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Japan, Spain and South Korea warn against unsustainable copper processing charges
Japan, Spain, and South Korea released a rare statement together on Wednesday to express deep concern over the tumbling copper refining and treatment charges (TC/RCs). They warned that both smelters as well as miners could not develop sustainably in current conditions. Copper smelters are struggling with shrinking margins and falling processing fees due to a tight supply of concentrates and the expansion of smelting capacities in China. Some Chinese smelters processed copper at no cost for Chilean miner Antofagasta in June. After an online meeting, the industry ministers of three countries expressed their concern that the deterioration of TC/RCs has prompted a global reevaluation of copper smelting activities. Several companies have already indicated intentions to reduce or stop copper concentrate smelting. The TC/RCs are fees that miners pay to smelters when they sell concentrate or semi-processed ores. In some spot deals, TC/RCs turned negative this year. This forced smelters and miners to exchange money for smelting. The ministers said that the current market conditions prevent copper smelting to develop sustainably along with mining in resource producing countries. They also warned against a growing dependency on certain countries for both resource producing and smelting nations. They said that they hoped TC/RCs would return to sustainable levels in the trading of copper concentrates. They added that they will engage with countries and stakeholders relevant to establish a resilient, sustainable and copper supply chain. Naoki Kobayashi is the deputy director of Japan's Industry Ministry's mineral resources department. He said that the three countries - all of which import copper concentrate and have domestic smelting facilities - wanted to bring up the issue at the LME Week metals gathering in London. JX Advanced Metals, Mitsubishi Materials and other major Japanese copper smelters have announced plans to reduce copper concentrate processing due to declining fees. (Reporting and editing by Sharon Singleton; Yuka Obayashi)
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WMO warns of extreme weather as CO2 levels reach highest level ever recorded
A new report from the World Meteorological Organization shows that carbon dioxide levels have risen to their highest level ever. This could lead to a further increase in global warming and more extreme weather events. The report found that between 2023 and 2024 the average global CO2 concentration rose by 3.5 parts-per-million, which is the biggest increase since modern measurements began in 1957. It said that the increase in CO2 over the past year was due to the burning of fossil fuels as well as an increase in wildfires in South America. The report also stressed the need to do more to reduce emissions. Ko Barrett, WMO's Deputy Secretary General, said that the heat trapped by CO2 or other greenhouse gases was causing our climate to be more extreme and accelerating it. The concentrations of methane, nitrous oxide and other important greenhouse gasses, such as nitrous dioxide, have also reached record highs, with increases of 16% and 24% respectively compared to pre-industrial levels. CO2 has increased by 52%. This gas (CO2) accumulates. It is very long-lasting... each molecule that is released into the atmosphere has an impact on the world," Oksana TARASOVA, WMO senior scientist officer, said at a Geneva briefing. Tarasova stated that forests, land and oceans absorb about 50% of the carbon dioxide emissions. However, their ability to do so is decreasing. Tarasova stated that "we rely on the natural systems to offset our impacts and they are so stressed, they begin to reduce their help." Tarasova said that trees in the Amazon became stressed by the rising temperatures and low rain during the periodic warming of the Eastern Pacific Ocean, known as El Nino, in 2023. The drought continued until 2024. She said, "If a tree is stressed out or has no water and a high temperature...it will not photosynthesize." (Reporting and editing by Sharon Singleton; Olivia Le Poidevin)
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The price of aluminium in the US has risen, and this is driving Canadian deliveries.
Analysts said that Canadian aluminium producers increased their deliveries to the United States as the U.S. physical market prices have risen in response to the 50% tariffs on imports imposed earlier this year by President Donald Trump. Analysts said that the tariffs imposed in June were intended to increase domestic aluminium production, and to encourage investment for the metal which is used in power, construction and packaging. In the beginning, Canadian producers diverted aluminium to Europe. This flow has reversed as inventories of aluminium, which were a buffer to U.S. consumer, have decreased. Not a 'full pace' yet Jean Simard is the CEO of the Aluminum Association of Canada. He said that although there has been a revival of aluminium exports to the U.S., we are still not at full speed. Simard was referring the trade flows that occurred in September and in October but have not yet been included in public data. According to Trade Data Monitor, the total amount of aluminum shipped to the United States last year was 2.7 million tons. This is 70% of all shipments. Aluminum consumers who buy on the physical market will pay the London Metal Exchange, which is around $2,750 per ton. They also have to add the Midwest Premium to cover taxes, shipping and handling. On October 6, the premium reached a record of $0.77 per lb, or $1,697 for a ton. This is a 250% increase since January. David Wilson, analyst at BNP Paribas, said: "The U.S. Midwest Premium is effectively fully pricing that 50% tariff." The reduced pressure from Canadian aluminum has led to an increase in the European aluminium duty-paid premium. At $266 per ton, it has increased by 46% since June. According to Trade Data Monitor, Canada's unwrought aluminum exports to the U.S. dropped by 22% or 410,600 tonnes, from January to August. Data showed that in August, the U.S. received 123,474 tonnes of Canadian goods, a 51% decrease from March. Canada's deliveries of aluminium to Europe increased by 94% in the first eight month of 2025, to 189.320 tons. Aluminium stocks in Comex storage facilities are increasing in the U.S. At 7,661 tonnes, the total is down 73% from January. Edgardo Gellimino, Wood Mackenzie's head of aluminum research, said that without new trade agreements there is room to increase the Midwest premium.
