Latest News
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Lucid misses its first-quarter vehicle deliveries estimates due to supplier disruptions
Lucid 'Group missed Friday its expectations for the first quarter vehicle deliveries, hurt by an unauthorized supplier and a temporary sales halt. The company was unable to meet the demand for its luxury electric SUV Lucid Gravity during the third quarter because of a quality issue with the second-row seat. The company reported that it delivered 3,093 vehicles in the March 31st quarter. Visible Alpha analysts had predicted Lucid would produce 5,967 cars and deliver 5,237. Lucid's Chief Executive Marc Winterhoff said that deliveries were especially affected in February when they paused for a few minutes to "reverse the changes and inspect already produced vehicles." Lucid recalled 4,476 'Gravity SUVs' built between December 2024 and February 2020 earlier this week due to seatbelt welds not meeting safety standards. The shortfall highlights the gap between Lucid's ability to produce cars and its production capacity, which has plagued Lucid as well as other EV startups when demand falls. Winterhoff acknowledged that supply challenges are still a concern. The company's forecast to?produce 25,000?to 27,000? vehicles this year was conservative, suggesting a growth of up to 50%. It maintained this forecast on Friday. By 2025, the production will have nearly doubled. Lucid has also been battling a chip shortage, uncertain supplies and an October fire at an aluminum supplier.
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NYT: Musk wants SpaceX IPO banks buying Grok AI subscriptions
The New York Times reported that Elon Musk was requiring banks and advisers who are working on 'SpaceX's IPO to buy subscriptions to Grok, Elon Musk's artificial intelligence chatbot. The report stated that some banks had agreed to spend up to tens or even hundreds of millions of dollars per year on the chatbot, and they have already begun integrating it with their IT systems. This week, it was reported that Morgan Stanley, Goldman Sachs JPMorgan Chase, Bank of America, and Citigroup are the active bookrunners or 'lead banks' managing a deal. Musk and SpaceX have not responded to requests for comment. JPMorgan Chase declined to comment. Goldman Sachs also declined. Citigroup, Bank of America and Citigroup did not respond. Morgan Stanley did not respond immediately to our queries. Bloomberg News reported a day before that the Starbase rocket maker in Texas had boosted its target valuation for an initial public offering above $2 trillion. This could be the largest stock market listing ever. The company hopes to raise $75 billion, which is a record amount. This would be a far cry from previous mega-IPOs like 'Saudi Aramco 2019 or Alibaba 2014'. (Reporting and editing by Bill Berkrot, Mark Porter, and Savyata Mihsra from Bengaluru)
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Afghanistan earthquake 5.9 causes eight deaths
The National Disaster Management Authority reported that eight people died and one child was injured when a house in Kabul collapsed following the earthquake in Afghanistan. The German Research Centre for Geosciences, GFZ, reported that an earthquake measuring?5.9 magnitude struck Afghanistan's Hindu Kush on Friday. GFZ said that the quake was at a depth 177 km (110 mi). Witnesses reported feeling strong tremors in the Indian capital New Delhi and Kabul, Afghanistan's capital. Afghanistan is surrounded by rugged mountains and therefore prone to natural disasters. The most deadly are its earthquakes, which kill?about 560 people a year on average. The 6.3-magnitude earthquake that struck the country in November killed at least 27 people and destroyed hundreds of homes. Mohammad Yunus 'Yawar, reporting from Kabul; Akanksha 'Kushi, writing in Bengaluru; Kanjyik 'Ghosh, in Barcelona; Kevin Liffey and Emelia Sithole Matarise editing.
