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South Korea's KOSPI recoups its losses with SK Hynix led tech rally
South Korea's benchmark index continued its recovery for a second session on Thursday as investors returned to the market after a historic tech crash earlier in the week. As of 04:18 GMT, the benchmark KOSPI was up 466.67 or 5.51% at 8,937.69. The?rise has now reached 9% in two sessions. The?drop of nearly 10% on Tuesday was the biggest since March. The movements underscore a 'volatile tug-of war between rising interest rates anxiety and opportunistic buying of Korean tech shares at dips. SK Hynix, a?peer company, gained 12.17%, tagging a rally among U.S. chips stocks following Micron's earnings report and outlook. Hyundai Motors and its sister company Kia Corp both saw their shares fall by 0.59%, while rising by 1.15%. Steelmaker POSCO Holdings shed 2.26%, ?while drugmaker Samsung BioLogics rose 0.94%. Out of the 915 shares traded, 402 advanced and 475 declined. The 'KOSPI', the world's top-performing equity index is up 112.09% this year, thanks to the phenomenal demand for semiconductors at Samsung Electronics & SK Hynix. The dollar was quoted at 1,542,2?per won on the settlement platform onshore. This is 0.23% lower than its previous closing of?1,542.7. In non-deliverable futures trading, its one-month forward contract was quoted at 1,555.9. Harikrishnan Nair, Harikrishnan Kim and Cynthia Kim report.
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Shanghai Aluminium hits 2026 Low on Lower Middle East Risk Premium
Aluminum prices fell on Thursday as the Middle East war-risk premium faded, as the fragile peace in?region continued to hold. The Shanghai Futures Exchange's most traded aluminium contract fell 2.75% to?22.825 yuan (3,354.55) per ton after?falling?to an earlier 2026 record low price of 22.665 yuan per ton. The benchmark three-month aluminum on the London Metal Exchange was up 0.13% to $3,126.5 per metric ton at 0339 GMT. This marks an 8% decline since the beginning of the week. As ships passed through the Strait of Hormuz, prices for the light metal fell this week. A fragile peace seemed to hold. The aluminium market had a sharply increased risk premium due to disruptions in freight and higher energy prices from the Middle East conflict. Brent crude oil fell by 1.82%. Middle East supply is increasing quickly, and Iran is expected to boost its sales after a temporary reprieve of U.S. sanctions. Aluminium's production cost is also expected to decrease due to lower energy costs. For its high energy intensity, the metal is often called "congealed electric". Base metals were impacted by global economic headwinds. The U.S. Federal Reserve is expected to increase interest rates in this year due to persistent inflationary pressures. Investors are now waiting for the U.S. Personal Consumption Spending data?will provide further clues about monetary policy. As they dampen economic activity, higher interest rates hurt industrial minerals that are dependent on growth. This week, the outlook for growth was also clouded by the underperformance of technology stocks. Copper has been able to benefit from the projections that demand will increase due to AI infrastructure, grid investments and electric vehicles. Benchmark LME 3-month copper rose 0.35% while the most traded SHFE?contract fell by 1.82%. Zinc fell 0.09% on the LME, while lead rose?0.29%. Nickel gained 0.64%, and tin grew 1.65%. The SHFE saw a drop of 1.64% in zinc, 0.72% in lead, 0.92% for nickel and 1.76% for tin. ($1 = 6.8042 Chinese Yuan Renminbi) Reporting by Solomon Cefai, Editing by Ronojoy Mazumdar
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Oil extends decline on rising Middle East supply
The oil prices continued to fall on Thursday, dipping near the levels seen just before the Iran War. This was due to a 'rising'?supply expectation from the Middle East that outweighed the demand concerns. Brent crude futures, for delivery in August, fell by $1.22 or 1.65% to $72.52 a barrel as of 0337 GMT. U.S. West Texas Intermediate dropped $1.02 or 1.45% to $69.32 a barrel. Both contracts have reached their lowest levels since February 27, Brent for August was cheaper than September at $73.59, indicating ample supply in the short term. In a recent note, IG analyst Tony Sycamore stated that "the speed of this drop has?caught many off guard" as the markets have priced in a faster return of Middle Eastern crude barrels than what most people had expected just a 'fortnight ago." Brent fell more than $3 Wednesday, as concerns about supply eased. WTI also settled down nearly $3. U.S. Energy Sec. Chris Wright said on Wednesday at a forum that the flow of oil through the Strait of Hormuz was close to the level before the start of the Iran War. He added that 20 million barrels of oil