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Miner Vale beats net profit for the third quarter
Vale Rio de Janeiro-headquartered Vale posted a $2.69 billion net profit for the July-September period, up 11% year-over-year and above the $2.1 billion expected by analysts polled by LSEG. The adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), which was $4.4 billion, represented a 21% rise, beating the estimates of $4.1billion. Vale published its sales and production data last week. Iron ore production reached the highest level since the fourth quarter 2018 with 94.4 million metric tonnes. The company's net revenue increased by 9% from the same quarter last year to $10.4 billion. Analysts expected a revenue of $10.3 billion. Vale has also reduced its estimate of copper costs per ton this year from $1,500 to $1,000. Previous projections ranged between $1,500 to $2,000 per tonne. The company projected that its nickel costs would range between $13,000 to $14,000 per ton. This is a significant increase from the previous range of $14,500 to $15,500. (Reporting and editing by Brendan O'Boyle; Roberto Samora, Andre Romani)
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Deforestation in Brazil’s Amazon reaches 11-year low before COP30
Data released by the government on Thursday showed that deforestation rates in Brazil's Amazon rainforest dropped 11.08% between January and July of last year, a record low. The data was released days before Brazil hosts the United Nations Climate Summit known as COP30. This is a victory for President Luiz inacio Lula Da Silva who wants to highlight his government's achievements on the environment at the conference. Lula has committed to ending all deforestation within the country by 2030. Amazon destruction has decreased by half since the start of his tenure in 2023. Inpe, the Brazilian space agency, released a report that showed the Amazon had been destroyed by approximately 5,796 square kilometers in the past year, the lowest number since 2014. Even in my best laid plans, I never would have imagined we would be at this point where there is a 50% decrease in deforestation," said Environment Minister Marina Silva during a press briefing. Deforestation in Brazil's Cerrado Savanna fell by 11.49% to 7,235 sq km, the lowest in six years and the second consecutive decline following four years of increasing deforestation, including Lula's inaugural year in office. Environmentalists have criticized the government for its support of Petrobras plans to drill near Amazon River's mouth. (Reporting and writing by Lisandra Pagaguassu, Brasilia. Editing and editing by Leslie Adler & Matthew Lewis.)
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Sloviansk's Zelenskiy, Ukraine: two dead in Russian attack against power station
Volodymyr Zelenskiy, the president of Ukraine, said that a Russian bomb attack on a Ukrainian power plant in Sloviansk killed two people on Thursday and injured several others. In his video nightly address, Zelenskiy described the attack on the Donetsk Region near the frontline as "strictly terrorism". He claimed that energy sites are the primary targets of Russian drones and missiles. Could not independently verify this account. According to prosecutors in Donetsk Region, Russians attacked private homes in the city Kramatorsk and killed one person. They also injured three others. Sloviansk, Kramatorsk, and other Russian targets will be the main Russian targets as Russian troops slowly advance through Donetsk. (Reporting and editing by Cynthia Osterman, Ron Popeski, and Bogdan Kochubey)
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Sugar prices hit five-year lows as surplus forecasts swirl
Investors weighed the news of an U.S. China trade truce as they analyzed the world sugar price's fifth-year-low for a forth consecutive day. The raw sugar futures traded on the ICE, which are used to price physical sugar all over the world, settled down by 0.14 cents, or 1%. They had previously hit their lowest level since October 2020, 14.07 cents per lb. After touching their lowest level since December 2020, white sugar futures dropped 0.9% to $414.00 per metric ton. Michael McDougall, an independent sugar analyst, noted that the weather forecasts for key sugar-producing areas are still benign and boosting crop prospects. Meanwhile, oil prices continue to be under pressure due to a lack details in the U.S. China trade agreement. The sugar price in Brazil is still two to three cents lower than the parity for ethanol, so the message to Brazil's cane mills should be to produce more ethanol and less sugar. McDougall stated that "the trend is lower, and some are talking about 10-13cents. But when too many people look further down, it is a preliminarily signal that we will not see that." Sugar production in Brazil, the world's largest producer, grew faster than expected during the first half October. It increased by 1.25%, versus a 0.6% expected increase. Mills have reduced the cane they allocate to sugar production, and increased ethanol production. Datagro, a Brazilian consultancy, had forecast last week that the global sugar deficit would turn into a surplus in 2025/26 of 1,98 million tons from a 5,000,000-ton surplus. To limit sugar losses, the state of Uttar Pradesh in India has increased the price mills have to pay for their new crop. This should make sugar exports more difficult. Other soft commodities also rose, with arabica coffee up 0.3% or 1.3 cents per lb to $3.92, and robusta coffee rising 0.7% to $4.641 per ton. London cocoa increased 0.4%, reaching 4,374 pounds a ton. New York cocoa also rose 0.2% to $6,058 per ton. (Reporting and editing by Ed Osmond, Alan Barona and May Angel)
