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London copper prices rise; caution before US reciprocal tariffs cap gains
The copper price in London increased on Wednesday. However, gains were limited as investors awaited the details of reciprocal duties from U.S. president Donald Trump. As of 0336 GMT, the benchmark three-month price for copper at the London Metal Exchange rose by 0.5%, to $9,736 a metric ton. Trump announced on Sunday that his reciprocal tariffs would apply to all countries. He will announce the tariffs at 20:00 GMT. A base metals trader stated that "we sense a risk off sentiment because of the looming uncertainty ahead of Trump’s reciprocal tariffs announcement later today." Caixin/S&P Global Manufacturing PMI, released on Tuesday, rose to 51.2 from 50.8 in Feburary, indicating growth in manufacturing in spite of potential threats from an escalating U.S. Trade War. Tin on the Shanghai Futures Exchange has outperformed the base metals markets, increasing 4.3% to 298660 yuan (40404.17 USD) because of fears about supply disruptions following an earthquake that occurred in tin rich Myanmar last Friday. In a recent note, Chaos Research stated that the earthquake had affected the market's expectations of the resumption tin-mining in the country. If the mining area collapsed it is likely that there will not be a return to Wa State in this year. Wa State in Myanmar had previously considered allowing mining in the tin rich region to resume. Myanmar is the third largest tin producer in the world and the dominant supplier of tin to China. Other metals include LME aluminium, which fell 0.2%, to $2.501 per ton. Lead rose 0.2%, to $1.996, Zinc added 0.1%, to $2.825, Tin gained 1.9%, to $38,205, and Nickel was flat, at $16,110 per ton. Lead fell 0.2% to 17.325 yuan and SHFE copper increased 0.3%. Nickel rose 0.7% at 129,530.
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Markets await new US tariffs
The oil prices were stable in a thinly traded session on Wednesday, after dropping in the previous trading session. This was due to concerns that new U.S. Tariffs, which are set to be announced at 2000 GMT on Thursday, could deepen a trade war globally and limit crude demand. Brent futures rose 1 cent to $74.50 per barrel at 0346 GMT, after falling 0.4% on the previous day. U.S. West Texas Intermediate Crude Futures gained 3 cents to reach $71.23 following a 0.4% drop. Prices reached their highest level in five weeks Monday. The White House confirmed Tuesday that President Donald Trump would impose new trade barriers on Wednesday. However, it did not provide any details on the size or scope of these trade barriers. Oil prices have been stable since March as the markets wait for clarity about Trump's plans to implement universal tariffs ahead of "Liberation Day". The low trading volumes on the oil market show that there are growing concerns over these tariffs despite positive demand signals coming from mainland China, said Phillip Nova's Senior Market Analyst Priyanka Sahdeva. At 0353 GMT on the LSEG platform, ICE data showed that Brent trading volumes for June were 8,550 lots, compared to 672,617 open interest lots for the same period. Trump has been promoting April 2 as "Liberation Day" for weeks. This would mean new duties which could shake up the global trading system. The White House will make an announcement at 4 pm. ET (2000 GMT). "The (tariff) announcement could impact prices either to the upside or the down, although the balance of risk lies to the downside, given that weaker-than-expected tariff measures are unlikely to drive a significant rally in Brent, while stronger-than-expected measures could trigger a substantial selloff," BMI analysts said in a note. Trump's threats to impose secondary duties on Russian oil and his Monday escalation of sanctions against Iran as part of the "maximum-pressure" campaign by his administration to reduce its exports offset any declines. Janiv Shah, vice president for commodity markets at Rystad Energy, said that if tariffs were successful in enabling a ceasefire between Russia and Ukraine, these punitive actions could be short lived. Tariffs would likely have a positive impact on crude oil, but a negative effect on products. "Oil prices are still low, and we're waiting for an official response from the major importers on the new tariffs." The U.S. fuel and oil inventories paint a mixed picture of supply and demand for the world's largest producer and consumer. According to sources citing the American Petroleum Institute, crude oil stocks in the United States increased by 6 million barrels during the week ending March 28. The sources reported that gasoline inventories fell by 1.6m barrels while distillate stocks dropped by 11,000 barrels. The Energy Information Administration is expected to release official crude oil inventories in the United States later today. Reporting by Laila K. Kearney and Trixie Yap, both in New York; editing by Christian Schmollinger & Muralikumar A. Anantharaman
