Latest News
-
Chinese data on copper demand gives rise to optimism
Prices of copper rose on Monday, after higher consumer spending raised hopes that metals demand would increase in China. By 0950 GMT, the benchmark three-month price of copper at the London Metal Exchange had risen by 0.2% to $9,660 per metric tonne. Metals investors were focused on retail sales that exceeded expectations, even though China's factory production growth in May was at a six-month minimum. You've still got all of these consumer products, like washing machines, air conditioners and electric vehicles. "As long as people continue to buy all of that stuff, it is good for base metals," Dan Smith from CommodityMarket Analytics said. We're currently in a volatile but resilient economic environment. The Shanghai Futures Exchange's most traded copper contract rose by 0.2%, to 78.550 yuan per ton ($10,938.89). Expectations that U.S. president Donald Trump would impose tariffs against copper, as he did on aluminum and steel, has increased U.S. prices of copper and prompted metal flows to the U.S. to take advantage. U.S. Comex Copper Futures fell 0.2% to $4.80 a lb. The Comex premium to LME copper is now $927 per ton. This was down from $969 last Friday. LME copper inventories Data showed that the number of shipments dropped another 7,300 tonnes to 107 325. This was the lowest level in over a year, and down 60% during the last four months. A slightly weaker dollar also helped base metals, as it made commodities priced in dollars less expensive for buyers who used other currencies. The escalating conflict between Israel & Iran has however dampened some of the optimism. Metals analysts in Beijing said that the geopolitics of the conflict has created new uncertainty, which has led to concern about metals consumption. Other metals were little changed, with LME Aluminium at $2,504 per ton. Zinc gained 1.1%, to $2.653, Lead rose 0.5%, to $1.999.50. Nickel was up by 0.2%, at $15.155, and Tin gained 0.5%, to $32,850. Click here to see the latest news in metals.
-
Kremlin: Russia is willing to mediate in Iran and accept Tehran's Uranium.
The Kremlin announced on Monday that Russia is still ready to serve as a mediator between Israel and Iran. Moscow's proposal to store Iranian Uranium in Russia also remains on the table. Tehran claims it has a right to peaceful nuclear energy, but the rapid progress of its uranium-enrichment programme has sparked fears across the Gulf and the West that the country is trying to build a nuclear bomb. enriched uranium It is possible to ease the crisis by converting nuclear fuel from Iran into civilian reactor fuel. This proposal is still on the table and it is still relevant. "But, as you know, the situation is now very complicated, especially with the outbreaks of hostilities," Kremlin spokesperson Dmitry Peskov stated. Donald Trump, the U.S. president, expressed optimism that peace will soon come on Sunday. Cite the possibility Vladimir Putin, the Russian president, could be of assistance. Peskov stated that Russia was ready to mediate in the event of a conflict, but he also noted that the root causes needed to be addressed. He added, however, the military strikes had escalated the crisis beyond its previous levels. Peskov stated that "Russia is ready to do whatever it takes to eliminate the causes of this crisis." "But, the situation is worsening more than ever, and this, of course is not improving the situation." Peskov responded that the Kremlin was aware of Netanyahu's comments to Fox News Sunday, in which he said that Israel's military strikes could lead to a regime change in Iran. Peskov stated, "You are aware that we condemn the actions that have caused such a dangerous increase in tensions in the region." We also observe a consolidation of society within Iran in the context of the Israeli bombing. (Reporting and writing by Dmitry Antonov, Editing by Guy Faulconbridge).
