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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.
El Mencho's cartel still has power in the US after his death
El Mencho, a Mexican drug kingpin who was killed by the Mexican government is hailed as a major victory against?drug trafficking. It did not do much to stop the cartel's operations in the United States, however, and they will continue to be a major factor in its dominance until Washington takes action on its own soil, according U.S.
In a raid backed by the United States, Mexican special forces killed the elusive drug-lord Nemesio seguera on February 22. This was the largest cartel leader taken down in at least 10 years.
El Mencho’s Jalisco New Generation Cartel retaliated by destroying buildings and blocking roads in Mexico, a frightening display of its territorial reach which grabbed headlines around the world. The cartel has extensive networks on the U.S.-Mexico border that are not as well known but which are vital to its power and profits. These networks allow it to "source military-grade weaponry, smuggle billions in fuel and launder billions in cartel money."
Alamdar Hamdani said that the United States is increasingly important for cartels to flourish, including the Jalisco New Generation Cartel.
Anna Kelly, a White House spokesperson, said that the Trump Administration "has worked closely" with the Mexican Government to "stop the scourge" of drugs and criminals coming into the United States. This cooperation has led to "the elimination of the infamous narcoterrorist "El Mencho." She added that "the president will do everything he can to keep America safe against these vicious criminals, and the drugs which they use to poison America."
MEXICANS CALLS FOR U.S. TAKE MORE ACTION IN THEIR HOMELAND Washington put pressure on Mexico to intensify the fight against cartels ahead of the raid that will take place against the drug lord who was once untouchable. These actions can be risky for Mexico's government, as they could spark a violent wave in a nation where the drug conflict has already claimed tens thousands of lives.
Claudia Sheinbaum, the Mexican president, has escalated her crackdown and renewed calls have been made for the U.S. government to do more at its border.
Sheinbaum's close ally, Alfonso Ramirez Cuellar of the Mexican Congress said: "The United States cannot turn a deaf ear to Mexico's requests any longer."
He said that the U.S. must improve its efforts to combat money laundering, fuel theft, and above all weapons smuggled into Mexico from the U.S.
He said: "We cannot stop drug traffickers as long as the United States allows them to continue strengthening their military capabilities."
In recent years, the U.S. has built and prosecuted hundreds cases related to cartel activity in the U.S. The Trump administration diverted thousands agents last year, including those who specialize in money laundering, guns, and drugs, from these cases to focus on mass deportations. In September, it was reported that the number people charged with money laundering and drug conspiracies had dropped significantly. Vanda Felbab Brown, a security specialist, said that the Trump administration had focused primarily on militarized action?against drug trafficking abroad and hadn't paid as much attention to actions here at home. According to a spokesperson for the U.S. Department of Justice, the administration is "acutely focused" on securing border, prosecuting violent drug traffickers, and deporting all members of cartel network.
The department also cited a number of recent cases, which included high-ranking Jalisco cartel members. The office of Mexico’s president did not respond to comments.
Roberto Velasco is the Undersecretary of the Foreign Ministry for North America. He said that the Mexican government had repeatedly stressed in bilateral meetings and work groups, that the Mexican government's top priority was to stop the arms trade.
He said that while there had been significant progress in controlling this flow, more could be done. "We believe that much more can still be done, to control it and to target networks?in the United States, which facilitate it. This empowers transnational criminal groups," he added.
After El Mencho was killed, we spoke with a dozen current and former U.S. officials and Mexican officials. We also reviewed court documents in 10 recent U.S. cases relating to the cartel. This gave us a better understanding of its U.S. operation.
The report revealed that the activities of the cartel in the United States are crucial to its firepower and profits, and will not be affected by the death of the leader. Reporting also revealed that U.S. professionals and companies - including fuel traders, cell phone retailers and stockbrokers -- are complicit with cartel activity.
Former Mexican diplomat Alexia Bautista said, "There is a lot of integration in the economy - legal and illegal."
CARTELS FIGHT THE MEXICAN MILITARY WITH U.S. CARTELS FIGHT THE MEXICAN MILITARY WITH U.S.
He added that 80% of the 2,300 weapons the Mexican Government has seized in the last two years since Sheinbaum assumed office at the end of 2024 were from the U.S.
According to U.S. authorities and Mexican officials, the Jalisco cartel has become an expert at sourcing heavy military artillery in U.S. gun stores across the nation. According to an investigation, through one of its gun-running network, the cartel acquired guns from more than a 12 states in the U.S., including.50 calibre rifles that can down helicopters and FN SCAR?rifles for U.S. Special Forces.
Although such weapons can be bought legally in the U.S. they become illegal when they enter Mexico due to its strict gun laws.
Why do we dismiss the argument of the Mexicans that we can do better in tackling the gun traffic southbound? Derek Maltz is a former acting administrator of the U.S. Drug Enforcement Administration.
He said that the U.S. must step up its efforts in many areas, including public health programs and mental illness programs.
The Jalisco cartel has the power to smuggle fuel.
The cartels have long been fueled by the insatiable American demand for drugs. While drugs have been the main source of income for the cartels, they've quietly built up a cross-border oil empire worth billions in just a few years. As reported in October, the Jalisco cartel dominates this business. It would not have been possible to expand it without a network that included refiners and fuel traders as well as transport companies, storage facilities and companies involved with transportation. Guadalupe Correa is a professor from George Mason University, who has studied the ways cartels can diversify their sources of income. It's a massive, global business.
According to U.S. authorities and Mexican authorities, the cartel orchestrates a two-version scheme.
Members of cartels in Mexico steal crude oil from Pemex, which is then smuggled over the border and sold to U.S. firms. Shell companies are used by cartel members to purchase diesel and gasoline mainly from U.S. firms. Fuel is disguised in Mexico as other products, and this amounts to a lucrative tax fraud. Sheinbaum confirmed in the past that U.S. businesses were involved with fuel smuggling. Sheinbaum said that it was impossible to explain how fuel from the U.S. enters Mexico illegally.
HUNDREDS OF MILLIONS IN CARTEL-RELATED ASSETS IN U.S.
El Mencho’s son-in law Cristian Gutierrez was arrested late in 2024 in a $1.2 Million house in Riverside, California.
According to court records, Gutierrez who pled to a conspiracy to launder money internationally in June 2025 said that he purchased the five-bedroom house using drug proceeds channeled through an espionage shell company set up to look like it was a tequila manufacturer.
The Jalisco cartel uses real estate as one of many ways to clean its cash in the U.S.
Carlos Olivo is a former DEA Agent who specialized on tracing cartels'?U.S. financial networks. financial networks. He said that the money of the cartel flows through the textile industry, music, agriculture, restaurants, and the U.S. Stock Market.
He said that the United States had cartel money worth hundreds of millions.
A DEA spokesperson responded to questions regarding this story by saying that the cartels used a variety of money-laundering schemes. They "also use trade based money-laundering schemes, cryptocurrency and bulk cash to fund their operation."
Former Mexican diplomat Alejandro Celorio said that he hoped Sheinbaum's choice to pursue the cartel leader who was the most powerful in the country, would inspire the U.S. - to redouble their efforts within its borders.
Celorio stated that the U.S., as the world's largest commercial and military power could investigate more deeply the movement of money and drugs within U.S. soil. Reporting by Laura Gottesdiener, in Monterrey; Stefanie Eschenbacher, in Mexico City; and Sarah Kinosian, in Miami; Additional reporting by Emily Green, in Mexico City. Editing by Claudia Parsons.
(source: Reuters)