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Three people are killed by flash floods in a resort town in New Mexico, and dozens of others are trapped in their homes and cars.
A state emergency official, as well as a statement from the village, said that torrential rains caused flash floods to occur in New Mexico on Tuesday. At least three people, including two children, were killed, while dozens of others were trapped in their homes and cars in Ruidoso's resort village. The village's website said that the children, aged 4 and 7, and a male were washed downstream and found later dead. Rescue operations are underway, it added. The video footage, which was widely shared on social media, showed a house ripped apart from its foundations and careening through the brown, muddy water of the Rio Ruidoso flood, while slicing trees in the process. "I have seen the video." Danielle Silva, spokesperson for New Mexico Department of Homeland Security and Emergency Management said: "We don't know who was inside the house." Silva reported that emergency teams from local law enforcement agencies and the National Guard performed at least 85 rapid-water rescues around Ruidoso. Many of these people were trapped in their cars or homes due to flood waters. Silva reported that the river rose quickly to a record-breaking 20.24 feet (6.22 metres) during the flood's peak. As the waters receded in the evening hours, authorities began looking for survivors among the debris. Four days ago, a flash flood along the Guadalupe River triggered by heavy rainfall killed at least 110 people and left scores of others missing. Silva stated that the severity of debris flows in New Mexico was increased by a landscape that was stripped of vegetation by a wildfire, followed by flooding which eroded soil. Ruidoso is a popular ski and summer resort located in the Sierra Blanca mountains of southern New Mexico. It's about 115 miles south of Albuquerque. Steve Gorman reported from Los Angeles, Nilutpal Timsina contributed additional reporting and Michael Perry and Bernadettebaum edited the story.
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After Trump's tariff plan of 50%, copper prices fall outside the US
The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) saw a decline in copper prices on Wednesday, as the potential U.S. tariff on copper signaled the end of a long-running arbitrage trade which had pulled the metal off global markets. The COMEX Copper Futures rose more than 12% on Tuesday to a new record high. The U.S. Secretary of Commerce, Howard Lutnick, said that tariffs would be likely in place before the end July or August. The LME's three-month contract for copper fell by 1.35% at $9,658 a metric ton as of 0700 GMT. On the SHFE, the most traded copper contract dropped 1.36%, to 78400 yuan (US$10,920.28). The announcement was like a thunderous boom in the middle night. A 50% tariff is higher than expected. Since the U.S. announced an investigation in February into the imports of red metal, traders have been shipping copper from warehouses all over the world in anticipation of higher prices. COMEX inventories are now at their highest levels since 2018. These trades may be numbered, given the short time left to move copper. This could free up supply outside of the U.S. Michael Wu, an analyst for Shanghai Metals Market said that there is virtually no one in Asia who wants to buy copper to deliver to the U.S. at this time. He added that the only shipments likely to meet the deadline are those from Latin America. According to ING, tariffs are expected to negatively impact LME prices once they are implemented. This is because U.S. buyers will likely start to use their inventory. Goldman Sachs stated that "as in the past, this initial higher tariff rate can be used as a negotiation anchor, followed up by concessions or exemptions". LME tin dropped 0.68% to $33,170 per ton. Lead fell 0.39% at $2.048.5. Nickel fell 0.35% at $14,990. Zinc eased by 0.15%, at $2.716.5. Aluminium was unchanged at $2.584.5. SHFE nickel dropped 1.2% to 119.140 yuan per ton. Tin eased to 262,890, zinc rose to 22,120, lead climbed to 17,175 and aluminium grew by 0.1% to 20.515 yuan. Click or to see the latest news in metals, and other related stories.
