Europe

Teck Resources beat analyst's expectations for the first-quarter profit, thanks to a rise in copper prices and record sales. Meanwhile, its proposed merger with Anglo American remains on track. The Canadian miner said that it expects Middle East conflict will push up freight costs and explosives through the second quarter. This is especially true for its Chilean operations, which depend on diesel imported from abroad. Teck and its competitors are expected to benefit from a 50% increase in global copper demand between now and 2040, due to?increasing data center power consumption to meet artificial Intelligence and defense growth. Prices and...

A term sheet showed that a unit of Sinopec had sold 8.5 millions Hong -Kong listed shares of CATL on Wednesday for $770 million. The company was able to cash in on the soaring stock performance of the Chinese electric vehicle -battery manufacturer. The term sheet examined by revealed that Sinopec (Hong Kong), in an accelerated stockbuild, sold shares at HK$708 (US$90.41), a discount of approximately 3.8% from the closing price on Tuesday for Contemporary Amperex Technology Co Ltd (CATL). According to the term sheet, Sinopec also agreed to a 90 day lock-up period on its remaining CATL stake. According...

The British government announced that military planners from over 30 countries will meet in London for two days starting on Wednesday. They will discuss a mission to reopen the Strait of Hormuz, and develop detailed plans. Last week, more than a dozen nations said they would join an international mission led by Britain and France to protect shipping along the Strait of Hormuz, if conditions permitted. This commitment was made after 50 countries from Europe and Asia, as well as the Middle East, joined a videoconference to send a message to Washington following Donald Trump's statement that he didn't need...

Italian grid operator Terna announced on Tuesday that its departing CEO, Giuseppina Di Foggia will waive her claim to severance payment of?7.3 million euros ($8.56 millions) in order to accept a new position as chairperson of energy group Eni. Di Foggia was under pressure by Prime Minister Giorgia Meoni to renounce a?payment at a moment when the government struggles to find ways to help families cope with rising energy prices. In a?statement, Terna stated that Di Foggia "expressed her desire to sign an agreement?to?give up" her severance payment. It added that it would "provide further details in due time "in...

ASM International, a computer chip equipment manufacturer, forecast on Tuesday?stronger revenue guidance for the second quarter?than expected by markets?after?a first-quarter result that exceeded expectations. LSEG data estimated that second-quarter revenues would be around 883.9 millions euros, but Europe's second largest maker of chipmaking tool forecasts 980 million euro ($1.15 billion) instead. The first-quarter revenue was 862.5 millions euros, versus the analysts' expectations of 828.5 millions euros. The forecast was published after the European market closed. Analysts felt it was strong enough to distract from the decision to cease publishing the eagerly anticipated new order figures because they are too volatile....

French officials said that they would 'fully offset the economic impact of the Iran crisis' by freezing certain spending. They announced this on Tuesday as part of a new set support measures. The government will be hit with a surge in energy costs and higher bond yields after the Iran War began. This is expected to cost between 4 billion euro ($4.7 billion)?and 6 billion euro, while increased borrowing costs are responsible for 3.6 billion, according to Finance Minister Roland?Lescure. After a meeting of lawmakers, budget minister David Amiel said to reporters: "In light of the 6 billion euro cost...

The following are some key quotes from traders and analysts at the FT Global Commodities Summit. MARCO DUNAND MERCURIA CEO You'd expect that China would try to secure more oil from other sources, given its dependence on the Strait of Hormuz. In the last two or three weeks, they have been selling crude oil aggressively. "China increased its oil inventories over the last few months, to 1.2 billion barrels. They have allowed refiners to use these commercial stocks." They may have been optimistic about their ability to reopen Hormuz, and they didn't feel the need to purchase crude oil now...

MILAN, 20 April - Italy's government-controlled power grid operator Terna is planning to hold an extraordinary board meeting within the next few days, according to a source close to the company. The meeting will discuss the severance pay of the outgoing CEO. Giuseppina di Foggia was nominated by the Italian Government as Eni's new chair, but she is not willing to give up an $8.6 million ($7.3 million) severance package offered by Terna. The source claimed that Terna's board did not discuss Terna’s case when they met on Monday. The Italian economy ministry said on Sunday that it opposed state-backed...

