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Gunvor's net profit fell dramatically in the year of management buyout
According to financial results released on Tuesday, global commodity trading house Gunvor saw its net profit drop by 85% in 2025 from $108 million to $104 millions. The sharp drop occurred during the year that Gunvor employees organized a management buyout in order to replace former CEO Torbjorn Tornqvist. The firm stated that the net profit figure included writedowns and other impairments totaling $462 million, incurred by a 'new management team. Gunvor was valued at?around $5 billion and Tornqvist provided a loan to employees of more than $400 million in order to complete the deal. In February, it was reported that Gunvor had been valued at?around $5 billion. Tornqvist provided a loan of more than $4 billion?to employees to make the deal happen. Gunvor, among other commodity?trading firms, struggled to adjust to the lower profit margins following the COVID-19 recovery in demand and Russia-Ukraine War-related market dislocations which drove record earnings in 2022-2023. Gary Pedersen, CEO of Gunvor, said that the energy markets would remain structurally tight but politically volatile throughout most of 2025. Trading margins will be driven by fragmentation, sanctions and regional dislocations, rather than fundamental supply and demand imbalances. Pedersen said the company made $1.63 billion in the first quarter, the equivalent to its 2025 'gross profits,' after what he called an increase in "constructive volatilty" late last.year. (Reporting and editing by Joe Bavier, Jan Harvey, and Robert Harvey in London)
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US extends waiver to Lukoil fuel stations in Russia
The Trump administration has extended the waiver that allows Lukoil service stations to operate outside of Russia until late October. This is a small exception to sanctions imposed by the U.S. last year in order to reduce revenues supporting Moscow’s war in Ukraine. Treasury Department announced on its website on Tuesday that the waiver for 2,000 stations in Europe, Central Asia and the Middle East, as well as the Americas, has been extended to October 29. In October, President Donald Trump imposed sanctions on Lukoil and Rosneft - Russia's largest oil companies - causing interest among potential buyers for the estimated $22 billion worth of Lukoil international assets. Lukoil operates about 200 branded gas stations across New Jersey, Pennsylvania and New York. It is one of the largest motor fuel retailers in Bulgaria and Moldova and operates more than 600 stations in Turkey and more than 300 in Romania. The Treasury issued a license that allowed certain transactions with Lukoil refinery entities in Bulgaria, such as?Lukoil neftohim Burgas jsc.
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Vedanta plant blast in India leaves nine dead and 15 injured
Police in Chhattisgarh said that at least nine people were killed and 15 others injured by a 'boiler explosion' on Tuesday. The power plant was owned by India’s Vedanta. Cause of explosion is not yet known. The incident occurred at Singhitarai - a town?about 230km?from the state capital of Raipur. P. K. Thakur said that the explosion was probably caused by an overheating boiler tube. The plant is located in Sakti District. Vedanta issued a statement in which it said that an "unfortunate incident" occurred at the Singhitarai Plant and a thorough investigation is being conducted to determine details. The company didn't disclose the number of casualties or any other details. (Written by Abhirami in Bengaluru, edited by Anil D’Silva.
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Oil drags down bonds, gold and bonds as Wall Street declares war
As the conflict in the Middle East enters its eighth week, the financial markets have begun to diverge. The U.S. stock market has?wiped out the losses since the beginning of the war. But oil prices remain punishingly high and are dragging down both government bonds as well as gold. Also, there are dramatic differences in emerging markets. Brazil's markets are booming and China has seen healthy inflows. However, smaller, energy-dependent economies, such as those of the Middle East, are struggling. Markus Hansen said that the U.S. could manage an oil price shock this long, but Asia was more vulnerable. Hansen said he used the drop in prices to buy some cheap stocks. He did say, however, that higher prices for oil would cause central banks to delay interest rate reductions. A SHINING STOCK MARKET ON A HILL The benchmark S&P 500 Index in the United States has recovered to its pre-war level, gaining 9% since a low on March 30. The index closed Monday at 6,886.24, which is above the close of February 27, just before U.S. and Israel started airstrikes against Iran. The hope that peace talks will be resumed and the ceasefire last week are both helping. Citi and BlackRock are also bullish about U.S. stocks, citing expectations of resilient corporate earnings in the tech sector. This is a remarkable rebound. The index fell the most in March since the tariff crisis of April 2025. The VIX volatility index, Wall Street's "fear gauge", is now back at pre-war levels. It spiked to a 10-month high in the last month. The stock market volatility is a boon to brokers. Goldman Sachs' and JPMorgan's first-quarter profits were boosted by higher?trading revenue. PHYSICALLY COMPLICATED The oil prices have fallen from their highs in March, but are still around $100 per barrel, which is 40% higher than where they were