Latest News
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As Israel intensifies its incursion in Lebanon, oil prices are up more than 2%.
Early trading on Monday saw oil prices rise by more than 2 percent after Israel ordered troops to advance further into Lebanon, in the midst of a battle against Hezbollah, an Iranian-backed militant group. This was despite a ceasefire that had been announced more than six weeks earlier. U.S. crude?futures?rose by $2.37, or 2.71%, to $89.73 per barrel as of 0028 GMT. Brent futures increased $2.16, or 2.37%, to $93.28 per barrel. This increased fighting came just days after the U.S. held Israeli-Lebanon talks in Washington, and dimmed expectations of a U.S.-Iran ceasefire agreement extension. Brent and WTI had both risen by 1.8% and 1.7% respectively on Friday. The Israel-Lebanon war is the most significant spillover from the Iran War. Hezbollah started firing drones and rockets into Israel on?March 2, to support its Iranian ally. Both sides reached a truce in mid-April, but continue to fire. Donald Trump, the U.S. president, said Friday that he will soon make a decision?on the proposed deal to extend the ceasefire announced by Iran in early April. This would give negotiators time to find a lasting solution to the dispute over Iran’s nuclear program. Israel is a key player in any deal of this kind, and Iran has said that Hezbollah should be included. Tony Sycamore, IG's analyst, said that concerns about mines are growing in the Strait of Hormuz - a key shipping lane for oil and gas - according to a IG?note. This could delay the process of reopening strait, and cause the oil market to receive relief more slowly even after the strait is reopened. Sycamore stated that even if an agreement is reached it will not result in a flood supply. On Friday, an Axios reporter said that Iran dropped more mines into the strait in the previous week. This was shortly after U.S. defense secretary Pete Hegseth had stated that the attempt to place more mines would constitute a breach of the ceasefire. Hormuz, a conduit that carries about a fifth global oil and natural gas flows, has been effectively closed by Iran since the conflict began in February with U.S.-Israeli airstrikes. The concerns over the supply of oil and gas outweighed China's mediocre economic data over the weekend. This showed stagnant factory activity. The stalling factory activity and a decline in exports have added to the concerns that China's economy is losing its momentum. (Reporting and editing by Edmund Klamann, Stephen Coates and Colleen Waye)
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Tesla retracts notice of termination on graphite deal with Australia's Syrah
Syrah Resource, an Australian company, said that Tesla had withdrawn its notice of intent to terminate the?graphite deal. This ended a long process of negotiation in which both companies extended a deadline for resolution four times. Syrah planned to provide 8,000 metric tonnes of graphite-anode materials over a period of four years from its Vidalia facility in the United States. The 2021 contract covers the state of Louisiana. The Vidalia plant is the only large-scale vertically integrated producer of anode material outside China. This helps reduce U.S. dependence on Chinese supplies that dominate the market. The market is dominated by Chinese suppliers. Graphite can be found in the lithium-ion battery that powers electric vehicles. Tesla, led by Elon Musk, issued a default notification in July 2025 citing issues of conformity with samples of active anode materials (AAMs) delivered from Vidalia. Syrah, in a Monday statement to the ASX, said that Tesla has now accepted the miner's?demonstration of?it producing AAM samples conforming and?made a sufficient?progress. Tesla, according to Miner Syrah, has the right to cancel the'supply agreement' if the final qualification of Vidalia AAM is not achieved. Tesla and Syrah agreed in March to extend the deadline for resolving the alleged breach of their graphite agreement by a fourth time to June 1.
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As Israel intensifies its incursion in Lebanon, oil prices are up more than 2%.
