Latest News
-
London metals fall on cautious over US-China truce
Prices for most base metals fell in London on Thursday, as the temporary truce between U.S. and China tariffs prompted caution. There were also concerns over a possible global recession that could affect metals demand. The benchmark copper price on the London Metal Exchange fell by 0.8% at 0416 GMT to $9,532 per metric ton. The Commerce Ministry said that China has halted non-tariff actions taken against 17 U.S. entities on its list of unreliable entities and 28 U.S. companies on its Export Control List. Both countries agreed to lower the tit for tat tariffs, and to implement a 90 day pause in action. Washington also said that it would reduce the "de minimis tariff" on low-value shipments coming from China to 30 percent. A trader stated that "the trade tariff conflict has moved in a positive way, easing concerns about a possible global recession." However, since trade negotiations can be complex and long, we cannot predict with certainty that things will get back to normal following the 90-day ceasefire. We could see a similar situation to April when increased trade tensions affected metals prices. Other London metals include aluminium, which fell by 0.3%, to $2.520 per ton. Zinc also declined, falling 0.3%, to $2.755, while lead dropped 0.6%, to $1.984, and nickel was down 0.6%, to $15,775. Tin was unchanged at $32,815. The Shanghai Futures Exchange saw most metals rise on the back of a growth in demand indicators. China's total social finance, which is a key indicator for future industrial metals, rose 8.7% in April to a record high. This was due to increased government bond issuance. The Shanghai Futures Exchange's (SHFE) most traded copper contract fell by 0.3%, to 78,230 Yuan ($10,851.76) a ton. The price of aluminium in the SHFE rose by 0.8%, to 20,315 Yuan per ton. Zinc gained 0.6%, to 22,655 Yuan. Lead increased 0.4%, to 16,985 Yuan. Nickel was unchanged at 124450 yuan. Tin advanced by 0.2%, to 265,250 Yuan. $1 = 7.2145 Chinese Yuan Renminbi (Reporting and editing by Violet Li, Lewis Jackson and Janane Vekatraman).
-
Union wins with two goals from Tai Baribo in the second half
Tai Baribo scored twice, including the winning goal in the sixth minute during second-half stoppage, as the Philadelphia Union defeated the Los Angeles Galaxy 3-2 on Wednesday, preventing them from winning any games this season. Nathan Harriel scored another goal for the Union (8-3-3, 26 points). The Union extended their unbeaten streak to six games in a row (3-0-3) over all competitions. Andrew Rick, the goaltender, did not have to make any saves. Mauricio Fagundez and Diego Cuevas each scored in the first half for the Galaxy (0-10-3; 3 points), which extended the longest streak of winless seasons to begin a season ever recorded by MLS. John McCarthy recorded six saves in the defending MLS Cup Champions' goal. Cuevas took the Galaxy to a rare win in the 31st minutes, scoring just inside the right goal post after Marco Reus carried the ball from midfield following a Union mistake. Los Angeles led for only the second time in this season, when it scored early against Orlando City. Los Angeles scored again six minutes later when Fagundez, who also received a feed by Reus, netted. The Galaxy's halftime advantage of 2-0 was quickly erased in the second period. Harriel's set play goal off a corner kicked brought the Union within 2-1 of the Galaxy three minutes after halftime. Philadelphia equalized two minutes later when Baribo scored a header after a centering ball from Danley Jean-Jacques. Baribo scored the game-winner on a header, after Galaxy failed to clear the ball from their own penalty zone. Baribo was assisted by Mikael Houre. Baribo now has 10 goals for the season, after entering the match tied with the league leader. Union had a resounding victory, dominating scoring opportunities, with 24 shots including nine in the goal. Galaxy's two goals were scored on just four shots. Los Angeles has conceded 31 goals, the most in MLS. Field Level Media
-
Russell: Asia's refined oil imports fall, but margins are still strong
In April, Asia's imports for key refined fuels like gasoline and diesel dropped to their lowest level in four years. This was due to refinery maintenance as well as a weaker demand from the region that is the largest importer. According to commodity analysts Kpler, the total imports of light distillates and middle distillates in April were 166.37 millions barrels, down from March's 195.54 and the lowest since April 2020. The sharp fall in imports for April was due to a decline in shipments by key exporters of refined goods. Kpler reports that India, which is the top fuel exporter in the region, saw its exports of middle and light distillates plummet to a 30 month low of 29,2 million barrels, compared to 42,66 million barrels exported in March. China, with the largest refinery capacity in Asia, saw its exports for light and middle distillates fall to 17,4 million barrels per day in April. This is down from 21.5 millions in March, and it's the lowest amount on a daily basis since December. Singapore, Asia's main trading hub