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Qatari PM: After missile salvo on US base, Qatari-Iran relations are damaged but will recover.
Qatar's Prime Minister said Tuesday that the Iranian missile attack on a U.S. base in the Gulf Arab State had damaged relations between Qatar and Iran. However, he expressed hope that they would "return to normal" at some point. Iran fired missiles at Al Ubeid Air Base on Monday in response to the U.S. involvement in Israel's war against Iran. No one was injured after Tehran provided advance warning. A ceasefire Washington announced the news a few hours later. Qatar, located just across the Gulf of Aden from Iran, is often used as a regional mediator, such as between Iran and the United States, or between Israel and Hamas during the ongoing Gaza War. The Qatari Prime Minister, Sheikh Mohammed bin Abdulrahman Al Thani said at a Doha press conference that the incident would definitely leave a scar on the relationship with Iran. However, I hope everyone will learn the lesson by then and not violate or undermine this type of neighbourhood relationship. He said: "The partnership between Qatar, the U.S. and Iran is growing stronger... I hope that the good relationship will return to normal with Iran as soon as possible." Al Thani said that Qatar had worked with Iran to facilitate a ceasefire at Washington's request. He said: "We hope that the ceasefire will be maintained as agreed, and we urge the U.S. to negotiate with Iran in order to reach a diplomatic solution which Qatar has been seeking for years." He said that Masoud Pezeshkian, the Iranian president, expressed regret to Qatar's ruling emir Sheikh Tamim bin Hamad Al-Thani in a telephone call that Tehran's intended target for retaliation against U.S. aerial strikes was a Qatari military base.
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Growing lettuce with fog in Chile's Atacama desert, the world's driest.
Researchers and growers in Chile's Atacama desert, the driest place on earth, are trying to capture moisture from fog to grow lemons and lettuces. They use a net that catches the drops. Near Chanaral, in the Atacama desert, where there are areas that have not seen rain for years, Orlando Rojas told reporters, "We grow hydroponic lettuce completely with fog water." "We've tried other crops and they didn't work, so we tended to do lettuce." Researchers at the UC Atacama Desert Center have launched a web-based mapping tool that allows anyone to see the locations of areas in the country with the potential to harvest fog-water. They are trying to cultivate these arid regions. Camilo Del Rio is the director of UC Atacama Desert Center. He said, "We know that it has a lot of potential. We know that we can use it as a solution and an option for different water needs on different scales in different areas where there are significant water shortages." The system is used to collect and store water in tanks in the midst of barren, rocky hills, and white, dry sand. A mesh is suspended between two poles and it intercepts the moisture in the air. Rojas said that the water collected from this region was also being used to grow lemon trees. This water resource is the source of life. We haven't stopped since we first learned about the project. It is essential for human survival." Mario Segovia from the fog-catching team also said that the collected water from moisture in air is pure. He said, "The harvest looks good, it is a super-healthy food, with pure organic nutrients." They're in water with nutrients because fog-catcher water has no chlorine or minerals. (Reporting and writing by Rodrigo Gutierrez, editing by Nia William)
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Copper reaches two-week high due to softer dollar, and Iran-Israel cease-fire
The dollar dropped and the yuan rose after U.S. president Donald Trump announced a ceasefire agreement between Israel and Iran. The price of three-month copper at the London Metal Exchange rose 0.8% to $9,743.50 per metric tonne by 1013 GMT, after reaching its highest level since June 11, when it reached $9,760.50. Market attention focused on the continued outflow of copper from warehouses registered with LME. The combination of large cash copper contracts, warrants (title documents conferring ownership) and other factors has led to an increase in the premiums on near-term contracts. The premium for cash copper contracts over the 3-month forward On Tuesday, the price of a ton dropped to $249. It closed at $280 Monday, its highest level since November 2021. This indicates tightness in LME copper market. The LME approved warehouses have seen a 65% drop in copper inventories since mid-February, with 94,675 tonnes, the lowest level since August 2023. Some traders moved metal to the United States, hoping to profit from the premium offered by COMEX copper contracts over the LME benchmark, while Washington continues to examine potential tariffs against copper imports. Metal traders said that the metal was dripping out of warehouses daily. The LME copper price is lower than Comex, so the LME system can't attract delivery. Aluminium fell 0.3% on the LME to $2,581 per ton, as the Iran-Israel ceasefire lowered oil prices, and the Middle East aluminium producers no longer faced an immediate threat in the Strait of Hormuz shipping lanes. Aluminium, whose smelting requires large amounts energy, reached a three-month peak of $2,654.50 Monday. LME lead increased 1.1% to 2,024.50 after reaching $2,025.5, its highest level since March 31, while zinc rose 0.9% to 2,711 after touching its highest level since June 4. Nickel gained 1.3%, to $14.990. Tin fell 0.1%, to $32,670. (Reporting and editing by David Goode)
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Tata Motors, owner of JLR, says there has been no panic button pressed on curbs made from rare earths.
