Latest News
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Officials say that Russian drones and missiles have killed four people in the northern regions of Ukraine.
Ukrainian officials reported that Russian missiles and drone strikes in the northern Chernihiv and Sumy regions of Ukraine killed?four people? and injured several others on Tuesday. The regional governor said that a ballistic missile attack in the middle of Pryluky, in the Chernihiv Region, killed two people, and injured at least 17 others. One of them was a 14-year old. The attack damaged a business and also a nearby shopping centre and supermarket, said Governor Viacheslav Chaus on Telegram. Chaus shared photos of a metal structure damaged and a building whose windows were shattered on Telegram. The regional governor said that a separate Russian drone strike targeted civil?infrastructure in the neighbouring Sumy Region on Tuesday, without revealing any further information about the targets. Oleh Hryhorov, the governor of Oleh's?Hryhorov, said that two men aged 52 and 58 were killed and four others injured. Both?regions? border Russia and have been the target of frequent attacks during the war. Reporting by Anna Pruchnicka, Editing by Alison Williams & Peter Graff
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South Korea and Japan agree to strengthen security ties, as well as energy cooperation
Their leaders said that?South?Korea? and Japan?have agreed to expand their cooperation in the areas of LNG and crude oil supplies, including stockpiling, and swapping petroleum products. After a meeting held in Lee Jae Myung's hometown, Andong, the President and Prime Minister said they would intensify coordination to stabilize?energy supply and expand their cooperation with other Asian countries as disruptions in supply due to war in the Gulf are straining their import-dependent economy. In a joint press statement, Lee stated that "recent instability in energy markets and supply chains stemming from Middle East situation has further highlighted the need for closer cooperation between our countries." Takaichi also said that they launched a bilateral project focusing on strengthening the energy supply resilience. This included enhancing reserves in the Indo-Pacific and "assessing energy safety through measures such a mutual swap transactions for crude, petroleum products, and LNG." They also reaffirmed a stronger coordination in security, including trilateral co-operation with the United States as they face shared challenges, such as North Korea and wider regional tensions. Lee stated that the recent upgrade of vice ministerial level security talks between?two countries represented "meaningful progress" towards institutionalising defence dialog. The Andong summit was the sixth time the two leaders met since Lee came into office, and the second meeting this year within their "shuttle diplomatic" framework. Both leaders agreed that the rapid succession of meetings, including reciprocal visits to each other's hometowns, showed the level of trust between their countries. They also said it demonstrated a growing cooperation outside of capitals and into regional and economic ties. South Korea and Japan are attempting to strengthen their coordination, despite a long history of disagreements. Both governments have a greater focus on regional stability, economic security, technology cooperation, including artificial intelligence, and advanced technology. The leaders will attend a banquet in Andong that features a mix of Korean and Japanese cuisines, as a symbol of bilateral friendship. The leaders will also enjoy cultural performances, including a pansori and firework show along the river. (Reporting and editing by Bernadettebaum, Peter Graff, Kaneko Kaori)
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Shooting in southern Spain leaves at least two dead and four injured
