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COMEX stocks surpass LME for the first time since 2022
The COMEX warehouses registered with the exchange have seen their copper inventories surpass those on the London Metal Exchange since March 2022. This is because traders are trying to take advantage of high copper prices in the U.S. which could lead to tariffs being imposed on metal imports. Stocks in warehouses of the U.S. COMEX exchange The number of metric tons has risen by 87% since the end February to 174 607 metric tonnes, their highest level in 2018. LME registered warehouses are different. Stocks have fallen to 164 725 metric tonnes, a 37% decrease since the end February. The global reorganization of copper inventories is a result of a directive issued by U.S. president Donald Trump in Feburary to investigate possible tariffs on imports of copper to rebuild U.S. copper production, which is critical for electric vehicles and power transmission. The premium of COMEX copper price over LME is currently $683 per tonne. This spread reached a record high of $1,572 per tonne in March, which highlights the divergence between these two markets. Alastair M. Munro, broker at Marex, said that the price premium attracted metal from other exchanges and caused pressure. In the LME, the spread between cash and the three-month contract of copper is also quite wide. The price of gasoline remains high, which indicates that the supply in the area is tightening due to the withdrawals. This decline is not limited to Western exchanges. China, which is the world's largest copper consumer, also sees inventory declines. Stocks at Shanghai Futures Exchange monitored warehouses This week, the number of metric tons fell by 9% to 98 671.
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Extinction rebellion briefly occupies BNP Paribas' entrance during TotalEnergies protest
Around a dozen climate activists from Extinction Rebellion briefly occupied the lobby entrance of the French bank BNP in Paris, Friday morning. They were protesting against BNP's alleged links with TotalEnergies which held its annual shareholders' meeting that afternoon. Some protesters wearing white masks shouted slogans briefly and tossed fake money around before the police forced them out. Extinction Rebellion stated in a press release that the action was part a campaign to target TotalEnergies, and its partners. The article said that several NGOs were criticizing TotalEnergies for not putting the "Say on Climate", or climate strategy, questions to a vote at the shareholder meeting. It also said that this was part "of the fossil fuel industry’s unabashed retreat on its human- and environmental-related commitments." TotalEnergies announced earlier this year that it would not allow investors to vote on its sustainability report progress and would only consult shareholders if the strategy changes. Instead, the company will hold a debate on climate change during its shareholders meeting. TotalEnergies stated on Friday that it respects the freedom of speech and protest, but also deplores any form of violence. BNP Paribas condemned the "aggressive actions of Extinction Rebellion" and all forms physical violence. BNP Paribas has stated that it is committed to supporting energy transition, and that all new funding that BNP Paribas provides to the energy sector will be almost exclusively allocated to low-carbon sources of energy. TotalEnergies shareholders meeting began on Friday in Paris, La Defense. Extinction Rebellion announced that activists would gather in the afternoon at "a symbolic Parisian location" for a "Counter General Energy Assembly," but did not name the location. Reporting by Lucien Libert and Nicolas Coupe; Writing by GV de Clercq
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TotalEnergies is asked to take action by UN expert on human rights concerns
An independent U.N. expert on human rights said that TotalEnergies should urgently address new allegations of abuses in its controversial oil pipeline project, which is located in East Africa. This was made ahead of Friday's annual shareholders meeting of the French energy company. Michel Forst, Special Rapporteur for environmental defenders, said in a late-Thursday statement that the company should take immediate steps to protect activists connected to the East African Crude oil Pipeline and its associated oilfields. The news broke that German asset manager Union Investment dropped the bonds and shares of the company from its sustainable investments funds. Union Investment announced that it had made its decision following a review of a new report by the non-profit Just Finance International, which cited alleged abuses on the Kingfisher Oil site in Uganda as part of the pipeline. Forst stated that TotalEnergies "failed" to "take effective steps addressing abuses", adding that it was "deeply disturbing" "that instead, the company has consistently rejected the accusations as mere "misconceptions" of the impact of the projects". Forst said that as a French firm, the company was bound to adhere to the international Aarhus Convention, which prohibits any punishment or harassment of individuals who oppose the project. TotalEnergies issued a Friday statement in which it said that it "doesn't tolerate any violence or threats against those who peacefully promote and defend human rights", and reminded those with whom it works of its position. The company said that it had worked with Ugandan officials "to ensure that the Police followed due process, that the protesters were treated well and that their rights were respected during detention". It said that the security team of their local unit monitors anyone arrested, and makes sure that their representatives can visit them. Forst supported the call from Union Investment to conduct an independent investigation of the alleged abuses. He asked Total to not only make the results public, but also to act on any shortcomings.
