Latest News
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Sinomine, China's copper smelter in Namibia is halted due to a global shortage of concentrates.
Sinomine Resource Group, China, announced on Friday that it had temporarily suspended copper smelting at its Tsumeb facility in Namibia. The group cited a shortage in concentrate due to a rapid expansion of smelter capacities worldwide. Sinomine acquired Dundee Precious Metals' Tsumeb Smelter in 2024, which is one of only a few facilities worldwide that can treat copper concentrates containing arsenic or lead. The smelter has the capacity to process up to 240,000 tons of copper concentrate per year. It previously processed metal from Chile, Peru, and Bulgaria. The global copper smelting industry has grown rapidly in the last few years. This has led to a rapid increase in production, which has outpaced demand for the metal, whose use has been boosted in recent times by its use in technologies that generate renewable energy, such as electric vehicles. Sinomine Tsumeb Smelter's CEO Loggan Lou stated in a press release that the increased smelting capacities in major copper producing regions have "resulted a substantial overcapacity". Lou stated that "this has caused a shortage in copper concentrate and placed pressure on smelters around the world, including Tsumeb." Sinomine plans on upgrading the smelter in order to commercially produce multiple metals and minerals. Sinomine announced in September that the Tsumeb Smelter contained 746 metric tonnes of germanium. This mineral is essential for chipmaking and other applications such as solar cells, infrared technologies, fibre optic cables and infrared technology. The smelter also explores the addition of germanium or zinc smelting to the smelter.
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Russia asks UN agency for help in solving the question of US fuel at Ukraine's nuclear plant
The U.N. nuclear watchdog was asked by Russia on Friday to mediate in the dispute between Moscow and Washington over the fate of U.S. fuel that is stored at an Ukrainian power station controlled by Russian forces. Russia wants to restart Zaporizhzhia, a nuclear power plant that was idled for many years. It is located near the front line of the Ukraine war and produced a fifth or more of Ukraine's electrical output. Fuel is just one of many issues that are preventing the restart. Rafael Grossi of the International Atomic Energy Agency said this week that it is currently impossible to restart the reactor due to the lack of stable electricity and water cooling. After meeting Grossi, Alexei Likhachev, the Russian chief of nuclear energy, said that Russia would be willing to either use the fuel supplied by the U.S. firm Westinghouse or remove it completely and return it back to the United States. In a televised comment, he stated that Westinghouse and U.S. Energy officials had raised intellectual property concerns in relation to the fuel issue with Russia. Grossi was quoted by the state news agency RIA as saying that the IAEA is willing to mediate. Both Russia and Ukraine accuse the other of bombarding Europe's biggest nuclear power plant, Zaporizhzhia, increasing the risk of an accident. Likhachev stated that Russia had prepared "a comprehensive plan" for a phased commissioning. However, it could only take place if all threats to the military were removed. In March 2022, Russia occupied the facility shortly after its troops invaded Ukraine to start the war. The facility has six reactors. The last one stopped producing electricity in September 2022. (Reporting and writing by Mark Trevelyan, Gleb Stolyarov and Maxim Rodionov)
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Copper edges lower on firmer dollar
Copper prices dropped on Friday, as the dollar strengthened against the yuan and continued withdrawals from warehouses registered at the LME, along with concerns over short-term supplies, capped the losses. As of 1058 GMT, the three-month contract for copper on the LME dropped 0.6% to $9685.5 per ton. The metal, which is used in construction and power, reached $9,809.5 on Thursday, its highest level in over two months. Nitesh Sha, a commodity strategist at WisdomTree, said that the U.S. Dollar is down a little bit today and this has pushed most base metals prices lower. Dollar index rose 0.3% making metals in U.S. dollars more expensive for holders other currencies. The yuan has fallen to a 2-year low in the world's largest metal consumer, China. Donald Trump, the U.S. president and Xi Jinping, the Chinese leader took part in a rare phone call between leaders on Thursday. Trump said later on social media that they had made a progress in matters relating to rare earth minerals. However, neither leader confirmed that the issue was resolved. Trump increased tariffs on imported aluminum and steel to 50% earlier this week. This is double the previous rate, which was 25%. After the announcement, the market's attention has been drawn to an investigation underway in Washington regarding copper imports. Shah stated that "the restart of trade talks between Trump and Xi on yesterday will likely take the edge off friction between the leaders and allow for lower copper tariffs when they are announced." The investigation led to an increase in the copper inventory at Comex's warehouses Since late February, stocks in LME-registered warehouses have dropped by 49%. Stocks in LME registered warehouses, on the other hand, have fallen by 49% over the same time period . Teck Resources, a copper miner in Chile, reported this week that production had been affected at two of its operations. Other metals include LME aluminium, which fell 1.2% to 2,448.5 per ton. Zinc slipped 0.8% to 2,662.5, lead rose 0.1% to 1,980, and nickel dropped 0.2% to 15,495. (Reporting from Ashitha Shivaprasad and Polina Devitt in London; editing by Barbara Lewis.
