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Pinnacle West's quarterly profit increases on robust electricity demand
Pinnacle West Capital announced a higher third-quarter profit Monday. This was boosted by a rising demand for electricity due to the scorching summer heat. Lower operations and maintenance costs and new customers also contributed. Phoenix, Arizona's electric utility reported that its service areas saw record temperatures in the summer months. This led to increased electricity consumption. The third quarter financial results were boosted by an increase in retail sales, driven by the fastest growing service territory in the nation and the third hottest Arizona summer in history. Arizona Public Service, a unit of the company that provides electricity to 1.4 million customers, plans to invest over $2.5 billion per year through 2028 in infrastructure upgrades and additions. Utilities have added billions to their budgets in the U.S. as they respond to massive requests from Big Tech companies for more power. They are also looking for suitable locations for data centres that could support complex AI tasks. In October, the U.S. Energy Information Administration predicted that power demand would reach record levels in 2025 and in 2026. In the third quarter ending September 30, the S&P utility index rose 6.8%. Utility said that net income attributable common shareholders increased to $413.2 millions, or $3.39 a share, from $395 million last year or $3.37 a share. Operating revenue was $1.82 billion for the third-quarter, compared to $1.77 billion in the same period last year. Operation and maintenance costs fell by nearly 3%, to $299.62 millions. The utility projected current-year earnings between $4.90 to $5.10 per share. This is higher than the previous outlook of $4.40 - $4.60 each. Pinnacle anticipates a 2026 earnings per share of $4.55 - $4.75. Reporting by Varun Sahay in Bengaluru and Pooja menon; editing by Sahal Muhammad
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Adani Power, an Indian company, opts for arbitration in a dispute over payment with Bangladesh
Adani Power, an Indian company, announced on Monday that it had chosen to use international arbitration in order to settle disputes regarding Bangladesh's payments for power. The company headed by Indian billionaire Gautam Adani is at odds with Bangladesh Power Development Board about unpaid electricity bills as part of an agreement that both parties signed in 2017. There are disagreements over the method of calculating and billing certain cost elements. Both partners have therefore agreed to use the dispute resolution procedure and are confident that a swift, smooth, and mutually beneficial solution will be reached," said an Adani Group spokesperson in a press release. Muhammad Fouzul Kabir Khan, Bangladesh's power minister de facto, has said that the negotiations continue. He said that if necessary, international arbitration would be sought after the process was completed. Adani Power provides electricity from its 1,600 megawatt coal-fired Godda power station in eastern India. This plant meets almost a tenth the power needs of Bangladesh. In December, the interim government of Bangladesh accused Adani and Godda Plant of violating the power purchase contract by refusing to pay tax benefits received from India. Adani received a tariff from Bangladesh of 14,87 takas ($0.1220), per unit, during the fiscal period ending June 30, 2024. This was higher than the average 9.57 takas for power supplied by Indian companies. Adani Power said last week that its electricity dues to Bangladesh have decreased significantly, from $900 million at the beginning of May and nearly $2 billion in early this year, to equivalent of fifteen days' tariff. Adani Power reiterated its commitment to the PPA and said it would continue to support Bangladesh with reliable, competitively priced and high-quality electricity. $1 = 121.8600 Taka (Written by Hritam mukherjee, edited by Janane Venkatraman & Arun Koyyur).
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Public Service Enterprise exceeds profit expectations on higher rates and rising power demand
Public Service Enterprise Group reported earnings for the third quarter that exceeded Wall Street expectations, thanks to higher gas and electric rates as well as rising demand in New Jersey. U.S. utilities benefit from a resilient energy demand, and a steady growth in rates as they invest billions of dollars into upgrading grids that are aging and expanding clean energy infrastructure. As extreme weather conditions and the surge in demand for data centers and power systems strains the system, many companies have requested rate increases to fund new transmissions lines and reliability improvement. Public Service Electric and Gas, a division of Public Service Enterprise (PSE&G), increased its earnings to $515 from $379 in the previous year, mainly due to new base rates and a higher transmission margin. PSE&G said that the gains were partially offset by increased maintenance and depreciation expenses. The profit from PSEG Power, and its other divisions, fell to $107 from $141 millions, due to lower nuclear production and higher maintenance costs at the Hope Creek Plant. However, stronger wholesale electricity prices provided some support. Its nuclear fleet produced 7.9 terawatt-hours of carbon-free electricity during the third quarter. Ralph LaRossa, CEO of PSEG, said the company remains committed to cost discipline and reliability despite a "growing imbalance between supply and demand" in the area that has pushed up summer electric bills by nearly 20%. The company has reduced its earnings forecast for the full year to $4.00-$4.06 a share from $3.94-4.06 previously. According to data compiled and analyzed by LSEG, the Newark, New Jersey based company reported an adjusted profit per share of $1.13 for the three-month period ended September 30. This compares with analysts' estimates of $1.02, which was the average. Reporting by Pranav mathur in Bengaluru, Editing by Shailesh kuber
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Investors await US private payroll data to see if gold prices will rise.