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Wood Group's UK chair is planning to leave the UK pending a clearer strategic direction
Wood Group, a British oilfield service company, announced on Friday that its chairman Roy Franklin will run for reelection at the annual general meeting. Franklin plans to step down when it becomes clear what direction the company is going in. Wood Group, the target of Sidara, a Dubai-based takeover company, launched an independent review into its accounting in November for certain unusual charges in its interim financial results. Wood missed the deadline for filing annual results in 2024 by late April. The company cited the pending conclusion of the audit and the timing of its completion. Since May 1, the firm's stock has been banned from trading. Wood announced on Friday that its 2024 accounting will not be completed before June 30. Franklin has been at Wood Group since nearly five years. He was previously the head of M&A for BP Exploration, a division of the energy giant BP. In the beginning of this month, Sidara extended the deadline to accept the company's takeover bid until June 12. The annual Wood Group meeting is scheduled for June 18. Reporting by DhanushVigneshbabu in Bengaluru, Editing by Shalesh Kuber
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Extinction rebellion briefly occupies BNP Paribas' entrance during TotalEnergies protest
Around a dozen climate activists from Extinction Rebellion briefly occupied the lobby entrance of the French bank BNP Paribas in Paris, Friday morning. They were protesting what they claimed to be BNP's ties with energy group TotalEnergies which held its annual shareholders' meeting on Friday afternoon. Some protesters wearing white masks shouted slogans briefly and threw fake money around before the police forced them out. Extinction Rebellion stated in a press release that the action was part a campaign to target TotalEnergies, and its partners. The article said that a number of NGOs were criticizing TotalEnergies for not putting the "Say on Climate", or climate strategy, to voted at the shareholder meeting. This was part "of the fossil fuel industry’s unabashed retreat on its human- and environmental commitments." TotalEnergies announced earlier this year that it would not allow investors to vote on its sustainability report progress and that shareholders would only be consulted in the event of strategy changes. Instead, the company will hold a debate on climate change during its shareholders meeting. It did not respond immediately to a comment request on the Friday action. BNP Paribas condemned the "aggressive actions of Extinction Rebellion" and all forms physical violence. BNP Paribas has stated that it is committed to supporting energy transition, and that all new funding that BNP Paribas provides to the energy sector will be almost exclusively allocated to low-carbon sources of energy. The shareholders' meeting of TotalEnergies at its headquarters, in La Defense Business District, starts at 14:00 CET. Extinction Rebellion announced that activists would gather in the afternoon at "a symbolic Parisian location" for a "Counter General Energy Assembly," but did not name the site. Reporting by Lucien Libert and Nicolas Coupe; Writing by GV de Clercq
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India's JSW Steel misses its quarterly profit forecast due to weaker prices
India's JSW Steel, the country's top steelmaker, reported a smaller-than-expected rise in fourth-quarter profit on Friday, hurt by weak steel prices. Its consolidated profit was 15.03 billion rupees (176 million dollars) for the three months ended March 31. This is below the average analyst estimate of 15.66 trillion rupees. Data compiled by LSEG. The O.P. The O.P. The results are a month after a temporary 12% duty was imposed on certain steel imports. This is known as a "safeguard duty" locally. It was imposed to protect local producers from the influx of cheap imports coming from China, Japan, and South Korea. Due to the surge in imports, domestic steel mills had to reduce operations and even consider job cuts. According to LSEG, JSW Steel's revenue from operations fell 3%, to 448.19 bn rupees. This was below the analysts' average estimate of 449.38 bn rupees. The top court of India ruled earlier this month that JSW Steel’s plan to buy Bhushan Power and Steel, four years after it was acquired, should be canceled. It also ordered the liquidation and bankruptcy of the indebted firm. JSW Steel said that it does not see any impact of the order and said on Friday "no provision needs to be made for net assets included in consolidated financial results". The company also approved the issuances of convertible securities or equity shares worth up to 70 billion Indian rupees and 70 billion rupees through the issue of nonconvertible debentures (NCDs). $1 = 85.22420 Indian rupees (Reporting and editing by Anuran Sahdhu and Manvi Pan in Bengaluru, and Eileen Soreng and Janane Venkatraman)
