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NioCorp and Lockheed Partner on Pentagon-funded Scandium Alloy Work
NioCorp, a rare earths miner in Colorado, said Thursday that it was working with Lockheed Martin - a U.S. defence contractor - to develop an alloy of scandium and aluminium for military equipment. The program is funded by the Pentagon. NioCorp, based in Colorado, received $10 million in August from the Pentagon to develop a Nebraska mining facility that will produce scandium - one of 17 rare earths. Lockheed is an important supplier of weapons and fighter jets to the U.S. Military. NioCorp, Lockheed and other companies are using a portion of this funding to develop an aluminum and scandium alloy. Tests for the 2027 equipment range are scheduled. The Pentagon is interested in an alloy made of aluminum and scanningium because it is lightweight and conducts electricity very well. It is also corrosion resistant and can withstand a wide range of temperatures. Scandium has been used for many years in defense, aerospace, and energy applications. However, the majority of its supply comes from China. The United States hasn't mined scandium in the country since 1969. NioCorp intends to extract scandium from Nebraska's deposit and then process it into ingot form. A third party will use this ingot to create powder which can be used to 3D print replacement parts for Lockheed. NioCorp plans to open the Nebraska mine in 2028. The U.S. Export-Import Bank is considering a $800 million loan for the project. Reporting by Dharna Baffna from Bengaluru, and Ernest Scheyder from Houston; editing by Tasim Zaid and David Gregorio
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The FOREX-Yen falls as traders look at new US sanctions and CPI data
The dollar was higher against the Japanese yen as traders awaited the delayed release on Friday of U.S. consumer price inflation data and considered the new U.S. sanctions imposed on Russian oil companies that boosted oil prices. The U.S. Dollar Index, which measures the greenback in relation to a basket, was almost flat last week at 98.925. The main focus of the week is on the release of inflation data despite the U.S. government shutdown. This will help the U.S. Social Security Administration calculate its annual cost-of living adjustment for 2026. The Federal Reserve will closely monitor the numbers, even though its policy focus has shifted away from inflation and towards the U.S. labour market. The data will be important for slightly different reasons than normal. Nick Rees is the head of macro-analysis at Monex Europe. YEN SLIDE - YEN ON SLIDE The new U.S. sanctions against major Russian suppliers Rosneft, and Lukoil for Russia's involvement in the war in Ukraine have sent oil prices up by nearly 5%. This follows British sanctions last week on these two companies. The U.S. Treasury Department announced that it was ready to take additional action, as it called upon Moscow to immediately agree to a ceasefire. Several trade sources reported that Chinese state oil companies had stopped buying seaborne Russian crude oil from two companies. This boosted prices. Marc Chandler, Bannockburn Capital Markets' chief market strategist, stated that the new sanctions had a negative impact on the yen and other currencies linked to oil imports. He said that Japan is a large oil importer and that higher oil prices are hurtful. The yen was also affected by domestic factors. It was headed back to last week's seven month low of 153.29 per dollar. This was the level it reached this week, after Sanae Takaichi was selected as Japan's new ruling party leader. Takaichi is widely considered a fiscal dove and a monetary dove. The market is eagerly awaiting the details of Takaichi's stimulus package now that he is in office as Prime Minister. Yutaka Miura is a senior technical analyst with Mizuho Securities. He said that buying based on the hopes of a Takaichi-led government had already reached its end. The market has reached a stage where it must assess the feasibility of concrete policies. OIL PRICE RISE The Norwegian crown appreciated on Thursday due to the increase in oil prices. The dollar fell 0.42% against the Norwegian crowns at 9.9717, dropping below the 10-crown mark for the first two weeks. Meanwhile, the euro reached a new low of 11.568 crowns in a month. Sterling was also down 0.25% to $1.332, having recovered from its recent fall. This was due to weaker than expected consumer inflation data which caused the markets' bets for another Bank of England rate reduction this year. The euro rose 0.06% to $1.162. The Swiss National Bank published its first meeting minutes on Monday. It did not move the Swiss Franc. It was at 0.7949 to the dollar. Hannah Lang reported from New York, with additional reporting from Alun John and Kevin Buckland in London; editing by Jacqueline Wong and Kim Coghill; Barbara Lewis, Alison Williams, and Diane Craft.
