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Iron ore posted a weekly loss due to softer China demand and trade uncertainty
The price of iron ore futures fell on Friday, and the weekly loss was attributed to a softer demand in China for this steelmaking component. Traders are bracing for more trade uncertainty. The Dalian Commodity Exchange's most traded September iron ore contract ended the daytime trading session 0.43% lower, at 702 Yuan ($97.65), a metric tonne. This represents a loss of 2.84% over the past week. As of 0704 GMT, the benchmark June iron ore traded on Singapore Exchange was $96.25 per ton down 0.66%. This week, the contract has fallen by 1.91%. The hot metal production, which is typically used as a gauge of iron ore demand to determine the market, has fallen for a third consecutive week. Data from Mysteel revealed that it was down 0.7% at 2.42 million tonnes on May 30. In a recent note, Galaxy Futures said that the seasonal demand for steel is at its peak and will continue to fall. Hexun Futures, a broker, says that iron ore prices remain somewhat stable as long as steel mills continue to make decent profits. A poll conducted on Friday showed that China's manufacturing activity probably contracted for the second consecutive month in May. This suggests that trade tensions between China and its major export markets weigh on manufacturers' minds. The tariffs imposed by President Donald Trump in the U.S. will remain in place after a federal appellate court temporarily reinstated the duties on Thursday. This reversed a decision made on Wednesday by a trade court to block the most comprehensive of the duties. Coking coal and coke, which are used to make steel, also fell, by 5.28% apiece and 2.13% respectively. The benchmark steel prices on the Shanghai Futures Exchange were flat. Hot-rolled coils fell 0.81% and rebars 0.34%, but wire rods rose 0.12%. Stainless steel gained nearly 0.6%. China's financial market will be closed Monday due to a public holiday. Trading will resume Tuesday, June 3rd. $1 = 7.1889 Chinese Yuan (Reporting and editing by Mrigank Dahniwala, Janane Venkatraman).
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After a village is destroyed by ice, floods threaten the Swiss valley
The water trapped behind a glacial debris mass that buried and blocked a village in southern Switzerland this week has led to warnings of the need for further evacuations due to the threat of flooding. The village of Blatten was engulfed by a deluge of millions cubic meters of rock, mud, and ice on Wednesday. The few houses left were later inundated. The village's 300 residents were evacuated in May when part of the mountain behind Birch Glacier started to crumble. The flooding increased on Thursday, as a mound of debris measuring almost 2 km (1,2 miles) wide clogged up the River Lonza. A lake formed among the wreckage. This caused fears that the morass might dislodge, leading to more evacuations. Local authorities warned residents of Gampel and Steg - villages located several kilometres along the Lonza Valley - to be prepared for an emergency evacuation. When conditions permit, the army will be ready with heavy equipment such as water pumps, diggers, and other heavy machinery to assist. Rescue teams are searching for a man aged 64 who has been missing since the landslide. Local authorities suspended their search for the man on Thursday, citing that the debris mounds are too unstable and warned of possible rockfalls. Scientists suspect that the event is a dramatic illustration of climate change's impact in the Alps. Residents are still struggling to comprehend the extent of destruction. (Reporting and editing by Lincoln Feast; Dave Graham).