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The UN honors South America's camelids as heroes of the high plateau
Llamas and alpacas are being celebrated as the heroes of South America's high plateaus because they have adapted to harsh climates and environments, and their value is cultural, economic, and ecological. Early May, representatives from Chile, Bolivia and Ecuador met in Antofagasta, a city in northern Chile, to celebrate animals and improve management strategies. The meeting was sponsored by the U.N. Food and Agriculture Organization. Andres Gonzales, regional officer of Animal Health and Production for the FAO said that these animals were considered heroes because they thrived in harsh environments like the high plateau. They have a natural toughness that allows them adapt to these harsh conditions and thrive. In a report released during the meeting it was noted that, as the pressure on natural resources continues to increase and the impacts of climate change continue, camelids play a "crucial role" in the nutrition and livelihoods of people throughout the highlands. South American camelids are mainly found in the Andes, in Argentina, Bolivia Chile, Ecuador and Peru. They perform important functions for local communities as well as ecosystems. Peru is the leader in alpaca production with 5 million animals, which accounts for nearly 80% of all alpacas. Bolivia produces more than 60% of all llamas. According to FAO, despite their smaller number, which is in the tens or thousands, camelids are responsible for 40 to 80 percent of the income on high Andean farms. Apart from their economic value, camelids also represent an ancient way of life in the highlands. Breeding knowledge is passed down through generations by Indigenous Aymaras, Likan Antays, Quechuas and Collas. Evelyn Salas said, "They are blessed creatures," at the meeting. She is a Peruvian breeder of alpacas and llamas. They represent our culture, life, ancestry and roots. And they will continue to be part of our future. (Reporting and writing by Nicolas Cortes Guerrero, Editing by Alexander Villegas & Sandra Maler; Writing by Juana casas)
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Suriname voters to select government that will lead oil boom predicted
Suriname voters, who are on the verge of an oil boom predicted, will head to the polls this Sunday to elect the new parliament that will choose the country's president. There has been little discussion about the income that the Gran Morgu offshore oil and Gas project, due to start production in 2028, will generate for the next government. The contest is marked by allegations of fraud. Suriname is making its first offshore project under the leadership of TotalEnergies. Former Dutch colony Suriname, independent since 1975 has discovered reserves which may allow it compete with its neighbor Guyana, whose economy grew by 43.6% in the last year. Suriname's new government will be led by the party that has the most seats, possibly through a coalition of smaller parties. However, negotiations and the selection of a president is expected to take several weeks. Chan Santokhi, the president of the ruling Progressive Reform Party and Krishna Mathoera, the defense minister are both potential presidential candidates. The National Democratic Party, founded by Desi Bouterse - who died as a fugitive in 2013 - may support Jennifer Simons or former Vice President Ashwin Adhin, or Bouterse’s widow Ingrid Bouterse. From the coast to the jungle, just under 400,000 voters are eligible to vote for 51 national legislators and 784 representatives from each region. The average voter turnout has been around 75%. Santokhi has not ruled any cooperation out with other parties. He led 1,700 people on a bike ride through Paramaribo, after which he distributed orange bicycles with the word "Chan" emblazoned on their frames. Santokhi, an ex-police commissioner aged 66, told television viewers on Wednesday that "we cannot say: cooperate with them, or don't