Latest News
-
The weekly copper price is up on the back of mine supply concerns and China demand
Copper prices were on track to gain a weekly % of?1.5% this Friday. This was due to concerns about mine supply disruptions and signs of active demand from?China, the top consumer. By 0948 GMT, the benchmark three-month price of copper at the London Metal Exchange had risen by 1.2% to $14,473.50 per metric tonne. Yangshan Copper Premium This week, the price of copper in China reached its highest level in four years, after the country returned from its week-long vacation. The Shanghai Futures Exchange monitors copper inventories in warehouses. The end-of-week stock level was 58,744 tonnes, an increase of 20,000 tons over the previous week. Exchange data revealed that copper stocks at the LME registered warehouses fell to a six-week-low of 233.025 tons, after daily outflows totaling 4,700?tons. This was mainly due to warehouses in Taiwan and Hong Kong. Since 2025, copper prices have been supported by the constant transfers of metal to Comex warehouses, especially in the last six months. This is due to uncertainty about potential US import tariffs for refined copper. Comex inventories are at a record high of 711 609 tons. Cash copper contracts ended Thursday with a $97 per ton premium over the three-month contract. Morgan Stanley stated in a report that "any slowdown in US stocks could make the markets feel looser. But China's demand has been resilient, and supply is experiencing significant disruptions." The union representing Antofagasta’s?Centinela mine in Chile has said that the strike will?begin affecting output in November. Antofagasta initially downplayed its impact, but this situation has increased the risk of disruptions at other mines. Aluminium and lead, among other LME metals, rose by 1.1% each to $3,085 a ton and $1,880 per ton. Zinc rose 1.7% to $3.781.50. Tin increased 2.1% to $52,305. Nickel climbed 1.2%, to $15,730.
-
AI-related companies drive the majority of third-quarter US earnings increases
US companies will likely deliver a third-quarter earnings surge, and AI-related players, like the stock market rally, are driving most of these gains. Investors are excited about the hyper-growth of AI companies, but they are also concerned about the future of the share price and how long this trend will continue. According to Tajinder dhillon, LSEG’s head of earnings research and equity, analysts expect S&P500 earnings to increase by 31% in the third quarter. Two-thirds will come from the tech sector, including AI giants Alphabet and Amazon.com, as well as Meta Platforms. The S&P 500 reached a new record this week, ahead of earnings season. This is expected to begin unofficially next?week when banks such as JPMorgan Chase or Goldman Sachs report their results. "It is all AI, and to a lesser degree, energy and material, but this is because of geopolitics,"?Sameer samana, the head of global equity and real assets at Wells Fargo Investment Institute. It wouldn't be surprising if 70-80% growth could be attributed tech and AI. The US oil price has risen by roughly 30% during the third quarter due to the ongoing US-Israeli conflict with Iran. Samana pointed out that the?earnings estimates for the third-quarter are among the lowest. Strategists are unsure if the third-quarter growth in earnings can match the explosive growth seen in the second quarter. Most companies beat analyst's estimates and this is likely to continue in the third quarter. LSEG data shows that the S&P 500's earnings grew by 54% in the second quarter, the highest growth since 2021. LSEG data showed that excluding mark-to-market gains from Alphabet and Amazon.com for AI-related investments the growth rate was still about 35%. This is the highest level since 2021. Anthony Saglimbene is the chief market strategist of Ameriprise Financial. He said that investors should be concerned because we're approaching "peak earnings growth" in this cycle. "A lot is this AI trade built on continuing capex spending. Every quarter, as they continue to do so, the hurdle rates and scrutiny get higher." Dhillon, based upon LSEG data, said that earnings for US semiconductor firms, which are among the largest beneficiaries of the AI boom will?have risen by about 136% compared to about 158% during the second quarter. Nick Raich is the CEO of Earnings Scout. Three months ago, we were going 150 miles per hour. Raich stated that the latest reports, including those from Micron Technology, were strong and suggested other companies continue to "reap the benefits." Micron, a chipmaker, forecasted quarterly revenue that was above expectations and said customers had boosted their commitments to its long-term supply agreements up to $32 billion. This week, Google signed a huge power deal with Constellation Energy. Investors will also be paying close attention to the impact of higher interest rates on corporate profits during this earnings season. The US bond yields are rising due to concerns over inflation, high oil prices, and debt problems elsewhere. Samana warned that heavy borrowers such as utilities are at risk.