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Denmark Prime Minister to Visit Greenland As Trump Applies Pressure
Denmark's Prime Minister will visit semiautonomous Greenland for talks on Wednesday with the territory’s incoming Government, after U.S. president Donald Trump repeatedly expressed his interest in controlling this Arctic island. Mette Frederiksen starts her three-day journey less than a month after the visit by U.S. vice president JD Vance to the territory was met with a cold reception by authorities in Denmark. Greenland’s incoming prime minister Jens-Frederik Nielson, who won the general elections last month and will form a government coalition, said that he welcomed Frederiksen’s visit, declaring on Monday, that Denmark remains “Greenland’s closest partner”. The relationship between Greenland, Denmark and the United Kingdom has been strained since recent revelations of colonial mistreatment of Greenlanders. Denmark has been prompted to work faster to improve relations with Greenland because of Trump's interest to control the island. This is part of an international competition to gain influence in the Arctic. Nielsen said late on Monday night that Greenland will strengthen its ties to Denmark until they can fulfill their ultimate desire of becoming a sovereign country. He said that Greenland wants to build a respectful relationship between the United States and Greenland. "Talking of annexation, and talking about Greenland acquisition without respecting sovereignty is not being respectful. Let's begin by showing respect to each other, and then build a strong partnership in all areas," he said. During his visit to a U.S. military base in northern Greenland on Friday, Vance accused Denmark of not doing a good job of keeping the island safe and suggested the United States would better protect the strategically-located territory. Vance's description about Denmark was "unfair" according to Frederiksen. He said that it was up to Greenland's people to decide on their future. Greenland is a country of 57,000 people, and a majority support independence from Denmark. However, many are concerned that Greenland may suffer if it seeks independence too soon, as they fear the U.S. could gain more influence over Greenland. (Reporting by Tom Little in Nuuk, Louise Breusch Rasmussen and Stine Jacobsen in Copenhagen, editing by William Maclean)
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India's NTPC is looking for global partners to help build 15 GW of nuclear reactors
NTPC is India's largest power producer and it has issued a tender to find global partners for the construction of large nuclear reactors. The capacity will be around 15 gigawatts combined. This is the first significant tender since India opened up this highly-protected industry. The tender stated that the state-run company which runs primarily coal-fired power plants is seeking partners to assist in setting up nuclear power plants based on pressurized-water reactor technology and to commit to a life-time supply of nuclear fuel. The partner must have the approval of the relevant authorities in their country and comply with Indian policy, including having a or obtaining a license for technology offered, NTPC stated in its tender published last Thursday. The Atomic Energy Act of India of 1962 prohibits private investment in nuclear power plants. Meanwhile, the Civil Liability for Nuclear Damage Act of 2010 imposes strict liability on foreign firms like GE and Westinghouse. In early February, India announced that it would amend its Nuclear Liability Law to encourage foreign and private investment. The state-run Nuclear Power Corp of India currently operates the nearly 8 GW of capacity in the country, and aims to increase that to 20 GW before 2032. India aims to reach at least 100 GW in nuclear power by 2047. NTPC plans to build 30 GW over the next 20 years at a cost $62 billion. This was reported in February. Sethuraman N.R., Savio D.Souza (reporting)