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ASIA GOLD - Indian gold demand is lagging as prices increase, and wedding purchases are cooling
The physical gold demand in India this week was tepid, due to an increase in prices at home and the end of wedding season, which kept buyers away. Premiums in China, India's top consumer, were also down. This week, Indian dealers offered a discount Last week, the discount was up to $49, but this week it is down to up to $31 per ounce, including 6% import duties and 3% sales taxes. The wedding season has ended and the monsoon is here, so jewellers expect a seasonal drop in demand. This is why people are holding off on new purchases," said Mumbai-based bullion dealers with a private banking institution. On Friday, domestic gold prices traded at around 94.900 rupees for 10 grams after reaching a low of 90.890 rupees in the first month of this month. In China, bullion traded at a premium of $15 per ounce above the global benchmark spot rate, compared to premiums between $16 and $30 last week. Ross Norman, a independent analyst, said that the Shanghai Gold Exchange has seen its drawdowns reach the lowest levels of the year, while imports were exceptionally high in the past few weeks, suggesting that the Chinese domestic market is overstocked. Data from the Hong Kong Census and Statistics Department showed that China's total imports of gold via Hong Kong almost tripled in April compared to March, reaching their highest level for more than a month. Hugo Pascal is a precious metals dealer at InProved. He said that despite the lower volume of trading, gold bullish bets are still dominant on the SHFE. In Hong Kong, gold In Singapore, the price was $0.30 to $1.30 higher. Gold traded at par prices with a premium of $2.50. In Japan, bullion The premium was $0.50. (Reporting from Anmol Choubey and Rajendra Jadhav, in Bengaluru; additional reporting from Brijesh Patel; editing by Eileen Soreng).
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Base metals decline as dollar firms, US tariff optimism fades
The dollar strengthened on Friday, and the market's optimism faded after a court decision that reinstated some of the largest tariffs imposed in the United States by President Donald Trump. As of 0521 GMT, the London Metal Exchange reported that three-month copper was down by 0.1%, at $9,562.50 a metric ton. Red metal, which is used for power and construction, continues to gain 4.8% this month and looks set to have its best month since Sept. 2024. The Shanghai Futures Exchange's (SHFE) most-traded contract for copper fell 0.3%, to 77 740 yuan per ton ($10 813). LME aluminium dropped 0.2%, to $2.445 per ton. Zinc fell 0.7%, to $2.656.50. Lead fell 0.6%, to $1.952, and nickel fell by 0.2%, to $15.335. Tin fell 1.4% to $30.790. Metals traders in Singapore reported that "the market rose yesterday on the optimism that the appeals court would be able to block Trump's tariffs. However, the rally faded as the appeals courts suspended the verdict." On Thursday, an appeals court in the United States temporarily reinstated Trump's most comprehensive tariffs. A day earlier, the U.S. Trade Court had ruled that Trump exceeded his authority by imposing these duties and ordered a blockade. Investors digested court's decision to maintain Trump's tariffs. The dollar index increased by 0.2% against rival currencies, making assets denominated in dollars more expensive for holders of other currencies. Investors are waiting for the Federal Reserve's preferred inflation indicator, the Personal Consumption Expenditures (PCE) Price Index Report due later that day. This could give them more insight into their policy direction. SHFE aluminium fell 0.2% to 20110 yuan per ton. Lead dropped 0.8% at 16,630 yuan. Nickel rose 0.9% to 128,810 yuan. Zinc lost 0.5% to 22250 yuan. Tin fell 2.6% at 251,120.
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How Trump's Trade War is Upending the Global Economy
The tariffs imposed by Donald Trump since his inauguration on January 20, 2017 have sent shockwaves through financial markets, and uncertainty has spread throughout the global economy. This timeline shows the major events: Trump imposes tariffs of 25% on Mexican imports, 10% on Chinese goods and most Canadian imports from February 1. He demands that they reduce the flow of illegal immigrants and fentanyl into the United States. Trump agrees to a 30-day suspension of his tariff threat against Mexico and Canada in exchange for concessions made on border security and criminal enforcement. The U.S. doesn't reach a similar deal with China. Trump delays tariffs until the Commerce Department confirms that systems and procedures are in place for processing low-cost packages from China and collecting tariff revenue. Trump increases tariffs on aluminum and steel to 25%, "without any exceptions or exclusions". March 3 - Trump announces that 25% tariffs will be imposed on imports from Mexico and Canada from March 4, and that all Chinese imports will face a 20% tariff on fentanyl. After a phone call with General Motors, Ford and Stellantis' chairperson and CEOs, the president agreed to defer tariffs on certain vehicles manufactured in Canada and Mexico for a month. Trump exempts Canadian and Mexican goods under the North American Trade Pact from 25% tariffs for one month. Trump