-
G7 meeting seeks unity amid intensifying conflicts in Ukraine and the Middle East
Leaders of the Group of Seven nations began their annual meetings on Monday, amid the wars in Ukraine as well as the Middle East which have added to the global economic uncertainty. The host country Canada is also trying to avoid a confrontation with U.S. president Donald Trump. G7 leaders, including those from the United States, Canada, France and Germany, as well as Japan, the U.S.A., the European Union and Britain, will be meeting in Kananaskis, a resort in the Canadian Rockies, until Tuesday. Beyond the picturesque and serene mountain setting, however, they face challenges. Trump's first five months in office have been a turbulent time for the United States. His foreign policy has changed, he has raised concerns about his close ties with Russia and imposed tariffs on U.S. ally countries. The escalating conflict between Israel and Iran, which has pushed up global oil prices, makes the Canada summit a crucial moment for restoring a sense of unity among democratic powerhouses. Before attending his first G7, German Chancellor Friedrich Merz stated that the most important goal would be for world's seven biggest industrial nations to come together and take action. It will not be simple. After years of agreement, the traditional allies are scrambling to maintain unity and keep Trump engaged. Canada has given up on any attempt to adopt a comprehensive, all-encompassing communique in order to avoid a repeat of the 2018 Quebec summit when Trump ordered the U.S. delegation to withdraw their approval of the final communiqué after leaving. Ottawa instead sought consensus on a statement by the chair that summarizes key discussions, and six other prenegotiated declarations, such as those on migration, artificial intelligent, and forest fires. The focus of Monday's discussions will be on the economy, trade agreements, and China. The surge in oil price since Israel's attack on Iran on 12 June has complicated efforts to reach an agreement on lowering the G7 cap on Russian oil, even if Trump decides to opt out. Diplomatic sources say that escalation is on the agenda. They hope to reach at least a statement that urges restraint and returns to diplomacy. "We are one." "Nobody wants Iran to get a nuke and everyone wants the discussions and negotiations restarted," France's president Emmanuel Macron said to reporters in Greenland, Sunday, before he left for Canada. Washington has the ability to restart talks with Israel, he said. Trump said that many meetings and calls were being held to broker peace. RUSSIAN ELEPHANT INSIDE THE ROOM Trump, highlighting the unease of some Washington's allies on Saturday, spoke with Russian President Vladimir Putin. He suggested that Putin could play a mediator role. Macron rejected the idea. He argued that Moscow couldn't be a negotiator, because it started an illegal conflict against Ukraine. A European diplomat stated that Trump's suggestion demonstrated the fact that despite Russia being kicked out in 2014 for annexing Crimea and having been expelled from the group, it was still on U.S. mind. "In the U.S.' eyes, there is no condemnation of Ukraine; no peace with Russia; and even now credit for its role in mediating Iran. The diplomat stated that this G7 will be tough for Europeans. The summit will be held on Tuesday. Both the NATO Secretary General Mark Rutte and Ukraine's president Volodymyr Zelenskiy will be attending. The European officials expressed their hope to use this meeting and the NATO summit next week to convince Trump to take a more aggressive stance against Putin. Macron stated that the G7's goal should be to bring us back together, to achieve a ceasefire in Ukraine, which would lead to a robust, lasting peace. It is also important to see if President Trump will be willing to introduce much stronger sanctions against Russia. (Reporting and editing by Caroline Stauffer, Paul Simao, and John Irish)
-
IAEA chief: No further damage to Iranian enrichment sites
Rafael Grossi, the U.N.'s chief nuclear watchdog, provided an update Monday on the current situation at Iran’s nuclear facilities following Israel’s military strikes. He said that there were no signs of further damage to the Natanz and Fordow enrichment site. Grossi, and the International Atomic Energy Agency, which he leads, reported previously that the smallest Iranian enrichment plant, an above ground pilot plant, at the sprawling Natanz Nuclear Complex, had been destroyed. Although there were no physical signs of an attack on the larger underground enrichment facility at Natanz there was a disruption in its power supply, which could have caused damage to the centrifuges that enrich uranium there. The Fordow underground plant was not damaged. Grossi, in a special meeting of the 35-nation Board of Governors of his agency, said that there had been no further damage to the Natanz Fuel Enrichment Plant since the attack on Friday which destroyed the above ground part of the Pilot Fuel Enrichment Plant. He elaborated on damage caused by Israeli strikes at Isfahan's nuclear facilities, including the conversion facility for "yellowcake", uranium that is converted into uranium-hexafluoride to be used as a feedstock in centrifuges. He said that four buildings at the Esfahan Nuclear Site were damaged by the attack on Friday: a central chemical lab, a uranium-conversion plant, the Tehran Reactor Fuel Manufacturing Plant, and the UF4 to EU Metal Processing Facility, which was in construction. The (International Atomic Energy) Agency will continue to be present in Iran. "Safeguards inspections will continue in Iran as soon as the safety conditions permit, as required by Iran's NPT safeguard obligations," he said. Reporting by Francois Murph Editing Bernadettebaum, Editing William Maclean