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Philippine 500MW OW Project Cleared for Pre-Development Activities
Nexif Ratch Energy has been granted Pre-Development Environmental Compliance Certificate (Pre-Dev ECC) for its 500MW San Miguel Bay offshore wind project in the Philippines.The certificate was granted by the Philippines’ Department of Environment and Natural Resources (DENR) in accordance with its administrative order and the Philippine Environmental Impact Statement System (PEISS).The Pre-Dev ECC approval paves the way for crucial pre-development activities, including offshore geotechnical and geophysical investigations, wind and metocean measurements, as well as environmental and social baseline and assessments.These activities are essential for understanding the project site’s characteristics, ensuring that development decisions are informed and sustainable.In December 2024, the San Miguel Bay Wind Project received the Certificate of Energy Project of National Significance (CEPNS) from the Department of Energy (DOE), alongside being recognized as a Strategic Investment under the Green Lane Initiative of the Philippine Board of Investments (BOI).The issuance of the Pre-Dev ECC further reinforces the project’s strategic importance in advancing the Philippines’ renewable energy goals, supporting the country’s clean energy transition.“This achievement marks a significant step forward in our commitment to developing offshore wind projects in the Philippines in an environmentally responsible manner. It aligns with national priorities, and we are proud to contribute to the Philippines’ growing renewable energy sector,” said Cyril Dissescou, CEO of Nexif Ratch Energy.In addition to San Miguel Bay, Nexif Ratch Energy is also progressing toward securing the Pre-Dev ECC for the 475 MW Lucena Wind Power Project in Quezon Province, after the project being awarded CEPNS in January 2025.These ongoing development efforts position the company strongly for the upcoming Green Energy Auction 5 (GEA-5) by the DOE, slated for the third quarter of 2025.Nexif Ratch Energy is jointly owned by Nexif Energy (Singapore) with a 51% stake, and RATCH Group (Thailand) with a 49% stake.
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Gold prices rise on demand for safe-havens ahead of US tariffs
The gold price continued to rise on Wednesday after hitting a new record in the previous session. Investors sought comfort in the metal as they waited for the impact of U.S. tariffs. As of 0240 GMT, spot gold was up 0.7% to $3,131.25 per ounce. Bullion reached a record high of $3148.88 Tuesday. U.S. Gold Futures increased 0.4% to $3.159.90. The main reason behind these consecutive record highs is safe-haven purchasing, and the geopolitical uncertainties that underpin this show no signs of abating," said Philip Newman. Newman stated that a U.S. slowdown in economic growth, a potential increase in inflation and interest rate reductions could lead to gold reaching $3,300 within the next few months. The market is in suspense ahead of the U.S. Tariffs that will be implemented later today, a day President Donald Trump called "Liberation Day." Trump's tariff policy could cause inflation to rise, economic growth to slow and trade disputes escalate. In an environment of low interest rates, gold, which is a hedge against inflation and global instability, flourishes. The White House confirmed that new tariffs would be implemented, but did not provide details about the size and scope. Bullion's rise has been fueled by a number of factors, including strong demand from central banks, the expectation that interest rates will be lowered by the Federal Reserve and the geopolitical unrest in the Middle East, Europe and Asia, as well as increased flows into exchange-traded funds backed by gold. Aakash Doshi is the global head of Gold Strategy at State Street Global Advisors. He said that in a bull-case scenario, the market could reach $3,400/oz within 9 months. Fed officials are worried that employment may slip, but they can't do much about it because of the threat from tariff-driven inflation. The markets await the ADP employment report, due later today, and non-farm pay on Friday. Spot silver increased 0.2%, to $33.82 per ounce. Platinum gained 0.8%, to $987.66. Palladium rose 0.7%, to $990.45.