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M23 rebels deny accusations of gold theft at eastern Congo mine
The M23 group denied on Thursday that its fighters looted 500 kilograms of gold from Twangiza Mining’s concession in eastern Democratic Republic of Congo. This week, the firm that operates in South Kivu, a province that is largely under M23 control, claimed M23 "had secretly transported (the) gold through underground channels." The rebels were also accused of utilizing Rwandan technicians in order to extract geological information to resume and expand their mining. Rwanda has denied supporting M23 rebels despite claims from U.N. officials and Western and Regional governments. Corneille Nangaa said at a Thursday press conference that the mine is not operational and only artisanal mining workers are working there. He claimed that M23 lacked the equipment necessary to operate a landmine. Nangaa also accused the Congolese government of bombing the site, including from above. He claimed that civilians were killed during these attacks, but did not give a number. The company reported that a drone strike on 15 October destroyed the power generation infrastructure of the mine. The drone strike's perpetrator is still unknown. The Congo government has not responded to a comment request on this allegation. M23 launched a lightning-fast offensive in this year, which allowed them to capture more territory than ever before in the eastern Congo. The group took the mine in May. Twangiza reported that it has lost more than 100 kg of gold per month since its takeover. It also said $5 million in equipment and materials had been lost. The company has declared force majeure and is preparing to make a formal complaint before international arbitrators and Congolese officials. According to U.N. investigators, armed groups have taken over several mining sites located in the mineral-rich eastern Congo. According to a U.N. Security Council report last year, M23 rebels earn around $300,000.00 per month from mineral taxes. This is in the rich Rubaya region. Reporting by Congo Newsroom; writing by Anait Miridzhanian, editing by Rob Corey-Boulet & Daniel Wallis
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Stocks and US yields increase after sanctions against Russia
The oil prices rose more than 5% Thursday, after Washington announced sanctions against major Russian companies for the Ukraine War. Major stock indexes also rose as gains by U.S. energy stocks and European energy shares offset some disappointing earnings reports. The sanctions were announced on Wednesday night and targeted major Russian suppliers Rosneft, Lukoil. The European Union approved the 19th set of sanctions against Moscow, which included a ban on Russian gas imports. Britain imposed sanctions on Rosneft & Lukoil last week. Wall Street stocks rose with indexes picking up momentum following the White House You can also check out our other articles. Next week, Donald Trump will visit Asia and meet with Chinese President Xi Jinping. The S&P 500 index saw energy as the sector that gained the most, with a gain of 1.6%. Stocks also benefited from a number of positive earnings reports. Honeywell shares gained 7.6% following the company's revised profit forecast for 2025. International Business Machines' shares dropped 1.2% as the company reported a slowdown of growth in its cloud software segment. "In general the (stock market) is responding to earnings which are for the most part continuing to be good. The market is also applauding Trump's severe sanctions against major Russian oil companies. "You can see it in the energy industry," said Peter Cardillo. Chief market economist at Spartan Capital Securities, New York. The Dow Jones Industrial Average rose by 185.84, or 0.39 percent, to 46.774.16, while the S&P 500 gained 47.28, or 0.70 percent, to 6,746.56, and the Nasdaq Composite advanced by 239.21, or 1.05 per cent, to 22,979.60. The MSCI index of global stocks rose by 5.10 points or 0.51% to 995.87. STOXX 600 index closes at record high, boosted by gains in energy shares. The pan-European STOXX 600 Index advanced 0.37%, reaching 574.43. Kering shares rose 8.7%, also helping to boost sentiment. The Gucci owner revealed that sales for the previous quarter were lower than analysts expected. Chinese stocks recovered from a drop of 1.1% to close at 0.3%. Sources said that the White House is considering a plan of reducing software exports to China as a retaliation to Beijing's recent round of export restrictions on rare earths. After the latest Russia sanction news, oil futures became a hot topic. The U.S. announced it was ready to take additional action, as it called upon Moscow to immediately agree to a ceasefire. U.S. crude rose 5.6% to $61.79 per barrel. Brent closed at $65.93 last up 5.4%. U.S. Treasury Yields rose as well following the news of sanctions, and investors prepared for Friday's key inflation reading in the United States. The yield on the benchmark U.S. 10 year notes increased 4.2 basis points from 3.953% at late Wednesday. Geopolitical risks have renewed demand for gold as a safe-haven, after it had dropped earlier this week following its recent strong rally. Spot gold increased 1.04% to $4136.34 per ounce. Investors' firm belief that the Federal Reserve is going to continue cutting U.S. rates of interest helps offset some of their anxiety over geopolitical tensions and trade conflicts. dollar The index that measures the dollar against a basket including the yen, the euro and other currencies rose by 0.06%, to 98.99. In recent months, the index has been moving higher as investors became more confident that the Fed would act to protect the economic system. The yen fell to its lowest level in a week. The dollar gained 0.41% against the Japanese yen to reach 152.6.
