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In May, the share of Russian aluminium in LME stocks rose to 93%.
Data from the London Metal Exchange showed that, in May, the share of Russian-origin aluminum stocks in London Metal Exchange warehouses increased to 93%, up from 72%, in April. This was due to traders' decision to withdraw Indian metal. The total available or on-warrant aluminium inventories (0#MALSTXLOC>) on the LME dropped 23% to 254,625 tons in May, and now stand at 250 525 tons. This is the lowest level since May 2025. Production and logistics constraints in the Middle East are limiting global supply. Absolute terms, the amount of?Russian aluminum available in May fell by 3,950 tonnes to 237.175. The?share of?Russian aluminium rose however as Indian stocks fell by a greater 71,750 tonnes. After the withdrawal of 2,275 tonnes of Indonesian aluminum, the LME warehouses only had?17.450 tons of Indian aluminium left at the end May. In March, the share of Russian aluminium had reached 92% before Indian aluminum was placed back on warrant. Many traders do not want to deal with Russian metal, even though it can be traded if it was produced before April 13, 2020. To comply with Western sanctions, aluminum produced in Russia after that date is not allowed to be stored at the LME warehouse system. The share of Chinese copper in the LME's copper stock increased to 53% from 51% in April, despite the fact that the total amount dropped by 36,425 tonnes to 141.025 tons. The total?available copper stock decreased by 79.375 tons, to 266,875 tonnes. At the end of December, the?share of Chinese nickel remained at 71% of LME stock. Reporting by Tom Daly. Mark Potter (Editing)
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India rejects US claim of excess capacity in textiles and steel
Amitabh Kumra, a trade official in India, said that India did not have'surplus manufacturing capacity' in textiles and steel as claimed in the Section 301 investigation by the U.S. Trade Representative. Washington has cited structural surplus capacity in Indian industries, from solar panels and petrochemicals, to steel and textiles. It also cites its $42 billion goods trade deficit with the United States by 2025. Kumar, India's Additional Trade Secretary, said that its textile and Steel output should be evaluated in relation to the size of its population, its domestic demand, and its growth needs rather than its absolute production. "Overcapacity" is a matter of perspective. Kumar stated that they did not believe there was any overcapacity. He added that India's textile consumption per capita was low, especially for?man-made fiber and technical items. This country has a tropical climate. We wear cotton. "How can we have an overcapacity?" Kumar rejected U.S. concerns about?steel production, saying India's requirements reflected the country's development. He said that India's per capita consumption of steel is one of the lowest in the world. The output remains low compared to the population and growth requirements. Analysts say Washington uses the threat of Section 301 Tariffs to pressure India to increase its purchases of U.S. energy products and defence goods, and to open up their markets to agricultural products and other products. New Delhi wants a deal with the United States that would include preferential tariffs for competitors. However, the negotiations have been clouded due to the uncertainty surrounding the U.S. investigation against India. In March, the USTR office launched investigations against India among 16 other countries for policies like subsidies, state funding and industrial planning which 'let factories continue producing even when market conditions were not supportive. The U.S. has proposed an additional 12.5% tariff on imports of goods from India, and other countries. They cite their?uses of forced labour. India, however, says that these are not final as?New Delhi engages Washington in the Section 301 Process. USTR also considers a separate tariff against India. It claims that there is excess capacity in certain sectors, such as textiles, and exports hurt the U.S. industrial sector. Kumar claimed that the move was aimed at "a particular country" while also serving to further other commercial goals. The Trade Minister Piyush Goyal stated last week that both sides are moving quickly to finalise the first tranche of an agreement on trade, possibly as early as mid-July. (Reporting and writing by Manoj Kumra; editing by YPrajesh, Clarence Fernandez and Sakshi Dayal)
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The chips in MORNING BID AMERICAS are blue