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Investors assess U.S. China trade deal as Fed lowers rates and gold gains
Gold prices rose by 2% on Friday, boosted by the Federal Reserve's interest rate reduction and the uncertainty surrounding the outcome of the trade agreement between China and the U.S. As of 01:39 pm, spot gold had risen 1.9% to $4,003.62 an ounce. ET (1739 GMT). U.S. Gold Futures for December Delivery settled 0.4% higher, at $4015.9 an ounce. U.S. president Donald Trump announced on Thursday that he would lower tariffs against China from 57% to 47% in exchange for Beijing returning U.S. purchases of soybeans and rare earths and cracking down the illicit fentanyl traffic. The markets have backed off any optimism about the end of the trade wars as details of the U.S. China deal were revealed. Fears that the truce could be temporary led to a fall in equity markets. The U.S. Federal Reserve cut interest rates in line with expectations on Wednesday. However, it indicated that this may be the last reduction of the year, as the government shutdown is threatening the availability key economic data. In a low interest rate environment, safe-haven assets like gold become more appealing as they are non-yielding. Gold tends to do well during times of geopolitical or economic uncertainty. Wells Fargo Investment Institute has raised its gold target for 2026 to $4,500-$4,700/oz from $3,900-4,100/oz previously, citing uncertainty in geopolitical policy and trade. Analysts said that they expect the question marks to continue to drive private and public demand, and higher prices. Silver spot rose 2.7%, to $48,81 an ounce. Platinum gained 1.2%, to $1604,38, and palladium increased 3.4%, to $1447.08. (Reporting from Noel John in Bengaluru and Pablo Sinha; editing by Shalesh Kuber).
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Mercuria and ERG sign $100 million copper deal
Mercuria Energy Trading and Eurasian Resources Group have agreed to prepay up to $100,000,000 to Eurasian Resources Group as part of a three-year copper supply agreement, they announced on Thursday. Prepayments is an advance paid by buyers to producers. It's often used to ensure future supplies or to provide working capital in the commodity trade. Mercuria will receive copper from ERG, a Luxembourg-based company that produces copper in the Democratic Republic of the Congo. Shukhrat Ibragimov, Chief Executive Officer of ERG, said: "The agreement marks an important step towards deepening our partnership with global partners in our efforts to realize the full potential our core operations in DRC." ERG and Mercuria have not disclosed how much copper will be delivered to the Swiss commodity trader annually. The facility will help ERG develop its assets in the Democratic Republic of the Congo, a region of increasing strategic importance to Mercuria Energy Trading SA. Kostas bintas is the Global Head of Metals & Minerals. (Reporting and editing by Kirsten Doovan; reporting by Pratima Dasai)
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IMF and Serbia reach agreement at staff level on a 36-month deal
The International Monetary Fund (IMF) and Serbia reached an agreement at the staff level on the second review of a 36 month arrangement to support economic reforms within the Balkan nation, the IMF announced on Thursday. Signed in October 2024, the Policy Coordination Instrument makes it easier for Serbians to obtain loans from other sources. According to the agreement, Serbian authorities have committed themselves to a fiscal surplus limit of 3% over a period of three years. In a statement issued following an eight-day visit to Serbia, the IMF said that the review would be subject to the approval of the IMF Executive Board. After 16 people died in a roof collapse at a railway station last year, accusations of widespread negligence and corruption were made. IMF stated that Serbia's economy has slowed down this year because of global trade tensions and domestic political uncertainty. Also, the U.S. sanctioned NIS Oil Company. It said that "poor harvests have also driven up food prices." However, the headline inflation rate fell to 2.9% after temporary price controls and margin restrictions in September. The growth rate for 2025 will be 2.1%. It will then recover to around 3% by 2026, as exports and investment strengthen. This is supported by rising household incomes and stable economic conditions. IMF stated that Serbia's reserves of foreign currency and public debt are moderate.