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Gold prices rise on renewed geopolitical risk; US inflation data is in focus
After two sessions of declines, gold prices rose by over 1% Thursday as investors awaited Friday's key U.S. Inflation data. As of 01:49 pm, spot gold was up by 1% to $4,132.76 an ounce. ET (1748 GMT), following a fall to a nearly two-week low during the previous session. U.S. Gold Futures for December Delivery settled 2% higher, at $4.145.60 an ounce. The prices reached a record-high of $4,381.21 in the first session, but then experienced their steepest fall in five years during the second. This year, the value of gold has soared. All the fundamentals that drove gold higher in this year are still very much present. "There was some opportunistic purchasing on the dip, and perhaps an uptick in geopolitical and trade tensions which are driving today's bid," Peter Grant said. The gold price has risen by 57% in the past year. This is due to geopolitical tensions and economic uncertainty as well as central bank purchases. U.S. president Donald Trump imposed sanctions against Russia on Wednesday, the first in his second term. The oil companies Lukoil & Rosneft were targeted. In response to Beijing’s recent restrictions on rare-earth-exports, the administration is also considering restricting a wide range of software exports to China. The Federal Reserve is now focusing on the U.S. Consumer Price Index report due out Friday, which could be its clearest inflation signal before next week's policy meetings. Data is expected to indicate that core inflation remained at 3.1% in the month of September. The markets have already priced in the 25 basis-point cut and another in December. In low-interest rate environments, gold, which is a non-yielding investment, tends benefit. JP Morgan predicted that gold prices would average $5,055/oz in the fourth quarter 2026. This was based on an assumption that central bank purchases and investor demand will average 566 tonnes each quarter. Other metals rose in price as well. Spot silver increased by 1.1%, to $49.07 an ounce. Platinum gained 0.5%, to $1.629.44. Palladium climbed 0.4%, to $1.453.90.
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Valero Energy's profit beats expectations for the third quarter on higher margins
Valero Energy in the United States, which is kicking off earnings season for refiners on Thursday, reported better-than expected third-quarter results as refining margins were supported throughout the quarter, and refinery throughputs in the Gulf Coast region and North Atlantic region reached new heights. On Thursday, shares of the company rose 6.8% to $172.90. Fuel producers have seen their margins rebound from the multi-year lows of 2024, as supply shortages linked to geopolitical tensions with Ukraine boosted pricing. On a Thursday conference call, Lane Riggs, Chief Executive Officer of Lane Riggs Corporation told analysts that "refining margins were well supported by the strong global demand as well as persistently low inventories despite high usage rates." U.S. refinery profit margins measured by the 3-2-1 Crack Spread In the third quarter, grew by an average of nearly 29% from a year ago. Jason Gabelman of TD Cowen said that Valero’s results were better than expected, thanks to high refining output and improved margins for renewable diesel. LSEG data shows that the company's quarterly profit was $3.66, compared to analysts' expectations for $3.05. During the third quarter, Valero’s refineries reached 97% of the combined throughput capacity. Refineries on the Gulf Coast and North Atlantic region achieved all-time records. The average volume of the company's throughput rose to 3.1 millions barrels per day during the quarter from 2.9million bpd one year ago. The San Antonio-based refiner intends to run its 15 refineries up to 95% their 3.2 million barrels per day throughput capacity in the fourth quarter. Valero’s refining profit per barrel throughput increased by over 44% in the third quarter to $13.14, compared to $9.09 one year ago. The refining sector reported an operating profit of $1.6 billion, up from $565 million in the same period last year.
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Putin: Russia will not bow to U.S. Pressure
Vladimir Putin warned on Thursday that Russia will not bow to the pressure of the United States, or any other country. He also said that any attacks deep inside Russia would receive a very serious and overwhelming response. Putin stated that the U.S. Sanctions are "unfriendly". They "will have certain effects, but will not affect our economy in a significant way," he said. He said that the Russian energy sector is confident. Putin stated that "this is, ofcourse, an attempt at putting pressure on Russia." "But no country or people with any self-respect ever makes a decision under pressure." Putin said that a disruption of the global energy market could result in a price hike, which would be unwelcome for some countries like the United States. This is especially true given the political calendar within the United States. When asked about a Wall Street Journal article stating that the Trump Administration has lifted a restriction on Ukraine using some long-range rockets provided by Western Allies and comments by Ukrainian President Volodymyr Zelenskiy regarding domestic missiles capable of reaching a distance of 1,900 miles (3,000 km), Putin replied: "This is a deliberate attempt to escalate." "But, if these weapons are used against Russian territory, then the response will not only be severe, but also overwhelming. Putin said, "Let them think about it." (Reporting and editing by Guy Faulconbridge).