-
Campaign group warns that the new Congress in Brazil poses a threat to environmental legislation
According to a report by the climate advocacy group Observatorio Do?Clima that found almost 70% of elected legislators have no or little interest in environmental issues, Brazil's new Congress will likely pose a greater obstacle to legislation protecting the environment after elections this month. The study examined bills, legislative initiatives, speeches, and public statements made by newly elected and reelected legislators. It concluded that 64 out of 81 senators have demonstrated a "very low" commitment to environmental issues. In the lower chamber, 345 out of 511 legislators were placed in the same category. According to the study, the Liberal Party, which is home to Flavio Bolsonaro (a right-wing senator) who will be facing President Luiz Inacio Lula in a presidential runoff later this month has the lowest environmental credentials of all major parties. Bolsonaro defeated Lula in a first round despite pollsters' predictions, but he didn't get enough votes to prevent a second ballot. The environmental commitment of all 28 senators and lower house members who were elected by the party on Sunday was rated as very low. The study also found that other right-leaning political parties, such as?Novo and Republicanos, Progressistas, and Uniao Brasil showed low support for environmental issues. Observatorio do Clima stated that environmental advocates may face a more 'challenging' political landscape if Bolsonaro, whose previous?comments about climate change caused concern, is elected President. I contacted the parties named but did not receive a response. The group said that proposals to weaken environmental protections, such as measures to reduce protected lands, allow mining on Indigenous land, and ease licensing requirements for environmental matters, could gain "traction" under the new Congress. Suely Araujo is the public policy coordinator for the group. She said, "This image shows four years of hard work by those who are focused on climate and environment issues."
-
Trump's comment that Iran can 'take out Los Angeles' was misinterpreted
US President Donald Trump said on Thursday that comments he made about Iran being able to "take out" California cities were misinterpreted. He was referring instead to the need for people to tolerate higher gasoline prices. Trump made these remarks on Monday at a Nebraska political rally, where he talked about the economic sacrifices of Americans during World War II. "Remember that the 'war' is artificial, it costs a lot, but it's worth it," he said. "It is a small price to pay in order to keep the world and our country safe. They could take out an entire city. Let's?take Los Angeles out, let's?take San Diego out. It's a small price to pay and it will be over very soon." California's Democratic Leaders and some Republican colleagues quickly condemned the remarks. Trump stated in a Truth Social posting on Thursday that "a temporary increase in Gasoline prices is a small price to be paid for Iran not having a nuclear weapon." "If you want to see a huge price, can you imagine what would happen if they bombed San Diego and/or Los Angeles?" He continued by saying he loved both cities. Trump has dismissed concerns about cost of living stemming the Iran conflict in the past.
-
US to rescind methane policy against oil and gas industry
The US Environmental Protection Agency announced on Wednesday that it would be scrapping the Biden-era regulation aimed at curbing large leaks of'methane' from oil and gas operations. The move is part a broader effort by the Trump administration to reduce regulations, which it claims burden US businesses in its quest to increase fossil fuel production. "Americans should be able to afford heating their homes during the winter and filling up their cars to drive to work." The people who produce the energy cannot?do this when they are burdened by unnecessary burdens," EPA Administator Lee Zeldin stated in a press release after announcing the decision at a meeting with representatives of the oil and gas industries in New Mexico. The "super emitter program" of the EPA requires that companies react when third parties use remote sensing to report suspected methane leaks. After taking office in 2017, the Trump administration?delayed implementing this policy until next. EPA claimed that its proposal to rescind this?rule could save $45 billion a yearly. The oil and gas industry, which is a major source of methane, is responsible for the second largest?cause?of climate change?after carbon dioxide. Environmental groups have criticized the move. In a statement, Mahyar Sorour of Sierra Club's Beyond Fossil Fuels said: "This giveaway is foolish and shortsighted. It reveals to whom the Trump administration works - its political donors."