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Iron ore gains on declining shipments but mixed China data cap gain
Iron ore futures rose for the second session in a row on Wednesday. This was largely due to falling shipments, and a resilient demand. However, mixed factory data from China, the top consumer, curtailed gains. The daytime trading price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 0.68% higher, closing at 736.5 Yuan ($102.59). As of 0700 GMT, the benchmark August iron ore traded on Singapore Exchange was up by 0.24% to $96 per ton. Everbright Futures analysts said that iron ore shipments by top suppliers Australia, Brazil and South Africa have declined after a ramp-up at the end of last quarter. Galaxy Futures analysts said that the demand side would support prices. Analysts at Galaxy said that despite a small decline, hot metal production was still relatively high and steel consumption in the manufacturing sector is strong. Iron ore demand is usually gauged by the hot metal production. Iron ore futures gains were limited due to data showing that China's consumer price rose for the first five-month period in June while its producer deflation reached its highest level in nearly two years. In the face of a global trade war that is causing uncertainty and a subdued domestic demand, policymakers are under pressure to take more measures. Coking coal and coke, which are used to make steel, have both gained in the DCE. They rose by 3.81% each and by 2.43% respectively. The recent crackdown on the price war has raised expectations for supply-side reforms to be implemented in the coal industry, said a coal analyst based in Shanghai under condition of anonymity because he was not authorized to speak to media. The benchmarks for steel on the Shanghai Futures Exchange have been moving in a narrow range. Rebar, hot-rolled coil, and stainless steel were all little changed. Wire rod, however, dropped by 0.42%. $1 = 7.1790 Chinese Yuan (Reporting and editing by Harikrishnan Nair, Subhranshu Sahu and Lewis Jackson)
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Viceroy Research's short-position on Vedanta Resource's debt
Viceroy Research, a U.S. firm, has taken a short-position against Vedanta Resource, the UK-based parent company of Indian miner Vedanta. Viceroy Research claims that Vedanta is "systematically draining its Indian unit". Vedanta is planning to split up into separate listed entities. Anil Agarwal, Group Chairman of Vedanta, launched the plan to revamp the business in 2023 after an unsuccessful attempt to take Vedanta Private in 2020. Vedanta Resources announced in June 2024 it would seek to reduce its debt by $3 billion over the next three years. Viceroy Research, a short seller, said that the entire group structure was financially unsustainable and operationally compromised. It also posed a serious, underappreciated credit risk. The Vedanta group did not respond immediately to a comment request on the Viceroy Research Report. The shares of the Indian mining company fell up to 7.8% following the report. They then recovered some losses and traded at a 4.8% loss by 0723 GMT. Shares were down about 1% prior to the report. Vedanta's net debt, on an individual basis, was $4.9 billion as of March 31, 2025. This is according to the company's annual report.
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UAE: Oil markets absorb more barrels, but stocks are not rising
Suhail al Mazrouei, United Arab Emirates Energy Minister, said that oil markets were absorbing OPEC+ increases in production without building up inventories. This means they were thirsty for even more oil. OPEC+ has cut production to support the oil market for many years. It reversed its course in order to gain market share, and after U.S. president Donald Trump asked the group to pump more oil to keep gasoline prices low. OPEC+ started to reverse its 2.17 million barrels a day cut in April, with a 138,000 bpd increase. In May, June and Juli each month saw increases of 411,000 barrels per day. The group approved on Saturday a 548,000-bpd increase for August. Mazrouei stated that he is not concerned about the supply overhang, even after recent production increases. He said: "You can see, even though we've seen increases in the past few months, there hasn't been a significant buildup of inventories. This means that the market required those barrels." You cannot look at price alone and be shortsighted. "Investments can only happen if the price is right," he said. He added that even countries with large oil reserves do not invest enough. Reporting by Ahmad Ghaddar. Dmitry Zhdannikov wrote the article. Emelia Sithole Matarise, Mark Potter and Emelia Sithole Matarise edited the book.
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Saudi chemical group SABIC studies IPO of its Gas Unit
Saudi chemicals group SABIC announced on Wednesday that it is evaluating strategic options, including an IPO, for its National Industrial Gases Company. This comes amid a review of the company's business. SABIC stated in a press release that the move is in line with the company's portfolio optimization strategy and its core business focus. It added that an IPO for GAS will be aimed at improving "the group's financial position and value added to shareholders". Chemicals industry is struggling with low demand and high input cost, which has led to lower prices and squeezed profit margins. SABIC is one of the largest petrochemicals firms in the world and 70% owned by Saudi Aramco. In May, it reported a net loss for its first quarter of $323,000,000, citing an increase in operating costs as well as high feedstock prices. It also announced earlier this year that it would cut costs, find new investment options and restructure some core assets while offloading noncore businesses. The company has already sold its stakes to state-owned Saudi entities in Aluminum Bahrain (Alba), and Hadeed Steel. SABIC announced on Wednesday that the study "remains ongoing" and that each option is subject to financial, technical, regulatory, and economic assessments. According to LSEG, its shares have dropped 16.3% since the start of the year.