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London copper prices rise, but caution before US tariffs cap gains
The copper price in London rose on Wednesday but gains were limited as investors awaited the details of reciprocal duties from U.S. president Donald Trump, scheduled for later that day. As of 0250 GMT, the benchmark three-month Copper on the London Metal Exchange rose by 0.2%, to $9,716 a metric ton. Trump announced on Sunday that his reciprocal tariffs would apply to all countries. A base metals trader stated that "we sense a risk off sentiment" due to the looming uncertainty ahead of Trump's announcement on reciprocal tariffs later today. The Caixin/S&P Global Manufacturing PMI, released on Tuesday, rose to 51.2 from 50.8 in Feburary, reflecting manufacturing growth despite the potential threats of an escalating U.S. Trade War. The Shanghai Futures Exchange saw a 2.5% increase in the price of tin, which is due to the fear that supply will be disrupted by the earthquake that occurred last Friday in Myanmar, a country rich in tin. Chaos Research stated in a report that the market's expectations have been affected by the recent earthquake. If the mining area collapsed as a result of the earthquake, there is a good chance the mining will not resume in Wa State in 2018. Myanmar's Wa State had previously considered allowing the mining of tin in this region. Mines in Wa state produce 70% of the tin produced by Myanmar, which is the third largest producer on the planet and the dominant supplier to China. Other metals include LME aluminium, which fell 0.3%, to $2499 per ton. Lead rose 0.1%, to $1992, Zinc dropped 0.1%, to $2819, Tin gained 0.2%, to $37.570, and Nickel advanced 0.2%, to $16,065 per ton. SHFE copper remained flat at 79.930 yuan per ton. SHFE aluminium fell 0.1% to 20.465 yuan per ton. Zinc lost 1.0% to 23.290 yuan. Lead dropped 0.5% to 17.325 yuan. Nickel rose 0.3% to 129.005 yuan. $1 = 7.2693 Chinese Yuan Renminbi (Reporting and editing by Rashmi aich in Beijing, Violet Li in Shanghai)
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Stocks are on tenterhooks, as Trump's tariff plans approach
Asian stocks stumbled on Wednesday as investors worried about escalating global trade wars awaited the details of U.S. president Donald Trump's proposed tariffs. In recent weeks, investors have been focused on the new round reciprocal levies which the White House will announce at 2000 GMT on Wednesday. These are expected to go into effect immediately following the announcement. Trump has already imposed duties on autos, aluminium and steel, as well as increased duties on all Chinese goods. This has rattled the markets, with fears growing that a full-blown global trade war may trigger a sharp economic slowdown. Asian stocks dropped in the early morning trading after a turbulent session in the United States. Japan's Nikkei fell 0.3%, while South Korea's benchmark was down 0.57%. Wall Street's benchmark S&P and Nasdaq both ended the session higher, after earlier losing ground. The Dow ended a little lower. Chris Weston is the head of Pepperstone's research. He said: "We are experiencing a trading environment that is in a state if chop. Market players are adjusting their exposures at the margins and don't want to commit." The blue-chip index rose 0.14%. Hong Kong's Hang Seng fell 0.3% in early trading. Vasu Menon is the managing director for investment strategy at OCBC. He said: "Trump called April 2, 'Liberation Day,' but it's unlikely that investors will be truly liberated from tariff uncertainty." This possibility will likely continue to make investors nervous. Investors are becoming increasingly concerned by signs such as rising prices, a slowing economy and cracks on the labour market. The data showed that U.S. manufacturing shrank in March, after two months of growth. A measure of inflation in the factory gates jumped to its highest level in almost three years due to rising concern over tariffs on imported products. In a recent note, ING economists stated that "Tariffs were meant to reinvigorate U.S. Manufacturing, but they are more concerned about the impact on supply chains, and what it means for foreign retaliation, despite signs of a cooling in the domestic economy." The Labour Department reported on Tuesday that U.S. employment opportunities fell by 194,000 in February to 7.568 millions as tariff uncertainty dampened labour demand. The yield on the 10-year Treasury benchmark note in the United States was 4.189% during Asian hours, having fallen to 4.133% Tuesday. This is its lowest level since February 4. Most currency pairs traded in tight ranges. The euro remained at $1.079125 while the sterling traded at $1.29125. The yen was slightly weaker, at 149.83 dollars per yen. But the focus will be on tariff details. This is especially true after a report in the media said that Trump's advisers were considering a plan to raise duties by around 20% on products from almost every country rather than target certain countries or specific products. "We are heading into Trump's time to shine, with many already having deleveraged in order to run as neutral or flat a position they can on equity, USD (dollar), and Treasuries." Pepperstone's Weston stated Gold, which is seen as a safe haven against economic and political turmoil, was well-priced at $3,132.43 an ounce. This price, while up by 0.7%, was still just below the previous session's record high.
Sea drone warfare has gotten here. The U.S. is floundering.
The U.S. Navy's efforts to develop a. fleet of unmanned vessels are failing because the Pentagon. remains wedded to big shipbuilding tasks, according to some. officials and company executives, exposing a weakness as sea. drones reshape naval warfare.