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UK targets shadow fleet, sanctions Russia's Lukoil, Rosneft
The UK targeted Russia's largest oil companies Lukoil, Rosneft and 51 tankers of the shadow fleet on Wednesday in a new attempt to tighten sanctions against energy and cut off Kremlin revenue. While on a visit to the United States, Finance Minister Rachel Reeves informed reporters that "we are introducing targeted sanction against the two largest oil companies in Russia - Lukoil & Rosneft". "At the time, we increase pressure on companies located in a number of third-country countries, such as India and China, who continue to facilitate the flow of Russian oil onto international markets." She said that "there is no place for Russia on the global markets", and that Britain will take all steps necessary to stop Moscow funding its war against Ukraine. The new sanctions are aimed at 51 ships in the shadow fleet as well as individuals, companies and organizations across sectors such as energy and defence. Since the Russian invasion of Ukraine, in February 2022, the shadow fleet has become increasingly the target of sanctions by Britain and the United States as well as the European Union. Officials say that the network is made up of old tankers, which are used in order to avoid sanctions against Russian oil. The Russian embassy in London has not responded to an immediate request for comment. (Reporting and writing by Muvija, Sam Tabahriti; editing by Sarah Young, William James, and William James.)
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The Russian rouble is at its highest since July due to a decline in imports
On Wednesday, the Russian rouble reached its highest level against the U.S. Dollar since July 24, with a government official claiming that the strengthening is linked to the shrinking of imports because of high interest rates. In order to combat inflation, the central bank raised its key interest rates to 21%. This year it has cut them to 17% due to a slowing economy and falling inflation. The current rate makes credit impossible for many firms, including importers. According to data from the central bank, Russian imports declined by 7.3% on an annual basis in August. According to China's Customs, imports from China, Russia’s main trading partner fell by 10.6%. "The strengthening of rouble is in part due to tighter monetary policies." The exchange rate is strengthening because imports have declined, but export revenues are still the same. The rouble was trading at 78.85 by 1150 GMT Wednesday after reaching 78.27 on the over-the-counter market, its highest level since 24 July. The rouble strengthened by 0.7%, reaching 11.01 against the Chinese yuan. This is also the highest level since July 24. Proposed VAT increase in 2026 It is expected that the central bank will continue to cut rates in 2019. However, the government's proposal to increase the value-added (VAT) tax by 2026, which would accelerate inflation, has increased the probability of a pause. Siluanov denied that the central banks deliberately supported the rouble by selling foreign currencies. Everything is based on trade balances and capital flows. He said that the tightening monetary policy had led to a strengthening of the currency rate, with corresponding effects on the economy and the budget revenue. The rise in the rouble contrasts with a general slowdown of the economy. According to the International Monetary Fund, the growth rate for the gross domestic product (GDP), which was 4.3% last fiscal year, is expected to slow down from 0.6% this year to just 0.6%. The turn to a new round of strengthening was unexpected. Sofya Donnets, analyst at T-Bank. The overwhelming majority of analysts expect the rouble will weaken to 90 rubles by the end the year. Reporting by Gleb Brianski, Darya Kosunskaya, and Elena Fabrichnaya; editing by Ed Osmond
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States in conflict with each other will receive more assistance on settling disputes and negotiating deals
The deputy general secretary of a group of 20 developing nations affected by conflict approved a plan that will provide emergency assistance to its members who are facing international disputes, or high stakes negotiations with companies about natural resources and infrastructure. Habib Ur Rahman Mayar, a member of the g7+, said that the Rapid Response Advisory Centre was created to offer practical assistance to its members who are facing urgent national issues. The advisory centre will facilitate the access of member states in Africa, Asia, and the Middle East to immediate, free assistance before transferring to more long-term, external support. Mayar stated that "we can help them understand the economic implications of such negotiations" when they are entering into them. The g7+ was founded in 2010 and is based out of Timor-Leste. It also includes Afghanistan and Burundi. The group holds U.N. Observer Status. The timing of the decision is coincidental with a reduction in aid to developing countries by many wealthy nations. It also follows a June letter sent from Timor-Leste’s Prime Minister to leaders of the G7+, urging them to assert themselves more. It said that the need for this had grown more urgent as the world looked to tap into the natural resources of its member states to fuel the global shift to a low carbon economy. Recent g7+ reports showed that members held around 16% global copper reserves. This is the second-largest reserve in the world. They also hold the largest cobalt reserves and the most lithium. Mayar stated that despite their natural wealth, some G7+ countries have signed resource extraction deals with multinational companies and countries who treated them unfairly during highly technical processes they didn't always understand. By the time they realized it was unfair, "it was too late." He said that the advisory center may be interested in getting involved in conflict resolution, and in helping countries to obtain climate financing - a crucial part of the agenda at the COP30 Climate talks in Brazil in the next month. But states have had difficulty accessing this funding.