had left the strait within the past 24 hours. Wright said that a return to "complete normalcy" would take several weeks due to the need to demine the Strait of Hormuz. The price of crude oil around the globe has been driven down by a combination of rising Middle Eastern supply and Iran's plans to increase sales after a temporary reprieve in U.S. sanction. The U.S. and Israel war against Iran that began on February 28 has been ended by an initial agreement last week. This allowed the traffic to resume through the Strait. The agreement established a 60-day period of negotiations in order to address more complex issues, such as Iran's nuclear program. Wright stated that oil would flow through the Strait even if it did not hold and that Iran "would not be able" to close it. Oman opened Wednesday temporary routes for tanker departures 'from the Strait?of?Hormuz. The International Maritime Organization (IMO) and Omani authorities coordinated movements. Qatar's Prime Minister visited Oman to discuss the beginning of negotiations with Iran, Iraq and Gulf States over future management of the Strait. Macquarie analysts predicted oil prices to return quickly to pre-war levels, as supply chains adapt and the Strait of Hormuz is reopened. Brent and WTI are expected to average $62 and $67 per barrel respectively in the third quarter. This is down from $94 and $87.50 per barrel for the second quarter. Energy Information Administration reported that U.S. crude oil stocks fell to their lowest level since 1984 on Wednesday. This was due to strong refinery demand and the government's release of emergency reserves. The markets, however, seemed unfazed as traders concentrated on the Strait of Hormuz. Reporting by Colleen Waye in Beijing, and Siyi Liu from Singapore; editing by Jacqueline Wong
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Bankers claim that Vedanta Resources returns to the dollar bond market in order to purchase high-cost notes.
Two merchant bankers confirmed on Thursday that Vedanta's wholly owned subsidiary is returning to the dollar bond market in nine months with a three tranche issuance. The issuance will primarily be used to fund Vedanta's buyback of high yielding notes. The bankers said that Vedanta Resource Finance II will raise money through bonds with a coupon of 7.25, 7.6250%, and 8.0%. The company didn't respond to an email asking for comment. They asked to remain anonymous because they aren't authorised to talk to the media. The bonds will be guaranteed by the parent company as well as its subsidiaries Twin Star Holdings and Vedanta Holdings Maritius II. The notes will be rated according to the issuer. The proceeds will primarily be used for refinancing higher yielding debts worth over $2 billion. The company plans to buy back $550'millions of 9.475% 2030 bonds, $500'millions of 11.25% paper in 2031, $500?millions of 9.125% 2032 bonds, and $550 -millions of 9.85% notes. The unit raised $500 million in October by?selling seven year dollar bonds with a coupon of 9.1250%. This is one of the documents that it plans to repurchase.
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China's coking coal production rises due to strict safety inspections
Chinese coking prices rose on Thursday, as the recovery of production slowed down in the province of Shanxi. This was in response to a fatal mining accident that occurred in late May and the ongoing strict safety inspections in this coal-rich area. As of 0333 GMT, the most traded coking coal contract at Dalian Commodity Exchange increased by 0.12% to 1,251 Yuan ($183.72 per metric tons). The DCE coke contract that was most active gained 0.33%, to 1,953.5 Yuan per ton. According to a report by Mysteel, the pace of recovery of the production in Shanxi is slowing down, even though the number of coal mines in certain areas that have halted production has increased. After the fatal?mine accident, which prompted broad and strict safety inspections throughout?China's leading coal production hub?, supply concerns grew. Prices fell as local coal mining reports indicated that production had gradually returned, easing fears of a shortage. Investors weighed the prospects of weakening economic fundamentals against firm demand in the short term. Rising supply coincides with faltering consumer demand. The DCE contract, the most traded iron ore, was up by 0.13% to 744 yuan per ton. As of 0323 GMT, the benchmark 'July' iron ore price on the Singapore Exchange had remained largely unchanged at $98.3 per tonne. The benchmarks for steel on the Shanghai Futures Exchange are mixed. The benchmarks for steel on the Shanghai Futures Exchange were mixed. Analysts at Lange Steel said that the daily crude steel production in June will be around 2.7 million tons, as compared to 2.72 million tonnes in May, according to official data.