for crude oil and products, as well as an important refining center, saw its exports of light and middle distillates drop to a 7-month low in April, from 26,15 million barrels in March. In India, for example, refineries are undergoing maintenance. There are signs of weakness in other fuel exporters. China's refinery production was essentially flat compared to the same period last year, which limits export volumes. Asia's imports for the first four-month period of 2025 totaled 746.73 millions barrels, a decline of 11.6% compared to the same period of 2024. The decline in sales would suggest that profit margins of refiners are under pressure, as they compete to gain market share. This hasn't yet happened. The margins for a typical Singapore refinery processing Dubai crude are still too high. On Wednesday, oil prices ended at $6.60 per barrel. This is not far below the recent high of $7.25 in May. Fuel Margin The price of crude oil, which is the intermediate distillate used to make diesel and jet fuel, has fallen faster than gasoline and gasoil. Brent crude futures, the global benchmark, have fallen 20% since their peak on January 15, when they reached $82.63 per barrel. They closed at $66.09 on Wednesday. However Singapore gasoline Gasoil, on the other hand, has fallen by 17.5% on Wednesday to $16.24. This is an indication that the supply of refined fuel into Asia has been restricted, allowing refiners maintain margins despite falling crude oil prices. The trade war that Donald Trump has launched is likely to have a negative impact on the economic growth of Asia. The overall picture remains that U.S. tariffs on imports will likely end up significantly higher than before Trump took office. Even if successful trade agreements are negotiated, Asia’s exporters will still face higher costs and a more difficult market access in the United States. The trade war poses a further threat to the oil product market, as Indonesia, Asia's largest fuel importer, has indicated that it might buy more fuel from the U.S. in exchange for a deal. Indonesian Energy Minister Bahlil Lahadalia stated on May 9th that Southeast Asian nation Indonesia may move as much as 60% of their fuel purchases from Singapore to the United States. The proposal to increase fuel imports to the U.S. from Indonesia is part of an overall proposal to Washington that addresses the tariffs. Jakarta has also indicated its desire to boost U.S. imports of energy by around $10 billion. Indonesia imports 14 million barrels per month of light and middle distillates, and switching to buy the bulk from America would disrupt regional flow of refined products. Alternative markets would be required in Europe, Africa, and Latin America. This would increase costs and reduce profits. These are the views of a columnist who writes for.
-
Southwest Kansas wheat yield is estimated to be above average. Crop tour shows
On Wednesday, the second of a three-day annual tour in Kansas, crop scouts projected that the average yield of hard red winter grain in the southwest portion of the state would be 53.3 bushels/acre (bpa), an increase from 42.4 in 2024. The average yield for the same area in Kansas from 2019-2024, according to the Wheat Quality Council's tour, was 42.3 bushels/acre. The COVID-19 pandemic prevented the tour from taking place in 2020. Scouts sampled 211 Kansas fields between Colby, Kansas and Wichita. They reported that Kansas was on track for a more productive crop this year than previous years. However, some fields were damaged by disease and drought, resulting in lower yields during the final weeks before harvest. Scouts reported that the quality of wheat varied greatly across hundreds of miles between the southwestern corner and the south-center in Kansas. In some fields, the lack of rain caused soil cracking and yellow curled leaves. Other fields were lush and nearly impenetrable. The scouts found that wheat streak mosaic was a virus spread by mites that causes yellow spots on the leaves. This can reduce crop yields. Scouts reported that the stress of drought and disease was more severe in the northwest of the state compared to the southwest and south center near Wichita where half of Kansas wheat is grown. The U.S. Department of Agriculture forecasted on Monday that Kansas will produce its largest wheat crop in the last four years. State is top U.S. Winter Wheat Producer, with an average annual production of 315,000,000 bushels over the last 10 years. Experts who were on the tour stated that Kansas wheat production was still recovering after a disastrous 2023 season when about a quarter of farmers abandoned their crop due to drought damage. According to the latest U.S. Drought Monitor, 41% of Kansas winter wheat was in moderate drought compared with 23% on 3rd March. Justin Gilpin is the Chief Executive Officer of Kansas Wheat. He said that the measurements taken this week could not fully factor in the unknowable toll of the prolonged drought conditions and widespread Wheat streak mosaic. Gilpin stated that "a lot of us do not know what the final impact will be." Mike O'Dea, a wheat broker at StoneX, said that on Wednesday "renewed concern about the disease pressure in Kansas" could have led to a rise in futures. Farmers told Wednesday's tour that low wheat prices were the reason for the wheat being cut up and bundled into hay, to be used as cattle feed. Gary Millershaski is the secretary-treasurer for U.S. Wheat Associates. Wheat Associates. He said, "I don't like to see good grain going to cows." The tour will release the final Kansas yield forecast on Thursday. (Reporting and editing by Sandra Maler, Kate Mayberry, and Emily Schmall)
