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☆ Fierce pressure mounts on Biden ahead of critical television interview Friday
▼ + stars: | 2024-07-05 | by ( Stephen Collinson | ) edition.cnn.com time to read: +9 min

The latest effort by the White House to quell the controversy is already disintegrating. His reasoning frustrated several governors who’d come to the White House to seek reassurance about Biden’s condition, sources said. “I’m not going anywhere,” Biden told military families gathered to watch July Fourth fireworks at the White House. And on Thursday, the presumptive GOP nominee offered to debate Biden one-on-one with without moderators. The increasingly unpromising state of the Biden campaign has many Democrats worried — one reason the ABC News interview and a scheduled press conference at the NATO summit in Washington next week will be so crucial.

Persons: Joe Biden, who’d, Biden, “ I’m, ” Biden, Karine Jean, Pierre, hadn’t, George Stephanopoulos, “, Earl Ingram, ”, —, he’s, Debbie Dingell, Trump, “ He’s, Gavin Newsom, “ That’s, ” Newsom, Kamala Harris, he’s “, Kevin Munoz, George W, Bush, Barack Obama, Crooked Joe Biden, ” Trump, we’ve, Jared Huffman, Biden’s, ” Huffman, Spelling, Huffman Organizations: CNN, ABC, Democratic Party, White, New York Times, Democratic, White House Press, Trump, Independence, Democratic National Convention, Senate, California Gov, curtailments, Republicans, NATO, California Democratic, “ CNN News Central Locations: Atlanta, Michigan, California, Washington

☆ Oil prices fall for a second day as U.S. crude inventories increase
▼ + stars: | 2024-03-27 | by ( ) www.cnbc.com time to read: +3 min

Oil prices fell for a second day on Wednesday after a report that crude stockpiles in the U.S., the world's biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week. Brent crude futures for May dropped 74 cents, or 0.9%, to $85.51 a barrel at 0420 GMT. U.S. crude oil inventories rose by 9.3 million barrels in the week ended March 22, according to market sources citing American Petroleum Institute figures on Tuesday. Earlier this month, OPEC+ members agreed to extend their output cuts of about 2.2 million barrels per day to the end of June. Highlighting that Iraq is among the OPEC+ members that have admitted to overproducing in recent months, analysts at ANZ said in a report on Wednesday, "traders are also watching OPEC members for any sign they may be altering their stance on production quotas."

Persons: Rong Yeap, overproducing Organizations: Brent, . West Texas, IG, American Petroleum Institute, of, Petroleum, Ministerial, Reuters, ANZ Locations: U.S, Singapore . U.S, Russia, OPEC, Iraq

A delay in the new mine's ramp-up would add to the growing stresses on the zinc raw materials supply chain. Low prices have resulted in a lengthening list of mine curtailments in recent months, resulting in falling smelter treatment terms and a rising refined zinc price. London Metal Exchange three-month zinc pricePRICE CASUALTIESThe LME zinc price hit a three-year low of $2,215 per metric ton in May, triggering a string of mine closures. By the end of September analysts at Macquarie Bank had already totted up closures totalling 300,000 metric tons of annual zinc capacity. It is designed to churn out around 345,000 metric tons a year of contained zinc, making it the single largest addition to zinc mine supply in 2024.

Persons: Ilya Naymushin, Boliden, Price, it's, David Evans Organizations: REUTERS, London Metal Exchange, Metals, Aeris Resources, Macquarie Bank, Fastmarkets, Study, Thomson, Reuters Locations: Angara, Novoangars, Russia, Swedish, Ireland, Queensland, Western Australia, Portugal, Mexico, Tennessee

REUTERS/Stringer/File Photo Acquire Licensing RightsLONDON, Nov 3 (Reuters) - Another month, another new record for China's primary aluminium production sector. Power availability is proving to be as effective a cap on China's aluminium production as any government mandate. Some of that production capacity has only just been powered up after a previous round of restrictions was lifted in June. And an increasingly significant one as ever more Chinese aluminium capacity migrates from north to south to lower the carbon footprint. Rainfall in Yunnan is now the key determinant of China's primary aluminium production capacity.

