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Oil prices rise as ceasefire agreement in Ukraine remains elusive
The oil prices recovered some of the more than 1% loss they suffered in the previous session. This was partly due to the diminishing prospect of an end to the Ukraine conflict that would bring more Russian energy back. Brent crude futures were up 46 cents or 0.7% to $70.34 per barrel at 0406 GMT, after closing 1.5% lower the previous session. U.S. West Texas Intermediate Crude was at $67.03 per barrel, up 48c or 0.7% after closing 1.7% lower on Thursday. Vladimir Putin, the Russian president, said that Moscow supports a U.S. ceasefire proposal in Ukraine but that it has a few conditions and clarifications that appear to prevent a rapid end to the fighting. Tony Sycamore, IG's market analyst, said that "Russian support for a 30-day truce with Ukraine has decreased confidence in a short-term ceasefire." The feeling is that the U.S. will not lift sanctions until a ceasefire has been agreed. The global trade war, which has caused financial markets to be roiled and sparked recession fears, is intensifying. On Thursday, U.S. president Donald Trump threatened to slap 200% tariffs on wine, cognac, and other alcohol imported from Europe. The International Energy Agency warned Thursday that the global oil supply may exceed demand this year by 600,000 barrels a day due to a growth in demand led by America and fewer than expected global consumers. The IEA stated that "the macroeconomic conditions which underpin our oil consumption projections deteriorated in the last month as trade tensions increased between the U.S.A. and other countries." This led the IEA to lower its estimates of demand growth for the fourth and first quarters of 2025. Oil prices fell on Friday due to the Trump-driven trade conflict woes, and concerns about demand. However, the prospect of less Russian oil being available in the short term helped cushion the market. In a client note, ANZ analysts stated that "most price projections are to the downside over the short-term but geopolitical tensions could still cause disruptions in supply." Reporting by Florence Tan Editing and proofreading by Shri Navaratnam
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Shanghai tin price jumps after Alphamin stops mining in Congo
Alphamin Resources, which has halted its mining operations in the Democratic Republic of Congo, has halted the production of tin. Alphamin Resources announced on Thursday the halting of activity at the Bisie Tin Mine in Congo's North Kivu "after insurgent militants groups recently advanced westward toward the mine's position in DRC, occupying Nyabiondo". Shanghai's most actively traded tin contract rose 8.8% on Friday to 288,450 Yuan ($40212.16) per metric ton at 0346 GMT after reaching the upper limit by 10% in the morning Asian trade session. The benchmark three-month tin price on the London Metals Exchange increased 0.6% to $35,110 per ton. This is a decline from its intraday peak of $37100 per ton in mid-2022. In a recent note, Wang Weiwei said that the Bisie Tin Mine is the third largest tin mining operation in the world, and will contribute 6% of tin ore to the global market by 2024. Wang believes that even though Myanmar's Wa State is considering restarting their mining operations, any significant increase in the tin production from this region is not expected to be apparent until May 2025. Base metals traders said that they were closely following the news of militancy and tin in Congo. LME copper rose by 0.4%, to $9,817.5 per ton. LME Aluminium was down by 0.1%, to $2,699.5 per ton. Lead gained 0.3%, to $2,079.5. Nickel increased 0.4%, to $16,570. SHFE copper increased by 0.7%, to 80,150 Chinese yuan ($11 070.44) a metric ton. SHFE aluminium fell 0.1%, to 20,960 yuan. SHFE zinc rose 0.2%, to 24,120 Yuan. Lead jumped up 0.4%, to 17,640 Yuan. Nickel lost 0.2%, to 133 300 Yuan. $1 = 7.2400 Chinese Yuan Renminbi (Reporting and editing by Rashmi aich and Sonia Cheema).