-
Gold drops as investors focus on G7 meeting and Fed decision
Gold prices fell on Monday, as investors assessed the impact of the ongoing Israel/Iran conflict. They also focused on the Group of Seven Leaders meeting and Federal Reserve's policy announcement later in the week. As of 0854 GMT spot gold dropped 0.5% to $3415.36 per ounce after reaching its highest level since the 22nd April earlier in session. U.S. Gold Futures fell 0.5% to $3434.50. Analyst Giovanni Staunovo at UBS said that geopolitical tensions will not be fading in the near future, and rates are likely to continue to fall. This should give gold a boost. Iranian missiles hit Israel's Tel Aviv, and the port of Haifa early on Monday morning. At least eight people were killed and homes destroyed. On the fourth day of this conflict, there was no sign that the fighting would cease. Investors showed no signs of panic as the currency markets remained calm and Wall Street futures rose after an initial dip. Ole Hansen is the head of commodity strategy for Saxo Bank. He said that investors will closely monitor developments in the Middle East, particularly the risk of other nations being drawn into the conflict. In times of geopolitical or economic uncertainty, gold is a popular safe-haven investment. Gold tends to do well in low-interest rates. The Federal Reserve will announce its interest rate decision this week and Fed Chairman Jerome Powell is expected to make a statement on Wednesday. Since December, the Fed has maintained its policy rate between 4.25% and 4.50%. Palladium rose 1.6% to 1,044.40, while platinum gained 1.2%. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Kate Mayberry)
-
TotalEnergies CEO: We will double our stake in Malaysian gas assets
Patrick Pouyanne, the CEO of TotalEnergies, announced on Monday that it had doubled its investment in Malaysian assets to meet the increasing energy needs of its Asian customers. Pouyanne, speaking at the Energy Asia Conference in Kuala Lumpur, said: "We produce natural gas and today afternoon, we will announce a deal to double our stake in Malaysia because the country is perfectly situated to produce energy and serve the market." The company didn't immediately respond to a question about the specifics of the transaction. TotalEnergies Buy Tickets SapuraOMV Upstream is a Malaysian independent gas producer whose principal assets are its operating interests in offshore blocks SK408 (40%), SK310 (30%), and SK410 (30%). Total has also signed contracts for liquefied gas worth 6 million metric tonnes in 2024. These are mainly with Asian customers, who, according to Pouyanne, form the "core" of Total's business, as sales to Europe have been declining. Pouyanne said that Total would also invest 30% of its capital to create an integrated power business. The goal is to increase the share of electricity to 20% in its portfolio by 2030. (Reporting and writing by Sudarshan Varadahan; editing by Martin Petty, Louise Heavens, and David Stanway)
-
EU rejects proposals to reduce reliance on Russian nuclear energy
Dan Jorgensen, EU Energy Commissioner, said that the European Commission would not be proposing measures this week to limit EU reliance on Russian nucleofuel alongside its proposals for a ban on Russian gas. This week, the Commission will propose legal measures to stop the EU from importing Russian gas by 2027. The EU executive set this goal last month. The Commission said that it would also propose in June trade measures targeting enriched Uranium to make Russian imports less attractive and to encourage countries to switch suppliers. When asked Monday about the timing of nuclear proposals, Jorgensen said, "That too will come. But in the first phase, we'll focus on the gas." He did not give a new deadline for the proposals. "The nuclear question is complicated because we have to make sure we don't put countries in a position where they are unable to secure their supply. We are working hard to include that in the proposal," Jorgensen stated. According to Bruegel, Russia will supply 38% of EU enriched uranium by 2023 and 23% raw uranium. The Commission said that it would also restrict new supply contracts of Russian uranium, and enriched Uranium, which are signed by Euratom Supply Agency. Brussels has set a deadline of end-2027 for the EU to stop buying Russian gas. However, the EU has not specified a date when it should stop buying Russian nuclear fuels. This is due to the fact that many countries rely on Russia to provide fuel, spare parts or fuel cycle services, and this could threaten the security of the supply. Commission: In 2024, the EU spent 26.63 billion euros on Russian energy, including around 1 billion euro for nuclear fuel. Five EU countries, Bulgaria, the Czech Republic Finland, Hungary, and Slovakia, have Russian-designed nuclear reactors that run on Russian fuel. All but Hungary have signed alternative supply contracts since 2022. However, the long wait time means they cannot switch immediately. ($1 = 0.8636 euro) (Reporting and editing by Christian Schmollinger; Kate Abnett)
-
The Gulf countries are recovering from the conflict between Iran and Israel.