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Germany's Merz claims that some US legislators have 'no clue' about the scale of Russia's nuclear rearmament
The German Chancellor Friedrich Merz stated on Friday that some U.S. legislators do not understand Russia's rearmament program. This was a day following his meeting with U.S. president Donald Trump at the White House. Merz said at a Berlin business conference: "I spoke with senators from Capitol Hill, and I told them that they should look into the rearmament Russia has been doing." He said that the senators "clearly have no idea" what was happening in South Africa at this moment. Russia has moved defence factories to Round-the-clock Production Since the beginning of its full scale invasion of Ukraine in Febuary 2022, Russia has signed weapons deals with North Korea. This prompted European officials to warn Moscow could be soon in a position where it can attack NATO territory. Russia denies such an intention, and claims to be conducting a "special operation" (military action) in Ukraine for its own protection against what they portray as a hostile, aggressive West. Merz, the conservative leader who came to power in May, was the latest European leader visiting Trump to try to convince him that Ukraine must be defended against Russia's invasion, and NATO should continue to support Europe's security. Merz stated that he was reassured by Trump's words during their public meeting in the Oval Office. He cited the "resounding" no to the question of whether the United States planned to withdraw from NATO. Since the beginning of Russia's full scale invasion of Ukraine in the continent's most bloody conflict since World War Two, European countries have increased their defence spending. Merz has supported Trump's call for NATO to commit to an objective of more than double defence spending in the future to 5%. Trump welcomed this commitment on Thursday, and told Merz U.S. troops would remain in Germany. Merz stated on Friday that "whether we like it or no, we will be dependent on the United States...for a very long time." (Reporting and writing by Friederike Rinke and Andreas Rinke; Editing by Gareth Jones).