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Prosecutors say that Russian soldiers killed five civilians in Ukraine.
The Ukrainian authorities opened a criminal investigation after a witness claimed that Russian forces killed five civilians at a village located in eastern Ukraine. In a statement released on Thursday, the Donetsk Region's Prosecutor's Office said that on October 20, a man and his two sons, as well as two of their neighbours, were killed in Zvanivka, near the frontline in Donetsk. Russia has not yet commented on the incident. In a statement from the prosecutor's, it was stated that a married couple with one of their sons were hiding in a cellar when Russian soldiers burst into the basement and demanded information on whereabouts of Ukrainian troops. It said that the soldiers who left without receiving any answers returned with automatic weapons and fired. The woman, who had been wounded in the head, was left to die after the man and his son were killed. She went to find her son who was at the neighbour's house to get water before the soldiers arrived. The statement stated that she found her son dead along with the 62-year old woman and 30-year-old boy in the house of the neighbour. The woman who survived, but was not identified, was interviewed by prosecutors at a hospital on territory controlled by Ukraine. The statement stated that "prosecutors interrogated her, and recorded evidence of yet another war crime committed against civilians." In March, President Volodymyr Zelenskiy stated that Ukraine had documented more than 183,000 war crimes since Moscow's invasion in 2022. Moscow denies that its soldiers committed atrocities, and claims the West ignored Ukraine's crimes. Kyiv also denies this charge. (Reporting and writing by Yuliia Dyesa, editing by Ed Osmond).
Oil prices jump after Russian sanctions; stocks and US yields inch up
The oil prices rose by about 5% after Washington imposed new sanctions against major Russian companies for the war in Ukraine. Major stock indexes also edged up as gains from U.S. energy stocks and European energy shares offset some disappointing earnings reports.
The sanctions were announced late on Wednesday and targeted major Russian suppliers Rosneft, Lukoil. The U.S. announced it was ready to take additional action, as it urged Moscow to immediately agree to a ceasefire.
Energy was the leading sector to gain on Wall Street, according to the S&P 500 index. Energy was the last sector to gain 1.2%. Stocks were also supported by a number of positive earnings reports. International Business Machines' shares dropped 3.7% as the company reported a slowdown of growth in its cloud software segment. Tesla shares were also down 2.5%, after the electric car maker extended its streak in which it missed profits to a fourth-quarter late on Wednesday.
"In general the (stock market) is responding to earnings which are for the most part continuing to be good. The market is also applauding Trump's severe sanctions against major Russian oil companies. "You can see it in the energy industry," said Peter Cardillo. Chief market economist at Spartan Capital Securities, New York. The Dow Jones Industrial Average increased 15.86 points or 0.03% to 46,606.27. The S&P 500 rose 20.19 points or 0.30% to 6,719.59, and the Nasdaq Composite gained 111.44 or 0.49% to 22,851.83.
The MSCI index of global stocks rose by 2.24 points or 0.23% to 993.01.
The pan-European STOXX 600 rose by 0.35%. Chinese stocks ended up 0.3% after recovering from a drop of 1.1%. Sources said that the White House is considering a plan of reducing software exports to China as a retaliation to Beijing's recent round of export restrictions.
After the latest Russia sanctions, oil futures became a hot topic. The European Union approved the 19th set of sanctions against Moscow, which included a ban on Russian gas liquefied imports. Last week, Britain imposed sanctions on Rosneft & Lukoil.
Brent crude rose 4.89% to $65.65 a barrel. U.S. crude gained 5.2% on the day.
U.S. Treasury Yields rose as well following the news of sanctions, and investors prepared for Friday's key inflation reading in the United States.
The benchmark 10-year Treasury yield in the United States rose 3.3 basis point to 3.986%, after reaching a session-high of 3.997%.
Geopolitical risks have renewed the demand for safe-havens
After its recent strong rally, spot gold rose 1.28% to $4,146.01 an ounce. Spot gold increased 1.28%, to $4146.01 per ounce.
Investors' firm belief that the Federal Reserve is going to continue cutting U.S. rates of interest helps to ease some of the tensions over geopolitical hotspots and trade conflicts.
The dollar index (which measures the greenback versus a basket including the yen, the euro and other currencies) rose by 0.05%, to 98.98. In recent months, the index has been moving higher as investors are more confident that the Fed will protect the economy.
(source: Reuters)