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Arkansas wants to be the US hub for lithium, but it has to overcome Chinese competition and tech challenges
Arkansas is facing stiff Chinese competition as well as a sagging market price and technical challenges in its bid to become the U.S. hub for lithium production. State officials and industry executives have said that these obstacles are easily overcome. According to the U.S. Geological Survey, the southern state of South Carolina, where former U.S. president Bill Clinton was born, is located atop Smackover. This underground geological formation stretches from Florida to Texas and contains brines containing over 5 million metric tonnes of lithium. This is enough lithium for millions of electric vehicles and other devices, if it can be filtered by direct lithium extraction (DLE), which has never been done commercially before. LITHIUM PRICE DROP Beyond technical challenges, Arkansas has to deal with a price drop of over 80% in the last 18 months. This fall is a result of an oversupply by Chinese competitors. Patrick Howarth, Exxon Mobil’s director of lithium, said at the Arkansas Lithium Innovation Summit held in Little Rock, "We're all working to make Arkansas as competitive and as efficient as possible." Standard Lithium, Exxon Mobil, and Chevron, among others, are rushing to show that DLE is viable in Arkansas, despite the low prices. Arkansas hopes that its industrial expertise and electricity rates, which are among the lowest in the U.S., will help the state become the nation's lithium hub. Albemarle operates the only U.S.-based lithium mine in Nevada. "We spend a great deal of time convincing people outside Arkansas that this is a real opportunity, that production can be low-cost, and that it could become a reliable supply of lithium chemicals in North America for many decades," said Andy Robinson. Standard Lithium is developing a DLE project in Arkansas with Equinor. GOVERNOR SEES DLE SUCCESS IN STATE Approximately 860 people attended, an increase in attendance of 15% over the previous year's summit. In an interview, Arkansas Governor Sarah Huckabee Sanders stated that she believes DLE will succeed. "Big companies don't invest hundreds of millions of dollar in things if they do not feel that they can see a way forward," said Sanders. She was the press secretary of President Donald Trump's first term, and she became governor of New York State in 2022. The governor stated that she doesn't believe the state’s lithium industry requires government guaranteeing a minimum price. This is something Trump officials discussed in relation to critical minerals. Sanders said she doesn't think it's a disconnect for her to want Arkansas to become a major producer of lithium but not own an electric vehicle. Sanders stated that although she does not own rockets in Arkansas, the rocket industry is still something they are very good at. "I don’t think that you need to own a business to be able sell it, or to create an environment in which these businesses can thrive." (Reporting and Editing by Rod Nickel. Ernest Scheyder)
UN and Sudanese officials fear hundreds of deaths after raiding the last hospital in al-Fashir, Darfur.
World Health Organization (WHO) and a Sudanese government official reported that the last working hospital in al-Fashir, a city in Sudan, was raided this week and it is believed that hundreds of people were killed after a paramilitary group overran the area.
The death toll could not be verified immediately, since communications within the city were cut off. Doctors from the hospital had also been disconnected ever since the paramilitary Rapid Support Forces took over the Sudanese Army's last stronghold inside the city on Sunday.
The exact date of the raid was not known. Both the Sudanese official and doctors, as well as activists, blamed the RSF. RSF dismissed these reports as false information, claiming in a press release that all of al-Fashir’s hospitals were abandoned.
According to the International Organisation for Migration (IOM), more than 36,000 people fled al-Fashir on Sunday. However, little is known of the fate of over 200,000 other people who were believed to have remained in the city during the 18-month RSF siege and assault.
Rights groups have feared for years that a RSF takeover in famine-stricken al-Fashir would trigger mass revenge killings. Escapees have also reported summary murders.
Documented by rights groups and U.S. officials, the RSF and its allied militias have been accused of ethnic cleansing in Darfur. Al-Fashir is the last significant army holdout in western Darfur. The army has been fighting the militias in a conflict that began in April 2023.
ABDUCTIONS, HOSPITALS UNDER ATTACK
Darfur State Governor Minni Minawi - a former Darfur Rebel leader who is now aligned to the army against RSF - said on X, Wednesday, that 460 people had been killed in the attack at al-Fashir’s Saudi Hospital.
Minawi refused to provide any details, and could not be contacted for comment. According to two Sudanese doctor's groups citing local sources, as well as an al-Fashir activist group, they believe that hundreds of people were killed in the makeshift wards surrounding the hospital, along with those who were inside. Could not verify their claims.
In a statement released on Wednesday, the WHO confirmed that four doctors and a pharmacist had been abducted from a Saudi hospital. The death toll could not be confirmed by a humanitarian source, but the kidnappings were confirmed.
A WHO spokesperson said that the attack had been verified based on eyewitness accounts, government reports and photos.
The video circulated by Minawi on social media claiming to show an attack at a hospital, but it was actually geolocated to another location: the Al-Fashir University which two former residents claimed had been used for shelter.
The Yale Humanitarian Research Lab published satellite images of the hospital from October 28, which showed clusters and red stains around the hospital.
Residents, doctors and humanitarians in al-Fashir claim that the RSF targeted hospitals within al-Fashir with drones and rockets during the siege.
The Saudi hospital in al-Fashir was left with little or no supplies to treat malnutrition cases, traumas, and maternity patients after all the other hospitals had been abandoned by the attacks. (Reporting and editing by Aidan Lewis, Nafisa E. Eltahir Emma Farge Catherine Cartier Milan Pavicic Khalid Abdelaziz)
(source: Reuters)