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Sinomine, China's copper smelter in Namibia is halted due to a global shortage of concentrates.
Sinomine Resource Group, China, announced on Friday that it had temporarily suspended copper smelting at its Tsumeb facility in Namibia. The group cited a shortage in concentrate due to a rapid expansion of smelter capacities worldwide. Sinomine acquired Dundee Precious Metals' Tsumeb Smelter in 2024, which is one of only a few facilities worldwide that can treat copper concentrates containing arsenic or lead. The smelter has the capacity to process up to 240,000 tons of copper concentrate per year. It previously processed metal from Chile, Peru, and Bulgaria. The global copper smelting industry has grown rapidly in the last few years. This has led to a rapid increase in production, which has outpaced demand for the metal, whose use has been boosted in recent times by its use in technologies that generate renewable energy, such as electric vehicles. Sinomine Tsumeb Smelter's CEO Loggan Lou stated in a press release that the increased smelting capacities in major copper producing regions have "resulted a substantial overcapacity". Lou stated that "this has caused a shortage in copper concentrate and placed pressure on smelters around the world, including Tsumeb." Sinomine plans on upgrading the smelter in order to commercially produce multiple metals and minerals. Sinomine announced in September that the Tsumeb Smelter contained 746 metric tonnes of germanium. This mineral is essential for chipmaking and other applications such as solar cells, infrared technologies, fibre optic cables and infrared technology. The smelter also explores the addition of germanium or zinc smelting to the smelter.
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Russia asks UN agency for help in solving the question of US fuel at Ukraine's nuclear plant
The U.N. nuclear watchdog was asked by Russia on Friday to mediate in the dispute between Moscow and Washington over the fate of U.S. fuel that is stored at an Ukrainian power station controlled by Russian forces. Russia wants to restart Zaporizhzhia, a nuclear power plant that was idled for many years. It is located near the front line of the Ukraine war and produced a fifth or more of Ukraine's electrical output. Fuel is just one of many issues that are preventing the restart. Rafael Grossi of the International Atomic Energy Agency said this week that it is currently impossible to restart the reactor due to the lack of stable electricity and water cooling. After meeting Grossi, Alexei Likhachev, the Russian chief of nuclear energy, said that Russia would be willing to either use the fuel supplied by the U.S. firm Westinghouse or remove it completely and return it back to the United States. In a televised comment, he stated that Westinghouse and U.S. Energy officials had raised intellectual property concerns in relation to the fuel issue with Russia. Grossi was quoted by the state news agency RIA as saying that the IAEA is willing to mediate. Both Russia and Ukraine accuse the other of bombarding Europe's biggest nuclear power plant, Zaporizhzhia, increasing the risk of an accident. Likhachev stated that Russia had prepared "a comprehensive plan" for a phased commissioning. However, it could only take place if all threats to the military were removed. In March 2022, Russia occupied the facility shortly after its troops invaded Ukraine to start the war. The facility has six reactors. The last one stopped producing electricity in September 2022. (Reporting and writing by Mark Trevelyan, Gleb Stolyarov and Maxim Rodionov)
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Copper edges lower on firmer dollar
Copper prices dropped on Friday, as the dollar strengthened against the yuan and continued withdrawals from warehouses registered at the LME, along with concerns over short-term supplies, capped the losses. As of 1058 GMT, the three-month contract for copper on the LME dropped 0.6% to $9685.5 per ton. The metal, which is used in construction and power, reached $9,809.5 on Thursday, its highest level in over two months. Nitesh Sha, a commodity strategist at WisdomTree, said that the U.S. Dollar is down a little bit today and this has pushed most base metals prices lower. Dollar index rose 0.3% making metals in U.S. dollars more expensive for holders other currencies. The yuan has fallen to a 2-year low in the world's largest metal consumer, China. Donald Trump, the U.S. president and Xi Jinping, the Chinese leader took part in a rare phone call between leaders on Thursday. Trump said later on social media that they had made a progress in matters relating to rare earth minerals. However, neither leader confirmed that the issue was resolved. Trump increased tariffs on imported aluminum and steel to 50% earlier this week. This is double the previous rate, which was 25%. After the announcement, the market's attention has been drawn to an investigation underway in Washington regarding copper imports. Shah stated that "the restart of trade talks between Trump and Xi on yesterday will likely take the edge off friction between the leaders and allow for lower copper tariffs when they are announced." The investigation led to an increase in the copper inventory at Comex's warehouses Since late February, stocks in LME-registered warehouses have dropped by 49%. Stocks in LME registered warehouses, on the other hand, have fallen by 49% over the same time period . Teck Resources, a copper miner in Chile, reported this week that production had been affected at two of its operations. Other metals include LME aluminium, which fell 1.2% to 2,448.5 per ton. Zinc slipped 0.8% to 2,662.5, lead rose 0.1% to 1,980, and nickel dropped 0.2% to 15,495. (Reporting from Ashitha Shivaprasad and Polina Devitt in London; editing by Barbara Lewis.
