a variety of currencies. The Australian dollar rose 1.02%, to $0.7018. The Reserve Bank of Australia increased rates by a quarter-point to 3.85%. They cited above-target inflation, and a tight labor market. Dollar index The greenback is measured against a basket including the yen, the euro and other currencies. The 0.14% decline was a significant drop. The euro is a currency that has been adopted by many countries. Up 0.2% 1.1813 The Japanese yen is a strong currency. The dollar Strengthened 0.09% 155.74 Oil prices After falling more than 4% the previous session, the market gained some ground Tuesday as participants considered the global supply outlook, and the possibility that tensions between the U.S. and Iran could be de-escalated. U.S. crude The price of the underlying stock rose by 1.08% A barrel of Brent Roses Per barrel Up 0.9% On the day. On Tuesday, U.S. Treasuries yields increased slightly as traders evaluated possible shifts in Federal Reserve policies under Kevin Warsh and traders faced delays to U.S. Economic Data due to a partial Government Shutdown. The yield on benchmark U.S. 10 year notes US10YT=RR The rise in basis points was 1 basis point. From % Late on % Monday is a holiday. The 30-year bond US30YT=RR You can also click here to learn more about yield The underlying basis point rose by 0.8 basis points, to The 2-year Note US2YT=RR The Federal Reserve's interest rate expectations are reflected in the yield. The price of the dollar rose by 1.6 basis points. From % Late on % Monday . (Reporting and editing by Shri Navaratnam; Susan Fenton, Nick Zieminski, and Nick Zieminski).
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The Brazilian mining regulator says that the waste piles of Sigma Lithium do not pose an 'imminent danger'.
The?agency? said in a Monday evening statement that the waste piles of Sigma Lithium at a Brazilian mining site do not pose an "imminent danger" and that it did not see any need to close them during a recent visit. ANM's Technical Staff visited the mine in January, about a month after labor inspectors had shut down the piles because they warned of an "imminent and grave risk" for workers and local residents. Sigma's stock fell by 30% when it was reported that the inspectors had made their decision on January 15th. ANM's report does not change the Brazilian Labor Ministry's order, but it's a "boost" for the Toronto listed miner. It could be used as evidence to challenge the government of Brazil in a suit filed in January by Sigma, which seeks to reverse the closures of its waste heaps. The company announced Monday that they were resuming their mining activities at the?Grota do Cirilo in Minas Gerais state. They had previously stated that the closure of the waste piles would not affect the schedule for production. The firm had previously stated in documents submitted to the Labor Ministry that the loss of access to the piles could have "significant economic and operational impacts" as well as jeopardizing mining activities. The company did not respond immediately to a comment request. BRAZIL'S LARGEST LITHIUM MINE Sigma's Grota do Cirilo operation, its sole productive asset, is Brazil’s largest lithium -mine with an annual capacity of 270,00 metric tons lithium concentrate. The mine had been inactive for several months. ANM's staff performed a visual assessment on site of the piles and analyzed the documentation provided by the miner. In a press release, it stated that "ANM technicians have not identified any geotechnical abnormalities indicative of an imminent risk of global pile destabilization." The agency noted that it found some problems during its visit but added that "it did not see any reason to take precautionary measures like closing" the piles at the time." ANM has informed Sigma that it lacks a surface water drainage system. However, the company added that this issue is not "associated" with an imminent risk but rather a regulatory failure on the part of the firm. A "partial rupture", as described by labor inspectors, was also dismissed at one of the waste heaps near an elementary school. ANM said the problem was "localized erosion" of a pile, which indicated "local stability" but did not pose an immediate threat to local residents. Reporting by Fabio Téixeira, Editing by Andrea Ricci
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Zimbabwe spodumene revenue flat in 2025 despite exports rising 11%
Official data released on Tuesday showed that Zimbabwe's exports for lithium-bearing battery metal spodumene concentrated rose by 11% between 2025 and 2025. However, the weaker global prices kept the export revenue flat. The Minerals Marketing Corporation of Zimbabwe, an agency of the Zimbabwean government, said that the exports of spodumene totaled?1.128 metric tons for the year ended December 20,25 compared to 1.014 metric tons the previous year. Zimbabwe, Africa's largest lithium producer, exported spodumene worth $513.8 millions last year. This was a marginally lower amount than the $514.5 that it had sold in the year before due to lower prices. Since late 2022, the industry has struggled with an oversupply of metals used for battery storage. This has led to a 'price drop. Prices have risen since the second half 2025. This is mainly due to a surge in battery storage, primarily driven by China's reforms in the power sector. Since the beginning of 2026 prices of hard rock podumene, which had fallen to a four-year low of $610 per ton in June of 2025, have risen above $2,000 per ton. The mineral is still well below its peak of $6000 in 2022. Zimbabwe's main mineral exports are lithium, gold, platinum group, chrome, and ferrochrome. In recent years, the southern African nation has seen a rapid increase in?spodumene production following significant investments by Chinese mining companies including Zhejiang?Huayou Cobalt, Sinomine and Chengxin Lithium Group. The majority of the lithium concentrate is shipped to China, where it will be?processed into battery grade materials. Zimbabwe will ban the export of Lithium concentrates in 2027 because they want to increase local processing. Huayou has recently built a $400-million plant to process lithium concentrates further into lithium sulphate. This intermediate product can then be refined into battery grade materials such as lithium hydroxide and lithium carbonate. (Reporting and editing by Nelson Banya, Jan Harvey and Chris Takudzwa Muronzi)