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Tesla shares gain ground in premarket, as stocks watch for US employment data
The global stock markets were subdued Friday as investors prepared for the release of key U.S. employment data. Tesla shares recovered some ground during pre-market trading following a public spat between President Donald Trump, and billionaire Elon Musk. The markets are wary after a string of weak economic data, including a weak payrolls report in the United States. This would increase concerns about stagflation while increasing pressure on Federal Reserve policy. Investors also pondered whether a telephone call between Trump on Thursday and Chinese leader Xi Jinping, and the prospect of future talks, would ease the deep tensions in trade between the two world's largest economies. Jason da Silva is the global investment strategy director of Arbuthnot-Latham. He said that any breakthrough would likely be the most important thing for markets. Tesla shares jumped 5% during pre-market trading, and its Frankfurt stock gained 4%. This was after Politico reported that White House aides had scheduled a phone call between Musk and Trump. Tesla shares fell 14% overnight, wiping out $150 billion of market value. Trump had threatened to stop government contracts for Musk's businesses as their once-close relationship deteriorated into an open and bitter disagreement. European stocks were largely flat following similar trading in Asia. Nasdaq and S&P futures gained 0.4% each. The euro was trading near its six-week-highs against the dollar after the European Central Bank, as expected, cut interest rates on Thursday, but hinted that it would pause the year-long cycle of easing. The euro fell 0.2% to $1.1424 on Friday, slightly weighed down by weak German export figures, but was still on track for a weekly gain of 0.7%. The money markets are now pricing in a roughly 16% chance of a cut for July, compared to almost 30% before ECB president Christine Lagarde's press conference on Friday. Martins Kazaks, a policymaker at the ECB, said that it was time to stop cutting rates every time they met and instead hold their powder dry in light of an uncertain economy outlook. The dollar rose 0.3% against its major counterparts and was just a little bit above its six-week low. Payrolls report expectations have been dampened by weaker-than-expected U.S. Labour Market data. This includes a 47% jump in layoffs recorded by Challenger, and a major surprise on the downside in ADP’s private payrolls. Forecasts predict a gain of 130,000 new jobs in May with a 4.2% unemployment rate. A sudden weakness in the U.S. economy could trigger the next rate cut and cause a massive rally in Treasuries. Futures prices indicate that there is little chance of a rate reduction until September. This is approximately 76% priced in. On the commodities market, oil prices last week were broadly flat. They were on track to gain weekly gains due to supply concerns. U.S. Crude Futures last stood at $63.36 per barrel. Gold prices rose 0.3%, to $3363 per ounce.
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De Beers attracts interest from Qatari funds and billionaire Agarwal
Sources close to De Beers have confirmed that at least six consortiums are interested in the diamond giant, including Anil Agarwal and Indian diamond companies, as well as Qatari investment funds. De Beers will be carved out from Anglo American, as the London listed miner refocuses its efforts on iron ore and copper. However, the global diamond price is under pressure. Two sources confirmed that Agarwal is a member of the larger group of interested parties. Vedanta, which operates mines in Zambia, South Africa and elsewhere, has a chairman named Agarwal. Both Anglo and Agarwal declined to comment. Two sources familiar with the matter have confirmed that Indian companies such as KGK and Kapu Gems which dominate India's domestic cutting and polishing industry and are De Beers’s largest customers, also expressed interest. KGK Group and Kapu Gems have not responded to any requests for comments. Anglo American has hired financial advisers Morgan Stanley and Goldman Sachs to assist with the sale, demerger, and possible listing of De Beers. The book value for De Beers is $4.9 billion after $3.5 billion worth of impairments in the past two years.
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Silver reaches 13-year-high; gold poised to gain weekly
