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Tianqi Lithium plans to sell SQM shares and raise $750 Million in equity-linked financing
Tianqi Lithium Corp announced on Wednesday that it would raise approximately HK$5,86 billion ($750m)?via a convertible bond and share placement, and hoped to sell a?small stake?in Chilean'miner SQM?to bolster liquidity. The Chinese lithium producer listed on the Shenzhen-Hong Kong stock exchange announced that it had struck a deal with the Hong Kong Stock Exchange to issue 65,000,000 new H shares for HK$45.05 per share, or a discount equivalent to 9% of Tuesday's closing HK$49.50. This is worth approximately HK$2.9billion. Tianqi has also entered into a'subscription agreement' for 2.6 billion yuan ($375m) in zero-coupon convertible bonds due February 9, 2027. These bonds are issued at 100% of the principal, and are initially convertible HK$49.56 a share. The proceeds will be used to develop the lithium sector, including spending on projects and optimising them, and possible acquisitions of high quality lithium mine assets. They will also go towards working capital, and corporate purposes. The company stated that it had agreed to a lock-up of 90 days after the closing date for placings, which is February 11. Goldman Sachs is the placing agent and manager for these deals. In a separate statement, Tianqi stated that it planned to sell within one year up to 3.6 million Class A shares of?SQM. This is equivalent to 1.25 percent of the total number of shares. Since December 26, 2025, it has sold 748.490 SQM Class B?shares. It added that it now owns 62.6 million SQM Class A shares or a stake in SQM of 21.9%. $1 = $HK7.8153 ($1=6.9354 Chinese Yuan Renminbi)
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PMI: UAE's non-oil private sectors growth is boosted by a jump in demand for January.
A survey released on Wednesday showed that the non-oil sector of the United Arab Emirates experienced its fastest growth in business in nearly two years, in January. This was due to a'sharp increase in new orders. The S&P Global UAE Purchasing Managers' Index, which is adjusted for season, rose from 54.2 to 54.9 in the month of January. This was the highest reading in 11 months. A reading of more than 50 indicates an increase in activity. Below 50, it is a contraction. The sharp acceleration of new orders in January, from 57.2 in December to 60.0 in January, was the strongest pace in 22 month. David Owen, Senior Economist at S&P Global Market Intelligence, said that the UAE's non-oil economy began the year with a strong footing. "New orders increased sharply, prompting companies to increase their output and dramatically expand their purchases." Due to increased competition, firms have tightened their margins despite the rapid sales growth. This has resulted in a marginal increase in average selling price. The input prices rose at the fastest rate in over a year and a half, mainly due to higher costs of raw materials and wages. Owen said that "Cost inflation in the industry?has reached an 18-month peak, with companies facing higher charges for a variety of materials." In January, business expectations were at a 15-month peak. Firms are optimistic about the future and their expansion plans. In Dubai, the business and tourism hub of the country, the headline PMI increased to 55.9 from 54.3 in January, as the new business growth reached a 22-month peak, leading to faster employment growth, and stockpiling. (Reporting and Editing by Joe Bavier).
