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TEPCO restarts nuclear reactor for the first time since Fukushima
Tokyo Electric Power (TEPCO), after completing inspections, will restart a reactor on Wednesday at the?Kashiwazaki - Kariwa?nuclear plant. This is its first move of this kind since the Fukushima nuclear disaster in 2011. TEPCO announced that it would bring online the 1,36 gigawatt reactor (GW) No. 6 after 7 pm (1000 GMT). The reactor No. 6, which is one of seven in Kashiwazaki-Kariwa's nuclear power plant, can produce 8.2 GW at full capacity. TEPCO investigated an alarm malfunction. TEPCO reported that the equipment was working normally as of early Wednesday morning. Reactor No. Reactor No. Reactor No. Reactor No. 7 is expected to be brought on line around 2030, and others could be decommissioned. After the 2011 meltdown of TEPCO’s Fukushima Daiichi nuclear reactor, Japan's fleet of 54 reactors was shut down. The Prime Minister Sanae Takaichi has been pushing for new reactors to be built, particularly small modular reactors and new-generation reactors. Recently the government announced a new funding scheme in order to speed up the nuclear power revival. After a setback in the offshore wind rollout, and the inflation pressure caused by fossil fuel imports to Japan, it is turning its attention back to nuclear energy to boost its energy security and to reduce its gas and coal purchases. The restart of Kashiwazaki Kariwa, the first by TEPCO after the Fukushima catastrophe, is a test for the entire Japanese Nuclear Power Industry, since six other utilities including Chubu Electric Power Co are waiting for a decision on the potential restarts of their reactors. Japan is also focusing on the developments as it seeks to increase cooperation with its closest ally the U.S. regarding new-generation reactors and SMRs. The global atomic industry, however, is dominated by China, and Russia. The Japanese nuclear watchdog announced this month that it would order Chubu Electric?to provide a detailed, unbiased report on the falsified seismic data, and to pause?a review?of its application to restart Hamaoka - the utility's only atomic power plant - as public opinion remains divided about nuclear energy. Commodity analysts from?Kpler predict that liquefied gas imports to Japan, which is one of the top two buyers in the world, will drop by 4,000,000 metric tons to 62,000,000 tons by 2026, compared to an earlier year, due to increased nuclear power availability. The commercial operation of Unit 6 is expected to begin early in the year. (Reporting and editing by Jamie Freed and Muralikumar Anantharaman; Thomas Derpinghaus and Thomas Derpinghaus).
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MORNING BID EUROPE - Markets hold onto hopes of Davos' de-escalation
Stella Qiu gives us a look at what the future holds for European and global markets. Wall Street has spoken and the verdict is not pretty. The dollar dropped the most in a month, while Treasuries took a beating. The 30-year Treasury yield was heading towards the danger zone of 5%. This brought back memories of "Sell America", though everyone is wondering if Trump will "TACO" like he did last April with his tariffs. According to him, there is no turning back from Greenland. Markets are still holding out hope that this is just bluster from the "Art of the Deal", and he may choose to deescalate his stance during his speech in Davos. The Treasuries also held steady. The sell-off of regional stocks also slowed. This was helped by gains made in Chinese shares, while Japan's Nikkei trimmed its losses to 0.5%. The European stock exchanges will open with a muted opening, as the EURO STOXX futures are down by 0.1%. The global bond market rout has also paused. This provides some relief to investors who have been caught in a perfect hurricane of concerns over U.S. exposure and an increase in Japanese government borrowing costs. After a jump of 26 basis points on Tuesday, the yield for 40-year bonds has fallen by 6 basis point. The opposition criticized the fears of a spending spree by Japanese Prime Minister Sanae Takayichi. Gold, the safe-haven, is still in high demand, with prices up 1.5%, to $4,800 per ounce. Platinum has also crossed $2,500, for the first. The U.S. Supreme Court will hear arguments in the Federal Reserve Governor Lisa Cook Case later today, just in case anyone forgets what Trump tried to do to central bank. Markets could be affected by key developments on Wednesday Trump Delivers Key Address at World Economic Forum Davos CPI in the UK for December Christine Lagarde, President of the ECB, speaks at Davos World Economic Forum The U.S. Supreme Court will hear oral arguments regarding Trump's attempt to remove Fed Governor Lisa Cook
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Rio Tinto's quarterly shipment increase results in a loss of iron ore futures