What's important in U.S. and Global Markets Today By Mike Dolan, Editor at Large, Finance and Markets It's unnerving that the relapse of U.S. Tech stocks on Tuesday occurred as oil prices dropped sharply in the same session. This shows how stock market anxiety extends "well beyond" the energy story. The crude?prices on Wednesday were volatile after the U.S. and?Iran exchanged missile strikes overnight, the most alarming direct interaction between the two sides since the fragile ceasefire was established. Below, I will go into more detail. Check out my most recent column about why the stock exchange is becoming more important to a growing number employees and households. Listen to the Morning Bid podcast. Subscribe to the Morning Bid daily podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. The SOX chip index dropped nearly 2% Tuesday, but the selloff at midday was much more severe. It had been over 8%. Wednesday's equities market mood was further darkened by the fall of Asian indexes and the decline in U.S. Futures before the bell. This comes before the U.S. CPI report for May, which is expected to be released?on Tuesday. Headline inflation will likely creep over 4% for the very first time in 3 years. Core inflation is predicted to hover around 3%. The report is not only going to set the tone for the stock market, but also a 10-year Treasury Auction later that day. A Federal Reserve rate increase by the end of the year has now been baked into the futures markets. The ECB could deliver a rate hike tomorrow. Meanwhile, Japanese wholesale price data released on Wednesday confirmed that the Bank of Japan would follow suit next Monday. Chinese producer inflation data showed that prices were also hot in China last month. Oil's dramatic fall to a 7-week low Tuesday was one of the few positives in the last 24 hours. The U.S. claimed that oil exports were increasing through the Strait of Hormuz, while Washington and Tehran are struggling to reach an agreement. The renewed U.S. - Iran hostilities'muddied' the picture a bit, as crude prices rose before reversing their gains in volatile trading on early Wednesday. Even though oil prices have fallen, some are still concerned about a possible supply shortage this month due to the shrinking U.S. crude oil stocks. This all sets a noisy, bumpy background to the SpaceX IPO that will take place later this week. Some say that the event is contributing to the market volatility as investors are clearing the decks to accept the new offer. Chart of the Day The U.S. Trade deficit shrank in April, as exports of capital goods and petroleum products jumped to new records. Oil exports jumped to $37 billion, a record-high from $28 billion dollars in March. This was due to both increased volumes and the?elevated prices of oil tied to Middle East conflict. The U.S. has become a net exporter of oil. Its petroleum trade surplus increased to $17.7billion from $9.4billion in March. Watch today's events * U.S. CPI for May (8:30 am?EDT). * U.S. 10-year note auction (1 p.m. EDT) Want to receive the "Morning bid" in your email every morning? Subscribe to the newsletter by clicking here. Follow us on LinkedIn, X and ROI. The opinions expressed by the author are their own. These opinions do not represent the views of News. News is committed to the Trust Principles and values integrity, independence, freedom from bias, and impartiality.
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Indian equity benchmarks stable, increase in financials counters Mideast outbreak
Indian share benchmarks remained largely unchanged on Wednesday at the close, with gains in heavyweights financials countering a wider selloff caused by a re-escalation of?the Middle East conflict. After American attacks on Iranian targets near Strait of Hormuz in April, Iran launched "missile" and drone attacks against U.S. bases in Jordan Kuwait and Bahrain. This was one of the largest outbreaks of hostilities in the past few months. The fourth month of the war has seen a 'pummeling' of emerging market assets. This has forced governments in Asia to take steps to reduce the impact on growth and inflation. The benchmark Nifty 50 index in India fell by 0.12%, ending at 23,214.95. Meanwhile, the Sensex rose by 0.09%, to 73983.18. Since the end of Feburary, when the war broke out, the indexes fell 7.8% and 9.0%, respectively. Foreign?outflows totaling $29 billion have also been recorded. On Wednesday, thirteen of the 16 major sectors fell. Financials and private banking rose by 0.2% and 0.7% respectively, continuing the previous session’s growth. According to G Chokkalingam of Equinomics Research, the founder and head researcher, a forex swap facility would reduce the cost of mobilizing foreign currency deposits. Chokkalingam said that benchmarks could struggle to increase unless the foreign outflows reversal and the pressure of oil, fertiliser, and gold imports eases. In May, inflows to equity mutual funds were at their lowest level in around a 12 months, and gold ETFs experienced their first outflows for a full year. This suggests that weak returns are beginning to affect domestic flows, which have been a major support to Indian equities in the last four years. On 'Wednesday', metal stocks fell 1.7% due to a resurgence of Mideast hostilities as well as rising expectations that the Federal Reserve will raise rates by year-end. India's small and mid-cap stocks fell by 1.3% and 1.5 %, respectively. Bharathrajeswaran, Vivek KumarM in Bengaluru and Subhranshu Sahu edited by MrigankDhaniwalaNiveditarjee