-
US seizes $3 Million in fuel shipments from Cuba as crackdown continue
The US announced on Wednesday that it had seized 90 separate shipments of biodiesel bound to Cuba, worth nearly $3 million. This is the second time this week US authorities have announced the seizure "illegal" fuel en route to Cuba. The Trump administration is continuing to choke off Cuba's energy industry, only allowing small amounts of fuel to be shipped to the private sector on the island in an effort to undercut the Cuban government. Jose Figueroa, Special Agent in Charge of Homeland Security Miami, told Miami reporters on Wednesday that the seized cargo was destined for Enetec, an Enetec-based state-owned fuel firm sanctioned earlier this year by the US. The authorities said that they intercepted fuel shipments at Port Everglades in south Florida and Houston before they left the US. Homeland Security reported that more than 600,000 gallons were seized. Figueroa stated that "an effort of this magnitude to undermine US sanction is not an accident." These actions are aimed at shipments that could benefit the Cuban government through a state controlled entity. Anyone who attempts to undermine US laws to fund, facilitate or profit from such an effort should be put on notice. Cuba's government didn't?comment immediately on the fuel seizure. Cuba's communist-run government has called the Trump administration's blockade of fuel on Cuba "economic war" and "illegal". The blockade has exacerbated the ongoing problems of blackouts, shortages of water and inflation on the island, pushing it towards a humanitarian catastrophe. US President Donald Trump stated openly that his goal is to overthrow Cuba's government with the?blockade & sanctions. Last week, the US Coast Guard announced that they had intercepted in September a large container vessel carrying fuel bound for Cuba. The Coast Guard said that the ship was attempting to evade authorities, and had large amounts of fuel hidden within its ballast tanks. In either case, the US has not disclosed the identities of the exporters.
-
Russia claims that Ukraine has struck two nuclear facilities at Zaporizhzhia
The head of Russia's state nuclear corporation said that despite the fact that Ukrainian drones had attacked two facilities at Zaporizhzhia, a Russian-held nuclear power plant in southeast Ukraine, there was no danger to nuclear safety. Alexei Likhachev said that a driver who was delivering food to plant workers had been killed by the drone attack. Likhachev said that a laboratory and a plant for the processing of radioactive waste were targeted. Ukraine has yet to comment on the incident. The plant's management announced on?Saturday that Ukrainian shelling in recent weeks has damaged the external power supply equipment. Electricity is currently provided by emergency diesel generators. The plant does not produce electricity, but it needs two external links for power to cool nuclear fuel. In the first few weeks of the war, which began with Moscow's invasion of its smaller neighbor in February 2022, Russia captured the?plant - Europe's biggest with six reactors. Since then, Moscow and Kyiv accuse each other regularly of military actions that compromise nuclear safety. The International Atomic Energy Agency (IAEA), the UN's nuclear watchdog has repeatedly taken action to ensure a ceasefire surrounding the plant so that repairs could be made to the lines connecting the facility to the main grid. UN monitors are at the Zaporizhzhia and three other plants in Ukraine. Maria Zakharova of the Russian Foreign Ministry wrote on her ministry's website that the West was enabling Ukrainian aggressions by not publicly condemning them. Zakharova wrote that "Kyiv has intensified its shelling of the Zaporizhzhia nuclear plant because Western countries have not responded appropriately to these actions, effectively facilitating new assaults." "Such an attitude toward strikes by the Ukrainian military shows the true 'value' of statements made by representatives of these nations about nuclear and physical safety at international forums."