The price of gold rose on Friday and it was expected to rise for the week after U.S. interest rate cuts were anticipated by the Federal Reserve. Silver also hit a record high. As of 0854 GMT, spot gold was up by 0.4% to $3,367.45 per ounce. Bullion is up 2.4% this week. U.S. Gold Futures rose 0.5% to $3.390.70. Alexander Zumpfe is a precious metals dealer at Heraeus Metals Germany. He said that the disappointing data on jobless claims, which indicates a possible labor market weakness has had a greater impact on gold than President Trump's phone call with President Xi. U.S. president Donald Trump and Chinese President Xi Jinping made a rare phone call on Thursday amid tensions over trade and a dispute about critical minerals. The Labor Department reported Thursday that the number of Americans who filed new claims for unemployment benefits reached a seven-month record high. The markets are now awaiting the release of the non-farm payroll report in the U.S., which is due at 1230 GMT. This follows a number of data releases that indicated a softening labor market this week. The economists polled predicted that nonfarm payrolls would increase by 130,000 jobs by May, and the unemployment rate will remain at 4.2%. Zumpfe said that a softening US labour market would increase pressure on Fed to ease its monetary policy. This is especially true if payrolls are disappointing. In a low rate environment, gold, which is traditionally viewed as a safe haven during times of political and economic unrest, thrives. Silver spot rose 0.2%, to $36.23 an ounce. It had previously reached a record high of more than 13 years. Platinum rose by 2.7% to reach $1,163.95, the highest since March 2022. Palladium rose 1.4% to $1,019.62. Ole Hansen is the head of commodity strategy for Saxo Bank. He said that gold has been struggling to rise in value over the short-term, which has led investors towards undervalued platinum and silver. (Reporting by Anushree Mukherjee in Bengaluru, Additonal)
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Tesla shares gain ground in premarket, as stocks watch for US employment data
The global stock markets were subdued Friday as investors prepared for the release of key U.S. employment data. Tesla shares recovered some ground during pre-market trading following a public spat between President Donald Trump, and billionaire Elon Musk. The markets are wary after a string of weak economic data, including a deterioration in the U.S. payrolls figure. This would increase concerns about stagflation while increasing pressure on Federal Reserve policy. Investors also pondered whether a telephone call between U.S. president Donald Trump and Chinese leader Xi Jinping, made on Thursday, and the prospect of future talks could help ease the deep tensions in trade between the two world's largest economies. Jason da Silva is the global investment strategy director of Arbuthnot-Latham. He said that any breakthrough would likely be the most important thing for markets. Tesla shares jumped nearly 5% during pre-market trading, and its Frankfurt listed stock gained 4% following a Politico report that White House aides had scheduled a phone call between Elon Musk CEO and Trump. Tesla shares fell 14% overnight, wiping out $150 billion of market value. Trump had threatened to stop government contracts for Musk's businesses as their once-close relationship turned into an open bitter disagreement. European stocks opened flat, following a similar muted Asian trading. Nasdaq and S&P futures both rose by 0.4%. The euro was trading near its six-week-highs against the dollar after the European Central Bank, as expected, cut interest rates on Thursday, but hinted that it would pause the year-long cycle of easing. The euro fell 0.1% to $1.14245 on Friday, slightly weighed down by weak German export figures, but was still on track for a weekly gain of 0.7%. The money markets are now pricing in a 19% chance that a cut will occur in July, compared to almost 30% before Christine Lagarde's press conference. Martins Kazaks, a policymaker at the ECB, said that it was time to stop cutting rates every meeting and keep its powder dry in light of an uncertain economy. The dollar rose 0.2% against major peers, just a little above its six-week low. Payrolls report expectations have been dampened by weaker-than-expected U.S. Labour Market data. This includes a 47% jump in layoffs recorded by Challenger, and a major surprise on the downside in ADP’s private payrolls. Forecasts predict a gain of 130,000 new jobs in May with the unemployment rate remaining at 4.2%. A sudden weakness in the U.S. economy could trigger a rate cut and cause a massive rally in Treasuries. Futures prices indicate that there is little chance of a rate reduction until September. This is approximately 76% priced in. On the commodities market, oil prices are slightly lower than last week but they will likely rise this coming week due to supply concerns. U.S. Crude Futures fell 0.5% to $63.05 per barrel. Gold prices rose 0.3% to $3363 per ounce.
As Syrian forces try to crush the Alawite Insurgency, scores of people are killed
The Syrian security forces fought for a second straight day to suppress a new insurgency led by Alawite fighters loyal to Bashar al-Assad. Scores of people were reported dead as the islamist-led government was facing its biggest challenge to date.
The Syrian Observatory for Human Rights has reported that over 180 people have been killed during two days of violence along the coast of western Syria. This area is heavily populated with members of the Alawite minority.
The Observatory and two Alawite activist cited contacts in the area and video footage of the scene to confirm that at least 20 male residents of Al Mukhtareyah, an Alawite village, were killed by gunmen Friday.
The violence in Syria began on Thursday when remnants loyalists to the ousted leader Assad attacked their forces with a well-planned and deadly attack.
