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Copper's rise to more than $11,000 a ton isn't supported by fundamentals, according to trading firm Trafigura. AdvertisementSupply and demand fundamentals haven't been enough to support copper's sky-high rally. Instead, the commodity's massive bull run is thanks to expectations of interest-rate cuts, according to the commodity-trading firm Trafigura. The pattern isn't exclusive to copper only, as other metals have also disassociated from their fundamentals in 2024, Rahim said. According to Bloomberg, Trafigura is an entrenched copper bull, forecasting in 2021 that the industrial metal could eventually hit $15,000 a ton.
Persons: , Saad Rahim, Rahim, Trafigura, Jeff Currie Organizations: Service, Federal Reserve, Bloomberg
India's stock market has been topsy-turvy in the past week. WealthMills Securities' equity market strategist Kranthi Bathini says "India's stock markets need stable policy continuity going forward." "The Union Budget has consistently increased allocations for infrastructure development. Strong digital economy and startup ecosystem Another longer-term theme on Sengupta's radar is the digital economy and startup ecosystem. Riding the consumer wave Aside from sectors poised for growth, WealthMills Securities' Bathini suggests looking out for names set to benefit from the strong consumer.
Persons: turvy, Narendra Modi's, Modi, Dhruba Jyoti Sengupta, Kranthi Bathini, Sengupta —, Sengupta, Bathini Organizations: Narendra Modi's Bharatiya Janata Party, BJP, Lok Sabha, Wrise, CNBC Pro, BSE, Bombay Stock Exchange, WealthMills Securities, Budget, Hindustan, Indian Railway Catering, Tourism Corporation, Indian, Construction, Titagarh, Systems, India, Canara Bank, Bajaj Finance, Securities, Hindustan Aeronautics, Tata Motors, Reliance Industries Locations: Lok, Asia, East, Europe, India, uptrend
CNN —Robert Persichitti, a 102-year-old World War II US Navy veteran, died last week while on his way to France to commemorate the 80th anniversary of D-Day, according to Honor Flight Rochester, a veteran’s organization. Persichitti was a “wonderful, pleasant, humble guy,” who was “easy know, easy to talk to,” said Honor Flight Rochester President and CEO Richard Stewart, who told CNN he learned of his friend’s death last Friday. Persichitti fell ill last week during a stop in Germany while headed for Normandy, Al DeCarlo, a friend who was traveling with Persichitti, told CNN affiliate WHAM. “She put his favorite singer, Frank Sinatra, on her phone and he peacefully left us.”Persichitti had heart problems in the past, “but for 102, I would say he was in superb health,” Stewart told CNN. Persichitti enjoyed traveling and speaking with younger generations about his experiences, often visiting schools to talk with students about World War II, his friend, Pastor William Leone, told WHAM.
Persons: Robert Persichitti, Persichitti, , Richard Stewart, , Stewart, Nazi Germany —, Al DeCarlo, DeCarlo, ” DeCarlo, Frank Sinatra, ” Persichitti, ” Stewart, Bob’s, Pastor William Leone, WHAM, ” Leone Organizations: CNN, US Navy, Normandy —, New York, Veterans Hall of Fame, SUNY Buffalo Locations: France, Normandy, Nazi Germany, Pacific, Iwo Jima, Okinawa, Guam, Germany, Pittsburgh, Rochester , New York
softbank-elliott-activist-masayoshi-son-buyback-correction
  + stars: | 2024-06-05 | by ( ) www.cnbc.com   time to read: 1 min
This article has been updated to reflect that Elliott campaigned at Japanese firm Mitsui Fudosan. An earlier version misstated the firm's name.
Persons: Elliott Organizations: Mitsui
Private job creation slowed more than expected in May, according to a report Wednesday from ADP that signals further sluggishness in the labor market. A number of sectors saw job losses on the month. The report comes two days ahead of the more closely watched nonfarm payrolls count from the Bureau of Labor Statistics. The ADP report showing private payroll growth of 188,000 in April overshot the BLS count of 167,000. Correction: The ADP figure for May was the lowest monthly level since January.