The dollar was near its highest level in three months on Monday, and traders were waiting for the U.S. payroll data to provide further clues about the Federal Reserve's outlook on monetary policy. By 1234 GMT, spot gold had risen 0.1% to $4,008.34 per ounce. U.S. Gold Futures for December Delivery rose by 0.7% to $4022.40. Dollar index was near its highest level in three months, making gold expensive for those who paid with other currencies. "We're still in consolidation mode." It's a little more difficult because there are no U.S. data, but weaker U.S. data will support rate cuts by the Fed and should allow gold to reach $4,200 an ounce before the end of this year," said UBS Analyst Giovanni Staunovo. According to CME's FedWatch tool, traders are pricing in a 70 percent chance that the Fed will cut rates in December. Gold that does not yield is more popular when interest rates are low or in economic times of uncertainty. Investors are watching the ADP U.S. Employment Data and ISM PMIs for this week to see if they can change the Fed's hawkish position. China has ended its long-standing policy of tax exemption for certain gold retailers, which could set back the buying spree in the world's largest consumer market. UBS expects the new rule to have only a marginal effect on gold prices globally, citing central bank purchases and strong investment. Analysts at Heraeus wrote in a report that gold prices may continue to fall if the resistance level between $4,000 and $4050 is maintained. The price of gold would have to rise above $4,155/oz for an initial indication to indicate a return to the rally," they said. Last week, U.S. president Donald Trump agreed to reduce tariffs against China in exchange of concessions from Beijing on the illicit fentanyl market, U.S. soya bean purchases and rare earths imports. Silver spot rose by 0.2%, to $48,75 per ounce. Platinum climbed 1.4%, to $1590.61, and palladium rose 0.6%, to $1442.81. (Reporting and editing by David Goodman, Shalesh Kuber and Anmol Chaubey from Bengaluru)
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Dealers say that India's palm oil imports in October fell to a five-month low.
Five dealers claim that India's palm oils imports fell in October to a 5-month low. This pushed the total purchase of 2024/25 to its lowest level in five years as buyers switched from palm oil to soyoil following a rise in palm oil prices. India's lower palm oil imports, which are the largest buyers of vegetable oils in the world, could increase inventories and put pressure on benchmark Malaysian palm futures. According to estimates by dealers, palm oil imports in October fell 27.6% on a month-to-month basis to 600,000 tons. This is the lowest level since May. Palm oil imports for the marketing year 2024/25 ended in October were down 16% at 7.56 million metric tons. This is the lowest level in five years. After trading at a higher price than other edible oils over several months, Rajesh Patel, managing partner of edible oil trader GGN Research, stated that palm oil had lost market share to soyoil. Imports of soyoil fell 17.1% from the previous month to 417,00 tons in October. Dealers said that in 2024/25 soyoil imported will surge 61.6%, to a record of 5.56 million tons. According to estimates from dealers, sunflower oil imports dropped 6.4% to 255,000 tonnes in October, bringing the total for the year down to 2.88 millions tons, or 17.7% less than a year ago. Estimates show that India's total imports of edible oils in October fell 20.7% from a previous month to 1.27 millions tons due to lower palm oil imports. Dealers said that edible oil imports in 2024/25 will rise 0.3% compared to a year earlier, reaching 16 million metric tonnes. Sandeep Bajoria of Sunvin Group in Mumbai, the vegetable oil brokerage said that edible oil imports decreased in October, as refiners anticipate a slowdown in demand in the months to come following the festival season rush. India imports most of its palm oil from Indonesia and Malaysia. It also imports a lot of soyoil, sunflower oil, and other oils from Argentina, Brazil and Ukraine. (Reporting and editing by Sharon Singleton; Sharon Singleton is the editor)
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China reduces gold tax exemption after state bank stops gold products enrolment
On Monday, a Chinese state bank shut down retail gold accounts for new investors. This comes two days after Beijing changed a longstanding tax exemption on the metal which is expected to impact retail demand in the largest consumer market of the world. China Construction Bank, a state-owned bank, announced on Monday that it will no longer accept applications to open a gold buying account without stating a valid reason. ICBC, another major bank, also limited new applicants. However they reversed their decision hours later. Beijing has made decisions Announcement Two days earlier, the government announced that the 13% exemption on value-added taxes would be reduced to 6% from November 1, for certain gold purchases made through the Shanghai Gold Exchange or the Shanghai Futures Exchange. Gold purchased as investment (such as gold bars or ingots) is exempt. The same goes for paper transactions on the exchange. The new regime is applicable to all non-members, regardless of how the gold will be used. UBS analyst Joni Tves wrote in a Monday note that "we expect the net impact to be higher costs for gold consumption in