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Shanghai copper rises as China plans to expand strategic reserves
Shanghai copper rose on Wednesday, as investors responded to China's plans to increase its strategic reserves. As of 0330 GMT, the most active copper contract at the Shanghai Futures Exchange had risen 2.45% to 103120 yuan (US$14,864.57) per metric ton. The benchmark three-month copper price on the London Metal Exchange fell 1.11% to $13,328.50 per tonne. An official of the China Nonferrous Metals Industry Association, a state-backed organization, said Tuesday that China would expand its strategic copper reserves. The association also added that it will explore creating a system for commercial stockpiling led by state owned enterprises. According to an official, the top copper consumer is also considering adding copper concentrate to their reserves. Red metal was supported by the Reserve Expansion Plan. The Shanghai contract rose to 105,810 Yuan per ton overnight, its highest level since January 30, when the copper correction began. On Tuesday, the London benchmark hit $13,526. Antaike, a state-backed research firm, urged caution in investors. It said that the exploration of "a commercial stockpiling system" and the research into the feasibility for copper concentrate reserves are still preliminary ideas being discussed by relevant companies. In a WeChat post on Wednesday. A number of traders and analysts warned against a misunderstanding the announcement. They suggested that it could be a longer-term plan rather than an immediate plan to enter into the market. The traders and analysts spoke under condition of anonymity due to the sensitive nature of stockpiling. London tin fell 1.60%, to $49.320, after previously reclaiming $50,000. Nickel has also increased. Shanghai nickel rose 2.94%, to 136,570?yuan per ton. The London benchmark nickel contract also gained 0.39%, to $17 515. Goldman Sachs & Macquarie both raised their 2026 average nickel price forecasts above $17,000 on Tuesday. They cited tightened supply coming from the top producer Indonesia. Aluminium, zinc, and lead were all lower. Aluminium, zinc, and lead were all little changed on the LME. Wednesday, February 4, DATA/EVENTS - (GMT) 0850 France HCOB - Composite, Services PMI 01 0855 Germany HCOB - Services PMI 01 0855 Germany HCOB Composite PMI final Jan 0900 EU HCOB Composite, Services Final PMI - Jan 0930 UK S&P global PMI: Composite – Output Jan 930 UK Reserve Assets - Total Jan 1000 EU HCIP - Flash YY - Jan 1000 EU HCIP
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Dalian iron ore flat while hot metal production rises amid weakening demand
Dalian iron ore prices were unable to find direction on Wednesday as traders tried to balance a possible rise in the production of hot metal against a general 'weakness' due to a slowdown in end-use demand. As of 0326 GMT, the?most-traded?iron ore May contract on China's Dalian Commodity Exchange traded flat at $784 yuan (US$113.01) per metric ton. The benchmark March ore traded on the Singapore Exchange rose by 0.98% to $103 per?ton. Shanghai Metals Market stated in a report that while hot metal production is expected to increase week-on-week the restocking of steel?mills had temporarily stopped. Chinese broker Galaxy Futures said that production of?finished products such as hot-rolled coil and rebar increased last week. This pushed inventories up as steel mills continued stocking up. Everbright Futures, a Chinese broker, reported that as the Lunar New Year approaches, many construction sites have ceased work and the end demand is gradually decreasing. Galaxy Futures? added that a lack of fundamental catalysts combined with a dampened sentiment will continue to exert pressure on ore prices and steel prices. Coking coal and coke, which are used to make steel, also gained on the DCE. They rose by 4.88% each and 3.25% respectively. Galaxy Futures said that prices?of coal and coke will be volatile and less driven by fundamentals as liquidity is thinned ahead of the holidays. According to 'Everbright Futures, the supply of 'both coking coal, and coke, is stable, but some private mines halted their production in advance of the holidays. This has tightened up the supply. The Shanghai Futures Exchange saw a rise in most steel benchmarks. Hot-rolled coils strengthened by 0.46%, rebar increased 0.29% and wire rod grew 1.73%. Meanwhile, stainless steel fell 0.32%. $1 = 6.9373 Yuan (Reporting and editing by Eileen Soreng; Ruth Chai)
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Sunrise Australia CEO: We expect to supply US critical mineral stockpile
The CEO of the company said on Tuesday that a scandium project in Australia, backed by mining billionaire Robert Friedland, is expected to add to the 12 billion dollar U.S. critical minerals stockpile. U.S. President Donald Trump announced on Monday plans to launch a stockpile strategic of critical minerals backed up by $10 billion seed funding from U.S. Export-Import Bank. A further $2 billion in private capital will fund the project. The funding will be used to protect a Western supply chain for minerals, which are vital to industries such as aerospace, defence and high-tech materials. Friedland is the co-chair of Sunrise Energy Metals in Australia. She attended the Oval Office meeting to represent producers of critical metals. Sam Riggall, the CEO of Sunrise, said that in 'the past six months' they had secured enough funding to start early construction works. Sam Riggall, CEO of Sunrise, said that the company had secured sufficient funding in the?past six months to begin early construction works. Riggall added that the U.S. EXIM support had given equity investors confidence in the project. Syerston Mine, located in New South Wales, is expected to begin production in the second half of 2028. Riggall said that expansion studies were underway. Scandium is an alloy that hardens metals such as aluminium, which can be used in aerospace, defence and automotive industries. Riggall said, from Washington, that he expects more jurisdictions to "do the same". He added, "Absolutely there will be multiple stockspiles around the world." China, Japan, and Korea have such reserves with plans to expand them, while the EU announced that it would implement a stockpiling program this year. (Reporting and editing by Stephen Coates; Melanie Burton)