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Copper falls to a three-week low amid Middle East hostilities
The price of copper fell to its lowest level in three weeks on Wednesday, as the hostilities in the Middle East and the concerns over the global economic outlook outweighed the market impact from a reduction in inventories. At 0925 GMT, the benchmark three-month copper price on 'the London Metal Exchange' was down by 1.2% at $13,457 per metric ton. It had earlier reached $13,441, the lowest level since May 20. Iran's Revolutionary Guards claimed they carried out drone and missile attacks on U.S. bases in Jordan Kuwait and Bahrain on Wednesday in response to U.S. strikes against Iranian targets near the Strait of Hormuz. John Meyer of SP Angel said that tit-for -tat 'actions' are dominating the markets. He also added that the dollar is?strong. This makes metals denominated in dollars more expensive to holders of other currencies, and can lower prices. Meyer stated that expectations for inflation were rising. "China exports deflation and will now export more inflation." In May, factory-gate inflation in China, which is the world's largest metals consumer, reached its highest level since 2022. The Federal Reserve will release the May U.S. Inflation data later Wednesday. This could influence their policy decisions. Higher interest rates tends to reduce demand for industrial metals that are dependent on growth. LME Copper Stocks The lowest level since April 1 was 369,975 tonnes, a decrease of 3,075 tons. The 'available copper supplies' in Singapore were also reduced by another?50 tonnes of warrant cancellations, or orders to remove copper from warehouses. Stock that is not available to the market now makes up 38% of total stock, the highest ratio since December. Shanghai Futures Exchange Copper stocks Last week, the number of tons produced fell by almost?4% to 169.512. The LME complex as a whole traded lower. The price of aluminium fell 1.7%, to $3483.50, while the price of zinc dropped 1.4%, to $3504.50, and nickel fell 2.3%, to $17.635, its lowest level since April 13. Lead fell 0.8% to $1967 and also hit a new three-week low. Tin dropped 1.1% to $51,845. (Reporting and editing by Ronojoy Mazumdar; Solomon Cefai, Harikrishnan Nair, Barbara Lewis; Additional reporting by Tom Daly)
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Russia has failed to sell its confiscated stakes in UGC for the third time.
On Wednesday, the Russian state auction website showed that they had failed to sell 67.2% of the gold producer Uzhuralzoloto which it had taken 'from its owner' last year. According to the website, the auction was declared null and void because no bidders had been cleared to participate. Also, no deposit had yet been paid for the single bid made by businessman Mikhail Pimulin. The Russian federal property management agency has yet to announce whether or not it will be holding another auction. Last July, a Russian 'court' ruled that the UGC majority stake owned by the businessman Konstantin Strukov be transferred to state. This was part of an ongoing pattern of nationalisations?of assets of Russian and Western companies that have left Russia since the start of the Ukraine war. Strukov, along with several other people at the time, were accused by prosecutors of "corruption" in obtaining their properties. He has not been indicted and is not under custody. The government wants to sell this stake in order to relieve budget pressures. Last month, the previous auction was a failure after only one bidder, gold miner Pokrovskiy Rudnik owned by Atlas Mining, submitted a?complete application and paid a deposit. A second?contender did not pay the deposit or provide the required documentation. The sale was structured like a Dutch auction, where the price is gradually reduced until a bid is made. The stake could have been sold for as low as 50% of the initial price of 162,02 billion roubles (2,25 billion dollars). In January, the Domodedovo Airport in Moscow, which was seized by a court, was auctioned off at a minimum price of 869 million dollars.
