Latest News
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Severe weather strikes the Midwest and South of the US, killing two people in Oklahoma
Police said that at least two people including a child died after their vehicle became stranded on flood waters in Oklahoma, during the Easter weekend, when severe weather and flooding affected parts of the U.S. South, Midwest and Midwest. In a press release, police in Moore (Oklahoma), about 11 miles south-southeast of Oklahoma City, stated that the weather was "historic". "One (of the vehicles) was swept underneath the bridge. All but two of the occupants were saved at the time. "It is with deep sadness that we announce that two people, an adult male and a 12-year old boy, were found dead later," the statement said. The police in Moore, Oklahoma have urged residents to stay home. They responded late Saturday to more than a dozen calls by residents who were stuck in their vehicles because of high water. Oklahoma was covered by flood warnings that indicate a flood may be imminent or has already occurred. National Weather Service stated on Sunday that severe thunderstorms are expected to occur from east Texas through far southeast Iowa, Illinois and into central Arkansas. A strong tornado with damaging winds is also possible from central Arkansas and central Missouri. The National Weather Service has issued a tornado watch for certain parts of Arkansas and Kansas, Louisiana, Missouri and Oklahoma. A deadly spring storm that swept across the U.S. from Texas to Ohio caused tornadoes, heavy rains, and even a few deaths in the South and Midwest. (Reporting and editing by Mary Milliken, Chris Reese and Kanishka Singh from Washington)
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Russia-Ukraine War: US welcomes extension of ceasefire
The U.S. State Department announced on Sunday that it would be happy to see the one-day ceasefire declared by Russian president Vladimir Putin for Easter extended beyond Sunday, despite the Kremlin's earlier statement that there had been no extension order. Both Russia and Ukraine have accused each other of violating the ceasefire. Putin declared a ceasefire for one day in Ukraine, until Sunday midnight Moscow time (2100 GMT). KEY QUOTES "We've seen that President Putin announced a temporary truce due to Easter. In an email statement sent on Sunday, a spokesperson for the State Department said that they remain committed to achieving full and comprehensive peace. As we evaluate their seriousness, we welcome the extension of this punishment beyond Sunday. Why it's important U.S. president Donald Trump Has repeatedly warned about the risk of escalation in the three-year old war that was started by Russia's full scale invasion of its neighbor, and has said he wants the war to end. The U.S. secretary of state has said that the war should be ended. Marco Rubio Washington said that it will abandon efforts to broker a deal for peace if there are no clear signs of progress in the near future. Trump announced that he would sign a mineral deal with Kyiv within a week after the U.S.A. and Ukraine signed a Memorandum of Understanding on Thursday. A failed attempt in February was the result of Zelenskiy and Trump's clash in the Oval Office. CONTEXT Volodymyr Zelenskiy, the Ukrainian president, said that Russia pretended to respect the Easter ceasefire but in reality, it had continued hundreds of artillery assaults Saturday night and more on Sunday. Russia's Defence Ministry claimed that Ukraine violated the ceasefire and caused damage to civilians and infrastructure. Putin wants Ukraine to give up its NATO ambitions and permanently cede the four lost regions to Russia. He also wants to limit its army size. Kyiv claims that these demands amount to a demand for its capitulation.
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Congo suspends the former President Kabila's Political Party
The government of the Democratic Republic of Congo has suspended the political party of former President Joseph Kabila and ordered the seizure of his assets over allegations that he supported rebels in eastern Congo backed by Rwanda. The 53-year old, who ruled the country from 2001 to 2019 and only stepped aside after violent protests against him, said that he wanted to return to Congo in order to find a resolution to the conflict. In a statement issued late Saturday, the interior ministry stated that his party had been suspended for assisting the M23 rebels. The justice ministry also said assets of his and other leaders would be confiscated after acts deemed high treason. In both statements, prosecutors were instructed to begin proceedings against him. However, no specific accusations were made. Kabila did not respond immediately. In a letter to the editor, Ferdinand Kambere (secretary of his Party for Reconstruction and Democracy) called the suspension of its members a flagrant breach of Congo's Constitution and Laws. Since the beginning of this year, the M23 has taken control of two major cities located in the mineral rich east. The conflict in this region dates back to the Rwandan genocide of 1994 and the struggle over minerals. Kabila took power in the aftermath of his father's death and refused to leave when his term ended in 2016. Since then, he has lived in several African countries. (Writing Jessica Donati Editing Sofia Christensen, Andrew Cawthorne and Andrew Cawthorne).
