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The regional governor of Saratov says that the Ukraine attack has damaged an 'industrial facility in Russia's Saratov.
The regional governor of Saratov, Russia, said that a Ukrainian drone attacked an "industrial facility" within the region. In a Telegram post, Roman Busargin (the governor of Saratov) said that preliminary information indicated there were no casualties. The Shot news telegram telegram channel was one of several unofficial Russian Telegram channels that reported fires and explosions near an oil refinery located in Saratov in Russia's South. Social media posts and videos showed thick smoke clouds in the night sky. We could not independently confirm the reports. Ukraine has not yet responded. Kyiv has said many times that its air strikes inside Russia are meant to destroy infrastructure vital to Moscow's military efforts. They are also a response to Russia's continuing attacks against Ukraine since the beginning of the conflict nearly three years ago. An attack by the Ukrainians on an oil storage depot near an air base for military aircraft in Engels, in the Saratov Region, sparked an fire that took several days to put out.
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London aluminium rangebound amid US tariff concerns
London aluminium was trading in a narrow range, near its three week high on Tuesday. Investors weighed the risks of a global trade war following President Donald Trump's new tariffs on steel and aluminum imports. As of 0330 GMT on Monday, the London Metal Exchange's (LME) three-month aluminium was unchanged at $2,657.5 per metric ton, close to the previous high of $2.662.50, set on Monday. Trump raised import tariffs for steel and aluminum to 25%, "without exceptions or exclusions", in an effort to help struggling industries. After a telephone call with Australia's Prime Minister Anthony Albanese he agreed that Australia could be exempted from the tariffs, noting the fact that Australia was among the few countries where the U.S. enjoyed a surplus in trade. We expect that any tariffs will result in higher prices for U.S. Manufacturers. This would be more likely to take the form of higher U.S. Midwest Premiums than a sustained increase in the LME Price," ANZ Research stated. The U.S. depends heavily on aluminium imports, mainly from Canada. The U.S. prices of primary aluminum are based on LME benchmark plus Midwest premium. This premium has increased in recent months, and is now at $0.305 per lb. ANZ Research also added that the tariffs would change trade patterns as more Canadian aluminum will be shipped to Europe, and the U.S. will increase purchases from the Middle East. LME benchmark copper dropped 0.4% to $9.409, zinc fell 0.1% to $2.843, tin slipped 0.5% to $31,000 and lead fell 0.3% to $1.994 while nickel fell 0.5% to $15,440. The aluminum contract at the Shanghai Futures Exchange rose by 1.0%, to 20,700 Yuan ($2,832.74) per ton. This is the highest level since December 2024. The SHFE copper fell 0.3%, to 77.200 yuan. Nickel dropped 1.7%, to 124.820 yuan. Zinc lost 0.5%, to 23,740, yuan. Lead shed 0.1%, to 17,155, yuan. Tin dropped 0.8%, to 257.250, yuan. $1 = 7.3074 Chinese yuan renminbi (Reporting and editing by Varun H K, Sumana Nandy and Polina Devtt)
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HPCL, India plans to increase the capacity of its Vizag oil refining plant by up to 20%
Rajneesh Narang, chairman of Hindustan Petroleum (HPCL), said that the state-run company plans to increase its Vizag oil refining capacity by up to 20% in order to meet local fuel demand. India, the third largest oil consumer and importer in the world, is increasing its crude processing capability. It wants to become a major global refinery hub. At the same time its fuel demand will continue to grow for the next decade. HPCL has recently increased the capacity of its Vizag refinery from 200,000 barrels to 300,000. It is now looking for an additional increase. "We are looking at increasing the (annually) capacity by 2-3 millions (metric) tonnes (40,000-60,000 Bpd). Narang said at the India Energy Week Conference that the board must approve this. He did not provide a cost estimate or time frame. HPCL is soon to start operating at Vizag's secondary units. This includes a 3.5-million-ton per year (tpy), residue-upgradation unit, which will boost distillate yields by 10%. It will also improve the gross refining margin by $3 a barrel. The company will also bring a diesel hydro desulphuriser of 2.6 million tons per year online. India's fuel consumption is set to increase with the growth of its economy. However, drivers are increasingly turning to electric cars and industries are shifting to renewable energy from diesel-generated power to reduce their carbon footprints. HPCL, to future-proof their plants, is building a petrochemical facility at its Barmer refinery that produces 180,000 bpd in the desert of Rajasthan. India's refinery has the highest petrochemical intensities - that is, the amount of crude oil converted into chemicals. Narang stated that the Barmer refinery's crude processing will begin between June and July, while the petrochemical plant will be operational by December. He said that the company would operate the Rajasthan refinery by making spot purchases of crude oil and sign annual crude purchasing deals for the plant after the units stabilize. HPCL operates a Mumbai refinery that produces 190,000 barrels per day in western India. Narang stated that the company imports approximately 21 million tonnes of crude oil annually, and about 8 to 9 million tonnes are procured on the spot market. The refiner, to reduce its crude import costs, set up a crude-trading desk last year, which negotiates better terms with oil sellers instead of floating tenders on spot purchases.