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Germany's Merz claims that some US legislators have 'no clue' about the scale of Russia's nuclear rearmament
The German Chancellor Friedrich Merz stated on Friday that some U.S. legislators do not understand Russia's rearmament program. This was a day following his meeting with U.S. president Donald Trump at the White House. Merz said at a Berlin business conference: "I spoke with senators from Capitol Hill, and I told them that they should look into the rearmament Russia has been doing." He said that the senators "clearly have no idea" what was happening in South Africa at this moment. Russia has moved defence factories to Round-the-clock Production Since the beginning of its full scale invasion of Ukraine in Febuary 2022, Russia has signed weapons deals with North Korea. This prompted European officials to warn Moscow could be soon in a position where it can attack NATO territory. Russia denies such an intention, and claims to be conducting a "special operation" (military action) in Ukraine for its own protection against what they portray as a hostile, aggressive West. Merz, the conservative leader who came to power in May, was the latest European leader visiting Trump to try to convince him that Ukraine must be defended against Russia's invasion, and NATO should continue to support Europe's security. Merz stated that he was reassured by Trump's words during their public meeting in the Oval Office. He cited the "resounding" no to the question of whether the United States planned to withdraw from NATO. Since the beginning of Russia's full scale invasion of Ukraine in the continent's most bloody conflict since World War Two, European countries have increased their defence spending. Merz has supported Trump's call for NATO to commit to an objective of more than double defence spending in the future to 5%. Trump welcomed this commitment on Thursday, and told Merz U.S. troops would remain in Germany. Merz stated on Friday that "whether we like it or no, we will be dependent on the United States...for a very long time." (Reporting and writing by Friederike Rinke and Andreas Rinke; Editing by Gareth Jones).
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Tesla shares gain ground in premarket, as stocks watch for US employment data
The global stock markets were subdued Friday as investors prepared for the release of key U.S. employment data. Tesla shares recovered some ground during pre-market trading following a public spat between President Donald Trump, and billionaire Elon Musk. The markets are wary after a string of weak economic data, including a weak payrolls report in the United States. This would increase concerns about stagflation while increasing pressure on Federal Reserve policy. Investors also pondered whether a telephone call between Trump on Thursday and Chinese leader Xi Jinping, and the prospect of future talks, would ease the deep tensions in trade between the two world's largest economies. Jason da Silva is the global investment strategy director of Arbuthnot-Latham. He said that any breakthrough would likely be the most important thing for markets. Tesla shares jumped 5% during pre-market trading, and its Frankfurt stock gained 4%. This was after Politico reported that White House aides had scheduled a phone call between Musk and Trump. Tesla shares fell 14% overnight, wiping out $150 billion of market value. Trump had threatened to stop government contracts for Musk's businesses as their once-close relationship deteriorated into an open and bitter disagreement. European stocks were largely flat following similar trading in Asia. Nasdaq and S&P futures gained 0.4% each. The euro was trading near its six-week-highs against the dollar after the European Central Bank, as expected, cut interest rates on Thursday, but hinted that it would pause the year-long cycle of easing. The euro fell 0.2% to $1.1424 on Friday, slightly weighed down by weak German export figures, but was still on track for a weekly gain of 0.7%. The money markets are now pricing in a roughly 16% chance of a cut for July, compared to almost 30% before ECB president Christine Lagarde's press conference on Friday. Martins Kazaks, a policymaker at the ECB, said that it was time to stop cutting rates every time they met and instead hold their powder dry in light of an uncertain economy outlook. The dollar rose 0.3% against its major counterparts and was just a little bit above its six-week low. Payrolls report expectations have been dampened by weaker-than-expected U.S. Labour Market data. This includes a 47% jump in layoffs recorded by Challenger, and a major surprise on the downside in ADP’s private payrolls. Forecasts predict a gain of 130,000 new jobs in May with a 4.2% unemployment rate. A sudden weakness in the U.S. economy could trigger the next rate cut and cause a massive rally in Treasuries. Futures prices indicate that there is little chance of a rate reduction until September. This is approximately 76% priced in. On the commodities market, oil prices last week were broadly flat. They were on track to gain weekly gains due to supply concerns. U.S. Crude Futures last stood at $63.36 per barrel. Gold prices rose 0.3%, to $3363 per ounce.
