Latest News
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Swedish industrial giants agree to invest new modular nuclear reactors
Vattenfall CEO, Vattenfall, said that Sweden was closer than ever to building new reactors. This is after a group large industrial firms decided to invest 400 millions Swedish crowns (42.5 million dollars) in small modular nuclear reactors. Industrikraft is a group of 17 industrial firms, including SKF and Volvo Group, that have agreed to invest in Videberg Kraft. This company was set up to help build several small modular reactors. In a Monday joint statement, the group said it planned to take 20% of Videberg Kraft in the future. Vattenfall plans to build three to five small modular reactors in its existing Ringhals facility in Varo, south-west Sweden. This will provide a combined output of approximately 1,500 MW. Vattenfall CEO Anna Borg stated that the announcement was a vote of confidence for new nuclear power in Sweden. She told reporters that "we are closer than we've been in 40-years and, if it were up to us, this will happen." The final decision about the investment is still many years away. Vattenfall shortlisted Britain's Rolls-Royce SMR and U.S. Group GE Vernova as two possible suppliers for the nuclear reactors. Borg stated that a decision would be made in 2026. The government is willing to share the risks of investing in new nuclear reactors. (1 dollar = 9.4155 Swedish Crowns) (Reporting and editing by Conor Humphries; Reporting by Johan Ahlander)
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Aluminum premium reaches record high in the US due to tariffs and global squeeze
The U.S. physical market for aluminium has seen record-high premiums due to steep import tariffs as well as a shortage of supplies. On June 4, President Donald Trump increased tariffs on aluminum imports by 50% in order to encourage investment in U.S. manufacturing of the metal. It is used for construction, power generation and packaging. The benchmark price at the London Metal Exchange is usually paid by buyers on the U.S. Physical Market plus a premium to cover costs like freight and taxes. Since June, the duty-paid Midwest Premium has risen, reaching a record of 88.10 Cents per lb, or $1,942 per metric ton, on Friday. A U.S. buyer on the spot market will pay $4,792 per ton if the aluminum price is $2,850. The duty on U.S. aluminum imports is now $2,850 per ton. This compares to $560 a tonne at the beginning of the year. Harbor Aluminum, a consultancy, said that the increase was also due to falling aluminum stocks After Trump ended trade negotiations with Canada in October, he was "strongly convinced" that tariffs in the U.S. would be permanent and without exemptions. According to Trade Data Monitor, U.S. aluminum imports from Canada accounted for more than 2.7 millions tons or 70% of total imports last year. "Trump said he would not do a deal until he finished his term." Even the optimists have now retreated for the moment," said Dmitri Cernes, a U.S. aluminium trader. The U.S. consumer also faces intense competition when sourcing aluminum, in part due to China's 45-million-ton production limit. Tom Price, an analyst at Panmure Liberum, expects a deficit in the aluminium market of 1.8 millions tons this year. Price stated that "China's net exports have dropped from 1.9 million to 900,000 tonnes a year over the past 2-3 years." Over the same period of time, aluminum metal production outside China fell by 1.1 million tonnes a year. This is a total of two million tons less aluminium available outside China. (Reporting and editing by Alexander Smith; Pratima Deai)
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As the reserve agreement expires, Uniper has mothballed the Swedish oil-fired unit.