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Fortescue is the latest Australian miner to be sued for sexual harassment
Fortescue, Australia's largest?iron ore mining company, was hit with a class-action lawsuit on Thursday, alleging widespread sexual harassment at its remote mine sites. The lawsuit was filed by the law firm JGA Saddler. They also brought similar class actions against Rio Tinto in 2024. These cases are still making their way through courts. The Western Australian government has recommended that the mining industry undergo sweeping changes in 2022 after describing what they deemed to be horrendous behaviour towards women. In a recent statement, JGA Saddler litigator Paris Hamrey stated that women have repeatedly told her they don't feel secure at Fortescue mines. She said that women told her they couldn't do their laundry because they were afraid their underwear would be stolen. They also claimed they couldn't go to gym because they felt men touching them inappropriately, or following them to their rooms. Fortescue's spokesperson said that sexual harassment and illegal discrimination have no place at the company, which is "committed to providing a safe and respectful workplace for all its employees and contractors." She refused to comment on any allegations or claims. LAW FIRM SAYS REPORTED WOMEN WERE DEMOTED AND DISMISSED JGA Saddler's statement included 45 testimonials of women who worked at Fortescue and described incidents they experienced. One woman wrote: "I found a man in my bedroom one night when I came home." Fortescue announced that it would invest $300 million in improving living quarters?at the sites, with an emphasis on safety. This includes deadlocks and swipe-card systems for access, CCTV, and better lighting. Hamrey stated that women who reported incidents at Fortescue were demoted, dismissed or blacklisted. Australia is the top producer of iron and many of its far-flung mining operations are serviced by FIFO employees. Women now make up 22% of mining workers, compared to 18% in the early 2000s. Fortescue's latest safety report shows that the company reported 22 cases of sexual harassment in 2025 to Western Australia’s mines safety regulator, a 27% decrease from a year ago. It was the only company to have reported a decline. According to Rio Tinto's annual report, the care?hub of Rio Tinto, which assists employees who report a range?of disrespectful and harmful workplace behaviors including harassment, recorded?702 incidents last year, an increase of 24% over the previous year. BHP reported 429 sexual harassment incidents in fiscal 2025. This represents a 3% rise, according to the company's annual report. 100 people were found responsible and either fired or resigned. (Reporting by Melanie Burton; Editing by Edwina Gibbs)
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Fortescue is the latest Australian miner to be sued for sexual harassment
Fortescue, Australia's largest iron ore mining company, was hit with a class-action lawsuit on Thursday, alleging widespread sexual harassment at its remote mine sites. The lawsuit was filed by the law firm JGA Saddler. They also filed'similar' class action suits against Rio Tinto and BHP at the end of 2024. These cases are still making their way through courts. The Western Australian government has recommended that the mining industry undergo major changes in 2022. This is after describing what they deemed to be horrifying behavior against women. They also found sexual harassment and abuse were rampant. In a recent statement, JGA Saddler litigator Paris Hamrey stated that women have repeatedly told her they do not feel safe at Fortescue's mine sites. She said: "Women tell us that they are unable to do their laundry because they are robbed of their underwear in the public laundries. They can't even go to the gym, because men touch them inappropriately and follow them back into their rooms." Hamrey stated that when women do report incidents they are demoted, dismissed or silenced from the industry. 