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EU-Backed Project to Unlock Tidal and River Energy Potential
A new EU-funded project has brought together 14 partners across Europe to unlock the potential of harnessing tidal and river energy in the North-West Europe.The SHINES project, short fo Showcasing Hydrokinetic energy Innovations for Northwest European Energy Sovereignty, is ready for launch, bringing together 14 partners from France, Ireland, Belgium, the Netherlands, Switzerland, and Germany.Co-financed by Interreg North-West Europe under the fourth call for projects, SHINES is set to unlock the potential of tidal and river energy systems, an opportunity still largely untapped in the region.With a total budget of $10.9 million, including 60% ERDF funding of about €6.5 million, the project, led by OPEN-C Foundation, will span from January 2025 to December 2028.SHINES will work to address several investment, economic and regular hurdles by replicating and scaling up three innovative solutions - HydroWing, RivGen and TidalKite - through grid connections and real sea deployments in France and the Netherlands.Some of the most promising sites across the region will be developed, engaging 100 organizations in the adoption of tidal and river energy systems.One of the partners in the project is Inyanga, which will design, construct and install a grid-connected 600kW tidal energy turbine, based on HydroWing concept, on the Paimpol-Bréhat test site in France, then operate and monitor the device throughout the test period.In addition, Inyanga will install and maintain SeaQurrent’s TidalKite device at Paimpol-Bréhat, managing all offshore operations.The project is aligned with Europe’s Net-Zero Strategy and the Critical Raw Materials Act, contributing to the goals of 1 GW of ocean energy capacity by 2030 and 40GW by 2050. Ocean energy holds the promise of creating 400,000 high-value jobs by 2050, revitalizing coastal communities with histories rooted in shipbuilding, fishing, and oil and gas industries.Project partners include, ORPC Ireland with RivGen technology, SeaQurrent, ÉireComposites Teo, Foras na Mara – Marine Institute, Bretagne Développement Innovation, Geemente Ameland, and others.
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Asia shares remain steady; gold reaches record levels as trade war escalates
Asia shares rose and global markets tried to rebound after a brutal saleoff. Gold reached a new record as an increase in global trade tensions made investors nervous, causing them to flee into safe-haven assets. Stocks in early Asian trading rose as investors were relieved that a U.S. shutdown was unlikely. Senate Democrat Chuck Schumer had said he'd vote to advance a Republican short-term funding bill and signaled his party's support. U.S. futures for stocks rose in response. The Nasdaq futures were up 0.87%, and the S&P 500 futures were up 0.7%. The FTSE Futures also gained 0.1% and the EuroStoxx 50 futures rose 0.04%. Alvin Tan is the head of Asia FX Strategy at RBC Capital Markets. He said that this news, for today at least, was positive for market sentiment. MSCI's broadest Asia-Pacific index outside Japan, which measures the performance of stocks in that region, traded 0.2% higher. However, it was still on track to drop more than 2% this week as global trade conflicts impacted global stock markets. Donald Trump, the U.S. president, said that he will impose a 200% tariff on imports of European spirits and wine if the EU does not remove the retaliatory duties on American whiskeys and other products which come into effect in the next month. Vishnu Varathan is the head of Asia ex-Japan macro research at Mizuho. He said that Trump is making it clear that, if someone were to retaliate against him, his counter-escalation would be even more sharp. The latest developments were the catalyst for the steep selloffs on Wall Street, and confirmed that the S&P 500 is in a correction. This comes just one week after Nasdaq also confirmed this. "I don't think Trump 2.0 is the same as Trump 1.0. Michael Strobaek is the global chief investment officer of Lombard Odier. He said that this time the president appears to be willing to let U.S. stocks and the economy suffer as he implements his "America first" goals. Gold, a traditional safe-haven asset, has benefited from the trade war. The yellow metal hit a record of $2,990.09 per ounce last Friday. The yellow metal was expected to rise 2.6% this week. Japan's Nikkei recovered from early losses and rose 0.12%. Hong Kong's Hang Seng Index gained 1% as well, but was on track for a weekly decline of 2.3%. China's CSI300 index of blue-chip stocks advanced by 1.4%, and is expected to increase 0.6% this week. Dollar Trouble The dollar recovered some lost ground thanks to safe-haven flows on Friday, but it was still not far from recent lows due to fears of an imminent U.S. economic recession. The euro traded at $1.0841 last, down 0.1%. Sterling fell by 0.05% to reach $1.2944. The fiscal reset plan of Germany, which includes a 500-billion-euro fund for infrastructure as well as sweeping changes in borrowing rules and growth boosters to boost military spending and revive the largest economy in Europe, has given additional support to the euro. The outgoing lower chamber of the German parliament will vote on these measures on 18 March before the formation a new Parliament on 25 March. Investors will be waiting for further information on the rate outlook, amid the uncertainty surrounding Trump's policies on trade and the impact they have on U.S. inflation and growth. "Our assessment shows that the rate trend is constant, and will continue to be lower." Varathan from Mizuho said that it's a matter of timing. "I believe that the tariffs won't be a hindrance to the Fed cuts because, even if prices increase, it will still result in a negative shock of demand and the people will not benefit." The dollar last gained 0.3% against yen, at 148.25. However, it was on track for a small weekly loss versus the Japanese currency due to bets that more Bank of Japan rate hikes will occur. Next week, the BOJ will also meet. Oil prices rose after falling the previous session. Brent futures increased 0.54%, to $70.26 per barrel. U.S. West Texas Intermediate Crude Futures rose 0.6% to $66.66 per barrel.