industrial and jewellery uses." She added that it could encourage more companies join the exchanges and improve liquidity and transparency. The new tax regime coincides with a rush of gold purchases around the world, particularly in China. Consumers have waited in line to purchase jewellery at retailers. Gold's price rose to a record of $4,381 per ounce on 20th October as a result of the buying. Gold spot prices briefly fell below $4,000 per ounce on Monday. They were last trading at that level, and have fallen about 9% from the previous record. On Monday, shares of gold jewellery retailers Laopu Gold, Chow Tai Fook, and Zhongjin Gold all fell by as much as 12% and 9%, respectively. The value-added exemption for platinum for China Platinum Company was removed last month. This also began on November 1. Reporting by Dylan Duan; Li Gu and Lewis Jackson, Editing by Christian Schmollinger & Sharon Singleton
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Copper prices steady as concerns over Chinese demand weigh
Metal traders reported that copper prices were stable on Monday, as a weaker dollar and slowing manufacturing in China's top consumer weighed on sentiment. Meanwhile, mounting supply concerns helped to support the price. By 1127 GMT, the benchmark copper price on London Metal Exchange had not changed much. It was $10,880 per metric ton. Last week, fears about shortages drove it to an all-time high of $11,200. The traders said the easing of trade tensions between China and the United States was a positive. A private sector survey conducted after Trump threatened to impose tariffs of 100% on Chinese products showed that China's factory activities in October expanded at slower pace due to the tariff anxiety. The Yangshan copper premium is a sign of weak purchasing The gauge is a measure of China's appetite to import copper. The premium is now $36 per ton, down from $58 at the end of September and $100 last May. Shanghai Futures Exchange monitors copper stocks in warehouses The increase of 45% to 116 140 tons since late August suggests that China has surpluses. Since Federal Reserve Chair Jerome Powell stated last week that the lack of data from the federal government could prevent central banks from cutting interest rates this year, the dollar has firmed up. The dollar has firmed up since Federal Reserve Chair Jerome Powell said last week that a lack of federal government data could prevent the central bank from making another interest rate cut this year. Goldman Sachs analysts do not expect the fundamental tightening expected by the markets to emerge in the next six-month period, despite the disruptions. They said that "even accounting for a significant decline in global refined product, we maintain our view that the copper market will be in small surplus by 2026. This is consistent with our forecast of $10,500/t in 2026." Other metals saw a 1% increase in aluminium to $2.912 per ton. Zinc gained 0.9% at $3.084, while lead rose by 0.5% to $2.026. Tin increased 0.2% to $35,175 while nickel fell 0.2% to $15,205.
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Investors await US private payroll data to see if gold prices will rise.
The dollar hovered around a three-month peak on Monday, and traders were waiting for the U.S. payroll data to get a better idea of the Federal Reserve's outlook on monetary policy. By 1129 GMT, spot gold had not changed much from $4,006.02 per ounce. U.S. Gold Futures for December Delivery rose by 0.5% to $4017.40. Dollar index was near its highest level in three months, making gold expensive for those who paid with other currencies. "We're still in consolidation mode." It's a little more difficult because there are no U.S. data, but weaker U.S. data will support rate cuts by the Fed and should allow gold to reach $4,200 an ounce before the end of this year," said UBS Analyst Giovanni Staunovo. According to CME's FedWatch tool, traders are pricing in a 70 percent chance that the Fed will cut rates in December. Gold that does not yield is more popular when interest rates are low or in economic times of uncertainty. Investors are watching the ADP U.S. Employment Data and ISM PMIs for this week to see if they can change the Fed's hawkish position. China has ended its long-standing policy of tax exemption for certain gold retailers, which could set back the buying spree in the world's largest consumer market. UBS expects the new rule to have only a marginal effect on gold prices globally, citing central bank purchases and strong investment. Analysts at Heraeus wrote in a report that gold prices may continue to fall if the resistance level between $4,000 and $4050 is maintained. The price of gold would have to rise above $4,155/oz for an initial indication to indicate a return to the rally," they said. Last week, U.S. president Donald Trump agreed to reduce tariffs against China in exchange of concessions from Beijing on the illicit fentanyl market, U.S. soya bean purchases and rare earths imports. The price of spot silver increased by 0.2%, to $48,72 per ounce. Platinum rose 1.9%, to $1597.34, and palladium grew 1%, to $1448.32. (Reporting from Brijesh Patel and Anmol Chaubey in Bengaluru, Editing by David Goodman & Shailesh Kumar)
Andy Home: China is feeling the ripple effects of US copper tariffs
China's net copper imports fell to an all-time low in July, as the world's biggest buyer competed with the United States for the metal.