45 women who worked at Fortescue described incidents that they experienced in the statement. One woman wrote: "I found a man in my bedroom one night when I came home." FIFO workers service many of Australia's remote mines. Women now make up 22% of mining workers, compared to 18% at the beginning of this decade. Fortescue's latest safety report shows that the company reported 22 cases of sexual misconduct to Western Australia's mines safety regulator during the 2025 financial period, a decrease of 27% compared to a year ago. It was the only company out of the three to have reported a decline. According to the annual report, Rio Tinto’s care hub, that supports employees who have reported a range of disrespectful or damaging workplace behaviours, including harassment, recorded 702 incidents in the past year, a 24% increase from the previous year. BHP reported 429 sexual harassment incidents in 2025. This is a 3% rise, according to the company's annual report. 100 people were found responsible and either fired or resigned. (Reporting by Melanie Burton; Editing by Edwina Gibbs)
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Asian stocks soar as Micron earnings soothe AI fears
Asian stocks surged on Thursday, after Micron and Qualcomm reported strong earnings. This helped to ease some of the concerns about the AI rally which has driven global stock prices to new highs. Micron announced that its customers have committed $22 billion to its memory chips. Qualcomm expects $15 billion of sales in its data center business by 2029. MSCI's broadest Asia-Pacific share index outside Japan rose 1.3% in early trading. Japan's Nikkei gained over 2%, while South Korea's KOSPI gained 5.5%. Futures on the S&P 500 index rose by 0.5%, while Nasdaq futures increased by?1.8%. Tony Sycamore is a market analyst at IG. He noted that the data indicated a cooling of positioning which could affect tech's momentum. Recent volatile sessions have been attributed to investor concern that valuations of?AI companies are stretched after years of gains. Analysts remain skeptical of a sustained rally for 'AI' stocks, as valuation concerns persist. Nick Twidale is the chief market strategist of ATFX Global in Sydney. He expects the stock to move higher on the strength of Micron's earnings. "But I am not sure how long this euphoria is going to last in the rest of the industry." He said that valuation concerns would continue to affect sentiment. TANKERS LEAVE THE STRAIT OF HORMUZ The oil prices continued to fall as stranded tanks left the Strait of Hormuz after an initial agreement was reached to end the U.S. Israel war against Iran, easing concerns about supply. Brent crude futures fell 0.5% to $73.34 per barrel, bringing them closer to the levels of 'pre-war. U.S. West Texas Intermediate dropped 0.38% to $70.07 a barrel. Investors are pricing at least one interest rate hike this year. The PCE report on Thursday is expected to show that core prices increased?0.3% during May, which would put the annual rate of inflation at 3.4%. Forecasts for headline inflation are 0.5% in May and 4.1% over the past year. The?dollar has risen as a result of rising expectations that a rate increase will occur. This has pushed the Japanese yen to its lowest level in over 40 years, and Tokyo is on the verge of further?intervention. Last week, the yen traded at 161.73 to the dollar. This is not far off from its two-year low. If the yen falls below 161,96, it will be at its lowest level since 1985. The dollar index, which measures U.S. currency against a basket of currencies, reached 101.6 in the last session after hitting 101.80 the previous day, its highest level since May 12, 2025. Gold has been impacted by the strengthening dollar, and it fell below $4,000 per ounce for first time since 2026. Gold spot last sold for $3,990 an ounce. This is near the lowest price since November. (Reporting and editing by Kate Mayberry in Singapore, Ankur Banerjee is based in Singapore)
Andy Home: The ROI-EV Revolution continues, but the battery metals are losing their charge.
The third year has been tough for battery metals like lithium, nickel and copper as the three markets struggled to absorb the supply wave that followed the price boom of 2022.
The electric vehicle revolution continues. The demand for metals and batteries that power them is growing at an accelerated rate.
It is only a matter time before the current glut of supply is absorbed by demand.
This was at least the hope.
Chinese companies are, however, embarking on a "simultaneous" technological revolution, as they seek to develop batteries that are ever more powerful at a lower cost.
Battery chemistry evolves quickly and it is already apparent that not every battery metal will be successful in the fierce competition between materials.