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Iron ore gains on China's stimulus and resilient demand.
Iron ore futures prices rose on Friday, reaching their highest level in almost two weeks. They were also on course for a weekly increase, thanks to a resilient demand, as well as rising expectations about additional stimulus measures from China, the world's largest consumer. As of 0214 GMT on China's Dalian Commodity Exchange, the most traded May iron ore contract was trading 1.68% higher, at its highest level since 3 March, at 789 Yuan ($108.86), a metric tonne. This is an increase of almost 2% this week. Singapore Exchange's benchmark April Iron Ore rose by 0.71%, to $102,95 per ton. This is the highest price since February 28. This week, the price has risen by 2.5%. China's central banks said that they would reduce interest rates, the reserve ratio for banks and their liquidity at the right time. Steelmakers increased production during March's peak construction season, which has also helped to support prices. A survey by consultancy Mysteel revealed that the average daily hot metal production, which is typically used to gauge demand for iron ore, increased for a third consecutive week, up 0.03% on a weekly basis to 2,31 million tons as of 13 March. China's plans to reduce crude steel production and the escalating trade war in the world, which could dampen outlook for demand, continue to be headwinds that limit further gains. Coking coal and coke both fell by 0.67%. The benchmark steel prices on the Shanghai Futures Exchange have increased. Steel benchmarks on the Shanghai Futures Exchange advanced.
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Shanghai tin price rises 10% after Alphamin stops mining in Congo
The price of tin on the Shanghai Futures Exchange reached its upper limit on Friday and soared by 10% as Alphamin Resources stopped their tin mining in the Democratic Republic of Congo. Alphamin Resources announced on Thursday the halting of activities at the Bisie Tin Mine in Congo's North Kivu. "Insurgent militants have recently advanced in the westward direction in the direction the mine's position in DRC, occupying Nyabiondo", said the company in a press release. Shanghai's most actively traded tin contract soared 10% on Friday to 291,510 Yuan ($40212.16) per metric ton, at 0219 GMT. In a recent note, Yide Futures analyst Wang Weiwei said that the Bisie Tin Mine is the third largest tin mining operation in the world. It will contribute 6% of tin ore to the world in 2024. It's unclear when Alphamin will restart operations. As Wa State in Myanmar looks to restart their mining operations, it is not expected that any significant increase in the tin supply from this area will be apparent until May 2025. This potential delay and current supply tightness could lead to a possible bullish trend for tin prices in the near term. LME copper rose 0.4% to $9,817.5 per ton. LME Aluminium was flat at 2,703.5 per ton. Lead gained 0.6% to $2,000, tin increased 2.9% to $35,945 and Nickel rose 1.2% at $16,710. SHFE copper increased by 0.8%, to 80,180 Chinese yuan ($10 957.18) a metric ton. SHFE aluminium rose 0.1%, to 21,000 yuan. Zinc grew 0.6%, to 24,235 Yuan. Lead jumped up 0.2%, to 17,605 Yuan. Nickel rose 1.0%, to 134 800 Yuan. ($1 = 7.2493 Chinese Yuan Renminbi). (Reporting and editing by Rashmi aich; Violet Li, Mei Mei Chu)
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Gold reaches record heights, aiming for $3,000 peak
Gold prices reached a record-high on Friday as fears over trade tensions and uncertainty about U.S. tariffs pushed up the price, while increased expectations of Federal Reserve monetary policy eased boosted gold's value. Gold spot fell 0.1% at $2,983.78 per ounce by 0132 GMT after reaching a session high of $2.990.09, just a few centimeters away from the $3,000 mark. Bullion has also logged a second consecutive weekly gain, with a 2,5% increase so far. U.S. Gold Futures increased 0.2% to $2.996.70. The risk-off market stance reflects the expectation of investors that trade tensions will likely get worse before they cool down, and they are once again turning to gold as a safe-haven to hedge portfolio volatility," said IG Market Strategist Yeap JunRong. The latest in U.S. president Donald Trump's multifaceted trade war is the European Union's response to U.S. tariffs blanketed on steel and aluminum by imposing an additional 50% tax on American whisky exports. This prompted the president to make a threat on Truth Social that he would impose a tariff of 200% on the imports of European wine and spirits. Gold prices are now approaching the psychological $3,000 mark. As we move into the second quarter where reciprocal tariffs may cause another round of market turmoil, gold is a safe-haven investment in an environment with few alternatives. Trump's tariffs have been widely