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Shenghe, a Chinese rare earths processor, sees a minimal impact of the US feedstock ban
Shenghe Resources, a Chinese company, said that the suspension of shipments from its U.S. partners of rare earth raw concentrator will not have a significant impact on production because of the company's diverse supply chain. MP Materials, the owner of the U.S.'s only rare earths mine said that it has stopped shipping these vital minerals to China due to the 125% tariffs Beijing imposed on U.S. imports as a retaliation against U.S. tariffs imposed on Chinese goods by President Donald Trump. Rare earths is a grouping of 17 metals which are used in the production of magnets for electric cars, mobile phones and other electronic devices. China, the dominant producer in the world, halted this month exports of rare earths that were added to an export control list as a form of retaliation. MP Materials, which is a major player in the rare earths industry, imports large quantities of concentrate from other countries to feed its processing plants. Shenghe stated in a press release that "we have created a diversified channel of supply for rare earth raw materials. We use monazite as an alternative to Sichuan, and we also supply other countries." "The supply agreement with MP remains valid." Shenghe did not provide details. In January 2024, the company and MP Materials renewed a offtake agreement through Shenghe’s subsidiary in Singapore. The agreement will remain in place for two years but can be extended by another year. Customs data show that China's imports from the U.S. of rare earth raw material have declined for the past two years. They fell by 13.7% last year and 16.9% in 2023.
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VEB, a Russian copper mining company, will invest $13.4 billion in the country's Far East
The Russian government announced on Saturday that the state-owned development bank VEB would invest over 1.1 trillion Russian roubles (about $13.40 billion) in order to develop a mine of copper in Chukotka, in the extreme east of the nation. A government press release stated that the development of Baimskaya, which was discovered in 1972, will create 6,000 jobs, and generate tax revenues in excess of three trillion roubles. Chukotka, the easternmost federal subject in Russia, is a mountainous area. Around half of the region is above the Arctic Circle. Once operational, the deposit will increase Russia's gold production by 4% and copper production by 25%. "We continue to build not just a mining and processing plant, but a powerful and technologically-advanced industrial complex that will strengthen Russia's position in the global market and become a new point of growth in the Arctic," said Georgy Fotin, general director of the Baimskaya Management Company LLC. Vladimir Putin named the Arctic region as one of Russia’s most important economic interests. He has also increased commerce through the Northern Sea Route, as Moscow has shifted trade away from Europe and towards Asia due to Western sanctions. The government announced on Saturday that the development of the Baimskaya deposit would increase the annual cargo traffic along NSR by two million metric tonnes. $1 = 82.1000 Russian Roubles (Reporting and editing by Kirby Donovan; Lucy Papachristou)
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At least 17 people killed in Nigeria by suspected herders
Police said that at least 17 people died when suspected cattle-herders attacked Benue State in central Nigeria on Thursday. This was amid an increase of violent clashes between farmers, herders and others. Food supplies in north-central Nigeria have been disrupted by years of conflict. This is a major agricultural area. Two days earlier, 11 people had been killed in Otukpo in Benue. A week before that, gunmen killed over 50 people when they attacked villages in Plateau State. According to SBM Intelligence, since 2019, more than 500 people have died in the region as a result of the clashes. 2.2 million others were forced to flee their homes. Police said that a separate group of suspected cattle herders killed five farmers early Friday morning in the Ukum Local Government Area of Benue, near Gbagir. Police spokesperson Sewuese Aene stated that the attackers fired as police moved in to confront them. Police said that while officers were engaged in the attack at Ukum another 12 people died in an attack 70 km away in Logo local council. (Reporting and writing by Camillus Eboh, Ben Ezeamalu and Andrew Heavens; editing by Andrew Heavens).
