Latest News
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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.
Germany's election in polls, parties and policy arguments
Germany will hold snap elections on Feb. 23 following
the collapse
of Chancellor Olaf Scholz's three-way coalition.
Here are the main parties competing, their survey standings, and the crucial policy problems:
PARTIES
Germany has two centrist, big camping tent celebrations: Scholz's. centre-left Social Democrats (SPD) and the opposition. conservatives, an alliance of the Christian Democrats (CDU) and. their Bavarian sis party the Christian Social Union (CSU).
However, they have both lost assistance in the last few years, with. smaller sized celebrations such as the environmental Greens and far-right. Option for Germany (AfD) gaining ground.
The SPD, conservatives, Greens and AfD are all fielding. prospects for chancellor.
Also running are the pro-market Free Democrats (FDP), the. far-left Linke and the leftist Sahra Wagenknecht Alliance (BSW),. who are all at risk of missing the 5% limit to make it into. parliament, according to opinion surveys.
SURVEYS
The conservatives have been leading across the country polls for. more than two years and are at 30%, according to the current. survey released by INSA, followed by the AfD at 22%.
Scholz's SPD, with 16%, has actually dropped to 3rd from the first. location it achieved in the 2021 election. It is followed by the. Greens on 13% and the BSW on 6%. The FDP and Left party are. ballot at 4% and 3% respectively.
However, experts state surveys can shift rapidly, with voters. less loyal to parties than they when were, recalling the 2021. election project when the conservatives went from frontrunner. to runner-up within a few months.
The conservatives' leader Friedrich Merz, in particular, is. thought about to be susceptible to gaffes and fast to anger.
POLICY DEBATES
- Ukraine
Germany's mainstream celebrations are all in favour of assisting. Ukraine ward off Russia's major intrusion, while the AfD and. BSW want an end to weapons shipments to Kyiv and a resumption. of good relations with Moscow. Nevertheless, Scholz and his SPD have actually recently struck a more careful. tone - stressing the requirement for diplomacy and prudence - than. the conservatives, Greens and FDP, who are for instance all in. favour of Germany delivering long-range Taurus rockets to. Ukraine.
- Restoring the economy. Scholz has actually proposed incentivising private financial investment and. modernising facilities with an off-budget 100 billion euro. fund. His SPD likewise plans a direct tax refund of 10% on devices. financial investments by organizations.
The Green's Robert Habeck has, like Scholz, called for. reform of the constitutionally enshrined financial obligation brake to allow for. higher public costs. Merz had actually also signified some openness to a moderate reform of. the debt brake however his celebration's manifesto has promised to retain. it. The AfD and the FDP are strong defenders of the limit on. public loaning.
The CDU/CSU manifesto has actually likewise proposed substantial financial. relief for business and residents, including income and. corporate tax cuts, and lower electricity charges. They have not. said how these would be funded. The AfD desires the country to ditch the euro, reintroduce the. Deutsche Mark and potentially leave the EU.
- Migration. The anti-Islam, anti-migration AfD has required borders to be. closed and asylum candidates to no longer can household. reunification. Some senior members have gone further in their. remarks and were present at conversations amongst reactionary. activists on deporting millions of individuals of foreign origin,. including German people.
The conservatives have actually embraced a much more stringent stance on. immigration over the last few years, promoting for pressing back asylum. seekers at the borders, while requiring limits on household. reunifications and naturalization for refugees.
They likewise desire everyone making an application for asylum in Europe to be. transferred to a safe 3rd nation for processing their claims.
The SPD has likewise strengthened its position by implementing. more stringent border controls and accelerating deportations, although. it likewise wants to bring in more foreign knowledgeable workers.
In contrast, the Greens preserve a more open asylum policy,. promoting state-backed sea rescue efforts and streamlining. family reunification procedures and improving combination.
- Energy
High energy costs remain a significant challenge for homes. and services in Germany and an important election campaign. subject.
The CDU, SPD and Greens agree on broadening renewable energy. to lower expenses but vary on funding methods: the CDU. recommends utilizing greater CO2 certificate profits to lower network. charges, while the SPD and Greens support debt-financed state. subsidies. The CDU and AfD also propose assessing a return to. nuclear power, a concept rejected by the SPD and Greens.
The AfD opposes renewable resource subsidies entirely,. promoting for unlimited coal-fired power plant operations. and abolishing CO2 pricing to lower consumer costs and boost. energy security.
- Relations with the Trump administration
The concern of how to tackle the inbound administration. of U.S. President-elect Donald Trump, which has actually already flagged. the possibility of increased tariffs and lower military assistance. for Europe, is especially delicate for Germany. The United. States stays the top location for German exports and its. main security ally.
The SPD's Scholz greatly
countered
Trump's comments on Greenland and Canada, while frontrunner. Merz alerted against lecturing him, emphasizing rather locations of. possible cooperation, like a prospective EU-U.S. trade deal or. joint China technique.
The Greens' Habeck warned that the EU needs to stand united and. look for talks with the U.S. because a trade war will eventually. harm all sides.
All of the mainstream parties have expressed scepticism. about Trump's need for European nations to increase spending. on defense to 5% of financial output offered Germany will currently. struggle to keep to 2% after its special fund for the military. goes out. Habeck, nevertheless, has already proposed a boost to. 3.5%.
The party that has most welcomed the incoming U.S. administration among the German parties is the AfD, which. received numerous recommendations from Trump's ally Elon Musk,. leading to his
conversation
on X with the party's chancellor candidate Alice Weidel.
(source: Reuters)