at the end of February. Refiners pay more than $140 per barrel for North Sea crude oil for delivery in the near future, which is worrying for the real economy. The pre-war rate of going up is almost doubled. Brent futures, which are for delivery in the second half of this year, have some investors feeling reassured that prices will eventually reach $83. Even those contracts have risen a lot since February 28. December futures and March 2027 are both 21% higher. BONDS BRUISEd Bond markets are very different from stock markets because of the high oil prices. The cost of borrowing from the U.S. for Europe and Japan is much higher than before the war. Energy prices that are higher for longer fuel inflation, and make central banks more hawkish compared to before the war. The yield on the U.S. 2-year Treasury is around 40 basis points higher than late-February levels, at 3.76%. However, it has fallen from its March highs. The British two-year yields are about 75 basis points higher. Gold has also struggled and is now almost 10% lower than its pre-war level. Analysts claim that investors took profits in March by dumping their best-performing assets. CURRENCIES CONTAINED The dollar has largely returned to its pre-war level, and the dollar index (which tracks the U.S. dollar against six other currencies) is just slightly above the closing price of February 27. The greenback's gains post-war were around 3%, but it has now given almost all those back as the markets are focused on the hope for a resolution to help limit the worst economic fallout. Investors have priced rate increases in the Eurozone and Britain but not the U.S. because their currencies are supported. The euro has recovered almost all the losses it suffered in recent weeks. And the pound, which was $1.136 before the conflict, is now back to its pre-conflict level. Exporters of ENERGISED Energy As well as asset classes, regions also diverged. The STOXX600, a regional index, is down 2.6% from pre-war levels, while Germany's DAX, a heavy industry index, is down 5%. Other countries that import fuel, like Japan and Korea, also have sharply reduced equity values. However, unlike the poorer nations, these countries can still obtain fuel, even if it is expensive. The import-dependent Philippines declared a national crisis, and the small stock market there has lost 8% of its value since the war. Brazil, on the other hand, is a major oil exporter. Its main equity index has risen 5% over pre-war levels. Meanwhile, the real currency is up 2.7% against the dollar. Norway's crown has also gained more than 1% against the dollar in developed markets since the beginning of the war. China, a major oil importer, also has large reserves. These, along with low inflation in the country, have allowed its government bond markets to see influxes of money and lower yields. Green energy stocks also grew.
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EU Steel Body says that imports curb the spare sector from the cliff edge
The European steel association Eurofer stated on Tuesday that EU measures to halve the amount of tariff-free imports to the bloc would save the industry from a "cliff?edge?moment". This should allow the production to be resumed at idle plants. The EU institutions came to a preliminary agreement late on Monday, which limits tariff-free imports at 18,3 million metric tonnes, a reduction of 47% compared to 2024. They also double the duty for imports that exceed the quota. The measures that lifted shares from ArcelorMittal Thyssenkrupp Salzgitter will replace existing safeguards which under World Trade Organization regulations?must end after eight years on June 30. Eurofer reported that steel imports to the EU had reached a "record" 9.9 million tonnes in the last quarter of 2025. Flat steel products accounted for a third of the EU market. This highlights the need for stricter restrictions. The rise in steel prices was attributed by the steel association to President Donald Trump’s tariffs of 50% on steel and the EU’s carbon border tax that will be implemented in 2026. Eurofer stated that the?measures which are still awaiting final approval will help to bring back around 15 million tons of EU Steel-making Production and maintain about 30,000 direct European jobs. EU producers are only operating at 65% of their capacity. The association welcomed the fact that new measures will be reviewed regularly, and could result in the addition of other steel products?or adjustments depending on the market's development. "The quotas will be adjusted to the steel demand." This is something we have missed in the steel safeguards over the past eight years," said Sara Franzone. Senior manager of international trading at Eurofer. She also said that, depending on the market conditions, the European Commission would assess whether or not unused quotas can be carried over from one quarter to another, which could lead to a spike in imports at the end of the year. German union IG Metall stated that 'while import curbs are the right response to Asian imports at low prices and can help protect employment, trade policy alone cannot guarantee the survival of Europe’s steel sector. Juergen Kerner said that governments must also ensure lower energy costs and help boost demand by better incentives for investment and economic stimuli. (Reporting and editing by Jan Harvey, Louise Heavens and Jan Harvey; Additional reporting by Christoph Steitz)
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Bloomberg News reports that Shell is in talks with UAE-based ADNOC to sell fuel outlets in South Africa.