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Toronto FC wins rare road game at Real Salt Lake
Toronto FC hasn't beaten Real Salt Lake in Utah for nearly 18 years. Real Salt Lake is 10-0-2 against Toronto FC at home since their first ever meeting. They will look to add to that record when they meet in Sandy, Utah on Saturday. Toronto defeated Real Salt Lake 2-1 on July 4, 2007, in a match held on the University of Utah's campus in Salt Lake City. RSL has dominated home matches since then with an unbeaten streak, which includes a win in the 2010 CONCACAF Champions League. Toronto's first-year coach Robin Fraser stated, "It is a difficult place to play." They have played well there in the past. Toronto's results there haven’t been great over the years because it’s a difficult place. Toronto FC hasn't had a good season so far (0-4-4, four points). Toronto was 0-4-1 in its first five games before it played three consecutive draws. The club was held scoreless at Minnesota United last week. Deandre Kerr, a Toronto player, will miss his third consecutive game due to an injury to his ankle. Federico Bernardeschi and Deandre Kerr are tied with two goals each for the team's lead. Fraser believes Kerr will be out for at least another month. Real Salt Lake (3-5-0, 9 points), has lost three of its last four matches. The result last week was a painful one. Nashville's Sam Surridge scored in the first minute after the second half's stoppage time the decisive goal that sent visiting Salt Lake down 2-1. Diego Luna, who scored three of the team's best goals, sees a team in progress that is yet to find its full stride. "We're playing well," Luna said. The team is improving, we are growing, and the chemistry is developing, but there are still little things to fix to bring it all together. RSL coach Pablo Mastroeni said: "We made some good progress in the past couple of weeks and played good stuff in our last game." We want to dial in some moments where we were a little naive. Salt Lake's Javain Brown has retired from the league after having surgery on Wednesday to repair an ACL tear and meniscus damage to his left knee. Brown injured his knee during a training session. Field Level Media
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Indonesian woman uses mangroves to fight rising tides
Pasijah is a 55-year old housewife from Indonesia's Central Java Province. She wakes every morning with the sound of waves. It's not as idyllic as it sounds. It is the last remaining house in this area of Rejosari Senik. This small village, located on Java's north coast, was once dry land and is now under water. Pasijah and her family are not planning to leave. She said in February that she had "every intention" to remain at the house and her feelings towards it remained. Pasijah, who has lived in her house for 35 years, is soaked by water when she steps out. The floor inside has been raised above the water level by using a power pole and bamboo arranged in haphazardly. Demak is 19 km away. The closest land is 2 km (1.24 miles). Only by boat can you get to the island. Indonesia is an archipelago made up of thousands of islands with a coastline of 81,000 km. This makes it vulnerable to erosion and rising sea levels. Kadarsah, an official with Indonesia's Meteorology, Climatology, and Geophysical Agency, said that sea levels along the coasts of the country rose by 4.25 millimetres per year on average between 1992 and 2024. However, the rate increased in recent years. He said that rising sea levels were a sign of climate change, and added that small islands had vanished. Kadarsah pointed out that increased pumping has also exacerbated the land subsidence along Java’s northern coast. Jakarta, Indonesia's largest city, is especially affected by the problem. It is home to 10 million people. Indonesian authorities are turning to mega-projects for a solution. One of these is a 700-kilometre sea wall along the northern coastline between Banten province and East Java. Pasijah, her family and friends have also turned to the natural world. Over the last two decades, she has planted around 15,000 mangroves trees per year. She paddles in a boat that is made of a blue barrel every day to plant saplings and tend to bushes. Pasijah explained that the flood waters came in waves and not at once. "I realized that I had to plant mangroves after the water began rising. They would spread and protect my house from the wind and waves. Her family and she survive by selling fish that her sons have caught in the market closest to them. They said they would stay until the tide was held back. Pasijah explained, "I don't care about my feelings about being isolated here anymore since I've decided to stay. We'll just take one obstacle at a time." (Reporting and writing by Ajeng dinar Ulfiana; Budi Purwanto and Johan Purnomo. Additional reporting and writing by Stanley Widianto. Editing and editing by Gibran peshimam and Kate Mayberry.
Copper's early-year rally leaves investors not impressed: Andy Home
Medical professional Copper has started 2025 with a spring in his action after a year when the early bull party was followed by a prolonged hangover.
The London Metal Exchange three-month cost has risen every day in January and is now up 4.0% from the start of the month, making copper the early outperformer of the LME base metals pack.
Market optics have turned more bullish. Exchange copper stocks fell from 600,000 metric loads at the end of August to 430,000 lots at the close of December led by a high decline in Shanghai Futures Exchange (ShFE) inventory.