The price of iron ore fell for a fifth consecutive session on Wednesday, as Rio Tinto, world's largest supplier, reported strong shipments during its fourth quarter. Meanwhile, concerns over safety inspections were weighing on the Chinese market. The May contract for iron ore on China's Dalian Commodity Exchange ended the morning trading 0.25% lower, at 784.5 Yuan ($112.63) per metric ton. The benchmark iron?ore for February on the Singapore Exchange fell 0.74%, to $103.2 per ton at?0349 GMT. It had previously touched its lowest level since December 17, when it was $103. Rio?Tinto announced a 7% increase in fourth-quarter shipments of iron ore on Wednesday. This was aided by a record quarterly production?from Pilbara and a strong rail and port?performance. The Chinese iron ore price would be pushed down by an increase in foreign iron ore exports. Concerns about stricter safety regulations following an explosion in a steel-plate factory in Inner Mongolia, China's northern region, fueled fears over the?demand for feedstocks. Mysteel data released on January 21 shows that although hot metal production increased by 22,800 millions of tons from week to week, iron ore transaction volumes at major Chinese ports have been slow. The Shanghai Metals Market said that the overall sentiment was bearish and risk averse. Iron ore prices were seen as facing "resistance" in the short term. Coking coal and coke, which are both steelmaking ingredients, declined by?2.65% apiece. The benchmark steel prices on the Shanghai Futures Exchange fell. Rebar fell 0.42%; hot-rolled coils lost 0.21%; wire rod weakened 0.17, and stainless steel was unchanged. $1 = 6.9653 Yuan (Reporting and editing by Sumana Nady; Ruth Chai)
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Bankers: Adani Power to sell largest-ever rupee bonds, say India
Two?merchant banks have confirmed that Gautam Adani, the Indian billionaire Gautam Adani and his power company plan to raise 75 'billion rupees (823.7 millions dollars) at their largest-ever rupee bond sale later this week. Bankers said on Tuesday that Adani 'Power' aims to raise funds by issuing multiple tranches with maturities ranging from two to five years. They also added that the company had invited bids for Friday. The coupon will be 8.00% and 8.20% for the bonds of two and three years, and 8.30% or 8.40% on the papers of four and five years. The coupon is paid on a quarterly basis. Adani Power aims to raise 28,60 billion rupees via the two-year option and 26,90 billion rupees via the three-year paper. Adani Power expects to raise 6.75 billion rupees via the four-year paper and 12.75 billion through the five-year note. The proceeds will be used to fund capital expenditures, working capital, debt repayment, prepayment, and other corporate purposes. Adani Power didn't reply to an email asking for comment. Bankers say that some large mutual funds will act as anchor investors in the issue. This is expected to attract strong demand from banks and other funds. The bonds have been rated "AA" by Crisil and India Ratings. Coupons are set to increase 25 basis points with each notch of rating downgrade. In the first half of this year, Adani Ports and Special Economic Zone raised 50 billion rupees through 15-year bonds placed directly with Life Insurance Corporation of India. $1 = 91.0540 Indian Rupees (Reporting and editing by Dharamraj Dhutia, Khushi malhotra).
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As US and EU fight over Greenland, gold crosses $4,800.
Gold prices surged above $4,800 an ounce Wednesday,?buoyed?by safe-haven demands and a weaker dollar, as U.S. President Donald Trump's pursuit for Greenland threatened a new trade war with Europe, and to upend NATO. Gold spot rose by 1.2%, to $4,821.26 an ounce, at 0226 GMT. It had earlier reached a session high of $4,843.67. U.S. Gold Futures for February Delivery climbed 1% per ounce to $4,813.50 It's the loss of trust in the U.S. that Trump caused over the weekend by his moves to impose tariffs on European countries and to increase his coercion to try to take Greenland. The move in gold reflects concerns about global geopolitical tensions, according to Kyle Rodda. Trump said on Tuesday that he would not "go back" from his plan to take control of Greenland. He refused to rule out the possibility of taking the Arctic Island by force, and slammed?NATO's allies. Later, he said: "We'll?work out something where NATO will be very pleased and where we'll be very satisfied." The French President Emmanuel Macron also said that Europe will not be intimidated or give in to bullies, in a scathing critique of Trump's threats of steep tariffs in Davos if Europe doesn't let him take over Greenland. Rodda stated that investors were selling dollars, selling Treasury bonds, especially at the long end, and instead buying gold because they had more confidence in gold than in U.S. currency. The dollar remained near its three-week lows in relation to the euro and Swiss franc. Asian stocks continued their declines for a third day, while a global debt rout appears to have slowed?for the moment. The greenback price of metals is cheaper for buyers overseas due to the weaker dollar. The Federal Reserve is expected to keep interest rates steady at its meeting on January 27-28, despite Trump's call for reductions. In low-interest rate environments, non-yielding gold bullion performs very well. Silver spot fell 1%, to $93.59 per ounce after reaching a record high on Tuesday of $95.87. The spot platinum price fell 0.7%, to $2,445.96 an ounce, after reaching a record of $2,511.80 earlier in day. Palladium dropped 0.5%, to $1,857.19. (Reporting by Ishaan Arora in Bengaluru; Editing by Sumana Nandy and Subhranshu Sahu)
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Evolution Mining, Australia's gold mining company, posts record-high gold production and shares.