The Dutch government announced temporary tax breaks on Monday to compensate for the rising cost of fuel. It also said it was preparing a broader package of measures in case energy prices worsen. The government allocated around 1 billion euro ($1.2 billion) to temporary tax relief measures for commuters and truck drivers, but did not lower fuel taxes as many of them requested. These measures include targeted support to lower-income people with energy bills and a?support for homeowners to reduce their consumption. The government stated that there are no immediate fuel shortages as European oil, jet fuel and diesel supplies...

When asked about the waiver of U.S. sanctions on some Russia oil exports on Monday, the Kremlin said that Russia is a responsible player on global markets for energy and it's hard to ignore its export volumes. Donald Trump's administration renewed on Friday a waiver that allows countries to purchase sanctioned Russian crude oil at sea for about a week, despite lawmakers accusing the government of being too lenient with Moscow while?its war against Ukraine continues. Russia is the world’s?third largest oil producer and?the second biggest crude exporter. "Russia is a very responsible and important player on the global energy...

In a Monday interview with the Financial Times, the chief executive of Germany's Gazprom unit said that the country would begin the privatization process after Russia invaded Ukraine in 2022. The FT reported that the division, Securing Energy For Europe (SEFE), intends to raise 1,5 billion euros to 2 billion euros ($1.76 billion to $2.35 billion) via a capital rise to finance its expansion of infrastructure assets. SEFE (formerly Gazprom Germany) was nationalized in Berlin by 2022, after the former Russian parent of the group abandoned the division. This is an important part of Germany’s gas supply. The company operates...

The World Bank announced a new strategy on Friday that focuses on jobs to help small island states, and other small countries address challenges like remoteness, shock exposure and a limited economic base. World Bank President Ajay Banga spoke about the initiative in a closed door meeting of 50 ministers and governors of central banks from small countries, held during the spring meetings for the International Monetary Fund (IMF) and World Bank. He explained that the idea was to use different tools to help smaller states attract more investment, implement policy and regulatory changes to make it easier to run...

Mark Kristoff is the chief executive officer of commodity trader Traxys. He said that derivative contracts for niche-critical?minerals? including rhenium, could be developed over time, as industrial users seek to find better hedging instruments due to supply concerns and volatility in prices. Minerals such as rhenium and halfnium, which are not well-known outside of specialist markets, are essential to the aerospace and defence industries, and the energy industry. Prices of essential minerals have already been pushed up by the growing demand and limited supply. Kristoff says that many so-called minor and strategic metals today are too illiquid to be exchange-traded,...

China's exports to Chile of sulphuric acids sank to zero in March according to Chinese 'customs' data. The world's largest 'copper-producing nation' is now facing a shortage of the chemical that's used to refine around half of it. China plans to ban exports of sulphuric acids from May, to avoid a shortage in its domestic market. This includes the fertilisers industry. The shipment of acid to Chile has already stopped. It was the biggest market for China's acid exports in 2025, and it accounted for almost one-third. Comparatively, China exported 31,870 tons of acid to Chile between February 2026, and...

The price of copper rose on Wednesday, as President Donald Trump extended a ceasefire agreement with Iran. However, lingering uncertainty over the Middle East conflict limited gains. In official open-outcry trade, the benchmark?three-month?copper price on London Metal Exchange rose 0.3% to $13,270 per metric tonne. This month, the renewed premium in Comex copper over the LME benchmark has been a key feature of the copper markets for 2025. It encourages shipments to the United States. More copper is expected to flow into the United States. While the premium price persists until the end of July, a decision will be expected...

According to Mercuria's top metals analyst, the global aluminium market has experienced a "black-swan" event as disruptions caused by the Middle East war have triggered a supply shock. This will?lead? to major shortages in this year. Around 7 million metric tonnes of aluminium is smelted in the region each year, which represents about 9% of global production this year. Aluminium is used in the construction, transport and packaging industries. Nick Snowdon of Mercuria's metals & mining research said that the scale of supply shock in the aluminium industry is "probably the biggest single supply shock a metals market in post-2000...

