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Foreign Minister says China is ready to work with Russia to reduce tensions in the Middle East
In a Sunday phone call, Foreign Minister Wang Yi informed his Russian counterpart Sergei Lavrov that China was 'willing to continue cooperating with Russia at the U.N. Security Council' and to make efforts to "cool down" the Middle East situation. Wang stated that the best way to resolve navigational issues in the Strait of Hormuz was to achieve a cessation of fire as soon as possible. He added that China has always favored a political resolution of hot-spot?issues by dialogue and negotiation. The call was made ahead of next week's U.N. Security Council voting on a Bahraini Resolution to protect commercial shipping around and in the Strait of Hormuz. According to a ministry statement, Wang said that as permanent UNSC members, China and Russia should "adopt a balanced and objective approach" and work to gain greater support and understanding from the international community. In a statement from the Russian Foreign Ministry, it was stated that the ministers had discussed how to "achieve a rapid cessation of hostilities" and "launch a diplomatic-political dialogue." It said that "satisfaction" was expressed by the coincidence of Russia and China's 'approaches' on many global issues, including the'situation' around Iran, relating to the unprovoked attack by the U.S. China has repeatedly called on a ceasefire in the Gulf and Middle East region, calling for an end to fighting that has lasted for more than a month, and has largely closed the Strait of Hormuz - a vital shipping artery for gas and oil. Reporting by Shi Bu, Ryan Woo and Mark Porter; Editing Hugh Lawson.
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Phillies Taijuan Walk shoots for Rockies road sweep
The Philadelphia Phillies began their first road trip this season with two impressive victories over the Colorado Rockies. The Phillies will try to complete the sweep on Sunday when they finish the three-game series. Philadelphia, who won 2-1 on Saturday night, will match up Taijuan Walker (0-0, 11.57 ERA), against Colorado's Tomoyuki Sugano (00-0, 1.93 ERA), in a matchup of right-handers. Walker had a tough start for the Phillies in his first game of the year, giving up seven hits on ten in four and a half innings on Monday against Washington. He can improve against the Rockies. Walker is 5-1 in 10 career starts against Colorado with a 2.36 ERA. In 2025, he went 2-0 and had a 2.45 ERA over two appearances against the Rockies. Walker can build on the Phillies' first two starts this weekend. Aaron Nola, Jesus Luzardo and their combined teams struck out 20 batters in each of their respective appearances. Nola was able to benefit from a strong run support during a 10-1 victory on Friday, but Philadelphia only scored two runs Saturday night. The Phillies offense has struggled, except for the 10 runs they scored on Friday. Bryce Harper stated that seasons can sometimes be like this. Some guys have great first months, but then have a horrible rest of the season. They can have a bad month, but then win MVP. You play the entire season because you want to. You shouldn't place too much emphasis on the first few games. You play your own game. It's important to remember that the season is long and it's worth playing all of it. Philadelphia will face a pitcher that it has not faced before. Sugano made a good debut for Colorado on Monday, when the Rockies thrashed Toronto 14-5. Sugano allowed only one run on just two hits, but a high pitch count kept him from going beyond 4 2/3 innings. Colorado signed Sugano (?36) to shore up its rotation, which struggled in 2025. The Rockies' pitching has improved this year, but, like the Phillies, their offense has been a struggle. Colorado has scored 5 runs in its last 4 games. The Rockies scored 15 goals in their Friday home opener and another 13 on Saturday night. This has played a role in the Rockies' 1-4 start in games with one run. After the 2-1 defeat, Warren Schaeffer stated that the "big thing" with Saturday's strikeout was we missed too many pitch in the zone and early in the count. "You can't chase late and miss pitches early, it's a bad combination." Despite the strikeout problems, there have been some positives. Ezequiel Torvar, a rookie, has a.294 average after he went 1-for-4 on Saturday. Troy Johnston is batting.333 and has one of Colorado's first eight home runs. Field Level Media
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Kuwait Petroleum Corp. reports damage to units following Iran drone attacks
On?Sunday?, Iranian drone attacks hit multiple targets in Kuwait. State?energy company Kuwait Petroleum Corporation reported fires and "severe damage" to some units. KPC stated in a press release that teams are working to contain fires at National Petroleum Company and Petrochemical Industries Company affiliates. KPC said earlier that a drone had attacked the complex housing the KPC headquarters and oil ministry in Shuwaikh. Kuwaiti state media, citing Kuwait's finance ministry, reported that an Iranian drone had allegedly 'hit an office complex of government ministries, inflicting significant material damage, but no injuries. Kuwait's Ministry of Electricity and Water said that two power-generating units were taken out after Iranian drones attacked two desalination and power plants. The damage was significant. In all incidents, no injuries have been reported. The U.S. and Israeli 'war on Iran' is now in its sixth weeks, with Tehran attacking Israel and Gulf Arab states that host U.S. military bases. Iran's Revolutionary Guards have claimed responsibility for the attacks on Kuwaiti petrochemical facilities, as well as those in Bahrain and the United Arab Emirates.