The German utility Uniper has mothballed its 335 megawatt oil-fired Karlshamnverket 2, located in southern Sweden, after the contract to provide backup power during the winter expired. Svk said that the move, which takes effect on November 16, is a direct result of the cancellation of the purchase of Sweden's Strategic Power Reserve announced by the transmission grid operator in October. It added that the cancellation of the contract left it without any long-term contracts and also with no commercial conditions for continuing operations. Henrik Svensson said that the manager of the power plant, Uniper, believes the closure would have a negative impact on the system's adequacy. The region is more vulnerable to shortages because the demand in southern Sweden often exceeds supply. It said that by mothballing the unit, block 2 was preserved and adapted to a longer period of downtime. Uniper also maintains an ongoing dialogue with the relevant authorities and the government about the current situation and future options. Uniper stated that Block 3 of Karlshamnverket is also not affected, with a 335 MW capacity. However, in order to continue operation, a solution on a longer-term basis must be found. Block 1 of Karlshamnverket has been permanently closed since 2015. Reporting by Nora Buli and editing by Terje Solsvik
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Ukrainian authorities investigate alleged large-scale energy corruption
Ukraine's Anti-Corruption Bureau said on Monday it was conducting an extensive investigation into the energy sector of the country, claiming kickbacks were involved in transactions involving Ukraine’s state nuclear power company Energoatom. Energoatom and the Ukrainian energy ministry did not respond to comments immediately. In a statement, the Bureau, an independent state agency, claimed that four employees of "back office", including a former energy minister's adviser, the head of security at Energoatom, and a businessman were part of a "high level criminal organization." The statement did not name any of the individuals. The Telegram app's announcement by the bureau said that the members of the criminal group "have developed a large-scale scheme for corruption to influence strategic enterprises within the public sector in particular 'Energoatom.'" In a later statement, Energoatom's counterparties said they were forced to pay kickbacks between 10-15% to avoid payment for goods or services being blocked or losing their supplier status. The statement stated that Energoatom, a strategic enterprise with a revenue of more than 200 billion hryvnias (4.79 billion dollars) per year, was not managed by its proper officials but by third-parties who did not have formal authority. After a move by the government to limit their powers, President Volodymyr Zelenskiy was forced to reverse his course in July 2025 after large protests and international condemnation. Kyiv must eliminate corruption and strengthen the rule of law in order to be eligible to join the EU. Ukrainians believe that this is vital to their future, as they fight off Russian invasion. A new Russian bombing campaign in the autumn of this year has caused significant damage to Ukraine's electricity system, leading to massive power outages for all consumers. According to Ukrainian authorities, Russia did not target nuclear plants but substations that were connected to them. $1 = 41.7754 Hryvnias (Reporting and writing by Anastasiia malenko and Yuliia dysa; Editing, Toby Chopra and Alexandra Hudson).
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Barrick hikes dividend, extends buyback after profit beat on record gold prices
Barrick Mining raised its dividend on Monday and expanded its buyback program after exceeding quarterly adjusted profit expectations as higher gold prices helped to offset a decrease in production. U.S. listed shares of the Canadian firm rose almost 4% in premarket trade following the results. In the third quarter of 2018, gold prices were on average $3,574.95 an ounce, more than 16 percent higher than in the previous quarter and 43% higher than a year ago. The price of gold was boosted by demand for safe havens as inflation fears were stoked by uncertainty about President Donald Trump's proposed tariffs and geopolitical tensions. Barrick reported that its average realized gold prices rose to $3.457 per ounce in the third quarter, up from $2.494 per an ounce one year ago. The quarterly production of 829,000 ounces has decreased from 943,000 last year. Barrick has been in a standoff for a long time with Mali’s military-led Government since mid-January when it was forced into suspending operations. The government was unable to provide any further information. Block its exports For two months, some of its top executives were detained and three tons of gold bullion was seized. All-in sustaining cost for gold (a measure of total costs in the industry) increased to $1,538 an ounce, up from $1,507 during the third quarter. Barrick announced a 25% increase in its quarterly dividend, to 125 cents a share. The board also approved an additional $500 million to be added to the existing program of share repurchases. According to data compiled and analyzed by LSEG, the company earned 58c per share adjusted in the third-quarter, compared to analysts' expectations of 57c per share. Reporting by Pooja menon in Bengaluru, Editing by Shreya biswas
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Sources say that India's HMEL has issued a prompt tender to supply naphtha as Russian supplies are hit.