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US citizens in Cuba warned to prepare for protests, power outages and fuel shortages
The U.S. Embassy in Cuba has warned Americans that they are being denied entry to the country because of a recent spike in protests sponsored by the government against Washington. The report also warned that power outages and fuel shortages could cause "significant disruptions" for?American citizens in Cuba. Why it's important Washington has been blocking oil from Venezuela and other allies from reaching Cuba in recent weeks. This is causing food prices to rise and transportation costs to increase. It also causes fuel shortages, which can lead hours of blackouts. KEY QUOTES The U.S. Embassy warned on its website to "take precautions" by conserving fuel and water and ensuring that your mobile phone is charged. They also said Cuba's electrical grid was becoming increasingly unstable, with frequent power outages. "U.S. citizens in Cuba or those planning to travel there are informed?that there has been an increase in protests directed against the United States by the regime, including anti-U.S. rhetoric." CONTEXT The Republican leader, enthused by the U.S. military seizing the ousted Venezuelan president Nicolas Maduro during a deadly raid that was ordered by President Donald Trump last month, has spoken of taking action against Cuba and putting pressure on its leadership. Human rights experts have criticized Trump's emphasis on exploiting Venezuelan crude oil for its imperialist approach. The U.N. office of human rights has also cited the U.S. raid that led to Maduro being seized as a violation international law. Trump said that "Cuba is going to fail pretty soon" and added that Venezuela, the island's former top oil supplier, had not sent money or oil to Cuba in recent times. Trump has also 'threatened tariffs against goods coming from countries that supply oil to Cuba. Cuba's deputy minister of foreign affairs said on Monday that Cuba and the U.S. were in communication. However, he pointed out that the exchanges had not developed into a formal "dialogue." (Reporting and editing by Raju Gopikrishnan in Washington)
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Fears of an escalation in tensions in the Middle East have boosted oil prices.
The oil prices increased on Wednesday as they extended the gains of the previous day. This was after the U.S. shot a drone from Iran and armed Iranian boats approached a U.S. flagged vessel in the Strait of Hormuz. This rekindled fears of an escalation of tensions between Washington and Tehran. Brent crude futures was?up 65 cents or 1.0% at $67.98 a barrel at 0111 GMT. U.S. West Texas Intermediate Crude was $63.90 a barrel, an increase of 69 cents or 1.1%. Both benchmarks rose by nearly 2% Tuesday. U.S. Military said that on Tuesday, an Iranian drone "aggressively approached" the Abraham Lincoln aircraft carriers in the Arabian Sea. Separately in the Strait of Hormuz, between the Persian Gulf and Gulf of Oman a group of Iranian guns boats approached a U.S. flagged tanker north of Oman on Tuesday, according to a security consultant and maritime sources. Tehran wants the U.S. to hold its nuclear talks this week in Oman, not Turkey. It also wants the scope of the negotiations to be limited only to bilateral discussions on these issues. This raises doubts about whether the meeting will go ahead as planned. Satoru Yushida is a commodity analyst at Rakuten Securities. He said that the increased tensions in the Middle East helped to support the oil market. Saudi Arabia, Iran and the United Arab Emirates export the majority of their crude oil via the Strait of Hormuz to Asia. According to U.S. Energy Information Administration figures, Iran will be the third largest OPEC crude oil producer by 2025. The oil prices were also supported by industry data showing a dramatic drop in U.S. crude stocks. Sources cited American Petroleum Institute figures to say that inventories in the top producing and consumption nation dropped by over 11 million barrels during the past week. The U.S. Energy Information Administration will release official data on Wednesday, 10:30 am EST (1530 GMT). The analysts polled by?expected a rise in crude inventory. The price of oil was also boosted by a recent trade agreement between India and the U.S., which raised expectations for a stronger global demand. Meanwhile, continued Russian attacks on Ukraine heightened concerns about Moscow's oil being sanctioned longer. The ongoing Russia-Ukraine conflict, as well as the India-U.S. trade agreement to stop purchases of Russian crude is also supporting the market, Yoshida added, predicting that WTI will likely continue to trade at around $65 per barrel for the time being.