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PMI data shows that Saudi Arabia's non oil business activity shrank in March amid conflict.
A 'business survey' revealed that Saudi Arabian non-oil sector activity fell in March for the first time since August 20. The war in the Middle East had slowed down supply chains. S&P Global's?seasonally-adjusted Riyad Bank Saudi Arabia Purchasing managers' Index (PMI) fell to 48.8 from 56.1 in Feb. The readings below 50 indicate contraction. Naif Al Ghaith is the chief economist at Riyad Bank. He said that the drop into contraction was largely due to short-term uncertainties linked with the geopolitical tensions of the region. "The soft reading was mainly?driven by a pause in the new orders, as clients adopted more caution." Export orders experienced a notable drop, and some firms reported a temporary slowdown of cross-border activities. This led to a moderated output, Al-Ghaith explained. For the first time, both output and new orders have declined since August 2020, when the COVID-19 epidemic brought economies to a grinding halt. New orders dropped to 45.2 in March, down from 61.8 in February. Export demand was weakening sharply. New export orders posted their steepest drop?in nearly six years. Exports were 'completely stopped' by some firms, while others experienced greater logistical problems. The conflict has slowed the flow of water through the Strait of Hormuz, but the supply strains have increased. This situation may continue as long as the Strait of Hormuz remains effectively blocked. Business expectations for the coming 12 months remain 'positive' despite a 'weakening of their lowest level since June 2020. Some firms are still confident about government spending, the development of infrastructure and the improvement in demand on the long term. (Reporting and Editing by Hugh Lawson).
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South Korea asks Gulf Nations for a steady supply of energy and safety of Korean vessels
The South Korean Ministry of Finance announced that Koo 'Yun-cheol, Minister of Finance, met with envoys of Gulf countries on Sunday to discuss energy security and the safety of 'Korean vessels near the Strait of Hormuz. This is due to the escalating Iran conflict disrupting shipping. The ministry said that during the Friday meeting, Koo requested the ambassadors of the Gulf Cooperation Council to ensure a constant supply of oil, liquefied gas, naphtha and urea as well as other critical resources. He also asked them to ensure the safety and security for Korean vessels and crews near this vital strait. The statement stated that the envoys referred to South Korea as a nation of "top priority". They also pledged to work closely with Seoul in order to maintain a stable supply. Like many Asian economies, South Korea relies heavily upon energy imports. This includes through the Strait of Hormuz. The Strait of Hormuz was the conduit for 20% of 'world oil' before Israel and the U.S. launched their war on the 28th of February. Since then, Iran has effectively closed the waterway. This has pushed up energy prices and raised fears of a global recession. Saudi Arabia, United Arab Emirates (UAE), Qatar, Kuwait and Oman are the six GCC member states. Reporting by Cynthia Kim, Editing by William Mallard
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Egypt increases electricity prices for households and businesses that use more energy amid energy crisis
The electricity ministry announced on Saturday that Egypt will raise electricity prices for residential and commercial consumers who use more electricity. This increase is due to a global energy crisis caused by the Gulf War. The government has taken a number of measures to reduce energy consumption and curb fiscal pressures as rising import costs put pressure on the finances of the most populous Arab country. The ministry stated that the increase would only affect households with higher consumption and commercial users. This was done to ensure the supply of electricity across residential, industrial and commercial sectors. The report said that electricity rates for residential bands up to 2,000 kilowatt hours per month would remain the same, but tariffs for higher residential brackets will increase by an average 16%. It added that commercial electricity prices in all brackets will increase on average by about 20%. In March, Prime Minister Mostafa. Madbouly stated that Egypt's energy import bills had more than doubled in the last few years since the start of the conflict involving the United States and Israel. This forced the government to increase fuel prices, raise fares for public transportation, and slow down some state projects, to relieve pressure on the public finances. Egypt implemented measures to rationalise its energy consumption in March, including a move towards earlier closing times for commercial venues. This was due to the rise of global oil prices during the conflict. Inflation has been in double digits since September 2023, when it peaked at 38%. The country is already struggling with heavy debts. Reporting by Momen Atallah and Enas Alashray