Persons: Dow Jones, Nela Richardson, nonfarm Organizations: Dow, Bureau of Labor Statistics, BLS, Wall Locations: Central, San Francisco , California, Trade
Nvidia passed Apple in market cap on Wednesday as investors continue betting on the chipmaker behind the artificial intelligence boom. Nvidia also hit a $3 trillion market cap milestone on Wednesday after shares rose over 5%. Microsoft is the most valuable publicly traded company, with a market cap of $3.15 trillion, as of Wednesday. Apple was the first company to reach a $1 trillion and $2 trillion market cap. Nvidia shares have gone parabolic as its AI business has developed, rising more than 3,290% over the past five years.
Persons: Jensen Huang, Apple Organizations: Nvidia, Technology, Apple, Microsoft Locations: San Jose , California, China, U.S
Stock price information reflected on a window at the Euronext NV stock exchange in Paris, France, on Monday, March 13, 2023. European markets closed lower Tuesday, as positive momentum from the past few days faltered. The pan-European Stoxx 600 provisionally closed 0.5% lower, with all major bourses and most sectors in the red. Mining stocks stocks lost 2.3% while health-care stocks were the biggest gainer, adding 0.8%. Banking stocks shed 2.1%, with Italy's UniCredit losing more than 4%, as investors looked ahead to the European Central Bank's latest interest rate decision later this week.
Persons: Italy's UniCredit Organizations: Banking, Central, Maersk, ECB Locations: Paris, France, Danish
Phnom Penh, Cambodia CNN —US Secretary of Defense Lloyd Austin traveled to Cambodia on Tuesday to meet with the country’s prime minister and defense minister, as Washington becomes increasingly concerned that Phnom Penh may grant China’s military exclusive access to a key naval base. Austin’s trip to the Cambodian capital marks his second visit to the Southeast Asian country as Secretary of Defense but is the first time a United States defense chief has traveled to Cambodia specifically to hold a bilateral meeting with his counterpart, Defense Minister Tea Seiha. The outreach reflects the US’ desire to forge a better relationship with Cambodia, defense officials said, particularly as Beijing’s influence over the country has only continued to grow in recent years. “There are no doubts about where our concerns are,” a Pentagon spokesperson said following Austin’s meetings, when asked about Ream. In a meeting with China’s Defense Minister Dong Jun last week, their first face-to-face, Austin said the US wants to keep military-to-military channels open with the Chinese to avoid misunderstandings and escalation.
Persons: Defense Lloyd Austin, Tea, , , Hun Manet, Hun Sen’s, ” Austin, Biden, Austin, Hun Sen, Dong Jun, Dong, Beijing “ Organizations: Cambodia CNN, Defense, United, Cambodian, Ream, Base, South China, Pentagon, State Department, US Military Academy, West, United Nations Peacekeeping, China’s Defense, CNN Locations: Phnom Penh, Cambodia, Washington, United States, Thailand, China, South China, ” Beijing, South, Taiwan, Beijing, Ream, Asia, Singapore
Back in April we covered the breakout in Southern Copper (SCCO) from $116 a share. I think it can hold that support again and, along with underlying copper futures, mount another attack on the highs. Copper demand just recently exceeded 25 million metric tons this year and with the explosion in AI and with the move towards clean energy, copper demand is expected to reach 40 million metric tons in the next 15 years. Turning to our focus stock, Southern Copper (SCCO), the chart is also pulling back into a very similar correction with anticipated support in the $115-$105 zone. Southern Copper beat their top and bottom line earnings estimates for Q1 in April, and looking ahead the growth is expected to continue.
Persons: Jensen Huang, We're, Todd Gordon, Gordon, SCCO Organizations: Nvidia, Elliott, Edge, . Southern, Inside Edge, Inside Edge Capital Management Locations: South America, China, .
Complicating her administration’s debut, Sheinbaum will also have to contend with the shadow of her polarizing mentor, the outgoing President Andres Manuel López Obrador, from the same Morena party. In a speech following the election, Sheinbaum promised to govern for all and to be an investor-friendly president. Mexican President Andres Manuel Lopez Obrador raises Sheinbaum's hand after she was sworn in as Mexico City's mayor on December 5, 2018. Sheinbaum condemned the violence following Hamas’ October 7 attack on Israel and has previously called for a Palestinian state. Still, under López Obrador, the Mexican government has accepted US deportations of tens of thousands of non-Mexican citizens under a 2023 Biden administration rule.