CHINA POWERS UP
The road to electrification is currently bumpy. The U.S. president Donald Trump has reversed the Biden administration’s EV subsidies, and the European Union deferred the phase-out of combustion engine vehicles beyond 2035.
The underlying momentum remains unabated. According to Rho Motion, global EV sales grew by 21% on an annual basis to reach 18.5 million cars in the first eleven months of 2025.
China continues to be the driving force behind the global technological shift. This year, the world's biggest EV market grew by 19% and accounted for 62% global sales.
No one should be surprised that Chinese companies are at the forefront of battery chemistry.
The Chinese EV market is now dominated by batteries using lithium-iron-phosphate (LFP) chemistry. These batteries are cheaper and safer than those that use a combination nickel, cobalt, and manganese. The performance gap between them and those using NCM is also steadily narrowing.
LFP was responsible for 48% global EV batteries in 2017. Macquarie Bank has revised its forecast to expect that this share will rise to 65% in 2029. This is a significant increase from the previous 49%.
Nickel and Cobalt in the Slow Lane
It is not good news for either Indonesia or the Democratic Republic of the Congo - the two largest nickel and cobalt producers in the world.
Indonesia has not tempered its production growth in order to reflect the reality of new batteries, creating a tsunami surplus metal.
The country's nickel is increasingly being shipped to a warehouse at the London Metal Exchange (LME), rather than to a battery-precursor plant.
LME warehouse stock - registered or off-warrantee - has exploded to 338.900 tons.
This is only the second time in 2021 that the LME nickel price fell below its long-term support of $15,000 per ton. The pressure on Indonesian policymakers?to curb their nickel boom has increased.
Cobalt prices are also in a similar situation of chronic oversupply. Congo stopped exports in February, and then introduced a quota-based system in October.
The slow implementation of new rules led to the complete stoppage of shipments of cobalt-based intermediates to Chinese refineries.
Congo's supply discipline could become a supply shock. This could be costly for a nickel-based metal that already struggles to maintain its share in battery chemistry.
The price volatility of cobalt and ethical issues associated with the artisanal mining industry in Congo are a concern for automakers.
The events of this year will only exacerbate these concerns and could lead to a greater push for cobalt to be removed from the equation.
LITHIUM DOMINANT ... FOR NOW
China's shift to LFP chemistry reinforces the importance of lithium.
Adamas Intelligence, a consultancy, estimates that 60,900 tonnes of lithium was deployed on roads worldwide in September. This is a 25% increase year-over-year, which matches the growth of total battery deployment. Nickel and cobalt lagged behind with deployment growth rates of 10% and 15% respectively.
But lithium is also facing a new challenge.
The Chinese battery giant CATL is a pioneer in the development of'sodium-ion Batteries. Naxtra is the latest version of this battery that will match or even surpass LFP batteries, which are replacing NCM chemistry. It also does so at lower costs.
Robin Zeng, the billionaire founder of CATL, believes that sodium-ion battery could replace up to half of the market for LFP Batteries.
The metal is a popular choice for storage batteries for power grids, which are a growing market.
According to Benchmark Mineral Intelligence, global installations of battery-based energy storage systems increased by 38% in the first ten months of 2025.
Ford Motors has announced a charge of $19.5 billion on EV investments. At the same time, it is committing to invest $2 billion in batteries for energy storage system.
HARD WIRED
The EV battery materials landscape has changed dramatically since 2022 when the prices of lithium, cobalt, and nickel were all surging, on the assumption that these three metals would be at core for electric mobility.
This is no longer true. The battery chemistry continues to evolve at a breakneck pace, thanks to unprecedented research and development.
In 10 years, it is impossible to know what will power electric vehicles.
It is certain that copper will remain essential for wiring vehicles and charging infrastructure. Aluminium will likely remain the preferred material for body frames due to its lightweight.
The ultimate winners of the EV revolution may not be the metals that directly power a vehicle, but those who enable it.
Andy Home is an author and columnist. Andy Home is a columnist. You like this column? Open Interest (ROI), a data-driven, thought-provoking commentary on the markets and finance is available. Follow ROI on LinkedIn, X and X.
(source: Reuters)