Early trading on Monday saw oil prices rise by more than 2% after Israel ordered troops into Lebanon to continue the fight against the Iranian-backed Hezbollah militants, despite the ceasefire that was announced a little over six weeks ago. As of 1112 GMT, U.S. crude futures rose $2.17 (2.48%) to $89.53 per barrel. Brent futures rose by $1.93, or 2.12%, to $93.05 per barrel. Brent and WTI settled down 1.8% and 1.7% respectively on Friday as a result of the increased fighting. This was just a few days after the U.S. hosted Israeli and Lebanon peace talks at Washington. Israel-Lebanon war is the largest spillover from the Iran conflict. Hezbollah started firing rockets into Israel on March 2, to support its Iranian ally. Both sides agreed to a ceasefire mid-April, but they have continued to exchange fire. Donald Trump, the U.S. president, said Friday he will soon "decide" on a proposal to extend the ceasefire announced with Iran in early April. This would give negotiators time to "seek an end to the conflict permanently and find a resolution to the dispute over Iran’s nuclear program." Israel is a key player in any deal. Iran has said that Hezbollah should be included. Tony Sycamore, IG's analyst, said that concerns about mines are growing in the Strait of Hormuz - a key shipping lane for oil and gas - in a?note. This could delay the reopening of the strait, and cause the oil market to receive relief more slowly even after the reopening. "Even if an agreement is reached, there won't be a flood in supply," Sycamore stated. Axios?reporter stated on X on Friday, that Iran dropped more mines earlier in the week. This was shortly after U.S. Defence Secretary Pete Hegseth?said that laying more mines would violate?the ceasefire. Hormuz is the conduit for a fifth or more of global oil and natural gas flows. Iran has closed it effectively?since U.S. The weekend's?weak economic data from China, which showed stagnant factory activity, was overshadowed by concerns over supply. The stalling of factory activity and a decline in exports have added to the concerns that China's economy is losing its momentum.
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Brazil's Petrobras lowers the price of diesel for distributors with cashback system
In a Sunday statement, Brazil's state oil company,?Petrobras?, announced that it would lower the diesel price to distributors starting June 1 by 0.3515 Reais per liter. This follows an announcement from the Brazilian government regarding a cashback program for producers and importers. Petrobras said that the average price it charges distributors for a liter of gasoline will drop to $3.30 ($0.6552) from $3.65 previously. The Brazilian 'government' announced on Saturday a new cashback scheme for diesel producers and importers of 0.35 Reais per liter. This system is also scheduled to begin in June?1. It will compensate for the ending of a tax exemption program. Petrobras said that the lowering of diesel prices would "neutralize" any effect the higher taxes will have on consumers. The government has also established a diesel subsidy in Brazil and renewed tax exemptions on cooking gas, jet fuel, and jet fuel. This is to keep prices down in the year when President Luiz Inacio Lula Da Silva will be seeking reelection. Petrobras announced that it is analyzing the announcement on Saturday of a new diesel subsidy of 1,12 reais/liter. The firm said that "any decision made by the 'company' on this issue?will be immediately disclosed to the domestic market."
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A blast in a village in Myanmar has reportedly killed 55 people and injured dozens of others
A rebel army claimed that at least 55 people died in an explosion in Kaung Tat, Myanmar. The blast was caused by a?accidental explosive of material to be used in mining. The Ta'ang National Liberation Army (Ta'ang NLA), which controls the village close to the Chinese border and is currently in a truce with the Myanmar military, has confirmed that there have been fatalities without specifying how many. BBC and Shwe?Phee Myay News Agency, a local news outlet, reported that at least 55 people, including 30 women and 25 men, had been killed, and dozens of others were injured. The group expressed its condolences in a telegram post to the families of those killed, injured and damaged by the explosion. The explosion, which occurred at 12 noon local time (0530 GMT), is being investigated. Anyone found responsible will be held accountable. The statement said that the affected families would receive immediate relief, rehabilitation and healthcare. Reporting by Chandni Ghoshal and Devjyot Abraham Writing by Rhea Rosa Abraham Editing and Barbara Lewis by David Goodman