The Financial Times reported that U.S. trade representative?Jamieson G. Greer told American allies to 'pay more' for critical minerals sourced outside of China. Greer, in an FT interview, said that U.S. allies would have to be willing to pay a premium for minerals that are sourced within a group of?trading partner countries, including Europe. Greer said in an interview that "there is a security premium we all pay. I call it the national security fee. We will pay this premium to have a safe supply chain." Greer, who has been drafting a draft of detailed information to share with partners...

Four sources familiar with the matter said that HSBC is hiring JPMorgan executive James Willis as its global precious metals sales director. Mark Augustynak, formerly of ICBC Standard Bank, was recruited by HSBC this month to lead its global metals trading division. HSBC is a market'maker' and a clearer on the London Over-the-Counter Market, where participants do not trade via an exchange but directly with one another. Each day, London clears 20 million troy-ounces of gold worth $96 billion at current prices. The appointments are part of a wider reshuffle in the trading and sales departments at major bullion bankers...

Investors remain cautious, as they 'look to tentative U.S.Iran talks as well as a upcoming Senate confirmation hearing of Kevin Warsh as Federal Reserve Chairman nominee. At 9:33 am EDT (1333 GMT), spot gold was down by 0.9% at $4,776.49. U.S. Gold Futures for June Delivery fell by 0.7% to $4795.40. Dollars in other currencies are now paying more for greenback-priced gold. The weekend's events and mixed rhetoric have made the markets hesitant. This may keep gold in a tight range for the time being and limit 'bulls' until there is certainty, said Zain Vawda. Analyst at MarketPulse. He said...

Copper prices fell on Monday as the Strait of Hormuz was closed again to marine traffic. A fragile ceasefire between Iran & the United States looked in danger, reigniting fears over the economic growth. In open-outcry official trading, the benchmark three-month 'copper' on the London Metal Exchange fell 0.8% to $13,235 per metric ton. Last week, the metal gained 3.9% on the optimism that the ceasefire would hold and Iran's announcement on Friday that commercial vessels could now enter the Strait. The?U.S. The?U.S. then seized a cargo ship from Iran that was trying to blockade the strait on its own....

MOSCOW, 20 April - Russian aluminum maker Rusal blamed Monday high interest rates and a strong Russian rouble for its unspecified loss in the first quarter, which was recorded despite an astronomical rise?in prices of metal around the world. Last week, prices reached a four-year high as a result of a blockade of Strait of Hormuz. This is the route through which up 9% of global aluminium trade travels. The company stated in a statement released on Monday that "Rusal can't take advantage of current pricing conditions" as all margins go to European and North American companies. Rusal claimed that...

The U.S. is hosting further discussions in the coming weeks for the Group 20 major economies about the impact of war in the Middle East on food and fertiliser, as they 'continue to push for coordinated actions. The U.S. will make this pledge in a statement by the chair of the G20. It will be made during a meeting between G20 finance minsters and central bankers held on April 16 at the Spring Meetings of the International Monetary Fund (IMF) and World Bank. Before its official release on Monday, a copy of the statement was released instead of a communiqué...

The gold price fell Monday due to the stronger dollar. Dollar and inflation fears after another closure of the?Strait of Hormuz drove oil prices higher. As of 1103 GMT spot gold was down 0.8% to $4,790.59 an ounce after reaching its lowest level since April 13 earlier in session. U.S. Gold Futures for June Delivery fell by 1.4% to $4.811. Oil's rise after the weekend chaos surrounding the Strait of Hormuz ensures that inflation risks are palpable and offsets gold's appeal as a safe haven asset. Han Tan, Bybit's chief market analyst, said that the dollar has been the safest...

Gold prices dropped on Monday due to the stronger U.S. dollar and renewed inflation concerns?after a second closure of the Strait?of?Hormuz?pushed oil prices higher. As of 0930 GMT spot gold was down 0.7% to $4,792.89 an ounce after reaching its lowest level since April 13 earlier in session. U.S. Gold Futures for June Delivery fell by 1.4% to $4.812.60. Oil's rise after the weekend chaos surrounding the Strait?Hormuz ensures that inflation risks remain tangible, offsetting the allure of gold as a safe haven asset. Han Tan, chief analyst at Bybit, said that the precious metal has taken a backseat in...