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Emirates Global Aluminium estimates that full recovery of production from the attack could take up to a year
The UAE-based company Emirates Global Aluminium said that it could take up to a full year to fully restore primary aluminium production in its Al Taweelah Smelter, which was damaged by an Iranian attack late last month. In a press release, Al Taweelah said that the facilities were evacuated to the fullest extent and put into emergency shutdown following the attacks of March 28 on the Khalifa Economic Zone Abu Dhabi. EGA stated that to resume operations, it must repair the infrastructure and restore each reduction?cell. Early indications suggest that it could take up to a year for the primary aluminium industry to fully recover. PARTICULAR OPERATIONS EGA stated that the Al Taweelah refining plant, which produces alumina (the raw ingredient of aluminium), and the Al Taweelah Recycling Plant could restart some production sooner, "depending?on?the final?assessment of the site damages". The conflict in the Middle East has caused the price of aluminum to rise the most in almost two years. Benchmark three-month aluminum on the London Metal Exchange rose?10.4% in the last month, and reached its highest level in almost four years -- $3,546.50 a metric ton -- on March 12. The London Metal Exchange's benchmark three-month aluminium reached its highest level in nearly four years - $3,546.50 per metric ton - on March 12. Al Taweelah Aluminium Smelter of EGA will produce 1.6 million tonnes of cast metal in 2025. Al Taweelah is also home to an alumina refinery, which produced 2.4 millions tons of aluminium last year. Hatem Maher (Reporting) Tomasz Janovski and Barbara Lewis (Editing)
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Meloni, Italy's Meloni, visits Saudi Arabia, Qatar, and the UAE amid Gulf tensions and energy concerns
A government official confirmed that Italian Prime Minister Giorgia meloni traveled to Saudi Arabia on Friday for a previously undisclosed trip. The trip will include meetings in Qatar, the United Arab Emirates and other countries. Officials said that the two-day trip was to show support for Gulf countries facing Iranian attacks, and also to protect Italy's energy supply. This is the first visit by an EU leader to Saudi Arabia since the conflict that was started by the United States and Israel in February. It also comes at a moment when there are growing concerns about the security of the?oil & gas 'flows. Qatari liquefied gas covered about 10% of Italy’s total gas consumption before the war. Middle East oil made up around 12% last year of Italy’s total oil imports. Italy received a notification last week that its Gulf supplier would be halting LNG deliveries due to the near-closure?of the Strait?of Hormuz. They will not ship 10 cargoes?between?April and?mid June. QatarEnergy CEO and State Minister for Energy Affairs, QatarEnergy, told?that Iranian attacks had also crippled 17% of Qatar’s LNG export capability. Last month, QatarEnergy's?CEO and state minister for energy affairs told?ajungiaparatulletzten??letztenbackbackééletzten Two sources with knowledge of the situation said on Thursday that Italy would begin to receive liquefied natural gas (LNG), from the Golden Pass LNG facility in the United States, from June. (Reporting and writing by Giuseppe Fonte, Crispian Balmer and Gavin Jones).
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FAO: If the Iran war continues, food prices will continue to rise around the world
The United Nations Food and Agriculture Organization reported on Friday that world food prices rose in March, reaching their highest level since last September. They could rise even more if the Middle East conflict continues to push up energy costs. In a recent statement, FAO Chief Economicist Maximo Toreros said that the price rises have been modest. They are mainly due to higher oil prices. He said that if a conflict continues for more than 40 days, and input costs are high, farmers can reduce their inputs, plant fewer crops, or switch to less intensive fertiliser crops. He added that "these choices will impact future yields, and shape our food supplies and commodity prices throughout the remainder of this year and the following years." FAO Food Price Index (which measures changes in global traded food commodities) rose 2.4% over its revised February level. The index is now 1% higher than it was a year ago. However, the value of the index has dropped by nearly 20% from its March 2022 high, which occurred after the beginning of the Ukraine war. Fertilizer costs could lead to reduced planting The index of cereal prices increased by 1.5% compared to the previous month. This was mainly due to a 4.3% rise in international wheat due to deteriorating crop prospects in America and lower plantings expected in Australia because of higher fertiliser costs. The global maize price edged upwards as the?ample supply of maize in the world offset concerns about fertiliser prices and indirect support from higher ethanol demand prospects related to higher energy costs. Due to the timing of harvest and weaker import demand, rice prices fell 3.0%. Vegetable oil price increases are now at 5.1% for the third month in a row. The higher quotations for palm, soya, sunflower and rapeseed oils reflected the impact on rising global energy costs and expectations of stronger demand. Palm oil prices have reached their highest levels since mid-2022. Sugar prices?jumped 7.2% to their highest level since October 2025 in March, due to higher crude oil prices. Brazil, the largest sugar exporter in the world, is expected use more sugarcane for ethanol production. The price of meat increased by 1.0% in Brazil and Europe, with pig prices rising in the EU. In a separate document, the FAO raised slightly its estimate of the global cereal production forecast for 2025 to a record 3,036 billion metric tonnes. This would mean a 5.8% increase year-on-year. (Reporting and editing by Tomasz Janowski and Barbara Lewis.)