Persons: Claudia Sheinbaum, Sheinbaum, Andres Manuel López Obrador, , , Carin Zissis, López Obrador, Andres Manuel Lopez Obrador, Alfredo Estrella, ” Zissis, ” López Obrador, Jorge Zepeda, ” Stephanie Brewer, Jose Luis Gonzalez, Will Freeman, ” Freeman, López, coy, Freeman, Herika Martinez, , Joe Biden, Donald Trump –, Zissis, Brewer, Will Sheinbaum, Mau Torres, Ivonne Valdés Organizations: CNN, Bank of, Americas Society, Mexico City's, Getty, Washington Office, Latin, Mexican Army, National Guard, Reuters, Mexico City, Council, Foreign Relations, Crisis Group, Defense, , US Border Patrol, AFP, American, Israel, Biden, United Locations: Mexico, Mexico City, Morena, Bank of Mexico, , AFP, Sheinbaum, Latin America, WOLA, Operation, Ciudad Juarez, Mexico’s, Morelos, Cuautla, Washington, States, Cuba, Venezuela, Nicaragua, Gaza, Ukraine, El Paso , Texas, Chihuahua State, Israel, Palestinian, La Jornada, United States
Late Monday, Core Scientific announced a 12-year deal with cloud provider CoreWeave to provide infrastructure for use cases like machine learning. Core Scientific, which emerged from bankruptcy in January, has been mining a mix of digital assets since 2017. Butterfill said the the overlap is leading to a competition for rack space between bitcoin mining and AI activities. While AI operations require up to 20 times the capital expenditure of bitcoin mining, they're more profitable, according to a report from CoinShares. watch now"While we intend to remain one of the largest and most productive bitcoin miners, we expect to have a diversified business model and more predictable cash flows," Sullivan said.
Persons: Marble , North Carolina Carey McKelvey AUSTIN, CoreWeave, Adam Sullivan, Sullivan, OpenAI, James Butterfill, Butterfill, CoinShares, Asher Genoot, Genoot, bitcoin, Needham, They're, Core's Sullivan, there's, Sam Altman, Altman Organizations: Scientific, Core Scientific, Nvidia, CNBC, Iris Energy, CoreWeave, Miners, Electric Power Research Institute Locations: Marble , North Carolina, Marble , North Carolina Carey McKelvey AUSTIN , Texas, bitcoin, CoinShares, Canada, Sweden, capex, United States
Read previewVisitors to the National Gallery of Australia have surged by 24% since reports first emerged that the country's richest person had tried to get an unflattering portrait of her taken down, the gallery's director has said. The estimates hearing was called to discuss Rinehart's donation of an approved portrait of herself to Australia's National Portrait Gallery. Rinehart is the daughter of iron ore magnate Lang Hancock. AdvertisementOne of the company's main assets is the Roy Hill iron ore mining project. The project is located in Western Australia's Pilbara region and currently delivers "60 million tonnes per annum of iron ore to international markets," according to the official website.
Persons: , Nick Mitzevich, We're, Gina Rinehart, Vincent Namatjira, Barbra Streisand's, Streisand, Jason Reed, Namatjira, Bree Pickering, Rinehart, Pickering, Rinehart . Rinehart, Lang Hancock Organizations: Service, National Gallery of Australia, Business, Sydney Morning Herald, Hancock, National, Australia's, Australian Broadcasting Corporation, Bloomberg Locations: Malibu, Hancock, Western Australia's
Recent struggles in Brazilian stocks could be an opportunity for investors to buy into Latin America's largest economy at a discount. There are also other factors that can boost Brazilian stocks going forward, including an attractive valuation and investor positioning. Low valuations and strong consumer Brazilian stocks are very cheap, especially compared to the other emerging markets. Another catalyst for Brazilian stocks may be stronger consumer spending. How to invest Investors in the U.S. can gain exposure to Brazilian stocks via the EWZ ETF and its small-cap counterpart, the EWZS.
Persons: Leonard Linnet, Unibanco, Ed Yardeni, Morgan Stanley, Alexsandro Broedel, Broedel, That's, Itaú's Linnet Organizations: Federal, Brazil —, CNBC, Yardeni Research, Petrobras, Vale Locations: Brazil, U.S, New York, Latin America
Bitcoin's blockchain is slowly becoming more than just a buy-and-hold platform. Ethereum underwent a similar trend, leading to its massive rally in 2021, Bitget CEO Gracy Chen told Business Insider. Advertisement"The Ordinals protocol enabled the growth of memecoins on the bitcoin blockchain, leading to a surge in liquidity within the BTC ecosystem in record time. That's based on the Total Value Locked, or the amount of assets staked on the bitcoin protocol. However, even a twofold weaker surge could still result in a fivefold increase in the leading cryptocurrency's value," Chen wrote in a note.