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De Beers attracts interest from Qatari funds and billionaire Agarwal
Sources close to De Beers have confirmed that at least six consortiums are interested in the diamond giant, including Anil Agarwal and Indian diamond companies, as well as Qatari investment funds. De Beers will be carved out from Anglo American, as the London listed miner refocuses its efforts on iron ore and copper. However, the global diamond price is under pressure. Two sources confirmed that Agarwal is a member of the larger group of interested parties. Vedanta, which operates mines in Zambia, South Africa and elsewhere, has a chairman named Agarwal. Both Anglo and Agarwal declined to comment. Two sources familiar with the matter have confirmed that Indian companies such as KGK and Kapu Gems which dominate India's domestic cutting and polishing industry and are De Beers’s largest customers, also expressed interest. KGK Group and Kapu Gems have not responded to any requests for comments. Anglo American has hired financial advisers Morgan Stanley and Goldman Sachs to assist with the sale, demerger, and possible listing of De Beers. The book value for De Beers is $4.9 billion after $3.5 billion worth of impairments in the past two years.
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Silver reaches 13-year-high; gold poised to gain weekly
The price of gold rose on Friday and it was expected to rise for the week after U.S. interest rate cuts were anticipated by the Federal Reserve. Silver also hit a record high. As of 0854 GMT, spot gold was up by 0.4% to $3,367.45 per ounce. Bullion is up 2.4% this week. U.S. Gold Futures rose 0.5% to $3.390.70. Alexander Zumpfe is a precious metals dealer at Heraeus Metals Germany. He said that the disappointing data on jobless claims, which indicates a possible labor market weakness has had a greater impact on gold than President Trump's phone call with President Xi. U.S. president Donald Trump and Chinese President Xi Jinping made a rare phone call on Thursday amid tensions over trade and a dispute about critical minerals. The Labor Department reported Thursday that the number of Americans who filed new claims for unemployment benefits reached a seven-month record high. The markets are now awaiting the release of the non-farm payroll report in the U.S., which is due at 1230 GMT. This follows a number of data releases that indicated a softening labor market this week. The economists polled predicted that nonfarm payrolls would increase by 130,000 jobs by May, and the unemployment rate will remain at 4.2%. Zumpfe said that a softening US labour market would increase pressure on Fed to ease its monetary policy. This is especially true if payrolls are disappointing. In a low rate environment, gold, which is traditionally viewed as a safe haven during times of political and economic unrest, thrives. Silver spot rose 0.2%, to $36.23 an ounce. It had previously reached a record high of more than 13 years. Platinum rose by 2.7% to reach $1,163.95, the highest since March 2022. Palladium rose 1.4% to $1,019.62. Ole Hansen is the head of commodity strategy for Saxo Bank. He said that gold has been struggling to rise in value over the short-term, which has led investors towards undervalued platinum and silver. (Reporting by Anushree Mukherjee in Bengaluru, Additonal)
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Tesla shares gain ground in premarket, as stocks watch for US employment data
The global stock markets were subdued Friday as investors prepared for the release of key U.S. employment data. Tesla shares recovered some ground during pre-market trading following a public spat between President Donald Trump, and billionaire Elon Musk. The markets are wary after a string of weak economic data, including a deterioration in the U.S. payrolls figure. This would increase concerns about stagflation while increasing pressure on Federal Reserve policy. Investors also pondered whether a telephone call between U.S. president Donald Trump and Chinese leader Xi Jinping, made on Thursday, and the prospect of future talks could help ease the deep tensions in trade between the two world's largest economies. Jason da Silva is the global investment strategy director of Arbuthnot-Latham. He said that any breakthrough would likely be the most important thing for markets. Tesla shares jumped nearly 5% during pre-market trading, and its Frankfurt listed stock gained 4% following a Politico report that White House aides had scheduled a phone call between Elon Musk CEO and Trump. Tesla shares fell 14% overnight, wiping out $150 billion of market value. Trump had threatened to stop government contracts for Musk's businesses as their once-close relationship turned into an open bitter disagreement. European stocks opened flat, following a similar muted Asian trading. Nasdaq and S&P futures both rose by 0.4%. The euro was trading near its six-week-highs against the dollar after the European Central Bank, as expected, cut interest rates on Thursday, but hinted that it would pause the year-long cycle of easing. The euro fell 0.1% to $1.14245 on Friday, slightly weighed down by weak German export figures, but was still on track for a weekly gain of 0.7%. The money markets are now pricing in a 19% chance that a cut will occur in July, compared to almost 30% before Christine Lagarde's press conference. Martins Kazaks, a policymaker at the ECB, said that it was time to stop cutting rates every meeting and keep its powder dry in light of an uncertain economy. The dollar rose 0.2% against major peers, just a little above its six-week low. Payrolls report expectations have been dampened by weaker-than-expected U.S. Labour Market data. This includes a 47% jump in layoffs recorded by Challenger, and a major surprise on the downside in ADP’s private payrolls. Forecasts predict a gain of 130,000 new jobs in May with the unemployment rate remaining at 4.2%. A sudden weakness in the U.S. economy could trigger a rate cut and cause a massive rally in Treasuries. Futures prices indicate that there is little chance of a rate reduction until September. This is approximately 76% priced in. On the commodities market, oil prices are slightly lower than last week but they will likely rise this coming week due to supply concerns. U.S. Crude Futures fell 0.5% to $63.05 per barrel. Gold prices rose 0.3% to $3363 per ounce.
