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London metals prices fluctuate on optimism surrounding trade talks
London metals prices were mixed on Monday, as investors found some relief from the trade tensions between the U.S. and China. However, concerns about fragile negotiations lingered. By 0742 GMT, the benchmark copper price on London Metal Exchange (LME), was down by 0.5% to $9,327 per metric tonne. China's decision not to impose retaliatory duties on certain U.S. products sparked the thawing in relations. This was seen as an indication that the trade conflict between the two economic giants may be easing. Last week, the Trump administration signaled a willingness for a de-escalation of the trade conflict. U.S. president Donald Trump confirmed that tariff talks were in progress with Chinese officials. Investors have closely followed developments in the protracted trade dispute, which has raised fears about a possible global recession. A trader said, "The market's current direction is being driven by the U.S. China trade talks. While there is optimism, we remain cautious because sentiment can change quickly." This trader was referring to the uncertainty that continues to surround the negotiations. Other metals saw a 0.1% increase in aluminum to $2.430 per ton. Zinc fell 0.07% to 2.628, while lead increased 0.1% to $1.946. Tin dropped 0.3% to $31,870, and nickel decreased 0.2% to $15,520. The Shanghai Futures Exchange's (SHE) most-traded contract for copper fell by 0.7%, to 77110 yuan per metric ton ($10,567). SHE aluminum fell 0.3%, to 19,900 Chinese yuan per ton. Zinc dropped 1.5%, to 22,405 Yuan. Lead was down by 0.7%, to 16,890 Yuan. Nickel fell 1.1%, to 124,310 Yuan. Tin lost 0.7%, to 260 490 Yuan. $1 = 7.2966 Chinese Yuan Termini (Reporting and editing by Mrigank Dahniwala; Violet Li, Lewis Jackson)
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Oil prices rise despite a gloomy economic outlook and a potential OPEC+ production hike
The oil prices rose slightly in the early trading on Monday, but remained under pressure from the uncertainty surrounding trade talks between China and the U.S. This clouded the outlook for the global economy and fuel demand. Meanwhile, the prospect of OPEC+ increasing its supply added to the gloom. Brent crude futures, and U.S. West Texas intermediate crude, both rose for a third day, gaining 9 cents each by 0025 GMT, to $63.11 and $66.96 a barrel. Michael McCarthy, CEO of Moomoo Australia's online trading platform, said that the lack of news was pushing the oil prices higher. Traders are positioned ahead of a potential increase in OPEC+ production from the May 5, 2015 meeting as well as a significant boost in US production. When they meet on 5 May, some members of the Organization of the Petroleum Exporting Countries (OPEC+) and their allies are expected to suggest the group increases oil production for a second month in a row. Brent and WTI fell by more than 1 percent last week due to fears of an oversupply, and the potential impact of tariffs. Markets have been rocked with conflicting signals coming from U.S. president Donald Trump and Beijing about the progress being made in de-escalating a trade dispute that threatens global growth. Scott Bessent, the U.S. Treasury secretary, did not support Trump's claim that talks with China are in progress. Beijing had earlier denied that any negotiations were underway. Participants at the International Monetary Fund Spring Meetings and World Bank Spring Meetings stated that Trump's Administration was still conflicted about its demands of trading partners who were hit by his tariffs. Investors will also be watching the nuclear talks that are taking place between Iran and United States this week in Oman. Abbas Araqchi, the Iranian Foreign Minister, said that he was "extremely conservative" in his assessment of the outcome of the talks. State media reported that a powerful blast at Iran's largest port, Bandar Abbas, has left at least 40 dead and more than 1,200 injured. After a meeting between Trump, the Ukrainian president Volodymyr Zelenskiy and Vatican officials the day before, the top officials of the Trump administration demanded that Russia and Ukraine make progress on a deal. (Reporting and editing by SonaliPaul; Florence Tan)
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James Hardie's backlash prompts Australian stock exchange to review M&A regulations
ASX, the Australian stock exchange operator, announced on Sunday that they had begun a process to implement their rules for shareholder approvals of mergers and purchases. The ASX announced its decision to review the listing process a day before fibre-cement manufacturer James Hardie said it would conduct a shareholder vote prior to making any decisions to change its ASX listings status. Investors in Australia recently called for a review of the listing rules. They argued that it is unfair that companies are able to issue shares without shareholder approval. James Hardie proposed to acquire AZEK for $8.75 billion, and they said that the deal would dilute the interests of existing shareholders. They also claimed it would alter their rights with no vote. The bourse operator stated that the uproar surrounding James Hardie’s waiver request prompted increased investor interest to strengthen shareholder approval requirements for major transaction involving listed companies. This prompted them to launch a process of review. As of 0026 GMT, shares of James Hardie rose 4.7%.