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Kuwait's KPC has delivered the first spot fuel cargoes after the Iran War, according to sources
Kuwait Petroleum Corp. (KPC) is offering fuel on-demand for the first since the start of the Iran War, according to four sources who are familiar with the matter. Separately KPC is 'offering 4,000,000 barrels of?crude? via tender. A fifth source who has direct knowledge of the issue said that the oil is being offered to Asian buyers. Three sources confirmed that the state firm had offered at least 90,000 metric tons (670,500 bar) of 10ppm gasoil, and a 55,000-60,000 tonne (489,500-534,500 barrels) of naphtha via private negotiations for a June loading. It was not possible to determine immediately if any deals were completed. Sources confirm that the force majeure declared in March by KPC for exports is still in effect. KPC didn't immediately respond to our request for comment. Sources said that buyers have the option to transfer fuel cargo via ship-to -ship transfers outside of the Strait of Hormuz, such as in the west coast of India or Sohar (Oman). One of the sources stated that there is an option to load cargo into Fujairah tankers. Kpler data on ship tracking showed that KPC exports of?naphtha rebounded in May to over 40,000 tons after the cargoes had been halted during March and April. According to two separate sources who are KPC's buyers, term deliveries of naphtha should begin in July. KPC sold its last spot diesel cargo via a sales "tender" in January, according to records. Shiptracking data showed that exports had fallen to a five-year low in March and in April. Two shipbroking sources revealed that the Hafnia Despina was chartered by KPC on June 17-19 to load around 90,000 metric tons of refined fuels via ship to ship transfer from?the west of India to either Singapore or northwest Europe. (Reporting and editing by Jason Neely; Additional reporting by Siyi liu)
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As Trump turns 80, his setbacks are fueling talk of a lame duck presidency.
U.S. president Donald 'Trump' is trying to project strength in his 80th year, but setbacks both at home and abroad expose the limits of his power and push him towards the lame-duck situation he told aides that he was determined to avoid. His approval ratings are declining and the courts are pushing him back. He is 17 months into his second tenure. His fellow Republicans are also defying his leadership, though his core supporters remain loyal. Trump still has considerable clout. He has helped to oust Republican incumbents from primaries and has pursued aggressive trade policies. Trump has pursued high-profile building projects in Washington, in what is one of the most ambitious construction drives undertaken by a U.S. President in recent years. The dynamic is playing out just months before the midterm elections in November, as Trump's Republican Party struggles to maintain control over Congress. Losing one or both chambers of Congress to the opposition Democrats could accelerate his slide into lame duck phase. This is when presidents, if they are barred from running for office again, see their influence diminish and domestic priorities stymied. According to a presidential advisor who spoke under condition of anonymity in order to discuss sensitive matters, the White House has tried to prevent this narrative from taking root prematurely. It has also been forceful to let Republican lawmakers know that Trump can still?make or break' them. The adviser said that Trump's authority was bound to diminish as Republicans began to show greater willingness to oppose him. The adviser stated that "he'll start to lose his leverage naturally, especially after midterms." Trump told his staffers privately that he was thinking about a third term despite the fact that it is prohibited by the Constitution. This is done to avoid the public perception that Trump might become "lame duck" and lose relevance, according to an anonymous former senior aide. Olivia Wales, White House spokesperson, said: "President Trump is unambiguous leader of the Republican Party and is committed to maintaining Republicans majority in Congress." SECURITY OF HEALTH Trump's political status is being scrutinized as his personal stamina increases. A February /Ipsos survey found that 61 percent of Americans believed Trump's behavior had become more erratic as he aged. A second survey conducted in April revealed a majority was concerned about Trump's temperament and mental sharpness. Trump, the oldest president to be sworn in, will celebrate his 80th birthday by hosting an UFC cagefight on the White House's lawn on Sunday. Since launching the Iran war in February, Trump has mostly stayed in the White House and his Mar-a-Lago Resort in Florida. Since then, he has only made a few domestic trips. He spends most of his "executive" time and has many meetings behind closed doors. He is more visible through his Truth Social platform where he posts all day long and into the evening. Trump said he is in excellent health following a routine medical checkup. He was spotted at public events last month with swollen feet, which his doctors described as a "slight issue", and bruises on his hands. An anonymous senior White House official said that Trump was eager to avoid comparisons