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All bodies found in Washington State chemical accident: 11 confirmed dead
The death toll in the United States from a ruptured?chemical tank has risen to 11. The death toll from a?chemical tank rupture in the United States has risen to 11 as crews have recovered all nine bodies, according authorities. The tank that contained "white liquor", a chemical mixture of sodium hydroxide and sulfide, used to make 'paper pulp, imploded on Tuesday at the Nippon Dynawave Packaging plant. Kurt Stitch, Cowlitz 2 Fire & Rescue deputy chief, stated that the search for missing persons continued throughout the week as crews cleared debris from indoor?areas, and drones were flown over the perimeter. Officials have confirmed that the ruptured tank held about 900,000.000 gallons of white liquor. Tests also showed contamination of the nearby Columbia River. However, no negative health effects were detected in the air or drinking water of the city of Longview. Nippon Dynawave Packaging, Japan's wholly-owned subsidiary, was established in 2016 by Nippon Paper Industries, Japan's second largest paper manufacturer. The company acquired the Longview plant from Seattle-based Weyerhaeuser Timber for $225m. (Reporting and editing by William Mallard in Bengaluru)
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PSG wins the Champions League with a shoot-out victory over Arsenal
Paris St Germain reclaimed their Champions League 'title' with a penalty-shootout victory? over Arsenal, after a 1-1 stalemate in a tense final at the Puskas arena on Saturday. Gabriel, of Arsenal, blasted his penalty over the?crossbar to give PSG a?4-3 victory? on spot-kicks. The French champions had the worst start possible after Kai Havertz scored an Arsenal goal?in just the sixth minute. He whipped a?rising shot?past PSG's goalkeeper Matvey Safonov. The PSG defence looked to be the most formidable in Europe, but Ousmane dembele equalized from the spot after a foul was committed by Cristhian Moquera against Khvicha Kvaratskhelia in the 65th minutes. PSG won the Champions League trophy for the second consecutive year after a scrappy extra-time period that could not separate both sides. (Reporting and editing by Christian Radnedge.)
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Russia's Rosatom says Ukrainian drone struck Zaporizhzhia nuclear plant
Rosatom, the Russian state-owned nuclear energy company, said that a Ukrainian drone 'hit' the Zaporizhzhia nuclear 'plant', Europe's biggest, on Saturday. The drone did not damage any key equipment but left a hole in a wall of the turbine hall. The building housing the turbine hall of Power Unit No. 6 was struck by a Ukrainian combat drone kamikaze this afternoon. The explosion was caused by the subsequent detonation of 6. The explosion did not cause any damage to the primary equipment, but it tore through a wall in the turbine hall. Ukraine has not yet commented. Likhachev described the incident as "deliberate". The Zaporizhzhia Nuclear Plant was captured by Russia on March 20, 2022. It remains close to the frontline of the Zaporizhzhia area in the south-east Ukrainian region. It has?come in for some fire at times during the four-year war, raising?fears about a nuclear incident. Likhachev stated, "We are a step closer to an incident which?will affect those who live beyond the borders of 'Russia and Ukraine but still think they are totally safe." (Reporting by Anastasia Lyrchikova. Felix Light wrote the article. Mark Potter (editing by Felix Light)
LME puts 2022 nickel crisis behind it as trading booms: Andy Home
The London Metal Exchange ( LME) has now completely recuperated from its neardeath nickel crisis in 2022, with trading activity in 2015 the strongest given that 2015 and the fourth highest on record.
Typical everyday volumes at the 148-year-old institution were 664,698 lots in 2024, up by 18.2% on 2023, the LME stated. Nickel volumes jumped by 58.8% and by the end of the year were back at levels seen in 2021 prior to the marketplace disaster and suspension of trading in March 2022.
Underpinning the recovery has been a steep rise in LME nickel stock, part of a wider pattern of higher exchange stocks, and restored investor interest in the industrial metals sector.
The tide of fund money also raised volumes on the CME , which has actually been aggressively broadening its metals portfolio to take on the LME.
Certainly, the world of metals trading is ending up being an ever more objected to arena with the Shanghai Futures Exchange (ShFE). aiming to expand its global existence and new gamers. providing alternative pricing designs.