-
The top cases in the US Supreme Court docket
US Supreme Court will hear a number of important cases in its new term, which begins Monday. These include issues like President Donald Trump's Immigration Policies, the ban on assault-style rifles, the financial responsibility of Big Oil for climate change and Republican-backed voting restriction. This is a list of some of the cases that are being argued in the current term. The term runs until the end of June. Big Oil Climate Suit ExxonMobil, Suncor Energy and Boulder officials argued on October 5, attempting to "thwart" a lawsuit filed by Boulder officials. The Justices grappled with the complex question of whether local governments should be allowed to hold oil companies responsible for harms caused by climate change. After Colorado's highest court allowed Boulder to sue them for violating state laws and seeking unspecified damages, the companies filed an appeal. Trump's administration supported the companies. The justices expressed concerns over unduly restricting the power of states to pursue litigation related to climate change, and the potential for chaos if local government across the nation were allowed to sue these corporations. The ruling is expected to be made by the end June. TRUMP'S MANDATORY DETENTION OF IMMIGRANTS The court will determine the legality Trump's policy, which subjects millions of illegal immigrants living in the US to mandatory detention while deportation proceedings are underway. Trump's policy of mass deportation includes this policy. The Supreme Court heard the Trump administration appeal of a lower-court ruling that ruled against the policy, in a case concerning a Brazilian citizen. The US administration has abandoned its long-standing interpretation of federal laws that allowed immigrants living in the US to be released under bond until their cases were heard in immigration court. Dates for the arguments have not been set yet. The ruling is expected to be made by the end June. DEPORTATIONS TO A THIRD COUNTRY BY TRUMP In December, the justices will hear arguments over the Trump administration’s policy to deport migrants to "third countries", or other nations than their home country. They won't give them the opportunity to demonstrate the harms that they might face. On September 29, the court allowed the Trump administration to continue its policy, suspending a federal judge’s ruling that deporting migrants to third-country countries was illegal. Human rights groups claim that more than 25,000 migrants were deported under this policy to 29 different countries. The ruling is expected to be made by the end June. Ban on assault-style rifles On December 2, the justices will hear arguments in a challenge against state prohibitions of 'assault style rifles. This case involves a weapon type that is often associated with mass killings. The lower courts in Cook County Illinois and Connecticut upheld the bans on powerful semiautomatic weapons such as AR-15s. Lower courts rejected arguments that these measures violated the US Constitution's Second Amendment rights to "keep and bear arms." Gun rights groups, as well as other opponents, have argued that Supreme Court precedents regarding the Second Amendment protect firearms in "common usage." The end of June is the expected date for a ruling. Voting Rights On December 8, the justices will hear arguments in a Republican led bid to reinstate voter restrictions in Arizona. This would require proof of citizenship for all voter registrants, and purge voter lists in Arizona from alleged non-US citizen voters. Republicans appealed a lower court's decision to stop certain provisions of Arizona law for violating federal voting registration laws. The Trump administration has supported key aspects of the appeal. The Arizona measure, according to critics, adds additional mandates for voting which unfairly targets Latinos and Native American voters. These groups tend to support Democratic candidates. The ruling is expected to be made by the end of June. LGBT RIGHTS On November 3, the justices will hear arguments in an appeal by the Archdiocese of Denver, and other Catholic entities, to be exempted of a Colorado program that funds preschools' nondiscrimination requirements. A lower court ruled that Colorado's program didn't violate the First Amendment rights of the Catholic plaintiffs. State funds are provided for preschools. The Catholic plaintiffs objected that the state required schools receiving funding through the program to give all children an "equal chance" to enroll in pre-school, regardless of certain characteristics. This included the sexual orientation of students and their families. The ruling is expected to be made by the end June. EPIC GAMES SUE AGAINST Apple Apple will try to avoid being found in contempt by the justices in its legal battle with Epic Games, the maker of "Fortnite". The iPhone maker had been found to be in violation of an order from a court ordering sweeping changes in its lucrative App Store as part the antitrust litigation. Apple appealed the ruling of a lower court that upheld a federal judge's decision in Oakland, California finding Apple in contempt for Epic's lawsuit against App Store fees. Dates for the arguments have not yet been announced. The ruling is expected to be made by the end June. PEPSICO TRADEMARK CASE The court will hear arguments regarding a claim by Rise Brewing, a maker of canned coffees, to hold PepsiCo responsible for an alleged trademark violation involving Pepsi’s morning energy beverage "Mtn Dew Rise." Rise Brewing appealed the ruling of a lower court that rejected the company's claim the name "Mtn Dew Rise," infringes on its trademarks, and confuses customers with its coffee brand. No date has been set for the arguments. The ruling is expected to be made by the end June.
Analysis finds that the Patriot missile used in the Bahrain attack was likely US-owned.