with Joe Biden, the Democratic predecessor, who faced questions regarding his suitability for the job and left office at age 82. Trump was caught on camera on occasion appearing to doze at events. This included at the NBA Finals at Madison Square Garden, on Monday. Trump's aides responded on social media to the viral clips that showed him with his closed eyes, saying he was either blinking or paying attention. Davis Ingle, a White House spokesperson, described Trump as the "sharpest and most accessible President in American History." Weakening Hand Analysts agree that, even if Trump’s political influence fades, he can still use executive orders to help shape policy, and he has more freedom to act on the international stage where presidents are given greater latitude to take unilateral action. There are signs that Trump is losing his grip. Although a full-scale Republican rebellion is unlikely, some incumbents who are still in office until January have begun to oppose parts of his agenda. They have also indicated their opposition against his cabinet nominees. The Senate and the House of Representatives, both Republican-controlled, have united with Democrats in recent weeks to condemn him for the Iran War, to reject funding related to his ballroom, and to force a withdrawal from his $1.8 billion fund that was intended to pay his political allies who claimed they had been victims of "weaponized prosecution". Trump's construction projects have become increasingly important as he struggles to achieve his policy goals. He has been promoting not only an ornate ballroom that is 'under construction, but also the refurbishment of Reflecting Pool at the National Mall as well as a proposed victory arch. Trump will likely continue to exercise his power in 2028 by selecting the Republican presidential nominee. This is seen as a competition between Secretary of State Marco Rubio and Vice President JDVance. Douglas Brinkley is a Rice University presidential historian. He said that the world can expect Trump to be unpredictable for the remainder of his term. He said that "His helter skelter leadership style, will not go anywhere, regardless of whether Democrats win Congress or not." (Reporting and writing by Matt Spetalnick, Nandita BOSE; Additional reporting and writing by Steve Holland, Andy Sullivan and Matt Spetalnick. Editing and proofreading by Ross Colvin and Alistair Bell.
The inside story of Elon Musk's mass shootings of Tesla Supercharger staff
The day before Elon Musk fired practically all of Tesla's electricvehicle charging division last month, they had high hopes as charging primary Rebecca Tinucci went to meet with Musk about the network's future, four former chargingnetwork staffers informed .
After Tinucci had cut between 15% and 20% of staffers 2 weeks previously, part of much larger layoffs, they thought Musk would verify prepare for an enormous charging-network growth.
The conference could not have actually gone even worse. Musk, the workers said, was not pleased with Tinucci's presentation and wanted more layoffs. When she balked, stating much deeper cuts would weaken charging-business basics, he reacted by firing her and her entire 500-member group.
The departures have overthrown a network extensively considered as a. signature Tesla accomplishment and an essential driver of its EV sales. Tesla Superchargers represent more than 60% of U.S. high-speed. charging ports, federal stats reveal, and the company has. been the most significant winner up until now of $5 billion in federal financing. for new battery chargers.
This account, the most detailed to date on the Supercharger. shootings and the fallout, is based upon interviews with 8. former charging-division employees, one specialist and a Tesla. email sent out to outside suppliers. Just Musk and Tinucci were in the. meeting described to ; the four sources with understanding of. the conference are communicating what they became aware of it from. Supercharger department managers.
Tesla, Musk and Tinucci did not react to requests for. remark from .
In spite of the mass shootings, Musk has because posted on social. media promising to continue expanding the network. But three. former charging-team workers told they have been. fielding calls from suppliers, specialists and electrical utilities,. some of which had invested countless dollars on equipment and. infrastructure to assist build out Tesla's network.
A letter sent earlier this month by a Tesla global-supply. manager to Supercharger professionals and suppliers advised. them to please hold on beginning on any freshly granted. building projects and halt materials purchases, according. to a copy evaluated . I understand that this period of. change might be challenging, and that perseverance is challenging when. expecting to be paid!
Tesla's energy group, which sells solar and battery-storage. items for homes and services, was charged with taking over. Superchargers and calling some partners to liquidate continuous. charger-construction jobs, stated three of the former Tesla. workers.
One construction specialist said Tesla staffers contacting. his company since the layoffs don't understand a thing. The. professional stated he had anticipated Supercharger tasks to supply. about 20% of his 2024 income but now prepares to diversify to. avoid counting on Tesla.