Tata Motors (owner of Jaguar Land Rover), the luxury carmaker, announced on Tuesday that it was planning alternative sources for rare earth magnets. The company also said that China's export restrictions haven't caused them to panic yet. China's restrictions on rare-earth imports have caused a global automotive industry disruption. Companies are warning of an extreme supply shortage. Rare-earth magnetic materials are used for everything from anti-lock brake sensors to windshield wiper motors. "At the moment, I don't think there is any panic as we are confident that supplies will be forthcoming." No production has been curtailed. "At this time, nothing is planned," CFO PB Baliaji said at a Mumbai event. He added that sources, such as alternate technologies, were being investigated. Maruti Suzuki India's largest carmaker has cut its near-term production target for its electric vehicle eVitara by more than two thirds due to rare-earth shortages. China controls over 90% of global magnet processing capacity, which is used in automobiles, home appliances, and clean energy. As part of its response to the high tariffs imposed by the United States, China enacted in April restrictions that required companies to obtain permits from Beijing. Early June, it was reported that India held talks with companies in order to create long-term stocks of rare earth magnets. Balaji said that Jaguar Land Rover's luxury division, Tata Motors, would take price increases "in a calibrated way" to counteract the impact of U.S. Tariffs. Range Rover lowered its forecast for fiscal 2026 earnings margins before interest and tax to 5%-7% from 10% last week, amid uncertainty surrounding the global auto industry due to U.S. Tariffs. Balaji said that Tata Motors does not plan to build a manufacturing facility in the U.S., as a way to offset the tariff impact. Aditi in Mumbai, Meenakshi in Bengaluru and Manvi in Bengaluru. Reporting by Aditi and Meenakshi. Writing by Manvi. Editing by Sonia Cheema, Rashma Aich and Sonia Cheema.
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Portugal's budget surplus jumps up to 0.2% in the first quarter
Official data released on Tuesday showed that Portugal's budget surplus in the first quarter was 0.2%, up from 0.4% in the previous year. This is despite a contraction of the economy in the first three month of the year. The National Statistics Institute reported that public revenues increased 7.8% on an annual basis, with "increases across all components", and expenditures rose by 6.4%. The INE stated that expenditure on social benefits, salaries of civil servants and interest payments increased, but subsidies to the National Electric System for tariff reduction decreased. Portugal's economy shrank by 0.5% from the previous quarter, as exports dropped and imports increased in anticipation of tariff increases amid global trade disputes. However, it still grew by 1.6% on an annual basis. Last week, Finance Minister Joaquim Miranda Sarmento stated that Portugal, despite the high level of uncertainty surrounding geopolitical tensions and trade conflicts, maintained its goal to have a budget surplus this year of 0.3%, down from the 0.7% of 2024. However, the central bank had predicted a shortfall of 0.1%. He expects that the economy will grow by more than 2% in this year. This is slightly higher than last year's 1.9% growth rate.
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Kremlin denies it helped Iran little
The Kremlin reacted to criticism on Tuesday that it hadn't done enough for Iran. It said it had taken "a clear position" in condemning U.S. Vladimir Putin condemned the "unjustified attacks" by the United States on Iranian nuclear sites, which he had signed a treaty of strategic cooperation with in January. He stated on Monday that Russia will try to assist the Iranian people. However, he did not give any specifics. Earlier this week, Iranian sources said that Tehran was not impressed by Russia's support. When asked about the comparisons with the overthrow of Syrian leader Bashar Al-Assad last year, when Moscow refused sending troops or more power in the air to keep its ally at power, the Kremlin responded that some people are trying to ruin the Russian-Iranian relationship. Dmitry Peskov, Kremlin spokesperson, said that Russia had supported Iran's position with its clarity. He added that Abbas Araqchi the Iranian Foreign Minister appreciated Moscow's stand when he met Putin Monday. Peskov stated that it was too early to determine the extent of damage to Iran's nucleus facilities. Peskov stated that "some information is being received through the proper channels, but at this time it is too early." "No one has a complete understanding at this time." Peskov, when asked about a report claiming that Araqchi brought a letter from the Supreme Leader Ayatollah Ayatollah Khamenei to Putin, said no document had been handed over. "The fact that certain messages were sent by the Iranian leadership are true." Peskov stated that the report was not true. Donald Trump, the U.S. president, announced a ceasefire on Monday between Israel and Iran. This could end the 12-day conflict that caused millions to flee Tehran. It also sparked fears of a further escalation. Peskov added that Qatar was credited with brokering the ceasefire. The Russian Federation has called for this since the beginning of the conflict. This is a good thing and we should welcome it. We also hope that the ceasefire will last. (Reporting and writing by Dmitry Antonov, editing by Mark Trevelyan).