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Trump's new tariffs have pushed gold prices to record highs
The gold price reached a new record on Tuesday as investors sought out the safe haven asset following President Donald Trump's 25% tariffs on imports of steel and aluminum. This fueled fears over inflation and a possible trade war. As of 0229 GMT the spot gold price was up 1.1%, at $2,939.80 an ounce. It had earlier reached a session high of $2.942.70. U.S. Gold Futures also rose 1.1% to $2966.00. Trump raised the tariffs on imports of steel and aluminum on Monday from a flat rate of 25% to a 25 percent rate "without any exceptions or exclusions". This was done to help struggling industries, but it also increased the risk for a multi-fronted trade war. Trump's tariffs, which have fueled global growth uncertainty, trade war fears, and inflationary tension, has led to the eighth highest level of gold so far in 2018. Bullion has traditionally been considered an investment during times of political and economic instability. The risk of a trade war around the world is driving the financial markets to invest in gold, as part of what could be described as an overall de-dollarisation strategy, said Kyle Rodda. Dealers are shipping gold to the U.S. in order to avoid potential tariffs. Gold futures in the United States are trading at a higher price than spot gold, which is currently around $26. Gold prices have soared to $3,000 and new heights as a result of the threats. Investors are awaiting the Consumer Price Index data (CPI) and Producer Price Index data (PPI) for Thursday. Jerome Powell, the Federal Reserve chair, is due to appear before Congress on both Tuesday and Wednesday. Spot silver increased 0.4% to $32.16 an ounce. Lukman Otunuga, senior research analyst at FXTM, said that while tariff fears could support silver prices in the short term, they may be limited by a fall in industrial demand due to Trump's tariffs. Palladium increased 0.4%, to $986.97. Platinum fell 0.4% at $989.50. (Reporting and editing by Sherry Phillips in Bengaluru, Anushree mukherjee from Bengaluru)
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Iron ore prices rise as supply disruptions offset Trump tariff threats
Iron ore futures prices extended gains for the second consecutive session on Tuesday as fears over weather-related disruptions to supply in Australia, a major supplier, outweighed discontent with new tariffs announced by U.S. president Donald Trump. As of 0214 GMT, the most-traded contract for May iron ore on China's Dalian Commodity Exchange was trading 0.79% higher. It was 827.5 Yuan ($113.24), per metric ton. Earlier in the session, the contract reached its highest level since 10 December at 830.5 Yuan per ton. As of 0211 GMT the benchmark March iron ore traded on the Singapore Exchange had risen by 0.35% to $107.55 per ton. This was the highest price since October 10, 2024. After a Bureau of Meteorology weather warning, the operator of Australia's port of iron ore export Port Hedland which is used by BHP Group and Fortescue as well as billionaire Gina Rinehart’s Hancock Prospecting started clearing ships from the Port. This came after the top supplier Rio Tinto cleared two ports in Western Australia last week. This had led to a sharp drop in shipments over this period, according to traders. The unrest caused by Trump's new tariff threats has tempered gains. Trump raised the tariffs on imports of steel and aluminum on Monday from a flat rate of 25% to a 25 percent rate "without any exceptions or exclusions". This was done to help struggling industries, but it also increased the risk for a multi-fronted trade war. Tariffs will be applied to millions of tonnes of steel and aluminium imports from Canada and Brazil. They also apply to South Korea, Mexico and other countries. ANZ analysts wrote in a report that the tariffs may weaken demand for ore if China's steel export markets are affected. Coking coal and coke, which are used to make steel, also fell, by 0.44% each and 1.06% respectively. The benchmarks for steel on the Shanghai Futures Exchange have lost ground. Rebar fell 0.66%, while hot-rolled coils dropped 0.41%. Wire rod also declined 0.72%, and stainless steel slipped 0.71%.