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Morocco will stop fewer illegal migrants in 2025 due to route changes
Morocco will prevent?6.4% less attempts by illegal migrants to reach?Europe in 2020 compared to the previous year. The interior ministry announced this on Thursday. It added that people are using different routes, and the problem is not going away. The ministry responded to questions via email that in addition to stopping 73,640 attempts at illegal migration, they also dismantled over 300 migrant smuggling networks. The Sahel region of Africa has been ravaged by conflict for years. High unemployment, and the impact of climate change in farming communities is also a factor that drives migrants to Europe. Morocco has long been a major starting point for African migrants who are trying to reach Europe through the Mediterranean or Atlantic routes or by climbing fences around the Spanish enclaves in northern Morocco, Ceuta or Melilla. The level of cooperation with Spain has increased Since 2022, Morocco and Spain have strengthened their cooperation in the area of undocumented immigration. This follows the resolution of a previous diplomatic dispute. A senior official from the directorate of migration and border controls said that following tightened controls migrants have 'begun to use other departure points in West Africa, and parts of the southern Mediterranean. The marked drop in interceptions indicates a gradual decrease in irregular migration flows, reflecting a steady 'drying out' of the migration routes transiting through Morocco," he stated. The ministry reported that Morocco saved 13,595 migrants from drowning at sea by 2025. Meanwhile, 4,372 irregular migrants participated in voluntary return programs to their countries of origin. The official stated that voluntary returns are a reflection of Morocco's "human centered approach" to migration management, which "strikes an balance between firmness & responsibility". (Reporting and editing by Barbara Lewis; Ahmed El Jechtimi)
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The PM's Office says that the UK will deploy Rapid Sentry air defense system to Kuwait.
The office of Prime Minister Keir Sterne announced on Friday that Britain is sending its Rapid Sentry air defence system to Kuwait in order to protect British and Kuwaiti interest in the Gulf. This follows an Iranian drone attack on a Kuwaiti petroleum facility overnight. Starmer and Kuwait's Crown prince Sabah al Khalid?al Sabah discussed the deployment in a phone call on Friday morning. A spokesperson for Downing Street confirmed this. The spokesperson stated that "the Prime Minister started by condemning the reckless drone attack overnight on a Kuwaiti oil refinery." "He reaffirmed that the UK stands by Kuwait and our Gulf allies." The spokesperson stated that the leaders discussed the deployment to Kuwait of the UK air defence system, designed to shoot down low-flying drones, and other aerial threats. This would protect Kuwaiti?personnel? and?interests? in the region while avoiding an escalation to a larger conflict. Starmer and 'the crown prince' also discussed a 'disruption of global shipping through Strait of Hormuz. They welcomed a meeting on Thursday, chaired by British Yvette Cooper to develop a plan for reopening the crucial shipping route. (Reporting and editing by Tomasz janowski)
Andy Home: Tin price bubble is a source of trouble and toil for the global industry
London and Shanghai markets have seen a surge in tin prices, which are now at all-time highs.
According to the China Nonferrous Metals Industry Association, the rally is "unreasonable". Last month, it warned all parties to "avoid following trends blindly".
Beijing's warning has not deterred Chinese traders from chasing prices higher and higher.
On Thursday, the volume of trading in the?tin contracts on Shanghai Futures Exchange (ShFE) exceeded one million metric tonnes. This is more than double the annual global physical consumption.