announces a 25% import tariff on cars and light trucks. Trump announces global duties with a base of 10% on all imports, and much higher duties for some of the U.S. biggest trading partners. Trump suspends most of the country-specific tariffs he had imposed less than 24 hours before, following a financial market upheaval that erased trillions from global bourses. The 10% blanket duty on nearly all U.S. imported goods remains in place. Trump has announced that he will increase the tariffs on Chinese imports from 104% to 125%, which was the level in effect the day before. The extra duties on Chinese products, including those related to fentanyl, will now be 145%. April 13: The U.S. government grants exemptions from steep tariffs for smartphones, computers, and other electronics imported from China. In an effort to impose tariffs in both sectors, the Trump administration launched national security investigations under Section 232 of Trade Act of 1962 on imports of pharmaceuticals and semiconductors. May 4, Trump imposes 100% tariffs on all films produced outside of the U.S. May 9 - Trump announces a limited bilateral agreement with British Prime Minister Keir starmer that keeps 10% tariffs in place on British exports and modestly increases agricultural access to both countries. It also lowers U.S. prohibitive duties on British auto exports. On May 12, the U.S. & China agreed to temporarily reduce reciprocal tariffs. The U.S. and China agree to temporarily reduce reciprocal tariffs. May 13: The U.S. reduces the "de minimis", or low-value tariff, on China shipments. Duties for items up to $800 are reduced to 54% instead of 120%. May 23 - Trump announces he will recommend a 50% tariff on all goods imported from the European Union, starting June 1. He warned Apple that it would be subject to a 25% tariff on phones sold in the U.S. if they were not manufactured within the U.S. Trump retracts his threat to impose 50% tariffs on EU imports, and agrees to extend the deadline of talks between the U.S. May 28 - The U.S. Trade Court blocked Trump's tariffs in an sweeping ruling, saying that the president had overstepped his powers by imposing duties across-the board on imports of U.S. trading partners. The Trump administration announced that it would appeal this ruling. May 29: A federal appeals Court temporarily reinstates Trump's most sweeping tariffs. It said it was pausing lower court's decision to consider the appeal of the government, and ordered plaintiffs to respond by the 5th June, and the administration to do so by the 9th June. (Compiled in Gdansk by Paolo Laudani, Mateusz Rabiega and Jamie Freed; edited by Milla Nissi Prussak and Lincoln Feast.
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The market is looking at another OPEC+ production hike as the oil price drops for a second consecutive week
The oil price was on course for a second weekly drop on Friday. This was due to expectations of a further OPEC+ production increase in July, and new uncertainty following the latest legal twist that kept President Donald Trump's Tariffs in place. Brent crude futures fell 31 cents or 0.48% to $63.84 per barrel at 0424 GMT. U.S. West Texas Intermediate Crude fell 31 cents or 0.51% to $60.63 per barrel. Brent's July futures contract expires on Friday. The two contracts have both fallen by 1.5% this week. Investors priced in a further increase by the Organization of the Petroleum Exporting Countries (OPEC+), a group of eight members, at their meeting on Saturday. Robert Rennie, Westpac's director of commodity and carbon analysis, said in a recent note that the stage was set for a bumper increase to production. This could be higher than the 411,000-barrels-per day decision made at the two previous meetings. JPMorgan analysts said in a report that the potential price hike is due to the fact that global surpluses have widened from 2.2 million barrels a day to 2.2 millions. This likely means a price increase to stimulate a supply response and restore equilibrium. Prices are expected to stay within the current ranges, before moving into the high 50s by year's end. The U.S. tariffs will remain in place after a federal appellate court temporarily reinstated the tariffs on Thursday. This reversed a Wednesday decision by a trade court to block the most comprehensive of the duties. As traders assessed its impact, the block sent oil prices down more than 1%. Analysts predicted that uncertainty would continue as tariff wars progressed. Since Trump's "Liberation Day", April 2, announcement of tariffs, oil prices have fallen by more than 10%. The tariff war has fueled recession fears, which have clouded demand. Washington has added to the U.S. China trade tensions by ordering a wide range of companies to cease shipping goods to China, including butane and ethane, without a licence and revoking licenses granted to certain suppliers. Analysts at JPMorgan noted that global oil demand increased from the previous weeks, mainly due to a rebound in U.S. consumption of oil, as a result of the long Memorial Day weekend and the influx of travelers. They said that the global oil demand growth is currently at a rate of approximately 400,000 barrels per day (bpd) as of May 28. This is 250,000 bpd less than expected. Colleen Liu and Siyi Howe reported from Beijing, while Sonali Paul edited the article.