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Weaker dollar, Fed cut bets drive copper up
The copper price rose on Wednesday, thanks to a weaker US dollar and expectations for further interest rate reductions in the U.S. The price of three-month copper at the London Metal Exchange increased by 0.9%, to $10.673.50 per metric ton as of 0939 GMT. Copper reached its highest level in 16 months of $11,000 Oct. 9 due to the increased investment into hard assets, and concerns about reduced mine supplies after disruptions occurred in Indonesia, Chile and the Democratic Republic of Congo. Analysts added unexpected production accidents to their estimates of the supply-demand balance for metals used in construction and power by 2025. Amy Gower is a commodities strategist with Morgan Stanley. In his speech on Tuesday, Federal Reserve chair Jerome Powell opened the door to more rate cuts. The prospect of lower interest rate increases the appeal of metals priced in dollars for buyers who use other currencies. China, the world's largest metals consumer, was hoping for a fresh round of monetary stimulus after September data showed deflationary pressures continued, as both consumer and producer price fell amid a prolonged housing market slump and tensions with America. The premium between the LME Cash Copper Contract and the Three-Month Contract continued to drop, reaching its lowest point at $37 per ton. On Monday, it widened up to $227 - its highest level since June - due to activity in the run up to Wednesday when holders of short positions will have to reduce or rollover contracts. Zinc premium The price of a ton dropped to $75 from the previous day's $200. Gower stated that the LME contract is vulnerable to price volatility because zinc stocks are at their lowest levels since early 2023 in LME-registered storage warehouses. LME aluminium increased 0.4% to $2.747.50 per ton. Zinc rose 0.2% to $2.946.50, lead climbed 0.6% to $1.994, tin shot up 0.9% to $35.465, while nickel increased 0.3% to $15.175. (Reporting and editing by Louise Heavens; Polina Devitt)
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Poll: Swiss voters are likely to reject a proposed 50% tax on the super-rich -
According to a Wednesday poll, the Swiss referendum to impose a tax of 50% on inheritances worth 50 million Swiss Francs (62.53 millions) will likely be rejected by the voters. The October 8-9 survey by 20 Minuten and Tamedia of 11,178 Swiss citizens showed that two-thirds opposed the initiative to raise funds for climate change. Only 31% were in favor. The referendum will take place on 30 November. According to Swiss tax authorities there are currently around 2,500 taxpayers with assets of more than 50 millions francs. This represents a wealth totaling about 500 billion Swiss francs. The proposal, if adopted, would theoretically result in an additional 4 billion francs of tax revenue. Supporters of the RICH say that they damage the environment disproportionately. According to the JUSOs, the youth section of Social Democrats of the Left (leftist Social Democrats), who launched the initiative, these revenues should be invested into projects that reduce the impact on climate change. JUSO leader Mirjam Hostetmann said that those who consume luxury most are the ones responsible for the worst climate damage. She said, "The 10 wealthiest families in Switzerland cause as much emissions as 90% the Swiss population." "It is not fair that the entire population pays the cost." Business leaders have criticized the proposal and warned that it could lead to an exodus wealthy Swiss people, which would reduce overall tax revenue. One senior banker compared it to a nuclear bomb for the country. The government has called on voters to reject this initiative. Karin Keller Sutter, Swiss Finance Minister, said that the initiative would reduce Switzerland's appeal to wealthy individuals. Reporting by John Revill, Editing by Dave Graham. $1 = 0.7996 Swiss Francs.
EXPLAINER-Iran's main nuclear facilities, long in Israel's sights
After Iran's rocket attack on Israel on Tuesday, there is speculation that Israel might strike Iran's nuclear facilities as it has actually long threatened to do.