collaborate with them." "Because in the end, it's up to the voters whether they will vote for those parties." Coming Oil Revenue Simons, the 71-year-old leader of the opposition NDP party, told Dutch media that she believes the Dutch government is planning a "massive scam" and polls showing a possible VHP victory are part of the plot. Simons, the doctor who was speaker of parliament from 2010 to 2020, said that NDP polls show the party will receive more than twice as many votes as the VHP whose leaders laughed off the allegations of fraud. A poll commissioned the Times of Suriname revealed 39.4% of support for the NDP, and 21.5% of support for the VHP. Meanwhile, a poll conducted by LC Media indicated that the VHP had 17 seats, three more than the NDP. Bouterse, the NDP and Surinamese Politics dominated Surinamese for decades. He left office in 2010, the year that he was found guilty of the 1982 murders 15 government critics. Bouterse fled into hiding after the 2023 conviction. He died on Christmas Eve at age 79 in an unknown location. Ingrid, his widow, is active in the campaign and on NDP’s list of parliamentary candidates. She regularly asks her Facebook friends whether she should be in parliament or president. The parties have made vague promises about improving health, education and the economy. But the Citizens' Initiative for Participation and Good Governance, a civil society coalition, said that in a report released on Wednesday, they had failed to provide specifics regarding the spending of oil revenues. "None has a plan that is clear and specific for the revenue from the Gran Morgu Project," BINI stated, but it added that promises might not be important when it comes to negotiations with coalitions. "It's primarily about dividing up the cake - which people get what positions or ministries – not about the best thing for the country," BINI stated.
Official: US panel split over Nippon Steel bid but sees path forward
The White House said that a national security panel had divided opinions on its recommendation to Donald Trump regarding Nippon Steel’s bid to acquire U.S. Steel. However, most members of the panel believe that any security concerns posed by this deal can be addressed.
According to an executive order Trump signed last month, the Committee on Foreign Investment in the U.S. on Tuesday submitted a report on the implications of the merger for national security.
The document was submitted by Nippon Steel after it increased its investment pledge in U.S. Steel from $14 billion to $14 trillion in a desperate bid to get approval.
The White House official stated in a press release that "we've received the reports and the President will examine the recommendations of each agencies to determine if further action is needed on this issue." The CFIUS agencies did not agree on their recommendations, but the majority believed that any risks could be mitigated through mitigation," said the person, who declined to be identified because the matter wasn't public.
Tadashi Imai, president of Nippon Steel, told reporters in Tokyo that talks with the U.S. Government about the merger were in their final stages. He declined to give any details, but said the company was awaiting Trump's decisions.
"Through the investment we make and the transfer of technology that is the most advanced, U.S. Steel can maintain its competitiveness on a medium-to-long term." I hope Trump approves this deal," said Imai.
U.S. Steel has not responded to a comment request.
The recommendation is in line with the executive order that was signed by Trump last week, and which instructed CFIUS to determine whether the measures proposed by companies would mitigate the national security threats previously identified by CFIUS.
In the April directive, it was also requested that a statement be made describing each agency's position as a CFIUS member as well as its reasons.
Trump has 15 days from now to decide on the fate of this transaction. However, the timeline may slip.
In January, after a CFIUS review of the previous deal, Joe Biden, then President of the United States blocked it on grounds related to national security.
Companies sued claiming they had not received a fair review. The Biden White House rejected this view.
This week, it was reported that Nippon Steel had said it would invest up to $4 billion dollars in a new mill if the merger were approved. (Reporting and additional reporting by Yuka Obaashi in Tokyo, editing by Leslie Adler David Gregorio, David Evans).
(source: Reuters)