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Investors weigh Trump's latest tariff threats as they assess the gold price and stock market.
The dollar was stable and Hong Kong stocks advanced to a 4-month high on Tuesday, as investors navigated changes in U.S. Trade Policy and waited for Federal Reserve Chair Jerome Powell to speak on tariffs and inflation. Oil prices held on to an overnight surge. Hong Kong's Hang Seng index has risen more than 12% over the past month, as Donald Trump's government threatened and then suspended blanket tariffs against Canada and Mexico. This seems to confirm investor assumptions that all is negotiable. Trump raised tariffs on imports of steel and aluminum to 25% on Monday, which pushed up the share prices of U.S. Steelmakers. The tariff on Chinese imports was 10% earlier this month. Chinese retaliatory duties on U.S. goods and energy were imposed on Monday. Although there has been little progress in a trade agreement between Beijing and Washington so far, expectations remain high. Prashant Bhayani is the chief investment officer for Asia at BNPParibas Wealth Management. He said that because he's a natural businessman, there will be deals made at some point. "So, that's why we've measured the market." The Chinese Yuan, in currency trading, has fallen below the level of 7.3 dollars and was trading at 7.3071 Tuesday morning. The Australian dollar was unchanged at $0.6273. Trump said he would "greatly consider" Australia's request to be exempted from steel tariffs. Gold reached a record high just above $2.935 an ounce. Marc Chandler, Bannockburn Global Forex's chief market strategist in New York said: "This is very early days." The market is just chopping about rather than being really directional at the moment. The dollar was stable against the Japanese yen at 152.01 and was $1.03 to the euro. Both the Canadian dollar and the Mexican peso were down as these countries are bearing the brunt from Trump's tariffs on metals. Wall Street closed with gains, led primarily by the tech and energy sectors. The S&P 500 Materials index increased 0.5%. Steel companies like Nucor and Steel Dynamics gained 4.9%. After McDonald's reported its quarterly results, shares of the fast food restaurant rose 4.8%. Investors are saying: 'Hey let's get back to the areas that have worked.' Sam Stovall is the chief investment strategist of CFRA Research. He believes that earnings are one reason why investors remain optimistic. The STOXX 600 Index for Europe rose by 0.58% on Monday to a new record high of 544.92, led by the 1.5% increase in oil and gas prices. Dutch and British wholesale prices of gas rose on Monday to two-year highs as the colder weather increased gas demand and storage withdrawals increased. The Fed Chair Powell will be speaking Tuesday at the semi-annual testimony on monetary policy before the Senate Banking, Housing and Urban Affairs Committee. It is likely that his comments on inflation and tariffs will be closely watched. According to CME's FedWatch Tool, the markets expect the Fed to keep rates unchanged at its meeting in March. Expectations for a rate cut of at least 25% basis points will not rise above 50% until June. The benchmark 10-year Treasury yields were closed at 4,495%. There was no trading in Asia due to a holiday in Japan.