Tin is in a clear speculative boom, which will burst as soon as trends change. The mismatch between physical market size and interest in investing foreshadows future volatility.
Not just for tin. The current tidal waves of investor purchases washing through the industrial-metals sector may be a sign for other metal supply chain.
EXUBERANCE IRRATIONALE
Since several months, the London Metal Exchange (LME), tin contract has been on the rise. However, this week it exploded as Chinese investors brought with them their financial power to the rally.
On Tuesday, LME's three-month metal surpassed the previous price peak of March 2022 at $51,000 a metric ton and soared to $54,760 per metric ton by Wednesday.
The main narrative is a?shortfall in supply.
Tin's structural issues with supply are well-known. Global mine production is concentrated in too few nations and heavily dependent on frontier jurisdictions, such as the Democratic Republic of Congo or the semi-autonomous Wa State of Myanmar.
This rally is not a good time.
In recent months, the supply of tin has improved.
Since the M23 insurgency was in danger of overrunning the Bisie mine in Congo a year earlier, the threat has diminished. After a successful third quarter, Alphamin Resources raised its production forecast for the year.
After a long absence, the giant Man Maw Mine in Myanmar has also begun to show signs of renewed productivity. China imported 7,190 tonnes of tin-based raw materials from Myanmar in November. This was the highest monthly total since August 2024.
According to the Indonesia Tin Exporters Association, Indonesia will continue to crack down on illegal mining, but the upside is that official sector production quotas are expected to increase from 53,000 ton in 2025 to 60 000 ton in 2026.
There is no shortage of refined tin right now.
Metal producers and traders have contributed significant amounts to the recent price rise. The combined stocks of the LME and ShFE rose from 11,000 tones at the end October to more than 19,000 tons.
Inventory was less than 5,000 tons at the previous peak of 2022.
When China's metals regulator describes the tin price's extreme rise as "unreasonable", they may be right.
LIQUIDITY MISMATCH
Paraphrasing economist John Maynard Keynes: a market may remain "unreasonable", longer than you are able to remain solvent.
Investors can have a large impact on the price, especially if there is a small market like tin.
Shanghai is a clear example of this.
China's commodities markets have been characterized by such speculative booms for a long time. It was alumina last year.
Chinese authorities are in a well-oiled firefighting mode. They have raised?trading rates, especially the cost of intraday trading, and limited position sizes for nonmembers.
Tin's story of limited supply and increasing use as a semiconductor-solder has not only attracted the Chinese.
Over the past few years, the number of funds participating in the London Tin Market has steadily increased.
The investment fund's long position reached a record high of 2,887 contracts in 2021 or early 2022 when tin prices were at their highest. This is equivalent to 14,435 tonnes. The investment fund long position reached a record of 5,753 contracts or 28,765 tons at one point last month.
The liquidity rush has increased volatility in a market that is known for its wild price swings.
Futures frenzy is causing real problems in the supply chain, as consumers and producers struggle to cover their margins.
When does price risk take precedence over liquidity risk? How long can you remain solvent?
FUNDS AND FUNDAMENTALS
Tin was not a popular metal a few years back. Most fund managers did not invest in tin because the market was too small both for physical volume and futures activity.
This is changing, as the world begins to realize the centrality of tin in the Internet of Things. No circuit boards, no internet. In our hyper-connected, connected world, there is very little more.
The result is that too much money floods into a market unprepared to handle it.
CNMIA is the voice of the world's biggest refined tin producers and users. It is very clear on the dangers posed to the present exuberance.
The rapid price rise driven by funds has diverged from industry fundamentals and magnified market risks, harming the global chain of industry.
Tin's dramatic story may be a timely reminder for other metals in demand, such as copper, as fund money floods the industrial metals sector in search of other hard assets than gold and silver.
Andy Home is an author and columnist. The opinions expressed in this column are Andy Home's. Open Interest (ROI), a data-driven, thought-provoking commentary on the markets and finance. Follow ROI on LinkedIn, X and X.
(source: Reuters)