Iraq thinks about Syria intervention as rebels advance
Iraqi Shi'ite Muslim ruling parties and armed groups are weighing the pros and cons of equipped intervention in Syria, viewing as a severe hazard the advance of Sunni Islamist rebels who have taken two Syrian cities and now bear down on a third.
Baghdad has a dark history with Syria-based Sunni fighters, thousands of whom crossed into Iraq after the 2003 U.S. intrusion and fuelled years of sectarian killing before returning once again in 2013 as Islamic State to conquer a third of the nation.
The Syrian rebels currently advancing in Syria, led by Hayat Tahrir al-Sham, have actually disavowed Al Qaeda and IS and say they have no aspirations in Iraq, but the ruling factions in Iraq have little rely on those assertions.
Iraq has generated on its border with Syria thousands of fighters from its conventional military along with the Popular Mobilization Forces (PMF), a security firm consisting of numerous Iran-aligned armed groups that formerly fought in Syria.
The orders up until now are to defend Iraq's western flank, rather than to intervene to assist Syrian President Bashar al-Assad, according to an Iraqi Shi'ite politician, a government adviser and an Arab diplomat briefed on the matter.
However the computation could change, a minimum of for some Iraqi factions, depending upon advancements, consisting of if the rebels take the major Syrian city of Homs, if Assad falls, or if Shi'ites are maltreated, the sources said.
Iraqi government representative Bassem Al-Awadi said Iraq does not seek military intervention in Syria but explained the department of Syria as a red line for Iraq, without elaborating.
Reuters formerly reported that hundreds of Iraqi fighters had actually crossed into Syria to assist boost Assad's forces, joining Iraqi and Lebanese Hezbollah fighters already in the country, however there has not yet been a mass mobilization from Iraq.
The country's government, led by moderate Prime Minister Mohammed Shia al-Sudani, has actually attempted frantically to avoid being dragged into the spiralling local conflict that has included the Gaza war, instead trying to focus on rebuilding after years of war.
The Iraqi government's position from the start has actually been that Iraq is not a side in this crisis, stated Falih al-Fayadh, leader of the PMF, in a telecasted speech on Friday.
However it is not wise for there to be a fire in your neighbour's home while you sleep, reassured without thinking of what may take place, he said.
SUDANI SEEKS TO PREVENT REGIONAL CONFLICT
Iraq, which is led by a coalition of primarily Shi'ite political celebrations and armed groups near to Iran, is a major gamer in Tehran's so-called Axis of Resistance that consists of Hamas in Gaza and Lebanese Hezbollah.
Israeli assaults have heavily impaired the latter 2 players, so some experts think that the tens of thousands of hardened fighters in Iraq's armed formations are now the force in Iran's network of allies best-placed to intervene in Syria.
Iraq's judgment coalition is often drawn in various instructions, with some groups that fought together with Assad in the past and have interests in Syria more partial to getting in again, while other celebrations see such an intervention as destabilising.
Iraqi Foreign Minister Fuad Hussein met Syrian Foreign Minister Bassam Sabbagh and Iranian Foreign Minister Abbas Araqchi in Baghdad on Wednesday.
At a joint press conference, Hussein condemned attacks by terrorist entities in Syria and Araqchi vowed to supply Syria with all the assistance it required.
The leader of the Syrian rebels, Abu Mohammad al-Golani, himself began his combating career with Al Qaeda in Iraq, where he was imprisoned by the U.S., before relocating to Syria to set up the extremist group's franchise there.
Golani split from Al Qaeda in 2016 and on Thursday advised Sudani to avoid the PMF from intervening in Syria, stating in a. video posted online that the rebels wished to have strategic and. economic ties to Iraq once they fell Assad's routine.
They might declare to be in a different state of mind and a different. group, however they very much look the same from Iraq, the. government advisor stated.
(source: Reuters)