According to an academic analysis, the Patriot air defense system operated by the United States likely fired the missile that caused the pre-dawn blast in Bahrain which injured dozens and destroyed homes 10 days after the start of the war against Iran. Both Bahrain and Washington blamed the March 9 explosion on an Iranian drone. The Gulf kingdom reported that 32 people were injured, including some children, in the blast. U.S. Central Command stated on X on the day after the attack that an Iranian drone had struck a residential area in Bahrain. Bahrain acknowledged on Saturday, in response to questions, that an Iranian Patriot missile was responsible for the explosion over the Mahazza neighbourhood on Sitra Island, off the coast of Manama, which is also home to a refinery. A Bahraini spokesperson stated that the missile intercepted a drone in mid-air and saved lives. The spokesperson stated that the damage and injuries were not caused by a direct impact of the Patriot interceptor on the ground or the Iranian drone. The incident at Mahazza was not linked to an Iranian drone, according to either Washington or Bahrain. It has been a hallmark of the war to use expensive, advanced weapons in order to defend against drone attacks. This incident highlights the limitations and risks of this strategy. The powerful Patriot's?blast,? whether or not it intercepted the drone, caused widespread damage and casualties. Bahrain's air defences were unable that night to prevent attacks on the nearby refinery which declared force majeure a few hours later. The Pentagon did not respond to any questions when asked about the incident. Instead, it referred them to Central Command. A senior U.S. Official responded to White House questions by saying that the United States is "crushing" Iran’s ability to produce or shoot drones and missiles. The official added that "we will continue to address this threat to our country and allies." He also said the U.S. Military "never targets civilians". An Iranian girls' school was directly hit on February 28, the day after U.S. attacks against Iran. Two U.S. officials told the news agency that investigators at the U.S. Defense Department believed U.S. troops were probably responsible for the first report, perhaps because of outdated target data. The video of the aftermath of Bahrain's Mahazza explosion, verified by, shows rubble in and around homes, a thick dust layer in the streets, as well as screaming residents. Bahrain and the United States both operate U.S. Patriot batteries in the Kingdom. The kingdom is a close U.S. ally located on the Persian Gulf, which hosts the U.S. Navy Fifth Fleet as well as the regional U.S. Naval Command. According to Bahraini oil company Bapco, on the night of the Mahazza explosion, Iran attacked the refinery in Sitra. Smoke was seen rising from the facility in videos taken on the morning of March 9. Bahrain did not explain in its statement why it hadn't mentioned that a Patriot was involved at the time. The Iranian mission at the United Nations didn't immediately respond to an inquiry about the incident. The Patriot, produced by Raytheon as part of RTX Corp. is the primary high-to medium-range interceptor system for the U.S. Army and is a key component of the air defenses of the United States and its allies. Raytheon did not respond to an inquiry about the incident. Bahrain's government refused to confirm whether the missile detonated March 9 was fired by Bahraini forces or the United States. The Middlebury Institute of International Studies in Monterey, Professor Jeffrey Lewis and research associates Sam Lair, Michael Duitsman concluded that they had a moderate to high level of confidence that the missile likely was launched by a U.S. Patriot Battery located approximately 4 miles (7km) southwest of the Mahazza neighbourhood. The conclusions reached by the three American researchers in open-source intelligence and munitions, which were reported for the first-time here, were based upon their analysis of commercial satellite images and visuals from open-source sources. Two target-analysis specialists and a Patriot system missile researcher were shown the Middlebury analysis, but they found no reason for them to disagree with its conclusions. Wes Bryant - a former senior policy analyst and targeting advisor at the Pentagon - said that Lair, Duitsman, and Lewis's conclusion was "pretty unquestionable". Bahrain, a small Gulf state plays a crucial role in the safety of the Strait of Hormuz. This chokepoint carries about one fifth of all the world's oil, and is now almost completely closed by Iran. The Middlebury analysis relied heavily on a video taken from an apartment and shared via social media. The video shows a Patriot suspect roaring through the night sky on a northeastern course at low altitude. The Patriot then turned downwards and disappeared from view. It was detonated 1.3 seconds after a flash of light appeared in the distance. Hany Farid is a professor at University of California at Berkeley who specializes in digital forensics. He reviewed the video to determine if the video was generated using artificial intelligence. He found that "there is no obvious evidence" that the video was fake. Lair, Duitsman, and Lewis geolocated it to a neighbourhood in Riffa. Geolocation was confirmed. The video was posted online as early as 2 am local time, on 9 March. The analysis concluded that "the Riffa site’s location and orientation is consistent with" the trajectory of the Patriot suspect. Multiple videos shared on social media in the morning of 9 March show damage to homes in