Spanish police announced on Tuesday that they had arrested a 25 year old?man accused of?killing his two parents?and injuring four others including his son in an overnight shooting in the southern city El Ejido in Almeria Province. Guardia Civil said that the four injured are hospitalized and in "serious condition". The suspect's child was not the only injured person. A woman, a man and a minor were also hurt. The statement said that the shooting was reported for the first time after?11 pm (2100 GMT) Monday. The suspect was arrested by specialist units at 4 am on Tuesday. The police were looking into the motive of the shooting. They initially thought it was domestic violence. Also, they wanted to know the origin?of the gun that he used as he did not have a gun licence. Spain is relatively free of shootings, as firearms and gun ownership are strictly regulated. According to the United Nations Office on Drugs and?Crime (UNODC), Spain recorded 53 firearm homicides?in?2023. That's 0.1 deaths for every 100,000 people - the lowest rate anywhere in Europe and the entire world. (Reporting and editing by Jacqueline Wong; Andrew Heavens, Sharon Singleton, and Jacqueline Wong)
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Oil prices drop after Trump's Iran remarks, but shares and bonds remain steady
The global stock and bond market stabilized on Tuesday after U.S. president Donald Trump postponed an attack against Iran and stated that there was a high chance of a nuclear agreement, which sent oil prices lower. Trump announced on Monday that he has halted the?planned? resumption? of attacks against Iran in order to give time to negotiate a peace deal. This comes after Tehran sent Washington a new proposal for peace. The U.S. has a "very high chance" of reaching an agreement with Iran that would prevent Tehran from getting a nuclear bomb. Investors were cautious after a drone strike on the weekend in the United Arab Emirates had roiled them in the previous session. Early trading in Europe saw stocks rise 0.7%, regaining ground lost on Friday. They had fallen 1.5% after bond market volatility spread to equity markets. The futures for the U.S. S&P 500 index were not much changed on Monday after the index had flattened?after a 1.2% decline on Friday. "We have seen a lot back and forth," said Fabien Yips, a IG analyst. "Until we see real action (in the Strait of Hormuz) whereby ships pass through safely and see a material resurgence in traffic through the Strait, the market is ignoring the comments from both sides." Brent crude futures dropped 1.4% to $105.50 per barrel, while U.S. crude remained flat at $108.70 a barrel. Both were?more that 50% higher than their pre-war level. The broadest MSCI index of Asia-Pacific stocks outside Japan fell more than 1% while Japan's Nikkei Index eased by 0.4%. Earnings from Nvidia, the world's largest chipmaker, are expected to be released on Wednesday. Expectations for this company are sky-high. Richard Reyle is chief investment officer of Questar Capital Partners. He said that "Nvidia has become the market's shorthand term for all things AI. This market's gains over the last few years have been driven largely by AI." BOND SELLOFF ABITES The drop in oil prices helped to stop a massive sell-off of global bonds on Monday, but concerns remain over any inflationary shock that may result from the Iran War. The yields on the benchmark U.S. Treasury 10-year note have fallen from a high of more than 4.63% to 4.597%, a drop of over one year. British government bond yields dropped the most, followed by those of European and Japanese bonds. Prices and yields are inversely related. As they met in Paris, the G7 Finance Ministers expressed their concern about rising public debt and volatility on the bond markets. The markets are pricing in major central bank rate increases this year based on the expectation that policymakers will tighten their policy to combat an inflation resurgence driven by high energy prices for longer. Florian Ielpo is the head of macro for Lombard Odier Investment Managers. He said that the micro story was still strong and AI was still acting as a main support for US equity markets. However, "the macro story" is less forgiving, referring to rising oil prices, bond yields, and other factors. The?dollar, which has been a safe-haven since the start of the war, was up by 0.1% to 159.04yen. This puts traders on high alert for any Tokyo intervention in order to support its currency. The euro fell 0.2% to $1.16. The pound also fell by 0.2%, to $1.34. Rae Wee and Harry Robertson reported from Singapore, and Jamie Freed and Tom Hogue edited the article.