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India's Bajaj Finance reports a drop in profit due to higher provisions and credit costs improving
India's Bajaj Finance announced a surprising decline in its?quarterly profits on Tuesday, as the nonbank lender increased?provisions for strengthening its balance sheet. It also expects credit costs to improve moving forward. The non-banking company reported a 6% drop year-on-year in its consolidated net profits to 39.78 billion rupiahs ($440.83 millions) for the third quarter ended December 31, LSEG data shows that analysts, on average had predicted a profit of 51.28 trillion rupees. The company said that it introduced a loss-given default (LGD), a benchmark for expected losses if a lender defaults, across all of its businesses during the third quarter. The additional provision was approximately 14.06 billion rupees. The total provisions against possible bad loans increased by 77%, to 36.25 billion rupees. In a call following the earnings announcement, Vice Chairman and Managing director Rajeev Jain stated that it was a voluntary and proactive measure. He said that the company would continue to apply the LGD threshold which will have a "small" impact on the annualised figures in the next financial year. Indian lenders are'struggling with more bad loans, especially in the unsecured segments like microfinance or loans to micro, small and mid-sized enterprises (MSME), after a period of aggressive lending. Since then, the company has tightened lending to certain segments in order to rein in credit costs. Bajaj Finance estimates that credit costs - the expenses set aside to cover potential loan defaults - will improve in the future, and estimate it at 1.65%-1.75 percent in the next financial year. The credit cost was 1.91% in the quarter prior to?the extra provisions. The diversified lender cut its growth forecasts for assets under management for the current year from 24-25% to 22-23%, citing the bad loans in the MSME segment.
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Ukrainian steelmaker Metinvest fails in debt restructuring agreement with creditors
The talks between Ukrainian steelmaker Metinvest, and a core group its creditors broke down on Tuesday. Both sides failed to reach an agreement to restructure more than $1.25 billion in debt. The company wants to extend the maturity dates of its debts, or the payback dates of three of its main bonds, by two to three years, given the damage caused during the nearly 4-year war against Russia. Metinvest stated that despite the "extended and constructive discussion" and despite the'material?narrowing' of the positions ...., the Ad Hoc Group and Metinvest (of bondholders), were unable to come to an agreement. The bonds that were at the center of the discussion rallied strongly despite the failure. Traders bet Metinvest - whose Azovstal plant, which was a major battleground for Russian forces in the early war - would have to return?with a better offer. The steelmaker stated that it would be exploring "alternative liability-management transactions" but would "continue to engage constructively with all its stakeholders". It owes over $1.25 billion on three dollar-denominated debts due to mature in this year, next and 2029. It wants to delay these payments?to October 2030, 2031 and 2029 respectively. Metinvest offered 9.5%, 8.65%, and 8.75% for these new bonds. Creditors, however, wanted 9.5% and 9.65%, as well as higher "amortisation payments" and earlier starting dates.
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US Trade Chief says India will maintain some agricultural protections in the deal with Trump
U.S. trade representative Jamieson Greer stated on Tuesday that the Trump administration was working on putting on paper the details of their trade agreement with India, announced on Monday. The deal will see India reduce its tariffs from 13.5% to zero on American industrial goods and eliminate duties, while allowing 'India' to maintain certain agricultural import protections. Greer said in a CNBC live interview that the U.S. will continue to work to gain access to certain areas of India’s agriculture sector. However, India's tariffs are going to be lowered to zero for "a variety of items, such as tree nuts, wines, spirits, fruits, and vegetables." He didn't mention rice, beef or soybeans. India has excluded these commodities from its recent Trade agreement with the European Union Greer confirmed the deal would lower the U.S. Tariff on most Indian Goods to 18%, from 50%, because of the size of 'India's Trade Surplus with the U.S. This reached $53.5 Billion during the first eleven months of 2025. It was $45.8 Billion for all of 2024. Greer stated that the Trump Administration reached "understandings and agreements with the Indians on a number of technical barriers to commerce, areas where the Indians have not accepted U.S. Standards." We know American products are safe." He said that there would be a "process for?recognizing U.S. Standards" but that India had to go through their own political processes to accept these standards. He added that this would open a'market of over 1 billion people for more U.S. products. He said that India has been working since the end of last year to reduce its imports. India is "making the right choice" by diversifying its energy purchases. He didn't specify a date for the tariff changes but said that the process of making them official was already underway. Greer added, "We will finish the papering, but we are aware of the specifics and the details." He said that India maintains some protection for agricultural products. (Reporting and writing by David Lawder, Katharine Jackson, Susan Heavey and Andrea Ricci)