China's warehouse stocks are now included in the scramble to export copper to the U.S. before threatened tariffs.
In the first seven month of 2025, China "exported 121,000 metric tonnes of copper to the U.S." The shipments began after President Donald Trump announced in February a national-security investigation into U.S. dependence on copper imports.
Since U.S. Customs only counted 15 tons of Chinese refined copper in the first half 2025, we can conclude that China's so-called "exports", were re-exports from non-Chinese metals.
China has been able to increase its own imports due to the depletion of bonded inventories, but it has also had to diversify the supply base in order to offset the U.S. demand for refined copper.
Record Flows
China's exports of refined copper in the period January-July totaled 426,000 tonnes, which is higher than any other calendar year except for last year's 458,000 tonnage.
A short squeeze in the CME contract caused the mid-year spike in exports in 2024. The U.S. premium was increased over the London Metal Exchange price (LME), which was at the time an unprecedented $1100 per ton.
Chinese smelters took advantage of the global price disparity by shipping metals to LME storage warehouses in Taiwan, South Korea and Taiwan.
In February 2024, the LME held only 400 tons of Chinese copper. By August, they had risen to 164,000 tonnes.
In retrospect, it was a practice run for the even bigger tariff disparity of this year.
The CME premium over the LME reached almost $3,000 by July, before falling to less than $1,000 in August. This was when the U.S. Administration confirmed tariffs on products made of copper but delayed a decision about refined copper to next year.
Chinese smelters once again sent metal to the LME where the registered stocks of Chinese Copper jumped from 25,000 to 98,000 tonnes over the month of July.
In addition to the turnaround in Chinese bonded storage, there has been an increase in outright exports of metals to Thailand and Vietnam. The fact that neither country has LME warehouses suggests China is filling the supply-chain gap created by the rush to obtain the right type of copper for U.S. deliveries.
CHILEAN DIVERSION
CME's deliverable brand list is largely restricted to South American and domestic brands, Chilean brands in particular.
U.S. copper imports in the first six months of this year exceeded 500,000 tonnes, compared to 650,000 tons by calendar 2024.
The physical supply chain and LME warehouses were stripped of a large amount of the extra metal.
Since the tariff trade began, China's copper imports have plummeted.
For the first time in 2006, metal imports from Chile fell below 20,000 tonnes in June and July. Year-to-date, the 203,000-ton total is almost half of what it was in 2024.
Chinese buyers are now looking to Russia, the Democratic Republic of Congo and Zambia as compensation for the loss of Chilean Copper.
In the past two years, the Congo has become China's largest supplier of refined copper. This position was cemented in this year by the cumulative imports of nearly 820,000 tons during the period of January to July.
The pace of imports from Russia to China has increased significantly in the past year.
The monthly imports of Russian Copper now regularly exceed those of Chile. Cumulative arrivals from January to July of 269,000 tonnes were up 123% compared to last year.
China's imports from Zambia of metal has also doubled, to 95,000 tonnes as buyers seek alternative non-Chilean materials.
Import Appetites
China's massive exports and reexports hide the country's continuing need for refined copper.
Imports reached 2.2 million tonnes in the first seven month of 2025. This closely matched last year's level.
In fact, China's appetite for imports has grown over the past couple of months as a result of the combination of reduced port stocks and direct sales from smelters to both the LME (London Metal Exchange) and other Asian consumers.
A shortage of copper scrap is also affecting the country, which will increase demand for refined metal. Imports of scrap decreased by 1% between January and July compared to the previous year.
China has included copper scrap as part of its reciprocal tariffs against the U.S., and the U.S. trade has been drastically reduced this year.
China's imports of U.S. scrap from the United States have fallen by 49% in one year. The total of 930 tonnes for July was the lowest monthly figure since over 20 years.
Chinese buyers diversify their purchases by reducing imports of refined copper from Europe. This may only be a temporary solution, as the European Union is currently considering export restrictions for recyclable metal.
After the U.S. tariffs were resisted, the geopolitical disruption of the refined copper market was likely to be nearing its end. However, the disruption in global scrap flows could only have just begun.
These are the opinions of a columnist who writes for.
(source: Reuters)