predicted to cause inflation and economic instability, and gold has reached multiple record highs by 2025. Gold is seen by many as a way to protect against inflation and political risk. The markets are now awaiting the Fed's meeting on monetary policy next Wednesday. The Fed is expected to maintain its overnight benchmark interest rate between 4.25% and 4.50%. In an environment of low interest rates, non-yielding gold bullion thrives. The Russian president Vladimir Putin stated on Thursday that Russia supports a U.S. ceasefire proposal in Ukraine, but has asked for clarifications and conditions which appear to prevent a rapid end to the fighting. (Reporting by Anjana Anil in Bengaluru; Editing by Rashmi Aich) Spot silver fell 0.2% to $33.72 per ounce. Platinum rose 0.1% to $995.00, while palladium rose 0.7% to $964.32. (Reporting by Anjana Anil in Bengaluru; Editing by Rashmi Aich)
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Rusal, the aluminium giant, has seen its annual profits nearly triple on account of rising demand
Rusal, a Russian company, reported on Friday a nearly three-fold increase in its annual profits. This was due to higher prices of aluminium and aluminum alumina, as a result of a surge in demand. These products are crucial in the race towards decarbonisation. Hong Kong listed Rusal is the largest aluminium manufacturer outside China. It posted a net income of $803 millions for the period ended December 31. This was an increase of 184.8% compared to the $282 reported the previous year. Rusal has indicated that the transition to greener forms energy will accelerate in 2024 due to tighter emission standards globally, the growing demand from consumers for sustainable products, and the increasing importance of environmental social governance criteria. The consumption of aluminium by the transportation industry continued to grow in 2024 despite a decline in vehicle production. Rusal stated in a Hong Kong stock exchange filing that "the EV market is growing due to stricter emission regulations, government incentives, as well as advancements in battery technologies." The company, one of only a few Russian companies still listed on the stock exchanges of any country in the world, noted that EV growth is being driven by the expansion of charging infrastructure as well as the demand from consumers for more sustainable transportation. Rusal stated that its results were prepared under the assumption that it would be a continuing concern, but warned that geopolitical uncertainties, including possible sanctions imposed by United States, European Union, and other countries, could result in "significant limits".
Bulls warm up from long range, shoot past Nuggets
Zach LaVine scored 21 points and Nikola Vucevic produced 20 points and 10 rebounds to lift the Chicago Bulls to a 129-121 triumph against the going to Denver Nuggets on Monday.
Seven players scored in double figures for Chicago, which shot 45.3 percent ( 24-for-53) from long variety and got rid of a triple-double from Denver's Nikola Jokic.
Lonzo Ball contributed 18 points for the Bulls, who had actually lost 7 of their previous eight games. Ayo Dosunmu broke in 17 while Dalen Terry (13 ), Josh Giddey (12) and Patrick Williams (11) followed.
The Nuggets drew within three points when Jamal Murray swished a jumper with 2:22 to go, however the Bulls held on, scoring 8 of the game's last 11 points. LaVine buried a set of clutch 3-pointers down the stretch.
Jokic had 33 points, 14 helps and 12 rebounds. Christian Bruan scored 28 points, Murray and Michael Porter Jr. both had 18 and Russell Westbrook included 14, however Denver took its second consecutive loss after an 8-1 stretch.
Giddey, who dished 10 helps, has registered a double-double in 4 straight video games.
Chicago recovered from an earlier 12-point deficit with a 12-0 third-quarter run. A 30-8 spurt spanning the third and fourth quarters stretched the benefit to 108-96 with 9:17 remaining in the game.
Matas Buzelis stressed the kept up a fastbreak dunk off a Jalen Smith block at the other end and a Terry assist. Minutes before, Terry contributed a. running 3-pointer and putback layup.
Denver constructed a 68-61 halftime lead regardless of a huge inconsistency in long-range. shooting. The Bulls shot 12-for-26 from deep in the first 24 minutes compared. to 3-for-10 for the Nuggets.
Problem was, the Bulls also committed 11 turnovers in the very first half, which. led to 18 Denver points. The Nuggets likewise moved the ball efficiently,. gathering 23 assists and 50 points in the paint before the break, as well as. a 20-0 edge on the fastbreak.
Jokic led all gamers with 21 points and 8 assists at intermission. Vucevic (11 points) and LaVine (10) scored in double figures for the Bulls. before halftime.
Chicago stopped a two-game series losing streak.
-- Field Level Media
(source: Reuters)