Block 602 Mahazza. Researchers first geolocated visuals by using landmarks which appeared to match satellite imagery and street addresses. The geolocation was independently verified. Researchers then tracked the suspected missile's trajectory from Block 602 back to the U.S. Patriot Battery, which they determined based on satellite imagery. The battery is located less than half-a-mile from where the video footage of the missile was recorded in Riffa. The battery is made up of a radar, a control hub, and eight launchers. It can be used to track, detect and intercept missiles and aircraft. Researchers used commercial satellite imagery to determine that five launchers could be seen at the Riffa location two days prior to the incident on March 9. Satellite imagery indicates that the battery has been in place since at least 2009. According to a Lockheed Martin release, the Bahraini Defense Force didn't start operating their own Patriot systems until around 2024. Researchers said that the Riffa site had features that were both unique to U.S. Patriot battery sites in the region, and different from known Bahrain-operated Batteries, such as protective walls, unpaved streets, and a complete lack of permanent structures. The researchers concluded that based on these features, the battery was likely operated by the United States. Patriots are used to defend the naval sites of Bahrain. Researchers were unable with certainty to determine what caused the Patriot's explosion. They added that, based on available evidence including the pattern of damage and the spread on the ground, they believed it to have detonated in mid-flight. The analysis concluded that it is possible that the Patriot was aimed towards a drone that was flying low and that both the missile and the drone exploded together to cause the explosion. The analysis concluded that if this scenario was true, it was an irresponsible attempt to intercept the drone as the missile and drone were both blown up in the air. This is what Bahrain's spokesperson claimed happened. The analysis stated that the direction of the damage, and the absence of evidence of a nearby drone, suggested a different scenario. "The explosion was caused by the detonation" of the Patriot's warhead, and unexpended propellant. The researchers could not independently confirm the presence of an Iranian drone in the area during the incident. According to the analysis, videos and photos released by the?Bahrani government after the incident show that blast damage is concentrated on four streets in Mahazza. The analysis stated that a Bahrain television news broadcast from March 9 and a press release by the government showed an extensive damaged home located about 400 feet (120 metres) away from the main blast zone. Interior photos of the house revealed holes created by shrapnel. Robert Maher, a audio specialist who analyzed the video on request, confirmed that his analysis supported the approximate location of explosion. The video begins with a flash, which is visible for eight seconds. However, the explosion does not occur until 19 seconds after the clip ends. This is because light travels more quickly than sound. The explosion must have been more than four miles from the person who recorded the video based on the time it would take for the sound to reach him. The homes that were damaged were located about 4.6 miles away (7.4km), which is consistent with the timing. Middlebury's analysis found that when all of the damage was taken into account, it matched what would be expected if a Patriot rocket exploded over a neighborhood road intersection. The analysis stated that pieces of the missile flew 120 meters and struck another house. Maher claimed that he did not hear any drones or missiles in the audio of the video, even though their sounds would be faint or unaudible at distances greater than four miles from where the footage was shot. Maher, after reviewing Middlebury's analysis, said that he did not see anything inconsistent with his observations. Defense officials and industry experts say Patriot misfires happen. One example was a 2007 errant missile that struck a farm in Qatar. U.S. Central Command called the Iranian and Russian reports that the incident in Mahazza, was caused by a Patriot failure a "LIE" on March 9th. It claimed an Iranian drone had struck a residential area. Middlebury researchers and I were unable to get or examine any visual evidence of drone or missile fragments. We tried to reach witnesses in Bahrain but many people refused to talk, citing fears of reprisals. Human Rights Watch documented the arrests in Bahrain of people who posted videos of attacks on social media during the war. The researchers determined that the Patriot appeared to be passing a steeper smoke trail in the video of the suspected missile as it flew. This likely came from a previous interceptor. Patriots are sometimes fired in pairs, to increase the chance that one will hit the target. Researchers and could not determine what happened to first missile. Researchers said that the low trajectory and deviation of the second missile from the original launch route could indicate a problem. They could not, however, rule out that the missile was deliberately fired in this direction. Bahrain's spokesperson stated that any claim of misfiring or malfunction of Patriots in Bahrain was "factually incorrect." (Reporting and editing by Jonathan Landay). Pell and Travis Hartman, Additional reporting by Arthur Wei and Samia Nkhoul in Dubai; Andrew Mills and Idrees Al in Washington, Sarah Cahlan, and Frank Jack Daniel.
(source: Reuters)