The violence has shaken the efforts of interim president Ahmed al-Sharaa to consolidate his control, as his administration struggles with getting U.S. Sanctions lifted and deals with wider security issues, particularly in southwest Syria, where Israel says it will stop Damascus deploying troops.
The oil-rich northeastern part of the country is also outside state control. It's held by an American-backed Kurdish group.
On Friday, Syrians rallied in the streets to support the government of Damascus as well as other cities.
Saudi Arabia and Turkey - both allies of government - also expressed their support, and the U.N. Envoy in Syria was alarm by the violence and deaths, including civilians.
Russia
, which had been a major supporter of Assad, but sought to establish ties with the newly formed government, has called on all the "respected leaders" of the country, to stop the violence.
, formerly Assad’s closest ally said that it “strongly opposes violence, insecurity, killing and harming Syrians of all groups and tribes."
Al Mukhtareyah's images showed 20 men, some of them bloodied, lying close together by a roadside in the centre of the town. The location of the video was confirmed, but the date and who filmed it were not.
Alawite activists, speaking under condition of anonymity attributed the deaths to gunmen associated with the Islamist ruling authority.
Citing a source in the security sector, the Syrian state news agency SANA said that "individual violations had been committed" after the unorganized crowds headed for the coastal area following the attacks against government security personnel.
Source: "We're working to stop these violations," source says.
According to two Alawite source, a prominent Alawite Sheikh Shabaan, aged 86, and his son were killed in the village Sahlab, in western Syria. Residents in the village of Sahlab accused fighters aligned to Damascus for killing them.
CURFEWS
On Thursday, violence escalated when authorities reported that groups of Assad-aligned militias attacked security patrols and checking points in the Jableh region and surrounding countryside before spreading.
Moussa Al-Omar, an influential Syrian media figure who is close to the new leadership of the country, said that the newly formed security forces of Syria had deployed tens and thousands of fighters to the coast as part of the operation, and the order was largely restored by Friday night.
He said that the crackdown "is a message to anyone living in the south and east of Syria, that the state is capable of a violent resolution at any moment even while it seeks peace solutions."
SANA reported that curfews had been declared in Tartous, Latakia and other coastal cities on Friday. SANA reported that security forces conducted combing operations both in the cities and nearby mountains.
Alawite activist say that their community is being attacked and violently attacked, especially in rural Homs, and Latakia since Assad's overthrow in December, after decades of repressive rule by his family and civil war.
Unlike other minorities, Sharaa, who has promised to govern Syria in a way that is inclusive, has not announced any meetings with senior Alawite leaders.
RISK OF ESCALATION
The chaos and paroxysm of violence will undermine both foreign countries and Syrians' confidence in the government, and its ability for it to lead Syria out of this challenging phase," said Joshua Landis. He is the head of the Center for Middle East Studies of the University of Oklahoma.
The Alawite Islamic Council is a group of Alawite clerics who blamed the violence in Syria on the government. They claimed that fighters were sent to the coast under the pretext to "fight against'regime remains'" to terrorise Syrians and kill them. The group called for the area to be placed under U.N. security.
Saudi Arabia condemned the "crimes" committed by terrorist groups in Syria, including their attacks on security forces.
The Turkish government, which is a close ally to the new Syrian government, has also expressed its support for Damascus. It said, "The tensions in and around Latakia as well as the targeting security forces could undermine efforts to lead Syria forward in unity and solidarity." Reporting by the Damascus Bureau; Additional reporting by Hatem Mahar in Cairo, Tala RAMADAN in Dubai, Suleiman Al-Khalidi, in Amman, Timour AZHARI and Tom Perry in Beirut, and Tuvan GUMRUKCU and Huseyin HAYATSEVE in Ankara. Writing by Tom Perry. Editing by Timothy Heritage. Aidan Lewis. Angus MacSwan. Mark Porter.
(source: Reuters)