Decreasing stocks and China's increasing import hunger have rekindled optimism that the country is finally turning an financial corner.
Fund managers are unsure, with financiers' long positions only partially ahead of bearish bets on both the CME and LME copper agreements.
The care is down to the troubling possibility of tariffs and an escalating trade war after U.S. President-elect Donald Trump takes office next week. CME's widening premium to London suggests the copper market is taking the prospect seriously.
UNDECIDED, UNCOMMITTED
Fund supervisors ended last year holding a small net brief on the CME copper contract. The balance moved to the long side in the first week of 2025 as copper's cost strength cleaned some of the bears.
However, the net long is a minimal one at simply 6,138 agreements with bears and bulls secured an anxious stand-off. Outright long positions have held relatively stable because the start of December however are half the levels seen last May, when funds were rushing to join copper's record-breaking rally.
Perhaps equally informing is the stable decline in both volumes and open interest on the CME because May, which recommends lots of financiers have actually left copper looking for hotter returns.
Indeed, copper trading volumes fell on all three international exchanges in December as fund money disengaged.
Whether it will return will depend on the interplay of copper's favorable micro dynamics and a threatening macro outlook.
FACTORS TO BE CHEERFUL
After awaiting the majority of in 2015 for a financial rebound in China, the world's biggest copper purchaser, the market is now seeing signs of life.
Stubbornly high Shanghai stocks and an unusual burst of Chinese refined metal exports deflated copper's bull bubble last year, but stock and trade trends have turned.
ShFE stock peaked at 337,000 tons in June in 2015 however sank gradually to just 74,000 heaps at the close of December.
China's imports of refined copper increased from a 2024 low of 276,000 loads in August to 398,000 loads in November and accelerated further to a 13-month high in December.
The Yangshan copper premium << SMM-CUYP-CN >, a closely-watched gauge of China's import need, is presently at an one-year high of $75 per ton, showing China is still starving for metal.
Offered China's own production has been expanding, the reasoning is that the country is experiencing a sharp pick-up in need.
REASONS TO BE DISMAL
The issue is that this abrupt development spurt in China may be all about exporters ramping up production and deliveries ahead of any U.S. tariffs.
While no one is quite sure how Trump 2.0 will play out, it's. certain that Chinese goods will be in the brand-new administration's. tariff sights.
That might chill Chinese export demand and, undoubtedly, global. demand if the U.S. also takes aim at the European Union.
China's huge manufacturing sector is still stuck in neutral. while European factory activity has actually been contracting since the. middle of 2022.
Tariffs, especially on metals-intensive sectors such as. the automobile industry, are most likely to depress international. producing yet even more.
On the other hand, Trump's pledge to roll back a few of his. predecessor's environmental policies has dampened a few of the. bullish liveliness around copper's green energy narrative.
Strong need from green sectors such as electrical lorries. and solar panels has helped offset weak conventional need. chauffeurs such as the residential or commercial property sector over the last year.
The possibility of a combined tariff war and U.S. downturn in. new-energy release is not a delighted one for Medical professional Copper.
MIND THE TRUMP SPACE
The copper market has actually already responded to the possibility of. tariffs in the form of a widening space in between CME and LME. markets.
The CME premium to its London peer has swollen from near. absolutely no at the start of 2025 to more than $400 per ton. That makes. sense provided the CME is a duty-paid customs-cleared contract,. making it extremely sensitive to any change in import duties.
The premium has yet to strike the extreme levels seen last May,. when CME shorts got caught in a relentless capture due to. incredibly low exchange stocks.
CME stock has considering that increased from under 7,000 loads in. June to almost 85,000 loads even as LME and ShFE stocks have actually been. falling.
More metal is likely prowling off the market, offered U.S. copper imports surged to 345,000 tons in the third quarter of. 2024 from 166,000 heaps in the previous quarter.
The widening arbitrage is a reward for yet more metal to. be shipped to the U.S. before the tariff gate comes down.
If it falls on copper, the U.S. premium is likely to end up being. a brand-new volatile component of the global market.
If Trump makes good on his danger to tariff everybody, the. resulting disturbance to international trade is likely to become the. specifying feature of the copper price this year.
Funds are seemingly in wait and see mode.
The opinions revealed here are those of the author, a. writer .
(source: Reuters)