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Saigo, a Japanese player, wins Chevron in the largest major LPGA playoff ever.
Mao Saigo, a Japanese player, won the Chevron Championship after beating four other players in a sudden-death playoff. The 23-year old won his first major after being tied with Ryu Haeran of South Korea after three rounds. However, a few late mistakes led to a score of two over par on Sunday. She sank a birdie on the par five 18th hole to keep herself in it. She joined China's Yin Ruoning and South Korean Kim Hyo Joo as well as Thailand's Ariya Jutanugarn, and Lindy Duncan from the United States, in the playoff. In a televised statement, she said: "It was important that I made a birdie on 18, and it gave me more confidence for the playoff." After both Yin, and Jutanugarn missed their birdie attempts, she won the match with a birdie on the 18th hole in the lone playoff hole, causing gasps in The Woodlands. Saigo said, "This is a dream." It was one of my biggest dreams and goals for this year, so I can't quite believe it. The LPGA's second-largest ever playoff was a six-person match-up, which had previously been recorded in non-major competitions. (Reporting and editing by Himani Sarkar in New York, Amy Tennery is based in New York).
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Alkane, an Australian company, will acquire Mandalay Canada in a $358 million merger deal
The companies announced on Monday that Australia's Alkane Resources would acquire Canada's Mandalay Resources through an all-share transaction valued at A$559.1 millions ($357.8million). This will create a combined gold and antimony manufacturer. The implied market capitalization for the merged entity is A$1.01 Billion. The merger is part of a global wave of consolidation in the gold sector, as miners take advantage of bullion prices nearing record highs for their own portfolios and operations. Mandalay shareholders receive 7,875 Alkane Shares for every Mandalay Share, a 55% ownership in the combined entity. The combined company is expected to produce over 180,000 gold equivalent ounces by 2026. It currently operates three mines, two in Australia and Sweden. Current Alkane Managing Director Nic Earner will lead the Australian-headquartered company, which will combine Alkane's recently expanded Tomingley gold operation with Mandalay's Costerfield gold-antimony mine in Australia and Bjorkdal gold mine in Sweden. Reporting and editing by Sandra Maler, Will Dunham, and Roushni Nair in Bengaluru. $1 = 1.5623 Australian Dollars
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Bessent doesn't support Trump in China tariff talks
U.S. Treasury Sec. Scott Bessent said on Sunday that he didn't support President Donald Trump in his assertion that tariff negotiations with China are underway and he didn't know if Xi Jinping, the Chinese president, had spoken to him. Last week, the Trump administration showed a willingness to deescalate tense trade relations between China and the United States that have sparked fears of recession. Trump has confirmed that talks are taking place on tariffs with China, and he and Xi spoke. Beijing denies that trade talks have taken place. Bessent is a key player for the U.S. in trade negotiations with many countries. He said he interacted with his Chinese counterparts during meetings of the International Monetary Fund in Washington last week, but didn't mention tariffs. He said, "I had an interaction with my Chinese equivalent, but we focused more on traditional issues like financial stability and global economic early warnings," on ABC's This Week. Bessent said, "I do not know if Trump spoke with President Xi." "I'm sure they have a good relationship, and respect each other." Bessent was asked why the Chinese denied talks. "I think that they are playing to a completely different audience." Bessent did not provide a timeline for any possible agreement with China, despite his statement last week that the tariff negotiations with Beijing will be "slog". He said that a trade agreement can take several months to complete, but a deescalation of tensions and an agreement on principle can be reached sooner. This would prevent tariffs from increasing back up to their maximum levels. Trump's unpredictable and confusing tariff rollout has affected many countries, including the biggest U.S. trade partners like Canada, Mexico, and China. This has led to an unprecedented level of market volatility, and a serious erosion of investor confidence in U.S. assets. In an interview with a television station on Sunday, Agriculture secretary Brooke Rollins stated that the United States and China were in daily contact over tariffs. She did not provide any further details. Rollins stated on CNN's State of the Union that "every day we are having conversations with China and those other 99,100 countries who have come to the table." Reporting by Doina Hesson and Ted Hesson, Editing by Don Durfee Mark Porter Sandra Maler