The major stock markets in the Gulf recovered some of the losses they suffered in previous sessions, when the conflict between Israel and Iran escalated. Saudi Arabia's benchmark Index gained 1.2%. This was mainly due to a 1.9% increase at Al Rajhi Bank, and a 3.2% rise at Saudi Arabian Mining Company. Sunday, the index fell 1%. After a 7% increase on Friday, oil prices were volatile. Israel and Iran renewed their strikes over the weekend, raising fears that the conflict could spread across the Middle East and disrupt oil exports. The Qatari Index rose 1.7%, a day after it fell more than 3%. This was boosted by a 2.4% jump in the Gulf's largest lender Qatar National Bank as well as a 1.5% rise in the petrochemical manufacturer Industries Qatar. Iranian missiles destroyed homes in Tel Aviv, Israel and Haifa, the port city. This sparked fears among the world leaders attending this week's G7 summit that the conflict could spread to other regions. Israel announced that it began a long-term operation on Friday to stop Tehran from developing an atomic bomb by targeting Iran's ballistic missile factories, nuclear facilities and military commanders. Iran has promised to respond harshly. Dubai's main stock index rose 0.8%. Parkin Company, which manages public parking operations, rose 2.3%. Toll operator Salik gained 0.7%. The index in Abu Dhabi edged up 0.2%. (Reporting and editing by Topra Chopra in Bengaluru, Ateeq Sharriff in Bengaluru)
Nigeria's Dangote Refinery accuses oil majors of obstructing regional unrefined purchase
An executive of the Dangote Refinery said on Sunday oil majors were blocking its access to locally produced crude oil by offering it above market price or claiming it was not available, requiring the company to count on pricey imports.
The $20 billion refinery, billed to be the biggest in Africa and Europe at complete throttle, began production in January however has actually had a hard time to find sufficient crude to meet its 650,000-barrel-per-day capacity.
It is importing around 10 crude oil freights monthly, oil traders stated. In May, it tendered for two million barrels of West Texas Intermediate (WTI) Midland crude monthly for a. year beginning in July, according to a tender file seen by. .
It is either the oil majors are intentionally requesting for. ludicrous premium or they simply state that crude is not. readily available, Devakumar Edwin, an executive at Dangote oil. refinery, said in a statement.
He said the refinery paid $6 above the market cost, forcing. it to cut output and depend upon imported crude from countries. such as the United States. This, he stated, raised its production. expense.
Oil producers in Nigeria through their trade group, the Oil. Producers Trade Section (OPTS), did not right away respond to. the accusation.
The Dangote oil refinery was expected to receive 325,000 bpd. from oil business in the domestic crude supply obligation. guidelines issued by among the nation's oil regulators, the. Nigerian Upstream Petroleum Regulatory Commission (NUPRC), last. December. Nevertheless, oil manufacturers have been unable to satisfy the. quota.
Nigeria's 2021 oil market law developed two oil regulators,. the NUPRC for the exploration segment and the Nigerian Midstream. and Downstream Petroleum Regulatory Authority (NMDPRA) to. regulate gas and downstream sectors.
Edwin likewise implicated the NMDPRA of indiscriminately granting. import licenses to sustain traders who import filthy fuels from. Russia while its refinery adapts to the sub-regional fuel. standard.
The NMDPRA did not react to a request for comment.
Following a price cap troubled Russian products by the. European Union in 2015, along with ecological concerns,. nations like Netherlands and Belgium have prepared guidelines to. tighten up the quality of motor fuels exported mainly to West. Africa.
Edwin stated Nigeria's decision to permit fuel traders to. indiscriminately import dirtier items has compelled Dangote. oil refinery to tap foreign markets.
It has actually exported 3.5 billion litres of refined items,. representing 90% of its production, Edwin said.
(source: Reuters)