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US claims it has returned all $500 Million of the initial oil sale to Venezuela
A U.S. official announced on Tuesday that the United States had returned to Venezuela all $500 million of its initial oil sale, which was part of an 'agreement' reached between Washington and Caracas last month. An anonymous official confirmed that the last $200 million of the sale had been sent to Venezuela. The deal was made after Venezuelan President Nicolas Maduro, who was captured by a U.S. army operation on January 3, came to be. The official stated that Venezuela has received the full $500 million of the first Venezuelan oil sales. The official added that money will be "disbursed to the Venezuelan people based on the discretion of the U.S. government." Last week, during his testimony on Capitol Hill, Secretary of State Marco Rubio stated that U.S. involvement with the sale Venezuelan oil is a short-term initiative aimed at stabilizing Venezuela, keeping the Government afloat, and helping the People. He said: "In essence, we let Venezuela use its own oil to generate revenue for teachers, firefighters, and police officers to keep the government running so that 'we didn't experience a systemic collapse. The money was held in Qatar and aimed to be a "temporary account for short-term use to ensure Venezuela receives the funds it needs to operate," according to a U.S. official. The official said that the long-term objective for future sales was to move the proceeds into a fund in the United States and authorize expenditures of any obligation or expense incurred by the government of Venezuela, its agencies and instruments on instructions consistent with procedures agreed upon. (Reporting and editing by Tom Hogue, Edwina Gibbs, and Steve Holland)
Silver tops $66, gold gains 1% due to soft US labor market
Silver prices reached a new record of $66 per ounce on Wednesday. Meanwhile, gold prices firmed up as the U.S. Federal Reserve raised expectations of rate cuts after signs of an unsteady labor market.
Spot silver increased by about 4%, to $66.3 per ounce. It had previously reached a session high of $66.51.
Edward Meir, a Marex analyst, said that "silver is pulling up gold with it... There is some money moving out of gold into silver and platinum and palladium."
"$70/oz" (for silver) seems to be the next logical goal in the short term.
After rising by over 1% in the morning, spot gold rose 0.7% at 12:10 pm ET (17:10 GMT) to $4332.21 an ounce. U.S. Gold Futures were also 0.7% higher at $4,364.
Silver has risen 126% in the past year, surpassing gold which has risen 65%.
On ?Tuesday, data showed a stronger-than-expected increase of 64,000 jobs in the U.S. last month, but the unemployment rate rose to 4.6%, its highest level since September 2021.
Gold and other non-yielding investments could benefit from a weak labor market.
Bas Kooijman is the CEO and asset manager at DHF Capital S.A.
The U.S. Federal Reserve announced its final quarter-point rate reduction of the year last week. Investors now price in two 25 basis-point rate cuts in 2026.
The market is now awaiting the Consumer Price Index for November, due Thursday. And Personal Consumption Spending Price Index, due Friday.
Donald Trump, the U.S. president, ordered a "blockade", of all sanctioned tankers that enter and leave Venezuela. This was Washington's latest effort to increase pressure on Nicolas Maduro, adding to the demand for safe haven.
Platinum rose 2.5% to $1,896.90 - its highest level in over 17 years. Palladium was up nearly 2.5% at $1,643.79 and reached its highest level in more than 17 years.
(source: Reuters)