Persons: Gracy Chen, , Chen, That's, ethereum, Mining Brian Wright, there's Organizations: Ethereum, Service, BTC, ETH, cryptominers, Mining, Galaxy Locations: memecoins, bitcoin
CNN —Months after singer Cassie Ventura filed suit against her ex-boyfriend Sean “Diddy” Combs, his life looks very different. But the video could become evidence in an ongoing federal investigation related to Combs and allegations of sex trafficking. Members of law enforcement are seen outside of Sean "Diddy" Combs' home in Los Angeles on March 25, 2024. Sean "Diddy" Combs with Cassie Ventura attend the premiere of 'The Perfect Match' at the Arclight Theatre in Los Angeles in 2016. An aerial image of Sean "Diddy" Combs' home in Los Angeles on March 25, 2024.
Persons: Cassie Ventura, Sean “ Diddy ” Combs, Ventura, Combs, , Here’s, HSI, Sean, Diddy, ” Aaron Dyer, Justin, Misa Hylton, Christian, , Hylton, Kim Porter, Sean Combs, Jessie, Rodney “, Rod ” Jones, Jones, ” Jones, Chris Delmas, ” Ben Brafman, Shawn Holley, they’ve, Department’s, Kelly, , Elie Honig, CNN’s Sandra Gonzalez, John Miller, Elizabeth Wolfe, Eric Levenson, Denise Royal, Holmes Lybrand, Carlos Suarez Organizations: CNN, Bad Boy Records, Los Angeles County, Attorney’s, US Justice Department, Authorities, Federal, Homeland Security Investigations, US Department of Homeland Security, KCBS, Arclight Theatre, Getty Locations: New York, Miami, Los Angeles, , AFP
That's thanks to last week's ether-led rally ahead of the SEC's approval of a rule change allowing ether ETFs in the U.S., when ether surged 20% in two days. Now, aspiring sponsors of ether ETFs need to file their S-1 registration forms for the individual funds. Until then, crypto is without a clear catalyst, with bitcoin ETFs and the halving in the rear view window. Bitcoin miners struggle after the halving Elsewhere, the bitcoin price could see some pressure from miner selling. Market watchers anticipated this would hppen after April's bitcoin halving, which slashed a key revenue source – the block reward – for bitcoin miners.
Persons: cryptocurrency, Antoni Trenchev, Bitcoin, Trenchev, Yuya Hasegawa, Hasegawa, Julio Moreno, there's Organizations: Metrics, SEC, Federal Locations: U.S, Washington
Why there's a massive copper shortage
  + stars: | 2024-05-31 | by ( Shawn Baldwin | ) www.cnbc.com   time to read: +1 min
Demand for copper is surging. The red metal, considered a barometer for economic health, is a vital component for the construction and defense industries as well as a key component in electric cars, wind turbines and the power grid. Existing mines and projects under construction will meet only 80% of copper needs by 2030, according to the International Energy Agency. "High-grade economic copper resources are not abundant, these things aren't all over the place, you have to go find them," said Chris LaFemina, global metals and mining analyst at Jefferies. To look at the challenges facing copper producers, CNBC got a behind the scenes look at Rio Tinto's Kennecott mining operation outside of Salt Lake City.
Persons: Chris LaFemina Organizations: International Energy Agency, Jefferies, CNBC Locations: Rio, Salt Lake City
The vast majority of it goes to the United Arab Emirates, according to research published by the independent Switzerland-based aid and advocacy organization SwissAid. Most industrial gold exported from African countries goes to South Africa, Switzerland and India. Industrial gold, which makes up roughly 11% of all gold produced, is used in the medical, electronics, automotive, aerospace and defense industries. But the majority of artisanal and small-scale mining, or ASM, gold produced on the continent — to the tune of 80% to 85% — goes to the UAE, SwissAid wrote. A selection of gold jewellery displayed in the window of a store in the Dubai Gold Souk in Deira, in the United Arab Emirates.