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Minister: Italy will extend the fuel excise tax cut that expires this week
A top government minister announced on Tuesday that Italy would extend a 'cut in fuel excise duty due to expire May 22 as part of efforts to curb the soaring energy prices caused by the Middle East conflict. Matteo Salvini, Deputy Prime minister and Transport & Infrastructure Minister, said during an interview with RTL 102.5 that "we will definitely have to extend the excise reduction." It has spent about?1 billion Euros ($1.16 billion), so far, to reduce?excise duty on?petrol or diesel pump prices. The measure was first introduced in March, and then extended for the first time in late April. Italy, which is highly dependent on imported oil and gas, is especially vulnerable to disruptions in supply linked to the U.S./Israeli conflict against Iran. Salvini claimed that the excise discount was not enough to satisfy truck drivers who are planning a strike across the country next week. He said that the government would meet with freight transport associations on Friday in order to revive the tax credit measure. Salvini stated that the strike was justified. ($1 = 0.8596 euro) (Reporting and editing by Alvise Armillini, Francesca Piscioneri)
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China tightens steel capacity controls, causing iron ore to increase losses
Iron ore prices fell a further 5% on Tuesday, to their lowest level in more than two months. The reason was China's new stricter plan to curb overcapacity?in the steel sector. This dampened the prospects for demand?for feedstocks. However, near-term consumption has capped these losses. Iron ore, the most traded contract at China's Dalian Commodity Exchange(DCE), closed daytime trading down 0.87% to 798.5 Yuan ($117.38) per metric ton. This was a decline for a 4th consecutive session. The contract hit its lowest?level since the 30th of April at 794 Yuan during the daytime session. By 0814 GMT?the benchmark July iron ore traded on the Singapore Exchange had fallen 0.51%, to $107.65 per ton. Earlier, it had reached its lowest level at $107.2. China announced a more stringent steel capacity swap plan on Monday in order to combat the overcapacity that is plaguing this industry and causing it to lose profitability. This has also fueled a growing backlash against trade protectionism worldwide. For every ton new steel capacity, at least 1.5 tons old capacity must be removed. Morgan Stanley analysts said that the new, stricter policy would help to reduce steel capacity and result in more consolidation of the industry over the long-term. Analysts said that the implementation of a new plan will determine how much capacity is reduced. According to data from Mysteel consultancy, the daily transaction volumes of seaborne iron-ore cargoes have more than doubled since Friday, reaching 1.51 million tonnes on Monday. This indicates a persistent buying appetite for this steelmaking ingredient. Coke and other steelmaking materials, such as coking coal, fell by 0.78% and 0.49%, respectively. The Shanghai Futures Exchange's steel benchmarks have mostly extended losses due to lower raw materials costs. Rebar fell 0.53%; hot-rolled coils dropped 0.32%; wire rod fell 0.33%. Stainless steel showed little change. ($1 = 6.8028 Chinese Yuan) (Reporting and editing by Amy Lv, Lewis Jackson)
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Chinese copper smelters met with officials from the Beijing government
Sources said that several major Chinese copper smelters met in Beijing on Tuesday to?discuss with government officials. The?industry is preparing for mid-year discussions with global miners about processing fees for the year beginning in July. According to anonymous sources, the meeting included representatives from the China Nonferrous Metals Industry Association and a number of'major' smelters. The processing fees are also called treatment and refining costs. They are paid by the miners to the smelters in order to refine concentrate. National Development and Reform Commission and the industry association did not immediately respond to our requests for comments. Smelters prepare for another round contract negotiations with Chilean miner Antofagasta. The fees negotiated with Antofagasta will be used as a benchmark in processing agreements between Chinese Smelters and other miners. Last year, the China Nonferrous Metals Industry Association called on industry to reject negative fees. Antofagasta and Chinese copper smelters agreed to set the processing fees for 2026 at zero, a new record. This fee was the same as the mid-year fees in 2025. Argus Media, a data provider, reports that spot treatment charges for imported copper concentrates in?China are negative and have been for over 16 months. On May 15, they were minus $102,60 a metric tonne, compared to minus $96 a metric tonne the 'previous week. China's largest copper smelters agreed last November to reduce concentrate-fed supplies by more than 10 percent this year in order to combat overcapacity and low fees. The refined copper output in first quarter rose by 9.3%, and the guidance of some leading smelters does not indicate a reduction in production. The NDRC stated in March that the capacity of copper smelting, and alumina production would be managed. However, it did not provide any details. One of the sources said that the meeting on Tuesday included a discussion regarding the output for the first quarter, and the plans for the next. (Reporting and editing by Tom Hogue; Staff Reporting)