Tinucci was among few high-ranking female Tesla executives. She recently began reporting straight to Musk, following the. departure of battery-and-energy chief Drew Baglino, according to. 4 former Supercharger-team staffers. They stated Baglino had. historically overseen the charging department without much. involvement from Musk.
The charging-team layoffs mark the current drama in a. troubled year for Tesla as Musk has actually closed down or delayed. several core efforts suggested to drive the quick EV sales development. that financiers have actually anticipated. Instead, Musk now says Tesla will. shift its primary focus to self-driving vehicles, a fiercely. competitive and riskier business that might take years to. establish.
The business posted its very first decline in car sales because. 2020 in the first quarter amidst fierce competition from Chinese. electric-vehicle makers and sagging around the world EV demand. . reported in April that Tesla had actually ditched prepare for a. long-awaited cost effective automobile called the Design 2. That has. thrown into doubt Tesla's plans for brand-new factories in Mexico and. India, where Musk had actually been anticipated to travel last month to satisfy. Prime Minister Narendra Modi, before canceling at the last. minute. And a host of executives have left amidst deep. companywide layoffs.
SCALED-BACK CHARGING GROWTH
The energy team that was appointed to take over. charging-network management has some comparable design and. building and construction functions, 2 of the previous Tesla staff members stated. But. charging projects are basically different due to the fact that they are. located in public locations and need substantial settlements with. utilities, city governments and landowners, they said.
The energy group was already having a hard time to keep pace with its. existing work, said 2 of the previous charging-network. staffers. Yet when the layoffs came down on April 30, Musk. posted that the company still plans to grow the Supercharger. network, simply at a slower speed. On Friday, Musk published that. Tesla will invest well over $500M broadening our Supercharger. network to produce countless NEW chargers this year.
Two former Supercharger staffers called the $500 million. growth spending plan a significant decrease from what the team had. planned for 2024 - but nevertheless an obstacle requiring. numerous staff members. In an analysis offered to , San. Francisco research study company EVAdoption estimated a $500 million. financial investment this year would translate to Tesla structure 77% less. charging ports monthly in the United States compared with the. automaker's rate through April.
' HOLDING THE BAG'
Tesla revealed its first Supercharger stations throughout. California in 2012, with Musk calling the network a game. changer for EVs that would make it possible for long-distance travel and. convenience comparable to gasoline automobiles.
The EV-charging business requires substantial upfront. financial investment, and experts have frequently viewed it as unprofitable. However Tesla's network had paid before the layoffs,. according to 4 previous Tesla staff members acquainted with the. division's monetary efficiency.
That owed to Tesla's cost-control and extensive analysis to. select places that might draw service throughout the day. rather than only throughout peak-demand times, when electrical power. costs surge. One previous Supercharger staffer stated Tesla's costs. per-charging-port were usually a minimum of 50% lower than those. of competitors.
As recently as last month, Tesla said in a securities filing. that it required to broaden charging to make sure sufficient. schedule for customers, particularly after car manufacturers. including Ford, General Motors, Toyota and. Hyundai announced they would start making their vehicles. compatible with Tesla's charging plugs, giving their vehicles. Supercharger gain access to.
Another former worker stated that rollout is totally. endangered because there will not be enough new charging websites. coming online, and the company was just starting to execute. upgrades to enable more compatibility with other producers'. vehicles.
3 of the former staff members called the firings a major. problem to U.S. charging growth since of the relationships. Tesla staff members had actually developed with suppliers and electric energies. Tesla had grown into one of the bigger consumers for numerous significant. utilities around the country, and numerous had employed new staff and. planned new infrastructure based upon Tesla's charging-network. growth strategies, the previous staff members stated.
Other companies might be able to fill the gap, the former. staff members stated, but the goodwill constructed in time with utilities. and other contractors from Tesla's large-scale charging. investments will be tough to replicate.
It's just unfortunate that now they're stuck holding the. bag on all these various tasks, one of the former. employees said. It's really sad to see all these relationships. burned and individuals be actually upset - rightfully so..
(source: Reuters)