Below are a few of Iran's main nuclear facilities.
HOW CLOSE IS IRAN TO HAVING NUCLEAR WEAPONS?
Iran's nuclear program is topped many places. While the risk of Israeli airstrikes has actually loomed for years, just a few of the websites have been constructed underground. The United States and the U.N. nuclear guard dog think Iran had a collaborated, secret nuclear weapons program that it halted in 2003. The Islamic Republic rejects ever having had one or preparing to have one.
Iran consented to limitations on its nuclear activities in exchange for remedy for international sanctions under a 2015 handle world powers. That pact fell apart after then-President Donald Trump pulled out the United States in 2018 and Iran began abandoning the limitations the next year.
Iran has been broadening its uranium enrichment program since, reducing the so-called breakout time it would need to produce sufficient weapons-grade uranium for a nuke to a. matter of weeks from at least a year under the 2015 accord.
Actually making a bomb with that product would take longer. How long is less clear and the topic of dispute. Iran is now improving uranium to up to 60% fissile purity, close. to the 90% of weapons grade, at 2 sites, and in theory it has. enough material enriched to that level, if enhanced even more, for. nearly 4 bombs, according to a yardstick of the International. Atomic Energy Company (IAEA), the U.N. watchdog.
NATANZ
A complex at the heart of Iran's enrichment program on a. plain abutting mountains outside the Shi'ite Muslim holy city of. Qom, south of Tehran. Natanz homes facilities consisting of 2. enrichment plants: the huge, underground Fuel Enrichment Plant. ( FEP) and the above-ground Pilot Fuel Enrichment Plant (PFEP).
A banished Iranian opposition group exposed in 2002 that. Iran was covertly developing Natanz, firing up a diplomatic. standoff between the West and Iran over its nuclear intents. that continues today.
The FEP was built for enrichment on an industrial scale, able. to house 50,000 centrifuges. Around 14,000 centrifuges are. currently set up there, roughly 11,000 of which are in. operation, refining uranium to as much as 5% pureness.
Diplomats with understanding of Natanz explain the FEP as being. about 3 floors below ground. There has long been debate. about just how much damage Israeli airstrikes could do to it. Damage has actually been done to centrifuges at the FEP by other means,. including an explosion and power cut in April 2021 that Iran. stated was an attack by Israel. The above-ground PFEP homes just a few hundred centrifuges but. Iran is improving to approximately 60% pureness there.
FORDOW
On the opposite side of Qom, Fordow is an enrichment website. dug into a mountain and for that reason probably much better safeguarded from. potential bombardment than the FEP.
The 2015 handle significant powers did not enable Iran to enrich. at Fordow at all. It now has more than 1,000 centrifuges. operating there, a portion of them advanced IR-6 machines. improving to approximately 60%. In addition, Iran just recently doubled the number of centrifuges. set up at Fordow, with all the new ones being IR-6 machines.
The United States, Britain and France announced in 2009 that. Iran had actually been secretly constructing Fordow for many years and had actually failed. to inform the IAEA. U.S. President Barack Obama said then: The. size and configuration of this center is irregular with a. serene program.
ISFAHAN
Iran has a big nuclear innovation centre on the outskirts. of Isfahan, its second largest city. It consists of the Fuel Plate Fabrication Plant (FPFP) and the. uranium conversion facility (UCF) that can process uranium into. the uranium hexafluoride that is fed into centrifuges.
There is devices at Isfahan to make uranium metal, a. procedure that is especially proliferation-sensitive considering that it. can be utilized to design the core of a nuclear bomb. The IAEA has actually stated there are machines for making centrifuge parts. at Isfahan, describing it in 2022 as a brand-new area.
KHONDAB
Iran has actually a partially developed heavy-water research study reactor. originally called Arak and now Khondab. Heavy-water reactors. present a nuclear proliferation danger because they can easily. produce plutonium which, like enriched uranium, can be used to. make the core of an atom bomb. Under the 2015 offer, building and construction was stopped, the reactor's core. was eliminated and filled with concrete to make it unusable. The. reactor was to be revamped to minimise the production of. plutonium and not to produce weapon-grade plutonium in normal. operation. Iran has notified the IAEA that it plans to bring. the reactor online in 2026.
TEHRAN RESEARCH CENTRE
Iran's nuclear research study centers in Tehran consist of a. research study reactor.
BUSHEHR
Iran's only operating nuclear power plant, on the Gulf. coast, utilizes Russian fuel that Russia then takes back when it is. spent, reducing the proliferation threat.
(source: Reuters)