-
Gold falls to a new low in less than a month; US PPI data is the focus
Gold prices fell to a record low of over one month on Thursday, ahead of an important U.S. report that is expected provide clues about the Federal Reserve's policy direction. A thaw between U.S. and China trade tensions also contributed to gold's decline. Gold spot fell by 0.8%, to $3,153.09 per ounce at 0303 GMT. It had earlier reached its lowest price since April 10 during the session. U.S. Gold Futures fell 1% to $3156.90. The United States agreed to drastically reduce tariffs and adopt a 90-day suspension, de-escalating the potentially damaging trade conflict between two of the largest economies in the world. Global markets remained unsure about the outcome of the 90-day pause. Brian Lan, managing Director at GoldSilver Central in Singapore, says that the U.S. China trade truce has been good for the market. People are now looking at riskier assets more. We are looking at $3,150 next as a key level. If this doesn't hold then $3,100 will be likely." After the disappointing data, the focus is now on the U.S. Producer Price Index (PPI), due at 1230 GMT. consumer data The Fed is not changing interest rates until they have assessed how tariffs and trade talks by U.S. president Donald Trump will impact prices and the economy. Hard data has not provided much information so far. Later in the day, Fed Chair Jerome Powell will also deliver a speech. The markets expect the Fed to cut interest rates by 50 basis points this year. This will begin in October, not July as was previously expected. In an environment of low interest rates, gold, which is traditionally viewed as a hedge to economic and political uncertainty, thrives. (Reporting by Anushree Mukherjee and Anmol Choubey in Bengaluru; Editing by Sherry Jacob-Phillips and Eileen Soreng) Spot silver fell 0.7% to $11.98 per ounce. Platinum rose 0.5% at $980.35, while palladium increased 0.1% to $951.90. (Reporting and editing by Sherry Phillips and Eileen Soreng in Bengaluru, and Anmol Mukherjee in Bengaluru)
-
New $1.2B Subsea Cables Factory Plan Set to Transform Port of Tyne
LS Eco Advanced Cables (LSEAC) has launched a five-week public consultation on its proposals to develop a high voltage cable production facility at the Port of Tyne for subsea electricity transmission, designed to transport clean energy generated by offshore wind onto UK shores.While plans are at an early stage and still being finalized, total investment is expected to be approximately $1.2 billion (£923 million), which would put the North East at the heart of the UK’s clean energy transition.This proposal would see a state-of-the-art facility to manufacture deep sea cables built on land within the Port of Tyne (South side, Tyne Dock). The industrial complex would include a series of buildings - including a manufacturing space, testing facilities and offices - situated around a 202-meter-tall tower where the cables would be stretched and sheathed before use.The facility would lead to 500 direct jobs and a thousand more across the wider supply chain, including in high-skilled roles in engineering, the developer said.The consultation runs from May 14 to June 18, and provides an opportunity for local communities, businesses and organizations to give their feedback on the proposed development before the final planning application is made to South Tyneside Council later this year.Along with the North East Combined Authority and the Port of Tyne, LSEAC will work with the region’s schools, colleges and universities to provide training and re-training in the skills needed at the facility, ensuring generations of North East people benefit from the huge employment opportunities.“At a time when the UK is moving ever-more-quickly to decarbonising its energy supply, now more than ever there is a huge need for the infrastructure underpinning that transition.“We’re delighted as a joint venture to be proposing this facility for a sub-sea cable development – but we must make it sure it works for the local community. That’s why we deeply value the input of everyone in the area to this consultation and encourage people to share their views and shape the future of this project,” said Sangdon Lee, Director at LSEAC. “The proposed cable manufacturing facility is a huge generational employment opportunity for people in the North East and complements the region’s already impressive advanced manufacturing sector. It demonstrates the ability of the region to attract significant international investors to support the clean energy transition, with the Port of Tyne at its heart,” added Matt Beeton, CEO of the Port of Tyne.