STOCKS LIQUIDITY
The LME's nickel crisis was intensified by low stocks and the. lack of physical shipment choices available to big short. position holders such as China's Tsingshan Group.
The exchange has given that approved as great delivery six brand-new. brand names of nickel, five from China and one from Indonesia.
LME nickel stock, both on-warrant and off-warrant, grew. to almost 230,000 metric tons at the end of November 2024 from. under 40,000 in May 2023.
LME stocks are now much more lined up with nickel market. dynamics, which has improved both self-confidence and trading. volumes.
Nickel is simply one element of a bigger turn of the. stock cycle. LME stocks of all metals were 2.2 million loads. at the end of November, up by 505,000 heaps on the start of 2024. and more than double levels seen over much of 2022.
More stock indicates more financing and, in the case of. aluminium and zinc in particular, more stocks churn as traders. arbitrage storage differentials.
All the LME base metals except tin saw higher exchange stock. levels in 2015, which assists describe the rise in activity. across all the core contracts.
THE INVESTMENT RADAR
Tin volumes leapt by 25.9% in 2024 relative to 2023 even. though it was the only metal to see exchange stocks decline over. the year.
That speaks to the other huge chauffeur of increased LME. activity last year - the return of financiers to the base metals. markets.
Funds were holding record long places on the LME tin. agreement in September, reflecting more comprehensive investment interest in. the clean-energy metals story.
Not a surprise that copper volumes on the LME and the CME. exchanges surged in the first half of 2024 as funds stampeded. into a market that was trading at record small highs.
Retail financiers are likewise being drawn into metals trading.
CME's micro copper agreement, which the exchange states is. customized to the private financier, has seen volumes more. than double in both 2023 and 2024. Although each agreement is for. just 2,500 pounds of copper, last year's volumes were equivalent. to over 3.3 million tons.
However, fund flows in copper peaked with the price and all. three significant exchanges saw volumes slide over the second part of. 2024.
Funds also left the tin market after September with volume. growth in the LME contract slowing to simply 8.9% in December from. over 40% in the second quarter.
Indeed, overall LME volumes contracted in December for the. very first time because March 2023 as a resurgent dollar and a. record-breaking U.S. stock market saw metals once again fall off. the investor radar. For for how long remains to be seen.
MORE CONTRACTS, MORE COMPETITORS
The LME can now boast three increasingly liquid steel. contracts, although it has actually lost out to the CME when it comes to. battery metals such as cobalt and lithium.
The CME's lithium hydroxide contract saw volumes surge from. 20,307 lots in 2023 to 91,094 in 2015, making it one of the most. liquid recommendation point beyond China.
CME cobalt volumes of 28,720 lots last year overshadowed the. 1,600 lots traded on the London contract.
The Shanghai exchange, on the other hand, has fleshed out its core. base metals portfolio with new lead, nickel and tin options. agreements and an alumina agreement that notched up volumes of. over 79 million lots in its first complete year of trading.
ShFE has actually made obvious of its ambition to lure more. overseas players to the Shanghai market and has been looking at. global shipment points to attain benchmark rates. status.
With the CME's aluminium futures and choices volumes also. growing in 2015, the LME's dominant role in global metals. rates is facing dangers from both East and West in addition to brand-new. players looking for a piece of the metals trading action.
BHP's suspension of its nickel operations in 2015. appeared to ambuscade strategies by ABAXX Commodity Exchange and Global. Commodities Holdings (GCH) to launch alternative rates. designs.
But ABAXX released its nickel sulphate contract on Jan. 10. and has actually just revealed the very first block trade carried out between. Traxys and HNK Alpha.
GCH, meanwhile, posted on LinkedIn on Friday that the. world's first genuinely physical nickel contract is coming to life. with a bid-ask spread for full-plate metal in Rotterdam.
There may yet be a sting in the tail of the LME nickel. legend.
The viewpoints expressed here are those of the author, a. writer .
(source: Reuters)