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Slovak PM: EU should lift sanctions on Russian oil, gas and other energy sources to improve energy security
Robert Fico, the Slovakian Prime Minister, said that the European Union must end sanctions on Russian oil and gas imports and take steps to restore Druzhba pipeline flows, as well as end the conflict in Ukraine, in order to tackle the energy crisis stemming from the war with Iran. Fico stated in a press release after a phone call with Hungarian Premier Viktor Orban, that the EU should re-establish dialogue with Russia to ensure member states get gas and oil from all sources including Russia. Hungary and Slovakia are the only two EU countries that maintain relations with Moscow. Oil prices have risen?since U.S.-Israeli strikes against Iran began on February 28, causing a disruption to oil supplies in the Gulf and causing what the International Energy Agency calls the largest oil supply interruption in history. Central European nations have taken steps to reduce the impact of high fuel prices on consumers and businesses. By the end of 2025, only a fraction of EU oil imports came from Russia. This was after a steep decline in imports following Moscow's invasion of Ukraine. By January 27, Kyiv reported that a Russian drone attack had hit Ukrainian pipeline equipment, disrupting Russian oil?shipments. Budapest and Bratislava accuse Ukraine of intentionally delaying repairs in order to resume oil flow through the Druzhba pipe. This has triggered a political dispute which?has seen Hungary blocking an EU loan for Kyiv. Ukraine claims it is repairing it as fast as possible. Fico stated that it is not enough to address the energy crisis at the national or only local level. Five other European Union countries are also calling for a windfall profit tax on energy companies in response to rising fuel prices. This was revealed by a letter sent to the EU Commission on Saturday. The energy chief of the bloc said on Tuesday that it was considering reinstating energy crisis measures from 2022. This included proposals to reduce grid tariffs and electricity taxes.
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Taiwan has received assurances from a'major country' about LNG supplies
Taiwan's economy minister announced on Saturday that the energy minister of a "major country" producing liquefied gas had given Taiwan assurances about supply. He was speaking in relation to the?impact of the Iran War on Middle East energy imports. Taiwan, which is a major producer of semiconductors, relied on Qatar to supply around a third its LNG prior to the conflict. It has now said that it has secured alternative supplies from countries such as Australia and the United States for the months ahead. Kung Ming Hsin, Taiwan's Economy Minister, told reporters in Taipei that Taiwan enjoys good relations with its?crude gas and natural oil suppliers. Therefore, adjusting the origin of shipments or purchasing additional spot -cargoes will not be a problem. Kung stated that the energy minister from a "major energy producing country" had contacted him about two weeks prior. The person "explained that they would fully support our natural gas needs. He added that if we had any requests, we could let them know. Kung added: "Another nation even stated that certain countries had released strategic petroleum reserves and could help coordinate the matter if Taiwan needed assistance." He said, "This shows Taiwan has earned considerable international goodwill through the long-term confidence it has built." He refused to identify the countries involved. Angela Lin, spokesperson of state-owned refiner CPC said that at the same?newsconference, crude oil inventories are being maintained at levels prior to conflict and that overall petrochemical supply has remained stable. CPC Chairman Fang Jeng Zen said that a new agreement with the U.S. would see 1.2 millions metric tons of LNG delivered?annually. He added that Taiwan does not intend to import crude oil or LNG from Russia. (Reporting and editing by Ben Blanchard, Roger Tung and Joe Bavier).