Bloomberg News, citing sources familiar with the situation, reported that Shell has advanced talks with Abu Dhabi state oil company ADNOC about a possible deal to sell its retail fuel stations in South Africa. The transaction is likely to be worth around $1 billion. ADNOC was named as the preferred bidder, after Shell's failed negotiations with commodity traders Gunvor Group. A deal could be reached as soon as this quarter. The British oil giant has lowered its expectations for first-quarter production of gas due to the "volatility" in the energy markets following the Middle East conflict. Bloomberg reported that Shell would sell 600 of its retail fuel outlets to ADNOC, giving it about 10% of the South African market. Shell, which has operated in South Africa for over a century now, announced plans to 'exit' its downstream business in the region by 2024. ADNOC had previously announced plans to invest 150 billion dollars between 2026 and 3030?to boost growth and'meet the global energy demand. Shell and ADNOC Distribution didn't immediately respond to comments. (Reporting and editing by Sahal Muhammad in Bengaluru, Raechel Thankam Job from Bengaluru)
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Gold prices rise on the back of a weaker dollar and hopes for US-Iran talks to resume
The gold price rose more than 1% on Monday as the U.S. Dollar weakened. Meanwhile,?hopes?of a resumed U.S. Iran talks boosted prices by easing inflation fears. By 9:50 am, spot gold had risen 1.1% to $4,791.65 an ounce. ET (1350 GMT). U.S. Gold futures increased 1% to $4.815.40. Sources say that negotiating teams from the U.S., Iran, and Pakistan could return to Islamabad to resume talks to end the war this week. After the weekend's collapse, Washington imposed a 'blockade of Iranian ports. The direction of the gold price will be determined by how the Pakistani talks go and the progress made in the lead-up to the weekend. Bob Haberkorn is a senior market strategist with RJO Futures. He added that "lower dollar and lower oil are helping gold right now, because when the war began, there was an influx of cash, as well as a concern over being able to gather energy supplies." Oil prices also fell as the dollar weakened. The weaker dollar makes the greenback price of bullion more accessible to holders of other currencies. The data showed that U.S. producer prices rose less than expected as services remained unchanged. However, the surge in energy prices due to the war with Iran was causing inflation. Gold is a good inflation hedge but it becomes less appealing in a high-rate environment due to its lack of yield. The traders now price in a 25 percent probability that the U.S. will cut its interest rates this year. Before the war, they expected two cuts. Analysts at Commerzbank stated that the price of gold is unlikely to drop much more as long as the U.S. Federal Reserve does not raise rates. (Reporting by Ashitha Shivaprasad in Bengaluru Editing by Keith Weir) (Reporting and editing by Keith Weir in Bengaluru)
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Greenland names former PM Egede Foreign Minister
Greenland's Prime Minister said Tuesday that he appointed his predecessor Mute Egede to the position of?foreign ministry, giving him the task of steering the relations with the United States amidst pressure from U.S. president Donald Trump to control the island. Premier?Minister Jens Frederik Nielsen stated that Egede’s portfolio would also include those of minerals resources and business policy. Trump has repeatedly claimed that the United States is in need of Greenland, which is a part if the Kingdom of Denmark. This claim has caused a rift between European NATO allies, who have rejected it. Greenland and Denmark, as well as the U.S., launched diplomatic discussions in late January to try to save their relations. They have stated that negotiations are ongoing and further meetings will be held. Egede's current Finance Minister, Egede, has repeatedly stated that Greenland will not be sold and its people will decide their own future. He rejects Trump's approach. Vivian Motzfeldt led Greenland's initial Washington talks delegation. She resigned as foreign minister in December after her party left the coalition government for reasons unrelated to the U.S. war. Reporting by Louise Rasmussen, Editing by Terje Solsvik
Imports of copper concentrate from China in the first quarter are on the rise, as top smelters maintain high output.
China's copper concentrate imports increased in the first quarter of this year, according to official data released by the country on Tuesday. This was despite the fact that processing fees were negative and the top smelter's group had vowed to reduce production.
According to the latest data from customs, imports of copper concentrates or ores increased by almost 10% in March to 2,63 million tonnes and by 6.6% in the first three months to 7,56 million tonnes.
The China Smelter Purchasing?Team is a group of top copper smelters that agreed to reduce production last year in order to address overcapacity, negative treatment charges and refining costs. This meant smelters paid miners to process the material.
There has not been any sign of a reduction in output from major smelters, including Jiangxi Copper Yunnan Copper Daye Nonferrous. They have all said that they plan to increase?or maintain their output in 2026.
Analysts and industry insiders say that China's copper producers will likely reconsider their plans to reduce output, as Beijing's export ban on sulphuric acids has tamed a rise in price for the by-product which had compensated for falling processing fees.
Data from the General Administration of Customs revealed that China's import of unwrought copper and copper-based products fell 10.9% in March to 416,000 metric tonnes, while falling 14.2% in the first quarter of 2026.
The drop was 7.6% in the benchmark copper price for three months at the London Metal Exchange in March, despite the Iran War, which slowed global growth and fueled inflation fears as oil prices surged.
The demand for imported cargoes is increasing?since March. The Yangshan copper premium
(source: Reuters)