Three trade sources reported on Monday that Indian refiner HPCL Mittal Energy Ltd issued a very rare spot tender for two cargoes each of naphtha to be delivered in November after it was unable to obtain supplies from Russia of this petrochemical feedstock. One source said that the tender was extended to November 12th. Two of the sources said that HMEL wants naphtha to have a minimum paraffin content of 60% and a maximum sulphur level of 500 ppm, for delivery in Mundra port on November 9-12 or November 13-18. Part of the naphtha required for the cracker is met by the company's 226,000 barrels per day refinery located in the north state of Punjab. The cracker and refinery are both located within the same complex. From the second half this month, the refinery will be shut down for 40 days. One of the sources stated that, during this period, the cracker will still be functional. The company didn't immediately respond to our request for comment. Adani Group which operates Mundra Port has tightened its scrutiny and prohibited the berthing of sanctioned ships at their facilities. A separate source familiar with the matter confirmed that Adani had ordered the vessel to be sanctioned in September. However, a discharge was made of feedstock despite this order. Adani Group did not respond immediately to the'request for comment. According to LSEG, the vessel Autan with 35,000 tonnes naphtha has not yet berthed at Mundra. Autan has been sanctioned by both the European Union (EU) and the United Kingdom. (Reporting and editing by Nidhh Verma, Jan Harvey and Mohi Naryan)
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Trade sources claim that Indonesia's Pertamina has reissued its gasoline tenders
Two trade sources reported on Monday that Indonesia's Pertamina issued two new spot tenders to purchase up to 150,000 barrels 92-octane gasoline by mid-November. Pertamina has not awarded earlier tenders that closed on November 3-4. The tenders were re-issued last week, and closed on 7 November. The refiner wanted to receive gasoline between November 14 and 20, but it was unable to do so. One source said that the tenders indicate that Pertamina may be seeking cargoes for private players. Another source added that the company has likely been unable to receive "offers" that meet their expectations. Pertamina Patra Niaga, the trading unit of Pertamina, did not respond immediately to a comment request. In a note to clients, FGE stated that "Pertamina’s lower imports year-on-year across January-September will continue to drive Indonesian spot demand for the rest of the year and into the first quarter 2026 when Ramadan approaches." According to Kpler's ship tracking data, the company imported approximately 3 million barrels of gasoline per day between January and October, which is roughly 770,000 barrels less than during the same period in 2017. (Reporting and editing by Mohi Nangoy and Fransiska Narayan)
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Investors look to end US shutdown as they increase their investments in world stocks
The dollar was stable and government bond yields were rising. Global shares rose Monday on the back of optimism that a resolution to a historic U.S. shutdown is in sight. On Sunday, the U.S. Senate advanced a measure that would reopen federal government offices and end a shutdown of 40 days. The shutdown has caused federal workers to be unable to work and food aid delays and snarled travel. In a procedural motion, the Senate advanced a bill passed by the House. The amended version will fund government operations until January 30, and includes a package of 3 full-year appropriations. The Nasdaq futures gained 1.5%, while S&P futures rose by 0.95%. The STOXX pan-European 600 index rose by about 1.4%. Diageo's shares also soared following the appointment of a new CEO. The Nikkei, Japan's benchmark index, rose 1.26% and MSCI's broadest Asia-Pacific share index outside Japan gained 1.3%. Prashant Nnewnaha, senior Asia-Pacific rate strategist at TD Securities said: "A possible ending to the longest-running U.S. shut down is a positive development for the markets." We expect that a vote in the House will take place on Wednesday and the government will reopen next Friday. The Senate may pass the bill but it must be approved by both the House of Representatives, and then sent to the President Donald Trump, who will sign the package. This process could take a few days. The shutdown has had a negative impact on the U.S. economic system. Federal workers, from airports to the military and law enforcement are not paid. Meanwhile, the central bank is blinded by the limited reporting