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QUOTES-Markets react after Trump announces 50% copper tariff
U.S. president Donald Trump announced on Tuesday that he would announce 50% tariffs on copper imports. This sent U.S. Comex Copper Futures to a record-high of more than 12%. The announcement marked the end of a long-running arbitrage that had drew metal from the global markets. Prices fell on the Shanghai Futures Exchange and London Metal Exchange. Here is the reaction of analysts and smelters from Asia. GOLDMAN SACHES HAS ANALYSTS As with previous tariffs this higher initial rate of tariff could be used to negotiate, then concessions or exemptions can follow. We expect an increase in shipments to the U.S. over the next few weeks due to the increased incentive for companies to get ahead of the tariff implementation. We maintain our Dec-25 LME Copper Price Forecast at $9,700. However, we now see a lower risk of the price rising above $10,000 in the 3Q. ANALYSTS AT CITI Our base case now is a headline Section 232 Copper Import Levy of 50%. We adjust our expectations that the COMEX/LME arb will be priced at 25-35% LME, or $2,300 - $3300/t compared to 15-20% previously. The drawdown of excess copper based in the United States could completely replace the imports of refined copper from the United States for the rest of 2025. ZHAO YONGCHENG ANALYST BENCHMARK MINERAL INTELLIGENCE The SHFE copper prices are under pressure at the moment, but will rebound once the U.S. tariffs on copper are finalized. Fundamentals remain tight in the near-term. The widening differential in price between COMEX & LME will encourage trading arbitrage, preventing the price from dropping more. Overall, the downside risk is higher in near-term." MATT HUANG ANALYST, BRANDS FINANCIAL "In the short term, the spot metal market will get a boost: Deliverable metals from South America are in high demand, driving premiums up. "Chinese holders of physical copper will still be able to rush shipments into the U.S. but the arrivals following them are likely to sit on the sidelines and let premiums slide back." Once the tariff is in place, the 'vacuum of demand' from the U.S. will diminish, and the outlook for LME/SHFE will turn negative. MARCUS GARVEY HEAD OF COMMODITIES STRATEGY MACQUARIE The loss of an arbitrageable physical price difference between CME-LME copper will result in a fall in U.S. import demand from the current 200kt/mth to something closer 30kt/mth. This should continue for several months, as excess inventories are reduced in the U.S. The CME-LME spread would not be required to incentivise marginal spot flows because of the surplus inventories in the U.S. MICHAEL WU ANALYST SHANGHAI METAL MARKET There is little time left before the deadline for shipments to the U.S., so shipments from Latin America may be the only ones that can make it." A CHINESE SMELTER MANAGER After U.S. tariffs are implemented, copper will flow into China and other countries. Prices will then return to normal fundamentals.
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Kommersant reports that 'Fortress Russia has confiscated 50 billion dollars in assets over the past three years'
The Kommersant newspaper reported that Russia confiscated assets valued at 3.9 trillion Russian roubles (or around $50 billion based on current exchange rates) over the last three years. This highlights the extent of the transformation to a "fortress Russia' economic model. Since Russia's troops entered Ukraine in February 20, 2022, foreign companies have faced the threat of state seizing their assets. However, Moscow has been increasingly focused on domestic assets, citing domestic security and strategic stability. Kommersant, a respected newspaper in Russia, stated that the size of asset seizures calculated by NSP Law Firm shows how Russia has moved from a relatively "open" economy to a fortress model. Kommersant reported that the law firm advised clients to eliminate any weak points in their business, such as second passports and economic ties to countries Russia considers "unfriendly", which is to say, all of Western Europe. Kommersant also said that owners should consider doing business with partners who are state-owned. Kommersant reported that assets worth 1.54 trillion rubles were seized in accordance with the law on strategic corporations. Another 1.07 trillion roubles was seized due to allegations of corruption, 385 billion on suspected privatisation violations, and 621,5 billion roubles for claims of poor management. In the 1990s, the fall of the Soviet Union in 1991 sparked hopes that Russia would become a free-market economy. However, widespread corruption, economic turmoil, and crime undermined the confidence in democratic capitalism. In his first eight-year tenure, President Vladimir Putin supported economic freedoms and targeted some oligarchs. He also presided over significant growth in the economy, which grew to $1.8 trillion by 2008, from $200 billion. According to the International Monetary Fund, between 2008 and 2022, the economy reached $2.3 trillion. However, Western sanctions were a major factor after Russia annexed Crimea in 2014. According to IMF data, the nominal dollar value of the Russian economy in 2024 is only $2.2 trillion.
Iron ore prices continue to rise despite falling shipments, but China data is mixed and may limit gains
Iron ore prices rose for the second session in a row on Wednesday. This was aided largely by a drop in shipments, and a resilient demand. However, mixed factory data from China, whose top consumer, curbed gains.
As of 0250 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was trading 0.68% higher. It was worth 736.5 Yuan ($102.57).
As of 0240 GMT, the benchmark August iron ore traded on Singapore Exchange was up by 0.34% to $96.1 per ton.
Everbright Futures analysts said that iron ore shipments have dropped after the ramp-up at the end of last quarter.
Galaxy Futures analysts noted that the ore price will be supported by the supply side.
Galaxy's analysts said that despite a slight decline, hot metal production remained at a high level. Steel consumption in the manufacturing sector is also strong.
Iron ore demand is usually gauged by the hot metal production.
The gains, however, were modest. Data showed that China's consumer price index rose in June for the first five months. Meanwhile, its producer deflation reached its highest level in nearly two years.
In the second largest economy in the world, uncertainty about a trade war around the globe and a subdued domestic demand are still causing policymakers to be under pressure to introduce more support measures.
Coking coal and coke, which are used to make steel, have gained 1.55% and 1.06 % respectively.
The benchmarks for steel on the Shanghai Futures Exchange have been moving in a narrow range. The price of rebar was 0.07% higher. Hot-rolled coil, stainless steel and wire rod were all flat. ($1 = 7,1802 Chinese Yuan) (Reporting and editing by Harikrishnan Nair; Amy Lv, Lewis Jackson)
(source: Reuters)