Evolution Mining, a gold producer in Australia, reported an increase in second-quarter production on Wednesday. This was due to strong performances?across virtually all assets. Its shares reached a record high. The shares of the company, which is majority owned by?AustralianSuper, the largest pension fund in the country, rose up to 9.18%, reaching a new record A$14.750. This was their biggest intraday gain percentage since August 14, 2024. Gold miner produced 191,000-ounces of the precious metal in the last quarter of the year. This compares to 174,000-ounces the quarter before. Evolution attributes the increase in output to a strong performance at its Cowal Project in New South Wales. The open-pit mine produced 80.000 ounces of gold during the quarter ending December, up from 71,000 ounces in the previous quarter. The mine produced higher-quality gold, which made underground operations at Cowal smooth. Evolution is the only owner of this mine which has a life expectancy until 2042. Jefferies analysts said Cowal's performance was in line with Visible Alpha estimates. Mungari, a mining hub in Western Australia's underground mines, has logged a record quarterly output of 50,000-ounces. This is the fourth consecutive quarter that production has grown. A historic rise in the global gold price led to a higher quarterly gold 'price' of A$6,206 an ounce for the group. In a note, Jefferies said that, "While 2Q gold production was in line with expectations, it exceeded ours," adding that record gold prices had boosted Evolution's financials. Evolution, based in Sydney, has confirmed its group production forecast for fiscal 2026 of between?710,000 and 780,000 ounces of gold and 70,000-80,000 metric tonnes for copper. The company produced the same amount of copper as it did in the previous quarter. (Reporting by Rajasik Mukherjee; Editing by Subhranshu Sahu)
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Chile's Kast names Quiroz finance minister, taps Pinochet defenders for cabinet
The Chilean President elect Jose Antonio Kast named Jorge Quiroz, an economist, as his finance minister on Tuesday. He is part of a?cabinet that also includes two lawyers who supported dictator Augusto Pinochet. This move has re-ignited tensions about human rights in advance of Kast's inauguration. Kast also named Daniel Mas as the new head of the Mining Ministry. Chile is the second largest lithium and copper producer in the world. Quiroz was already on the list of businessmen that the incoming president had informed. Quiroz was Kast's principal economic advisor. He holds a doctorate in Economics from Duke University, the U.S. Quiroz said Chile's economy is in a "decline" and that it can be improved by addressing security, deregulations, cutting corporate tax, and making?fiscal adjustment. This was an issue that was raised during the presidential election. Mas is a businessman and vice-president of Confederation of Production and Commerce. He has a long and successful career in the private sector. His work includes real estate, construction and financial services. He will also be the minister for economic development. Kast who will be taking office on 11th March, also appointed two attorneys that defended Pinochet a brutal dictator who ruled Chile between 1973 and 1990. Fernando Rabat will now lead the Ministry of Justice and Human Rights. This ministry is still responsible for cases relating to the dictatorship. When rumors of his nomination leaked, human rights groups and families of those killed under Pinochet's rule criticized Rabat. Pinochet died in 2006. Pinochet died in 2006. After Pinochet was arrested in London, England in 1998, the Defense Minister Fernando Barros defended him and fought to free him. Pinochet, who was initially arrested and extradited from Chile to Spain on charges of torture, murder?and crimes against humanity before returning in 2000 for medical reasons. Kast?also named Francisco Perez Mackenna minister of foreign affairs. Perez Mackenna was the manager of?the Luksic billionaire family's business interests for nearly 30 years. Trinidad Steinert will head the Ministry of Public Security. This is a key role in fulfilling Kast’s campaign promise of cracking down on crime. (Reporting and editing by Cassandra Garrison, Thomas Derpinghaus and Cassandra Garrison)
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Asian shares continue to fall, bond market turmoil stokes new anxiety