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China's Lithium Futures Near Two-Week High on Short Covering
The prices of lithium carbonate in China rose on Tuesday, reaching their highest level in almost two weeks. This was largely due to a wave covering of shorts, but a persistent supply surplus in the material for electric vehicle batteries remained an obstacle. The Guangzhou Futures Exchange's most active contract for lithium carbonate closed the daytime session 3.06% higher, at 60,700 Yuan ($8,458.28), per metric ton. It had earlier reached its highest level since the 11th of June at 61,660 Yuan per ton. Chen Jing said that the price rally is due to some bears selling off their positions in response to market talk pointing towards improving fundamentals. In reality, Chen Jing added, fundamentals are not changing much. Analysts say that despite the gains in lithium prices, the expectation of a growing supply coupled with a seasonal sluggishness in demand will continue to keep them under downward pressure. Galaxy Futures' Chen said that domestic lithium carbonate production is expected to reach a record high in July, as some producers intend to resume production by mid-June. Hedging margins will be boosted thanks to the two price recovery rounds this month. The price of lithium carbonate has fallen by 22% this year due to a glut in supply as a result rapid capacity expansions and slower than expected demand growth. On Monday, the futures contract reached its lowest level since July 2023 when it was first launched at 58.400 yuan per ton.
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Prices of EUROPE GAS have fallen by over 10% following the news that Iran and Israel had reached a ceasefire
The wholesale gas price in the Netherlands and Britain fell by more than 10% Tuesday morning, following the news that Iran had agreed to a ceasefire with Israel. This removed the premium for risk the market had built into the market due to potential disruptions of oil and gas supplies. The benchmark Dutch front month contract at the TTF Hub fell by 4.86 euro to 36.38 Euros per Megawatt Hour (MWh), which is $12.38/mmBtu by 0939 GMT. It had traded as low 35.45 Euros/MWh earlier, LSEG's data showed. The British front-month contracts was down 13.72 pennies at 84.85 cents per therm. The two contracts have now reached their lowest level since June 11. Contracts all along the curve are showing drops of about 12%, erasing any gains made since the first Israeli strike on Iran. A trader explained that Tuesday's decline was due to the news from Israel that it had agreed to U.S. president Donald Trump's proposal of a ceasefire between Iran and the United States. In its daily market report, Auxilione noted that "at the open today we saw an incredible sigh relief as more than 10% of the price levels were eroded." They warned that any breach of the ceasefire by either party would immediately bring back concerns to the market. Israel claims that Iran has violated the ceasefire, and it will respond. Iran denies the claims. Gas prices were at an 11-week high before due to fears that hostilities would lead to the closure of the Strait of Hormuz and lock in 20% of global LNG supply. The oil price also fell sharply on Tuesday. Arne Lohmann, GRM's chief analyst said that the talk of a Hormuz Strait closing and broader war risks has all but disappeared for the moment. A trader stated that gas prices could fall even lower, to levels not seen before the war, due to the high LNG supply, and the need to unwind some long positions by market participants. The Dutch day-ahead contracts plunged further, dropping from 36.25 euros/MWh to 4.92 euros. The British contract for the day ahead fell by 9.25 pence, to 85.50 pence per therm. The contract for the next day was down 11.60 pence, at 85.00 pence per therm. The benchmark contract on the European carbon markets was up by 0.90 euros at 74.17 euro per metric ton. Nora Buli, OSLO; Nina Chestney, editing.
China's demand for iron ore cushions the fall, despite a firm outlook on Australia's supply.
Iron ore futures ended a three-day rally Tuesday, despite a stronger outlook for supply from Australia's top producer. However, the resilient steel demand in China helped to cushion the fall.
The September contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading 0.42% lower, at 703 Yuan ($97.97).
As of 0725 GMT, the benchmark July Iron Ore traded on Singapore Exchange fell 0.71% to $93 per ton.
Rio Tinto, world's biggest iron ore producer enters a joint venture to develop the Hope Downs 2 Project in Western Australia.
Rio announced in a press release that the two pits of iron ore will have an annual combined production capacity totaling 31 million metric tonnes.
Chinese consultancy Mysteel reported that iron ore exports from Australia and Brazil increased by 8.8% during the week of June 16-22. This is the highest level since June 2024.
Mysteel data showed that hot metal production, which is a measure of iron ore consumption, increased 0.24% week-on-week to 2.422 millions tons as of 20th June.
Analysts at ANZ said that "volumes have remained around 2.4 millions tons since April. This suggests resilience on the largest steel market in the world."
Hexun Futures says that the market has not yet priced in the expected lower seasonal demand.
Coking coal and coke, which are used in steel production, fell by 1.94% each and 2.03% respectively.
The benchmark steel prices on the Shanghai Futures Exchange have fallen. The price of rebar, hot-rolled coil and wire rod dropped by 0.5%. Stainless steel fell 0.28%. $1 = 7.1757 Chinese yuan (Reporting and editing by Lucas Liew, Michele Pek and Sherry Jab-Phillips).
(source: Reuters)