The lethal efficiency of sea drones has actually been shown. in the Black Sea where Ukraine has actually released remote-controlled. speed boats packed with dynamites to sink Russian frigates and. minesweepers because late 2022.
Yemeni-backed Houthi rebels have actually used similar vessels. against commercial shipping in the Red Sea in recent months,. albeit without success.
These strategies have actually captured the attention of the Pentagon,. which is including lessons from Ukraine and the Red Sea into. its plans to counter China's increasing marine power in the Pacific,. Pentagon Spokesman Eric Pahon told .
In a signal of the Pentagon's intent, Deputy Secretary of. Defense Kathleen Hicks announced an initiative in August - named. Replicator - to deploy hundreds of small, reasonably cheap air. and sea drones within the next 18-24 months to match China's. growing military hazard.
This public show of commitment masks years of hesitation by. the U.S. Navy to construct a fleet of unmanned vessels in spite of. duplicated warnings this was the future of maritime warfare,. according to interviews with a dozen people with direct. knowledge of the U.S. sea drone plans, consisting of Navy officers,. Pentagon authorities, and sea drone business executives.
Two Navy sources and 3 executives at sea drone. makers stated the biggest obstacle to advance has actually been a. Department of Defense (DoD) budget plan process that prioritizes big. ships and submarines developed by legacy defense professionals.
Eventually, you struck the D.C. problem, said Philipp. Stratmann, CEO at Ocean Power Technologies (OPT), a New. Jersey-based firm that provides the U.S. Navy with the WAM-V, an. self-governing surface drone.
You struck the fact that there is a military commercial. complex that has the very best lobbyists and knows precisely how the. money circulations and contracting works in the DOD.
A Navy spokesperson said it acquires capabilities based on. fleet need signals, referring to the messages headquarters. get from commanders at sea.
The Navy has a budget of $172 million this year for little. and medium-sized underwater sea drones, falling to $101.8. million in 2025, the representative said. That's a tiny portion. of the $63 billion Navy procurement budget plan proposed by President. Joe Biden's administration for 2025.
Military sea drones can range from missile-armed speed boats. to minehunting miniature submarines and solar-powered sailboats. geared up with high-definition spy cams, underwater sensors. and speakers utilized to holler warnings at enemy ships.
But when the Navy has released sea drones on reconnaissance. objectives in the last few years, it hasn't always had the fleet. know-how to utilize them, the 2 Navy sources stated, asking not to. be named due to the level of sensitivity of the matter.
There aren't enough Navy sailors trained to pilot drones or. to evaluate large swathes of information returned from the craft's. cameras and sensing units, the sources said.
The spokesperson stated the Navy was in the procedure of. enhancing its data collection and analysis from sensors.
Pentagon representative Pahon said the DoD has actually been. laser-focused on speeding up innovation over the last 3. years, including the use of sea drones.
Acknowledging spending plan obstacles, Pahon stated the Pentagon was. utilizing ingenious methods to cross the valley of death, a term. utilized to explain the excruciating approval procedure brand-new developments. travel through to be purchased in big amounts.
REPLICATOR
One example Pahon pointed out was the Replicator program: the. short-term, $500 million-a-year task is created to cut. through bureaucracy and fast lane the deployment of thousands. of inexpensive aerial and sea drones.
These drones will be utilized to match China's rapidly-growing. air and naval power in the Asia-Pacific region, the Pentagon's. Hicks stated at the job's launch in August. She said. Replicator is being funded mainly by reallocating funds from the. existing Pentagon budget.
As part of the effort, the Pentagon in January provided a. solicitation for personal business to provide small sea drones. to the Navy, demanding production capability of 120 vessels per. year, with implementation beginning in April 2025.
Duane Fotheringham, president of unmanned systems at. Huntington Ingalls Industries (HII), the largest U.S. military shipbuilder, acknowledged the Pentagon and Navy had. shown their intent to speed up the implementation of sea drones. however he said the market wanted to see long-term funding in the. defense budget.
We hear the demand signal ... however all of us have to work. together really carefully to comprehend what that need is and when. it will be readily available, Fotheringham informed .