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Lavrov: Russia will continue to attack sites used by Ukraine’s military
In an interview broadcast Sunday, Russia's Foreign Minister said that Russia would continue to target military sites in Ukraine, while Ukrainian President Volodymyr Zelenskiy reported 70 Russian attacks. Sergei Lavrov is the top diplomat in Moscow. He said that a deadly Russian phrase. Missile strike The attack on a Kyiv residential building last week did not target an "absolutely civil" target. Lavrov told CBS' "Face the Nation", in an interview taped Thursday, after the attack: "We will continue targeting the sites used either by the Ukrainian military or by mercenaries and instructors from other countries who are officially being sent by the Europeans to help target Russian civil sites." The strike that killed at least twelve people drew an audience of a rare rebuke The Russian President Vladimir Putin From the U.S. president Donald Trump On Friday, on social media "Vladimir STOP." Zelenskiy who? Trump met with his supporters On Saturday before, there was a big event in Rome Francis' Funerals On Telegram, he wrote that his top commander reported that Russia has already carried out nearly 70 attacks Sunday. He said that the situation was still difficult. The situation on the front line and the actual activity of the Russian Army proves that the current pressure from the rest of the world is not enough to stop this. ", he wrote Sunday. Lavrov said that Russia had never been offered to assist Ukraine in operating its Zaporizhzhia Nuclear Plant. He said that Russia was willing to store Iran’s enriched nuclear materials if both parties agreed. United States I think that's useful.
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Greenland and Denmark affirm their alliance amid Trump's desire for US control
After talks in Copenhagen, Greenland's and Denmark's leaders agreed to intensify their relationship in response to the desire of U.S. president Donald Trump to take control of a strategically located Arctic Island. Greenland’s new prime minister Jens-Frederik Nielson landed in Copenhagen on Saturday, for a 3-day visit. The trip was a show of unity between Denmark and the island rich in minerals, which is a semiautonomous Danish territory. Nielsen, at a press conference held with Danish Prime Minister Mette Fredericksen, said: "We're in a foreign-policy situation that means we need to work together." Nielsen's visit comes after months of tension sparked by Trump's repeated statements that Greenland should be part of the United States. Leaders of Denmark and Greenland said that only Greenlanders could decide the future of their territory. They have had to tread a fine line between rejecting the U.S.'s ambitions to annex Greenland and maintaining good relations with their traditional ally. Nielsen stated, "We want to be treated with respect and are open to a stronger partnership (with the U.S.). We won't be sold as a piece property by anyone." Greenlanders are anxious about the ongoing expansion of the U.S. Consulate in Nuuk, Greenland’s capital. This agreement was made before Trump was elected. Nielsen didn't confirm or deny that he was in touch with the U.S. government since assuming office earlier this month. Nuuk and Copenhagen have a warmer relationship after Greenland’s former prime minister blamed Denmark in December for a "genocide" that occurred in Greenland. In January, he intensified his push for independence. Frederiksen stated that Denmark is ready to invest in Greenland more and support Greenland financial as Greenland takes on more responsibility for domestic affairs, taking it over from Copenhagen. This was part of a "modernisation", as she described their relationship. Nielsen and Frederiksen both said that they are committed to strengthening defense in the area. Denmark's King Frederik is set to travel to Greenland Monday as a show of solidarity. (Reporting and editing by Jacob GronholtPedersen, Louise Rasmussen, and Helen Popper.)