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Indian oil companies are in talks with U.S. LNG suppliers to purchase their supplies
Pankaj Jain, the Oil Secretary of India, said that Indian oil companies were looking to purchase U.S. LNG. This was a result of Trump's administration lifting its ban on new export permits. India, the world's fourth-largest LNG importer, aims to increase its gas share in its energy mix from 6.2% to 15% by 2030. Jain stated that Indian oil companies were in talks with U.S. firms to source additional LNG. Among these companies, he said, were GAIL (India) Ltd., Indian Oil Corp. and Bharat Petrol Corp. Jain, a reporter, said that Indian companies will discuss gas supply with U.S. LNG suppliers on the sidelines the India Energy Week four-day conference starting Monday. He added that Indian companies might consider purchasing stakes in U.S. LNG Projects if the deals are attractive. Sandeep Kumar Gupta said that GAIL would revive plans to purchase a stake in an American LNG plant or secure long-term US gas deals. GAIL imports 5,8 million tons of U.S. Liquefied Natural Gas (LNG) annually, under long-term agreements. The LNG is split between Berkshire Hathaway Energy’s Cove Point facility and Cheniere Energy’s Sabine Pass plant in Louisiana. Qatar supplies the bulk of India's LNG under long-term deals, and prices are linked to crude oil. Jain suggested that India's gas sourcing should be a mixture of U.S. Henry hub and crude oil-linked prices. Indian companies are especially keen to purchase LNG from the U.S., as crude oil can be bought from multiple sources. Hardeep Singh Puri, the Indian Oil Minister, said that energy imports will be discussed this week when Prime Minister Narendra Modi and President Donald Trump meet. At least six Asian nations, including Japan, Taiwan and South Korea, have expressed an interest in purchasing U.S. LNG. Some are looking to reduce their trade deficits due to Trump's tariff threats while others want to diversify and expand supplies. Clarence Fernandez edited this article.
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Australian shares rise on the back of gold stocks
Australian shares rose Tuesday as gold miners reached a record high following the bullion’s record rally. Other sectors also gained from broad-based purchasing and investors were focused on earnings reports of several heavyweight corporations. S&P/ASX 200 Index rose 0.2%, to 8,502.9 at 0008 GMT. The benchmark index fell 0.3% Monday. Gold miners on the broad market gained up to 2.6%, reaching a new record high. The safe-haven market drove gold prices to a record high and they broke the $2,900 barrier for the first. Northern Star Resources increased by 3.1% while Evolution Mining grew by 2.5%. Financials increased by 0.1%, with Westpac up 0.5%. Macquarie, the country's biggest asset manager, rose by 1.7% following a profit that was largely flat for nine months. Investors are now awaiting the earnings of Commonwealth Bank of Australia due on Wednesday. Oil prices soared nearly 2% Monday, after a third consecutive week of declines. Brent crude futures settled $1.21 or 1.6% at $75.87 per barrel while U.S. West Texas intermediate crude rose $1.32 or 1.9% to $72.32 per barrel. The healthcare sector rose 0.4%. This was mainly due to biotech giant CSL which grew 1.7% following a growth in its half-year profits. The Dow Jones Industrial Average in the United States rose 167.01 or 0.38% overnight, to 44,470.41 on Monday. The S&P500 gained 40.45, or 0.67, and Nasdaq gained 190.98, or 0.98%. Diversified investor SGH, among individual stocks rose as high as 9.4% after its first-half earnings easily exceeded analysts' expectations. The benchmark S&P/NZX50 index in New Zealand rose by 0.2% to 12,898.8.
Source: India will miss the February deadline for a tougher climate plan
One government official stated that India would miss the deadline of February to submit the next round national climate action plans as required by the UN Paris Agreement. The exercise has not been completed, and India is the latest nation in the world to do so.
The agreement establishes a deadline of Monday for nations to submit more aggressive action plans, known as Nationally Determined Contributions(NDCs), for 2035. This is in accordance with the target to limit global temperature increases to 1.5 degrees Celsius.
The official who requested anonymity because he wasn't authorised to talk to the media said, "India still hasn't finished its studies on emission trajectory and roadmap."
It is unlikely that we will be able to submit updated commitments in the timeframe given.
India's Environment Ministry did not respond immediately to a question from.
These plans are vital in helping countries to limit the warming and meet the Paris Agreement targets, but only a few countries have submitted them, including Brazil, Britain New Zealand, and the United Arab Emirates.
China, which is also one of the largest polluters in the world, hasn't yet presented its climate change plan.
The official said that New Delhi was trying to complete the studies as soon as possible, but had not set any deadlines for themselves.
The United States under President Joe Biden made the 2035 submissions before Donald Trump took over and quit the Paris Agreement in order to stop U.S. climate change action. (Reporting and editing by Clarence Fernandez; Sarita Chaganti-Singh)
(source: Reuters)