-
Iron ore futures near 5-week high but China credit data cap gains
Iron ore futures rose to a new five-week high Thursday, supported by a better demand outlook thanks to the Sino-U.S. Trade truce. However, weaker Chinese credit data limited gains. As of 0302 GMT, the most-traded contract for September iron ore on China's Dalian Commodity Exchange was up 0.48% to 731.5 Yuan ($101.40), per metric tonne. The contract reached its highest level since April 7, at 738.5 Yuan, earlier in the day. On the Singapore Exchange however, the benchmark June iron ore was down by 0.77% to $101.05 per ton. Analysts at CICC, an investment bank, said that hot metal production - a measure of iron ore consumption - could remain high as exports of manufactured products are likely to continue their strong momentum during the 90-day period. As part of their efforts to end the trade war, which has disrupted global markets and affected the economy, China and the United States agreed to reduce tariffs by 90 days. According to two anonymous analysts and a trader, steelmakers will not reduce production voluntarily if they can still earn handsome profits unless there is a mandatory cut in production. Beijing announced plans in March to restructure the massive steel industry by cutting output. The iron ore contract gained, but the gains were somewhat limited due to the increased caution following the release of the disappointing credit data. China's new loans to banks fell more than expected in the month of April, as the ongoing trade war between the United States and China further dampened the appetite for lending during what is usually a slow month. Coking coal and coke, which are used to make steel, also advanced on the DCE. They both increased by 1.25% and 0.96 percent, respectively. The Shanghai Futures Exchange has seen a rise in most steel benchmarks. Hot-rolled coil and rebar gained 0.15%, while wire rod dropped 0.81%.
-
Union wins with two goals from Tai Baribo in the second half
Tai Baribo scored twice, including the winner in the sixth second-half minute of stoppage time. The Philadelphia Union won 3-2 on Wednesday, keeping the Los Angeles Galaxy without a win this season. Nathan Harriel scored another goal for the Union (8-3-3, 26 points), which extended their unbeaten streak to six games in a row (3-0-3) over all competitions. Andrew Rick, the goaltender, did not make any saves. Mauricio Fagundez and Diego Cuevas each scored first-half goal for the Galaxy (0-10-3; 3 points). The Galaxy extended the longest streak of winless seasons to begin a season in MLS's history. John McCarthy recorded six saves in the defending MLS Cup Champions' goal. Cuevas took the Galaxy to a rare win in the 31st minutes, scoring just inside the right goal post after Marco Reus carried the ball from midfield following a Union mistake. Los Angeles led for the second time in this season after taking an early lead against Orlando City, a 2-1 defeat on March 29, but ultimately losing. Los Angeles scored again six minutes later when Fagundez, who also received a feed by Reus, netted. The Galaxy's halftime advantage of 2-0 was quickly erased in the second period. Harriel's set play goal off a corner kicked brought the Union within 2-1 of the Galaxy three minutes after halftime. Philadelphia equalized two minutes later when Baribo scored a header after a centering ball from Danley Jean-Jacques. Baribo also won the game with a header, after Galaxy failed to clear the ball from their own penalty zone. Baribo was assisted by Mikael Houre. Baribo now has 10 goals for the season, after entering the match tied with the league leader. Union had a resounding victory, dominating scoring opportunities, with 24 shots including nine in the goal. Galaxy's two goals were scored on just four shots. Los Angeles has conceded 31 goals, the most in the MLS. Field Level Media
Metlen sales in Greece up 31% year-on-year, boosted by the energy and infrastructure sectors
Metlen, a Greek energy and metals company, reported on Thursday a 31% increase in sales revenues for the first quarter of this year compared to last year. This was largely due to growth in energy and infrastructure.
In the first quarter of this year, the group reported sales of 1,50 billion euros ($1,70 billion), compared to 1.14 billion euro in the same period the previous year.
Metlen reported that its first-quarter energy sales rose to 1,18 billion euros from 904 millions euros a decade ago. Global energy production increased 35% over the past year, to 3.1 Terawatt-hours.
On the retail market, the market share of the company has increased from 17.4% to 19,4%.
The group stated that the infrastructure and concessions sector achieved a turnover growth of over 100% in the first three months compared to the same period in 2020, and all projects are progressing smoothly and according to schedule.
Metals division has reported a 11% increase on the previous year in revenue for first quarter, reaching 228 million Euros.
The total volume of aluminum production decreased by 2.1%. Alumina production also declined by 3.3%.
Metlen was formerly known by the name Mytilineos.
In January, an additional investment of 300 million euros was made to extract the critical mineral gallium out of raw materials used in aluminum production.
China has placed restrictions on exports of gallium. This metal is used to make high-quality smartphones and semiconductors.
(source: Reuters)