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REalloys signss deal with AltynGroup to purchase rare earth feedstock
REalloys signed a number of agreements with Kazakhstan's AltynGroup in order to obtain rare earth feedstock for its North American refining and processing facilities. The agreement stipulates that the 'rare earth 'firm will receive the initial offtake of the Kokbulak Project, which is a 127,000-square-kilometer area within the Karaganda region and Kostanay, where AltynGroup holds mining permission. Donald Trump, the U.S. president, had made critical minerals one of his top priorities in 2025 when he was hosting the leaders from five Central Asian countries at the White House. He also highlighted the efforts by his administration to expand U.S. supplies chains through new international agreements. REalloys said that the agreement aims to integrate Kazakhstan’s vast deposits of rare earths into Western supply chain, supporting industries like?defense and semiconductors as well as clean energy. Leonard Sternheim CEO of REalloys said that Kazakhstan has some of the largest rare earth deposits in the World. Positioned between Russia and China the United States prioritizes strategic alignment. Iron tailings in the Kokbulak region contain over 350 millions tonnes of iron ore, which can be used to produce rare earth?concentrates including heavy and light elements. The company expects to receive additional feedstock from Kazakhstan in the next year. The U.S. Export-Import Bank sent the company a letter of 'interest' for a loan up to $200,000,000 to fund the processing and'magnet facilities. REalloys, a U.S.-based company, is fully equipped to process rare Earths into magnets that are used for everything from robots to defense applications. The Ohio-based 2023 company also signed an agreement with Critical Metals Corp in October for the ore to be sourced from a Greenland mining project that Critical Metals Corp hopes to develop. (Reporting from Pranav Mathur, Bengaluru. Editing by Sahal Muhammad)
Deals and delays with MORNING BID AMERICAS
By Mike Dolan
Feb. 3 -
What's important in the U.S. and Global Markets Today By Mike Dolan Editor-at-Large of Finance and Markets
The U.S. Manufacturing industry has reacted sharply to the ups and downs of the past year. According to the ISM survey, factory activity expanded in January for the very first time in over a year.
This will throw a 'curveball' into the macro- and interest-rate picture, limiting expectations of Fed easing.
Below, I'll go into all of that and more. Check out my most recent column about why we all should be focused on the dollar-risk premium. Listen to the Morning Bid Daily Podcast. Subscribe to the Morning Bid daily podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
Deals and delays were not a concern on Monday as all major Wall Street indexes continued to rise, despite the recent commodity selloff. Alphabet and Amazon led the S&P 500 to a higher close, with Alphabet up by 1.9% and 1.5% respectively. Both companies will report their earnings later this week on Wednesday and/or Thursday. The European stock market followed suit. The pan-European STOXX 600 closed?1% higher and set a new high thanks to the strong gains made by financial and healthcare companies. Elon Musk, in tech news announced that SpaceX had acquired his AI startup xAI. This ambitious tie-up consolidates Musk’s AI and space ambitions, and could boost SpaceX’s planned expansion into data centers as it competes with AI heavyweights.
Investors can get a better idea of the AI economy's performance today when AMD and Supermicro Computer release their reports, along with updates from PepsiCo, Pfizer and other consumer and pharmaceutical names. The 'JOLTS' data that was originally scheduled for today will now be delayed due to the partial government shutdown which began on Friday. The January employment report that was originally due on Friday will be delayed as well until the government resumes funding. The shutdown will likely be short, as lawmakers are expected to vote on legislation today to end it. After the recent rumblings, precious metals, which are volatile, seemed to have found their equilibrium on Tuesday. Gold, for example, surged more than 5% and is on course to achieve its largest one-day gain in 2008. Analysts say that despite the recent sell-off, the precious metals bull market still has room to grow. The price of oil continued to fall on Tuesday, as the "geopolitical premium" dissipated due to the possibility that tensions between the U.S. and Iran could deescalate. Both sides are preparing for Friday's nuclear talks to be held in Turkey. Oil dropped more than 4% Monday. Meanwhile, President Trump announced on Monday a deal with India in which?New Delhi would cease Russian oil purchases for a reduction of tariffs from 50% to 18% on Indian goods. Trump said India would instead purchase oil from the U.S., Venezuela and perhaps even China - along with American aircraft and arms.
The dollar was slightly weaker, but the yuan in China reached its highest level for almost three years just before the Lunar New Year holiday. The Australian dollar, bond yields and other financial instruments all rose after the Reserve Bank of Australia raised rates for the first two years.
Chart of the Day
India's rupee saw its largest one-day gain in seven years, and India's stock indices rose more than 2% following the announcement by U.S. president Donald Trump of a trade agreement?that reduces U.S. duties on Indian goods from 50% to 18% in exchange for India stopping Russian oil purchases and lowering tariffs.
Watch today's events
Thomas Barkin, Richmond Feds' Thomas Barkin speaks
* U.S. corporate earnings: AMD, Amgen, Merck, Mondelez, PayPal, PepsiCo, Pfizer, Super Micro Computer
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(source: Reuters)