At a cost ranging in between $1 million and $3 million apiece,. according to Navy and defense specialist sources, drones provide a. reasonably cheap and fast way to broaden the Navy's fleet,. especially as numerous big traditional shipbuilding projects -. like a new class of frigate warships - are running years behind. schedule.
The U.S. is evaluating using robot ships in active combat. situations. However their more instant use is for missions that are. too costly and various for manned marine fleets.
This consists of maritime security, minehunting, and. protecting vital undersea infrastructure, like gas pipelines. and fiber-optic cables, four drone companies told .
Swarms of little sea drones could likewise serve as a shield for. important crewed properties like aircraft carriers and submarines,. and tangle up troop-carrying ships in case China tries to. attack Taiwan, stated Bryan Clark, an advisor to the Navy on. self-governing craft and a senior fellow at the Hudson Institute - a. believe tank headquartered in Washington.
Clark approximates the Navy has around 100 little drones for use. on the ocean surface and another 100 underwater drones, while. China has a similar-sized self-governing force that is growing quick. The Navy spokesperson decreased to talk about the number of drones it. has in operation.
Ukraine has actually shown how efficient they can be and how they. can be used in present operations, Clark stated. The U.S. Navy requires to accept that lesson and field battle (sea drones). immediately.
The Navy's 5th fleet, which runs out of Bahrain, has. been checking unmanned vessels for three years, led by its Job. Force 59 unit.
The job has released monitoring drones built by. personal companies, consisting of startups, along with those backed by. defense heavyweights like Lockheed Martin and HII.
The circumstance in the Red Sea provides the work of Task Force. 59 added urgency and we anticipate fielding services to. assistance counter Houthi malign behaviour, Colin Corridan, commander. of the task force, told .
MISSILE TEST
In October, the Navy carried out its first live missile test. from an unmanned speedboat in the Arabian Peninsula.
The T38 Devil Ray, constructed by Florida-based sea drone firm. MARTAC, effectively released a miniature missile system to. ruin a target boat, with a human operator ashore offering the. order, according to a Navy announcement and video.
MARTAC's Chief Marketing Officer, Stephen Ferretti, referred. concerns about the operation to the Navy.
Making use of unmanned vessels was broadened to the Navy's fourth. Fleet in central America last year where they have actually been used to. punish human smuggling off the northern coast of Haiti.
Among the business running there is Saildrone, a. California-based firm that makes wind-, solar- and. diesel-powered autonomous vessels that gather images and data. with cams and sensors.
Saildrone has actually circumnavigated Washington's funding politics. Because the company runs and maintains its own vessels, and. charges a service fee for the information they collect, the Navy can. pay to use the drones out of its operating costs instead of. procurement spending plan.
Saildrone introduced the Property surveyor, its biggest vessel, which. has actually been customized for the military, at an event in March. gone to by Chief of Naval Operations Lisa Franchetti.
The drone company, which also supplies coast guards and ocean. study departments, has a fleet of 130 vessels and is developing. a number of more every month, said Richard Jenkins, the business's. founder.
Today, we are struggling to stay up to date with need,. Jenkins informed in an interview. He decreased to talk about. just how much Saildrone charges the Navy.
Ocean Aero develops the autonomous Triton vessel, which can. move on the surface area or underwater to collect data and hunt for. mines using sensors. The business, which is backed by Lockheed. Martin, opened a 63,000 feet making center in Gulfport,. Mississippi last October that is capable of producing 150. Tritons a year.
Lockheed Martin did not respond to an ask for remark.
HII was granted a contract last October to construct nine small. underwater drones for the U.S. Navy's Lionfish program, with the. possible for this to increase to 200 lorries over the next five. years. The agreement might total $347 million, although that is. far from ensured.
The Lionfish program - which is concentrated on the Indo-Pacific. where the U.S. is vying for control with China - is based upon. HII's Remus 300, a minehunting drone that can be launched like a. torpedo from a crewed ship or submarine.
These programs are evidence that the Pentagon is attempting to move. faster to deploy sea drones, representative Pahon informed .
We know we need to keep pushing to remain ahead, he stated.
(source: Reuters)