Persons: Stringer, John Kemp, wean, Paul Simao Organizations: REUTERS, International Aluminium Institute, China Southern Power, AZ Consulting, China Hongqiao, HK, Reuters, Thomson Locations: Zouping, Shandong province, China, Beijing, Yunnan, YUNNAN, It's, Shandong

REUTERS/Stringer/File Photo Acquire Licensing RightsLONDON, Sept 26 (Reuters) - Global production of primary aluminium hit an all-time high in August, with the world's smelters running at an annualised rate of 71.2 million metric tons. It now estimates national output rose by 1.3 million metric tons. Global production in August came in at 6.0 million metric tons, up 1.6% on August last year, while cumulative production of 46.5 million metric tons was up 1.7% on the year-ago period. The country's annualised run-rate has increased by 2.1 million metric tons since March and registered a fresh all-time high of 42.4 million tons in August. Everything depends on rainfall levels in Yunnan, which has emerged as a major aluminium production hub due to its "green", low-carbon credentials.

Persons: Stringer, Sharon Singleton Organizations: REUTERS, International Aluminium Institute, IAI, Institute, Shanghai Futures Exchange, London, Exchange, Reuters, Thomson Locations: Binzhou, Shandong province, China, Malaysia, Iran, Yunnan, Sichuan

China has stepped up domestic output of refined zinc this year, but the Shanghai market continues to be plagued by low inventory and tight time-spreads. China's imports, exports and net trade in refined zincRETURN TO THE IMPORT MARKETChina was a consistent net importer of refined zinc over the last decade, but that changed in 2022. Shanghai zinc stocks seasonal patterns over 2020-2023LOW INVENTORYShFE registered stocks stand at a modest 43,181 tons. Sentiment, however, holds the real key to the Shanghai premium. The country's trade in refined zinc may prove a useful mirror on that question over the next few months.

Persons: Cash, It's, Jan Harvey Organizations: Share, Shanghai Futures Exchange, London Metal Exchange, Shanghai Metal, Citi, Reuters, Thomson Locations: Eritrea's, Asmara, Eritrea, China, Shanghai, Europe, Turkey, U.S, Antwerp, Singapore, Malaysia's Port Klang, Kaohsiung, Guangdong, London

Norwegian producer Norsk Hydro (NHY.OL) has called for the exchange to reconsider its decision last November to continue accepting deliveries of Russian metal. China imported 462,000 metric tons of Russian-brand primary aluminium last year, up from 291,000 metric tons in 2021. The country has emerged as the market of first resort for Russian metal since the invasion of Ukraine in February 2022. The top two destinations for June's "exports" were Japan (10,000 metric tons) and South Korea (20,500 metric tons). China's aluminium run-rate fell by an annualised 636,000 metric tons over the first quarter, according to the International Aluminium Institute.

Persons: Rusal, Goldman Sachs, ingot, isn't, Jane Merriman Organizations: London Metal Exchange, Norsk Hydro, Hydro, Rusal, International Aluminium Institute, AZ Global, Reuters, Thomson Locations: Norwegian, Russian, China, United States, Europe, Asia, Ukraine, Japan, South Korea, Gwangyang, CHINA, Yunnan

How much more will arrive in the market of last resort depends on China, which is stepping up imports of refined zinc. China's refined zinc imports, exports and net tradeCHINA FLIPS BACK TO NET IMPORTERChina imported 45,329 metric tons of refined zinc in June, the highest monthly tally since May 2021. The country exported 81,000 metric tons of zinc in 2022, including shipments of 7,800 metric tons to Mexico and 3,400 metric tons to the United States, two destinations that haven't in the past featured in China's zinc trade. The country's monthly refined zinc production has been notching double-digit growth rates since March. So far, however, there is scant evidence of a significant build of surplus metal in the mainland market.

Persons: It's, Paul Simao Organizations: London Metal Exchange, China, Shanghai Futures Exchange, Shanghai Metal, International, Study, Reuters, Thomson Locations: Singapore, Asian, contango, China, CHINA, Mexico, United States, backwardation, Shanghai, Europe, Antwerp

Goldman Sachs said this week that rising interest rates would remain a "persistent drag" on oil. "There's been little sign of weakness in China's oil demand even if the general reopening boost has disappointed some investors. Global oil demand is forecast to grow between 1 to 2 million barrels per day (bpd), as per the poll. "Once these deficits become visible in on-land oil inventories, we expect prices to trend higher," said UBS analyst Giovanni Staunovo. Respondents also largely agreed that the Organisation of the Petroleum Exporting Countries would take measures to keep the floor for oil prices at $80.