Fears for US Southeast forests arose after Trump's logging order
Trump orders national logging increases
Residents worry about flooding and recreation access
Climate change and wildfires: Critics warn
By Carey L Biron
This makes them feel especially protective, since Donald Trump ordered last month a major boost in U.S. Timber Production. He wanted to remove regulations and accelerate approval.
Nergart, along with hundreds of others, gathered within hours of receiving the orders at the entrance of the Pisgah National Forest.
He added that he was concerned about what might happen to the local economies due to concerns over the impact on recreation, conservation and flooding.
Nergart stated that the economy as a whole has been built around this.
Trump's orders declare that reliance on imported timber is a threat to the national security, and mandate an increased U.S. log production. They claim past federal policies have hindered job creation, increased wildfire risks, and raised construction costs.
The U.S. Department of Agriculture declared "emergency" conditions in 112 million acres of National Forests and instructed the U.S. Forest Service that they should increase timber production by 25 percent.
In an email, a spokesperson for the agency said that The Forest Service would "streamline forest-management efforts, reduce burdensome regulation, and grow partnerships in support of economic growth and sustainable development."
The administration has focused on tariffs and indicated that it will seek to increase levies on Canadian lumber to over 34%.
Residents in Western North Carolina are concerned that this new development will upset the existing system and favor speed.
Josh Kelly, Regional Forests Program Director with MountainTrue in Asheville North Carolina, said: "Imagine a world without regulations or with fewer of them. I can only see a degraded quality of water, a degraded wildlife habitat, and damage to the recreational infrastructure."
MountainTrue, which was founded in the 1980s in response to local opposition against expanded logging of public lands on private lands and Kelly predicts a similar shift in public opinion.
He said that some rural counties might want to increase production. "But if they do this quickly, there will be a backlash," the expert added.
In this region, public land is the most popular thing.
MAJOR PRODUCER
David Wear, senior fellow of Resources for the Future think tank, says that the majority of federally-owned land in the United States lies in the West, where the government controls two-thirds or more of the forest lands of some states.
The U.S. Timber production peaked in the 1960s and continued to rise until the early 1990s. After that, it began to decline due to environmental regulations.
This change led to a large amount of logging moving to private land in the Southeast.
Wear noted that despite the decline in logging, the U.S. is still the largest producer and consumer of wood in the world.
He added that many sawmills, as well as other infrastructure, required to support the increased production, have been closed. Rebuilding would take several years.
The executive orders have been welcomed by industry groups. The American Forest Resource Council said it was an important step towards economic revitalization in the face of "a federal forest fire and health crisis" as well as job losses.
Danna Smith is the executive director of Dogwood Alliance a nonprofit organization that works on forest issues. She said the economic impact between logging and conserving forests was questionable.
According to the White House report, wood provides 750,000 U.S. jobs, as opposed to 5 million in outdoor recreational activities.
Smith added that forests have a much broader purpose.
She said that "any time you increase logging you will increase carbon emissions, and further degrade eco services such as climate resilience, water control or flood control.
She said that logging in North Carolina is the third leading cause of greenhouse gases emissions. In Oregon it is the leading cause.
FIRE AND FLOODS
Executive orders and implementation place a strong emphasis on the reduction of wildfires, and protecting communities at risk.
Chad Hanson is a wildfire scientist and director of nonprofit John Muir Project. He said that this view goes against years of scientific findings.
He said: "Claiming to remove millions of trees will somehow curb wildfires, and communities won't need to worry is an unconscionably unsafe approach... based upon the evidence that we have."
He said that thinning forests can actually dry them out and make it easier for the wind to spread fires.
Many communities are also concerned about the effects of logging on flooding.
Leo Woodberry is a South Carolina pastor and the head of New Alpha Community Development Corp. a nonprofit organization that promotes environmental health.
He said that the risk is especially high for Black and poor communities, which are often in low-lying regions.
(source: Reuters)