of government data. Kevin Hassett, White House economist, said in an article that the fourth quarter GDP could be negatively affected if shutdown continues. The data released on Friday revealed that the U.S. consumer's sentiment fell to a near 3-1/2 year low in early Novembre as consumers worried about economic consequences. Mark Haefele is the chief investment officer of UBS Global Wealth Management. He said that allocations in quality fixed income and gold as part of a well-diversified, risk-managing portfolio can help to manage risks. Haefele wrote in a report that "overall, the combination between Fed easing, robust corporate earnings, and quality bonds offers an attractive risk-reward ratio." Under-allocated Investors should increase exposure to transformational growth, including AI. On Monday, gold rose by more than 2% to reach its highest level in the past two weeks, at $4,079 per ounce. This was due to a combination of weak U.S. data, Federal Reserve expectations for rate cuts, and a softer currency. On Monday, the overall risk sentiment was still positive. The CSI300 blue chip index in China closed with a gain of almost 0.4%. This reversed early losses. Hong Kong's Hang Seng Index also rose by 1.6%. The data released on Sunday shows that China's producer prices deflation has eased and consumer prices have returned to a positive level. This is as the government intensifies its efforts to reduce overcapacity and fierce competition between firms. The benchmark 10-year Treasury yield increased by about 4 basis points, to 4.13%. This was due to the risk-on sentiment that has taken hold on global markets. The dollar has recovered some of the losses it suffered last week as investors weighed the prospects for the U.S. economic outlook against a Fed that is more hawkish. The Fed's officials reiterated last week that they prefer to be cautious about further rate reductions, even though recent data has sparked concerns over a weakening U.S. labor market. The markets are pricing in 63% of a rate cut by the Fed for December. Dollar rose by 0.42% against the yen to 154.09. However, the dollar was not much different against the Euro and Sterling. A summary of the opinions expressed at the Bank of Japan's October meeting revealed that policymakers were increasingly convinced of the need to increase interest rates soon. Some even argued for the necessity of ensuring wage increases will continue, according to the report. Brent crude futures rose 53 cents per barrel to $64,16, while U.S. oil gained 53 cents, to $60.28. Reporting by Nell Mackenzie, Rae Wee and Kim Coghill; editing by Dhara Ranasinghe, Clarence Fernandez and Kim Coghill
Copper prices rise on hope of an end to the US government shutdown
Copper prices rose on Monday as a result of the optimism that the U.S. Government shutdown will end soon, and data indicating a reduction in deflation in China's top metal consumer.
By 1015 GMT, the benchmark three-month price of copper at the London Metal Exchange was up 1% to $10.822 per ton.
LME copper is up 23% this year. It reached a record high of $11,200 in October.
The U.S. Senate moved on Sunday to pass a bill aimed at reopening federal government.
"The prospect of U.S. government opening again, that sends a bit of a cheery sign and a risk-on feeling through the markets." "Industrial metals also feel the impact," said Ole Hansen. He is head of commodity strategy at Saxo Bank, Copenhagen.
He added that a government reopening would also increase the calls for lowering U.S. rates in light of weak economic data.
Would a short-term cut be sufficient to offset the risk of growth? The industrial metals sector must answer this question.
The Shanghai Futures Exchange's most traded copper contract closed the daytime trading at 86480 yuan (12,140.95 USD) per ton, up 0.6%.
Prices were also supported by data that showed the deflation of Chinese producer prices in October, in the second largest economy in world. Consumer prices returned to positive territory.
According to Friday's SHFE weekly stock report, copper inventories in SHFE registered warehouses decreased 1% compared to a week earlier, which analysts believe indicates a recovery in the demand for copper.
Copper demand has been resilient. Although buyers were cautious during high prices, they have increased their purchasing orders as prices decreased," said analysts at Chinese broker GF Futures in a report.
The LME aluminium price rose 1.6%, to $2.893.50 per ton. Zinc gained 1.4%, to $3.099; lead gained 0.8%, to $2.062.50; nickel increased 0.8%, to $15.180, and tin advanced 0.9%, to $36,125. ($1 = 7.1230 Chinese Yuan Renminbi)
(source: Reuters)