Persons: Brent, Ole Hansen, Saxo, Goldman Sachs, There's, Ian Moore, Bernstein, Giovanni Staunovo, Seher, Arpan Varghese, Noah Browning, Elaine Hardcastle Organizations: bbl, International Energy Agency, Saudi, of, Petroleum, Thomson Locations: China, Saudi, OPEC, Saudi Arabia, Saudi Aramco, India, Moscow, Turkey, Bengaluru

Disruptions may hit mine output, leading analysts to trim a forecast surplus for this year to 133,000 tonnes from 165,000 tonnes of oversupply in the previous poll. Analysts have marked up their estimates for an aluminium market surplus this year to 113,500 tonnes from 80,535 tonnes forecast in January. "Due to relentless mined nickel supply growth in Indonesia, and its broad-based nickel-bearing exports, we remain longer-term bears on the global nickel price," said Tom Price at Liberum. Analysts expect LME cash nickel prices to average $22,273 a tonne in the third quarter, down 11% from current levels. They also expect the global nickel market to see a surplus of 112,000 tonnes this year and an oversupply of 89,500 tonnes in 2024.

Expressed in terms of annualised run-rates, China's output of 39.9 million tonnes last month was the lowest in a year and down by 1.6 million tonnes from August's record 41.5 million. China's aluminium production is now highly dependent on weather patterns in the south of the country. China's average daily aluminium output and monthly annualised changePRAYING FOR RAINYunnan province accounts for around 12% of China's aluminium capacity and produced 4.2 million tonnes in 2022. WESTERN PRODUCTION FLAT-LINESPrimary aluminium production outside of China was flat year-on-year in the first quarter. WEATHER WATCHHowever, China's dominant position in the global aluminium picture means that it holds the key to future production patterns.

☆ China urges Japan not to back U.S. chip export restrictions as Washington tries to rally allies
▼ + stars: | 2023-04-03 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Washington has been trying to convince allies to back its chip export restrictions to China. Chinese Foreign Minister Qin Gang urged Japan not to support U.S. curbs on China's semiconductor industry, as Washington continues to try to rally nations behind its chip export restrictions. Japan on Friday announced export restrictions on 23 types of semiconductor manufacturing equipment, but did not specifically name China. While these countries have put some export restrictions in place, they are still trying to maintain trade ties with China. Japan, whose biggest trading partner is China, has maintained that its chip export curtailments are not aimed at any specific country.

☆ Activity stalls in top U.S. oilfields, outlook sours -Fed survey
▼ + stars: | 2023-03-29 | by ( Liz Hampton | ) www.reuters.com time to read: +2 min

Overall, a company outlook index turned negative, falling 27 points to -14.1. The survey was conducted among 147 oil and gas firms between March 15 and 23, a period in which oil prices were faltering on concerns about the global banking industry. While the oil production index remained positive, it fell sharply during the quarter to 10.5 from 25.8 in the fourth quarter. The dramatic pullback in natural gas prices has also led to a decrease in appetite to target gas prospects and has also led to some optional gas-rate curtailments," said one. Supplier delivery times turned negative, indicating a continuation of the supply chain snags that have plagued the industry over the past year.

Power-hungry aluminium producers in Yunnan and neighbouring provinces were already operating at reduced capacity, some of them since September, dragging down China's national output. The latest cuts will impact around 740,000 tonnes of annual production capacity, adding to the million tonnes already offline, according to industry consultancy Mysteel. Aluminium capacity has grown to around 5.25 million tonnes, making it the fourth largest provincial producer after Shandong, Inner Mongolia and Xinjiang. January's estimated annualised production was 40.50 million tonnes, a drop of almost one million tonnes over the last five months. Registered inventory on both exchanges has risen fast, cushioning the supply chain from the loss of Chinese production momentum.

With Europe's winter energy crisis abating and power prices falling, there are growing expectations that idled zinc smelter capacity will restart. The exchange's latest positioning report shows four dominant long positions on cash zinc as of Monday. All of which serves to underline just how depleted LME zinc stocks are. STOCKED OUTLME zinc stocks total just 25,075 tonnes, less than one day's worth of global consumption. LME zinc pricing is going to remain volatile for a while yet as shorts betting on a return to surplus have to navigate today's low-stock reality.