Asian stocks continued to fall for a third day on Wednesday, dragged down by increased tensions surrounding U.S. threats of acquiring Greenland in advance of President Donald Trump’s Davos address. However, a global bond sell-off appeared to have slowed for the moment. The fear of the "Sell America" trade - which emerged in the wake of last year's "Liberation Day tariff announcements" in April – gripped the markets overnight as Wall Street fell over 2% and the U.S. Dollar suffered its largest fall in more than a month. Investors fled to gold and silver which had both reached record highs. Mantas vanagas, senior economist at Westpac, said that the'sell America trade' was driving the major market movements overnight. Investors were looking to reduce their exposure to the U.S. as they viewed it as an unreliable and self-defeating partner. Trump has however redoubled his rhetoric on Greenland. He said that there is "no turning back" from his goal of controlling the island and refused to rule out taking control by force. Trump's threat to impose tariffs on Europe also reignited fears of a trade war. On Thursday, the European Union will convene a summit to discuss this issue. The long-standing U.S./EU alliance is clearly in danger. The World Economic Forum is in Davos, where Trump will deliver a speech Wednesday. MSCI's broadest Asia-Pacific index outside Japan dropped 0.3% in early trading. Japan's Nikkei fell 1.2% for the fifth consecutive day. Nasdaq and S&P futures both rose 0.2% overnight after Wall Street experienced its biggest drop in three months. The S&P500 fell by 2.06%, while the Nasdaq Composite dropped by 2.4%. The Euro STOXX50 futures and the DAX futures both fell by 0.4%. JAPAN'S BOND RULE PAUSES FOR NOW The global bond markets were still recovering from a brutal selling off, caught in a perfect hurricane of concerns over U.S. exposure and an increase in Japanese government bonds yields. Bond yields in Japan soared to new records due to fears of increased government spending by Prime Minister Sanae Takayichi. Investors tried to catch their breathe in the early trading. The 40-year Japanese Government Bond yields fell 6 basis points to 4.145% on Wednesday, after surging 26 basis points a day earlier and reaching a record high 4.215%. Other tenors remain thinly liquid. Treasury yields in the United States were also stable on Wednesday. The benchmark 10-year rate fell 1 bp, to 4.285%. It had jumped overnight by 7 bp to reach a five-month peak of 4.313% on the back of "Sell America". Danish pension fund AkademikerPension announced on Tuesday that it will sell its holdings of U.S. Treasuries worth about $100 million by the end this month. It blamed weak U.S. Government finances. The U.S. Dollar remained at 98.56 per dollar against major peers after dropping 0.5% over night - the largest daily drop since early December. The yen was stable at 158.19 dollars, but it lost out in a few crosses. The Swiss franc hit a record-high of 200.19 yen. Bank of Japan will meet on Friday. Though a rate increase is not expected, policymakers may tighten up the monetary system as early as April. The oil prices dropped as geopolitical tensions, and the expected increase in U.S. crude stocks outweighed a temporary stoppage of production at two large Kazakh fields. West Texas Intermediate crude prices fell by 1.31% in March to $59.57 per barrel. Silver prices also rose, but only by 0.4%, to $95.01, falling short of the record of $95.87 set on Tuesday.
Shanghai copper prices drop as SHFE increases margin requirements and demand remains weak
The Shanghai Futures Exchange increased margin requirements on certain copper contracts, which led to a drop in the price of copper in China.
As of 0330 GMT, the most-traded metric ton?copper contract traded on SHFE fell 0.65%, down to 100,580 Yuan ($14440.15).
However, the benchmark three-month?copper? on the London Metal Exchange gained 0.65%, to $12,836.50 per ton.
SHFE announced on Tuesday it will increase the margin ratios for certain metals, including copper, silver, gold, and aluminum futures contracts, and expand daily price limits from January 22, 2019.
This?move was widely seen as a way to stabilize the market, since copper prices have seen sharp price swings over the past few weeks after a record-setting rise in 2025.
Shanghai copper has gained?1.58% this year after setting a new record of 105.870 yuan per ton.
The price of copper was still high, and this pressured the demand.
The Yangshan copper is a premium
Copper premium is available on the domestic market
The?red metal's price was supported by the expectation of a tight supply on the U.S. markets due to tariffs and mine disruptions.
Tin was the only gainer in the SHFE base metals. The most-active contract rose 1.79% to 402,600 yuan per ton. On the LME it rose 2.20% to $50,000 a ton.
The Indonesian military's crackdown on mining activities in illegally cleared forests continues to unnerve the industry and push up tin price.
Aluminium, zinc, and lead all fell in price. Nickel also dropped 1.16%.
Aluminium, zinc, lead, and nickel all rose on the LME.
Wednesday, January 21, DATA/EVENTS - 0700 UK Core CPI YY December 0700 UK CPI MM Dec 200700 UK CPI Services YY December 0700 UK CPI Services MM - Dec 0700 UK CPI Services YY - Dec 0700 UK CPI Services YY – Dec 1100 UK CBI Q1 Business Optimism
(source: Reuters)