Andy Home: Copper market suffers for ignoring its TACO hedge
The copper market has the tariffs right, but the products are wrong.
The traders did not expect U.S. president Donald Trump to make a proclamation that "will address the effects of imports of copper on America's National Security".
Imports of semi-manufactured copper products, such as wires and tubes, will face a 50% tariff starting Friday. The tariffs will not apply to refined copper until at least January 2027.
The tariff trade that has dominated the copper market in February has collapsed. CME's U.S. Contract plummeted more than 20% after the news. This wiped out the high premium that was previously over the London Metal Exchange price.
After traders sent huge tonnages of metal through the wide arbitrage gap, the United States now has a surplus of metal that it does not need.
The copper market has forgotten Trump's tendency of reversing his most extreme threats. To borrow a popular investor meme, it has been TACOed, which is short for Trump Always Chills Out.
Targeted Products for Copper
Tariffs on semifinished copper products are applied to between 400,000-500,000 metric tonnes of U.S. imports per year.
The United States imports a lot more refined copper. Last year, imports were just under 900,000.
Canada is the U.S.'s largest copper supplier, but its supplier base is diverse. Copper tubes were imported from 32 countries last year, for instance.
Tariffs will be applied to all copper-intensive products, including cables, connectors, and electrical components. This is likely to include more suppliers.
The new tariff wall will be good for domestic processors if they can cover the quality and range of products currently imported.
In the next few months, we will know how many exemptions specific to products have been granted.
SCRAP WARS GET HOTTER
Export restrictions will also be placed on concentrates mined in the United States and recyclable copper.
A quarter of domestically-produced "copper input materials" will be required to be sold in the United States from 2027. This rate will increase to 30% in 2020, and then 40% in 2029.
Even if Grupo Mexico were to reactivate its inactive Hayden plant, Arizona, it may be necessary to have more capacity available than the three domestic smelters currently operating.
To encourage domestic recycling, "high-quality copper scrap" must also meet a minimum requirement of 25%.
The exact types of scrap that qualify for the measure are not known, nor is it clear how the measure will work in reality. However, the move represents an escalation of the simmering scrap battles.
To stop "scrap leakage," the European Union also considers export quotas for recyclable copper.
China is the primary target, as it is the largest purchaser of secondary raw materials in the world.
In 2024, the country imported 2,25 million tons copper scrap, the highest total ever since 2018, when authorities tightened the purity requirements on imported material.
Imports are already slowing down this year due to a drop of 42% in shipments coming from the United States because of the high CME premium.
The global scrap market is experiencing a growing resource nationalism, which will lead to structural changes in the recycling of materials.
Can we have our COPPER back now?
Not for refined copper as everyone expected.
The United States has now ceased to need the copper that was shipped by large trade houses. It may have been a lucrative trade for those involved, but it is no longer necessary.
CME warehouses now hold 232.195 tons of copper. This is the highest amount since 2004. Due to traders' last-minute rush to beat the August 1 deadline, metal is still arriving every day.
Tariffs have a huge impact on the supply chain of other countries.
China exported nearly 260,000 tons (or 78,800 tons) of refined copper from March to June. This is a significant increase over the previous four-month period.
A portion of the copper was delivered to meet a shortfall on the London Market caused by the raid of LME stocks on brands that could be shipped to the United States.
It was mostly non-Chinese steel that was shipped to the United States from warehouses under bonded storage.
Shanghai Futures Exchange's stocks have plummeted to 73 423 tons, their lowest level since last December, due to China's booming exports.
The physical supply chain may take longer to adjust than the futures trade.
Analysts have already run the numbers to see if it makes sense to reverse the flow of copper back out of the United States.
SAME TIME THE NEXT ANNUAL?
What is the end of the copper tariff?
Most likely not, as the reference explicitly mentions the option of a stepped tariff on imported refined copper starting at 15% in 2020 and increasing to 30% in 2030.
The outcome will be determined by the report on the state and future of the domestic markets that Commerce Secretary Howard Lutnick is scheduled to deliver at the end of next June.
It is also dependent on whether Trump decides to change his mind before then.
Tariff Man is a great way to find out.
These are the opinions of a columnist who writes for.
(source: Reuters)