LONDON, Jan 23 (Reuters) - Global aluminium production rose by a marginal 2.0% last year, a rate of growth that was down from 2.7% in 2021 and the slowest since 2019, according to the International Aluminium Institute (IAI). Global aluminium production by region change versus 2021EUROPE POWERS DOWNWestern European aluminium output was running at an annualised 2.73 million tonnes in December, down by 540,000 tonnes on December 2021 and the lowest production rate this century. Latin America was the fastest-growing aluminium production region last year with output up 10.7% year on year. As ever more smelters switch to green energy sources, global aluminium production is ever more dependent on seasonally variable power availability. Such regional adjustments are now part and parcel of the global aluminium production landscape but they have injected a new degree of volatility into aluminium's previously slow-changing supply side.

Uniper (UN01.DE) has already booked billions of euros of losses on derivatives, exacerbating a crisis as it rushed to plug the gap left after Russia turned off the taps. Like other energy firms, Uniper uses derivatives, such as securing an option to sell gas at a set price in the future, to guard against energy price swings. "In total, we have derivative positions of about 216 billion euros as of September 30 2022," a spokesperson for Uniper said, adding that the riskier part of this was small. According to its accounts, Uniper held around 198 billion euros of receivables from derivative instruments as assets. It is also more than the 131 billion euros Germany's RWE (RWEG.DE) had at the end of June, public data shows.

The Dutch Title Transfer Facility (TTF) is Europe's main benchmark for natural gas prices. In addition, intraday European gas prices even went negative at the start of the week — meaning that holders of natural gas paid buyers to take the cargo off their hands. Nikoline Bromander, analyst at consultancy Rystad Energy, said high output from wind power and political agreement within the EU on cooperative measures to reduce gas prices and consumption have contributed to lowering gas prices. Before Russia's invasion of Ukraine, the EU was obtaining about 40% of all its natural gas from Moscow. Several experts have warned that Europe's high storage levels were to a large extent achieved with Russian gas.

The status of Russian metal has been a key talking-point at the many seminars and parties this week in London. Should the LME suspend deliveries of Russian aluminium, copper and nickel or should it maintain its policy of not preempting official sanctions? German copper producer Aurubis (NAFG.DE) has joined U.S. aluminium producer Alcoa (AA.N) in publicly calling for an LME ban on Russian metal. There is a lot of metal supply at stake here. An LME ban on deliveries of Russian metal would clearly have significant ramifications for both LME and physical market pricing.

☆ Yara to pay extra dividend as earnings soar above expectation
▼ + stars: | 2022-10-20 | by ( Victoria Klesty | ) www.reuters.com time to read: +3 min

But he told Reuters that Yara has no immediate plans to restart the curtailed production even though European spot gas prices have fallen steadily in recent weeks. "What we have seen with Yara in recent years is that they can get a superprofit from buying ammonia and upgrade it - high gas prices have been advantageous for Yara because they have such good flexibility," he said. Weighed down by soaring energy prices, Yara in August said it had slashed capacity utilisation at its European ammonia plants to just 35%, raising questions about the continent's ability to produce enough fertiliser for its crops. Yara said it expects to pay $540 million more for natural gas in the fourth quarter than a year earlier. Fertiliser prices have risen sharply over the past year, tracking higher energy costs.

☆ Lumber falls after mortgage rates solidify their move above 6% amid hawkish Fed rate hikes
▼ + stars: | 2022-09-22 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Lumber prices extended their 2-day decline to 10% after the Fed hiked interest rates by 75 basis points on Wednesday. The aggressive interest rate hike from the Fed helped solidify the recent surge in mortgage rates to above 6%. "The lumber market continues to be in a state of overall malaise as buyers anticipate lower overall demand going forward," Sherwood Lumber told Insider. The surge in mortgage rates have taken a significant bite out of home sales, which has in-turn led to price cuts and has dented homebuilder sentiment. "The lumber market continues to be in a state of overall malaise as buyers anticipate lower overall demand going forward.

REUTERS/Alexandre MeneghiniLONDON, Sept 16 (Reuters) - The puzzle facing the zinc market is whether demand or supply will fall hardest this year. LME zinc fund net positioningLOW STOCKSThe outright price is falling despite low exchange inventory. Fastmarkets assessments of Antwerp and Italy premiumsSUPPLY HITEurope is at the epicentre of the global zinc supply hit as smelters struggle to cope with soaring power prices. SHIFTING BALANCEZinc's micro dynamics are shifting fast and at the moment it seems that the demand hit is outpacing the supply hit. It's the demand outlook that's weighing on the outright zinc price.

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