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Iron ore to fall by a weekly loss due to softer China demand and trade uncertainty
The price of iron ore futures fell on Friday, and are set to lose money for the week due to a softer demand for this steelmaking ingredient. Traders brace themselves for more trade uncertainty. As of 0254 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was trading 0.14% lower. It was 704 yuan (US$97.97) per metric ton. This week, the contract has fallen by 2.28%. The benchmark June ore price on the Singapore Exchange is 0.35% lower, at $96.55 per ton. This week it has lost 1.25%. The hot metal production, which is typically used as a gauge of iron ore demand to determine the market, has fallen for the third consecutive week. It was down by around 0.7% at 2.42 million tonnes on May 30, according to data from Mysteel. In a recent note, Galaxy Futures said that the seasonal demand for steel is at its peak and will continue to fall. Hexun Futures, a broker, says that iron ore prices remain somewhat stable as long as steel mills continue to make decent profits. The tariffs imposed by President Donald Trump in the U.S. will remain in place after a federal appellate court temporarily reinstated the tariffs on Thursday. This reverses a decision made on Wednesday by a trade court to block the most comprehensive of the duties. The weakening dollar was also a factor in the price rise, as it headed towards its fifth consecutive monthly drop on account of increased trade uncertainty. Dollar-denominated investments are more affordable for holders of currencies other than the U.S. Coking coal and coke, which are used to make steel, also fell, by 3.46% apiece. The benchmark steel prices on the Shanghai Futures Exchange were flat. Hot-rolled coil and rebar both lost 0.68% while stainless steel and wire rod gained 0.4%. The Chinese financial markets will close on Monday due to a holiday. Trading will resume Tuesday, June 3rd. The trading will resume on Tuesday, June 3.
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As the dollar strengthens, US tariff optimism wanes
The dollar strengthened on Friday, and the market's optimism waned after a court decision that reinstated some of the largest tariffs imposed in the United States by President Donald Trump. As of 0240 GMT, the London Metal Exchange reported that three-month copper was down by 0.2%, at $9,550 a metric ton. Red metal, which is used for power and construction, continues to gain 4.6% this month and looks set to have its best month since Sept. 2024. The Shanghai Futures Exchange's (SHFE) most traded copper contract fell 0.4%, to 77 680 yuan per ton ($10 807.50). LME aluminium dropped 0.4%, to $2.441 per ton. Zinc fell 0.7%, to $2.656, while lead fell by 0.4%, to $1.954, and nickel fell by 0.4%, to $15.310. Tin fell 1.1% to $30,00855. Metals traders in Singapore reported that "the market rose yesterday on the optimism that the court would be able to block Trump's tariffs. However, the rally faded as the appeals courts suspended this verdict." On Thursday, an appeals court in the United States temporarily reinstated Trump's most comprehensive tariffs. This came a day after the U.S. Trade Court ruled that Trump had overstepped his authority by imposing these duties and ordered a blockade. Investors digested court's decision to maintain Trump's tariffs. The dollar index increased by 0.2% in comparison to its rivals. This makes dollar-denominated investments more expensive for holders of other currencies. Investors are waiting for the Federal Reserve's preferred inflation indicator, the Personal Consumption Expenditures (PCE) Price Index Report due later that day. This could give them more insight into their policy direction. SHFE aluminium fell 0.4% to 20060 yuan per ton. Lead dropped 1% at 16,585 Yuan. Nickel rose 1% at 120,960 Yuan. Zinc lost 0.7% at 22,200 yuan. Tin fell 2.5% to 25,310 yuan.