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The rupee has some footing against dollar offers by state-run foreign banks
The Indian rupee was slightly 'higher' on Tuesday after recovering from a slide that had?taken it to a new -low. State-run lenders made dollar offers, perhaps for the central bank, as well?as lending support by foreign banks. At 11:15 am IST the rupee was trading at 96.3325 to a dollar, after closing at 96.3450 Monday. The rupee opened slightly weaker at 96.3850. This was just one tick away from its previous session's all-time low, which was 96.3875. Some traders interpreted the fact that a large state-run lender, along with others in the public sector, were offering dollars in USD/INR as a sign of central bank intervention. The Reserve Bank of India intervenes regularly to support rupee. It aims to maintain a measured pace of depreciation without defending a specific level. A currency trader stated, "Alongside this, I've heard the names of a few foreign banks on offers." The rupee is under constant pressure from the central banks to strengthen against the dollar. This pressure comes from limited exporters' hedging interests and an ongoing mismatch between daily flows, which highlights a market imbalance. India's merchandise trade deficit increased to $28.38billion in April. This was largely due to an increase in crude oil imports, which reached a six-month high. The news comes as capital inflows are'subdued' and oil prices have not shown any signs of easing since the start of the Iran conflict late in February. The rupee has been further weakened by the sustained foreign outflows from Indian stocks of over $20 billion. Brent crude is now near $110 per barrel and up 50 percent since the start of the war. Over 6% of the rupee has been lost in that time. Amit Pabari is the managing director of CR Forex. He said: "When capital leaves in waves, currencies seldom stand still - and the rupee bears this full weight." (Reporting and editing by Rashmi aich, Ronojoy Mazumdar, and Nimesh vora)
India's leading copper producers are against scrap-based rods being included in standards
Adani, Vedanta, and Hindalco are among the top copper producers in India. They oppose plans to make copper wire produced by secondary refiners meet government standards.
A dispute over copper rods with high conductivity that are fire-refined has led to a standoff lasting months between primary producers and refiners. These rods are used primarily in electrical applications, such as transformers and power cables.
Copper rods produced by smaller refiners that mainly use scrap as a raw material are not subject to the same standards, because they may not meet the required purity levels for electrical applications.
The?large producers claimed that Indian fire (secondary refiners) may not possess the requisite technology, and are therefore unable to manufacture the FRHC-grade consistently. This was according to the minutes of a meeting of the Bureau of Indian Standards on March 23, which were reviewed by?.
BIS, the state-run agency that oversees quality standards for Indian products.
The minutes of the Indian Primary Copper Association (IPCPA) stated that "many manufacturers are not refining?and only re-melting?scrap to make?substandard products."
IPCPA partners include Adani Vedanta Hindalco Hindustan Copper.
In the minutes secondary producers defended the production method they use, stating that fire refining allows them to control the chemical composition and conductivity of copper, which is required internationally for cable manufacture.
The BIS has not responded to any requests for comment from? The BIS did not respond to requests for comment.
IPCPA Rohit Pathak stated that the industry group was seeking separate standards to be set for FRHC Copper because "fire refining, which uses scrap copper as its primary input cannot remove?impurities in order to achieve the 99.99% purity needed for electrical applications."
Lower purity will increase the risk of overheating, and even fire. Pathak, also the CEO of Hindalco’s copper business, said in a press release that a separate?standard would help ensure safe use.
Industry estimates estimate India's total demand of?copper bars in the fiscal period ending March 2025 at 1.2?million metric tonnes, with imports accounting for 0.1?million tons. FRHC copper bar production was at 0.4?million tons.
The Middle East conflict has disrupted supplies this year, but imports are still largely sourced from the United Arab Emirates.
A source in the industry said that as a result, around 400,000 tons copper wire rod are currently traded outside of the quality control regime. (Reporting and editing by Mayank Bhadwaj, Raju Gopalakrishnan).
(source: Reuters)