Brazilian Indigenous artists use film to fight for their rights
Brazilian filmmakers present their work
Films are being used to fight for Indigenous land rights
Native artists can demonstrate strength and legitimacy of their cause
By Andre Cabette Fabio
One rainy night, two dozen film lovers sat in front of a projector and watched as Amazonian filmmaker Takuma Kikuro demonstrated a Fulni-o ritual.
Fulni-o people live in northeastern Brazil. They, along with most Indigenous Brazilians, have been involved in longstanding battles about their land rights.
Takuma said that indigenous cinema was an instrument of fight. He also showed his short "Jungle Fever", about a shaman facing wildfires with his son.
He said, "We're developing it to be seen around the world. Not only in theatres, but on TikTok and YouTube, as well as other media."
Organisers say that more than 7,000 people representing 150 Indigenous ethnicities are participating in the annual Free Land Camp. They will be campaigning against legislation which could prevent some groups from reclaiming territory they were forced to leave.
A growing number of Indigenous Artists, such as the award-winning film maker Takuma, attend. Their films are shown in festivals both in Brazil and abroad.
Indigenous content producers maintain a social media network of influencers, reporting on the Indigenous land movement, which is closely connected with the protection of nature in Brazil and the Amazon rainforest.
The chief of the Kuikuro Village in Takuma, concerned that youths were losing interest, promoted filmmaking.
The chief asked for films to be made that would document and preserve Kuikuro cultures, including Indigenous customs such as their singing.
Takuma, a member of the community, said: "Our community understands how important it is to us that we make these films ourselves." Rain pelted down on a plastic tarp above and a small rave and concert were being staged nearby.
When white people made movies about us, it was because they didn't know what to include.
SELF-REPRESENTATION
Takuma, like many others of his generation began learning filmmaking through the Video nas Aldeias project (Video in the Villages).
The project was launched in 1987 by French Brazilian filmmaker Vincent Carelli. It has resulted in the production of dozens films.
Takuma, who owns his own production company Xingu Filmes in Brazil's Amazon region, is currently producing a number of short films about life in the Xingu Indigenous Territory.
Hugo Fulnio, another filmmaker from the Free Land Camp, screened "Tore Virtual", his short film.
The film takes viewers to an Indigenous village in arid woodlands, where four men alternately shake marakas while women sing.
Hugo, a participant in the Video nas Aldeias Project, said that films "support our cultures and safeguard them for new generations".
In recent years, activists and advocates linked to Brazil's Indigenous Rights Movement have formed large collectives which produce content about their cultures as well as real-time coverage on protests and attacks.
In 2017, at the Free Land Camp, they launched Midia Indigena. This media collective has now more than 251,000 Instagram followers and more than 560,000 TikTok followers.
According to Midia Indigena a network 780 communicators in Brazil produce content.
Priscila Tajowara, president of Midia Indigena and a filmmaker and photographer, says that their work covers Indigenous issues which mainstream media in Brazil has ignored.
Tapajowara: "We were first to speak about invasions such as the Yanomami Indigenous Territory."
According to the United Nations Human Rights Office, the Yanomami people in the Amazon rainforest have been attacked by illegal small-scale gold miners who have destroyed forests, contaminated the water, and brought deadly disease.
The largest indigenous umbrella organization in Brazil, Apib (which organizes the Free Land Camp), has its own media channels. It is supported by seven of its member organizations, who post photos and stories about the Indigenous gathering on social media.
Richard Wera Mirim is a photographer and manager of the Guarani Yvyrupa Commission Instagram account. He has more than 25,000 Instagram followers.
He said that the advantage of having Indigenous communicators was not just their ability to demonstrate the struggles of Indigenous movements, but also their strength and legitimacy.
If the story involves tragedy or Indigenous people being killed, then it will be broadcast on TV. "If it's our fair fight for territories, about exposing invaders, then it won't receive the same coverage," said he.
(source: Reuters)