Persons: Waldo Swiegers, SwissAid, Yui Mok Organizations: Rand, Bloomberg, Getty Images, United Arab Emirates, Dubai Gold, United, CNBC, UAE's Ministry Locations: Germiston, South Africa, Getty Images DUBAI, United Arab, Africa, Switzerland, UAE, India, Dubai, Dubai Gold Souk, Deira, United Arab Emirates
Gold prices drop as strong U.S. dollar, yields dim bullion's shine
  + stars: | 2024-05-30 | by ( ) www.cnbc.com   time to read: +2 min
An employee puts gold bullions into a safe deposit box at Degussa shop in Singapore. Gold prices slipped for a second consecutive session on Thursday as the U.S. dollar and Treasury yields edged higher ahead of key inflation data, which could offer further clarity on the Federal Reserve's interest rate plan. "I think it's a case of investors realizing that the current high interest rate environment is likely to have an extended stay. And with the focus again turning to chasing U.S. yields and dollar, some attention is taken away from gold this week," said Tim Waterer, chief market analyst at KCM Trade. While bullion is considered an inflation hedge, higher rates increase the opportunity cost of holding the non-yielding asset.
Persons: Tim Waterer, Bullion, Waterer Organizations: U.S ., KCM, Traders, Global, BHP Group Locations: Singapore, ., U.S
Here are the biggest calls on Wall Street on Wednesday: Bernstein reiterates Nvidia as outperform Bernstein said it's sticking with its outperform rating on the stock. " Argus upgrades Berkshire Hathaway to buy from hold Argus said it's getting bullish on shares of Warren Buffett's multinational conglomerate. UBS reiterates First Solar as buy UBS raised its price target on First Solar to $350 per share from $270. Bank of America reiterates Apple as buy Bank of America said it's bullish on top pick Apple and its entry into iPhones with AI. Bank of America reiterates Dell as buy Bank of America raised its price target on Dell to $180 per share from $130.
Persons: Bernstein, Berkshire Hathaway, Argus, it's, Fluence, LBRT, Jefferies, TD Cowen, Medpace, Cowen, Morgan Stanley, JPMorgan, Wells, Baird, MM120, Truist, Dell, Jack Hartung, Cindy Olsen Organizations: Nvidia, Argus, Warren, UBS, Citi, Liberty Energy, United Airlines, Airlines, American Airlines, " Bank of America, Apple, Bank of America, Netflix, Disney, RBC, Eldorado, Eldorado Gold, BTC, Citi downgrades Bank, JPMorgan, Mind, of America, Norwegian Cruise Line Holdings, Dell, Field Locations: Berkshire, U.S, OFS, United, El Paso, Parks, F4Q, CAVA, Chicago
Higher copper prices are coming, SP Angel analyst says
  + stars: | 2024-05-29 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHigher copper prices are coming, SP Angel analyst saysJohn Meyer, partner at SP Angel, discusses demand in the copper market and M&A activity in the mining industry.
Persons: John Meyer Organizations: SP, SP Angel
LONDON — BHP Group on Wednesday said it believes an extension to talks with takeover target Anglo American is necessary, as the deadline for discussions looms later in the session. The offer values the company at £38.6 billion ($49.2 billion), according to previous Reuters calculations. "BHP believes a further extension of the Deadline is required to allow for further engagement on its proposal," it said in a statement. The rival miners have until 5 p.m. London time Wednesday to reach an agreement following a week-long extension of last week's deadline. Anglo rejected BHP's previous offers, saying they undervalued the company and its prospects.
Persons: BHP, Stuart Chambers Organizations: LONDON, BHP Group, London, CNBC, BHP Locations: American
CNN —Rivers and streams in Alaska are changing color – from a clean, clear blue to a rusty orange – because of the toxic metals released by thawing permafrost, according to a new study. Ken Hill/National Park ServiceArctic soils naturally contain organic carbon, nutrients and metals, such as mercury, within their permafrost, the study says. “It’s really an unexpected consequence of climate change.”Researchers used satellite imagery to determine when the change in color happened at different rivers and streams. In Alaska’s Arctic rivers alone reside a variety of fish that are “critical for subsistence, sport, and commercial fisheries,” researchers wrote. Poulin said local communities voiced their concerns and observations to study researchers beginning seven years ago.
Persons: CNN —, “ We’re, , Brett Poulin, Ken Hill, Poulin, “ It’s Organizations: CNN, National Park Service, University of California, Geological Survey, Communications, Environment, UC Davis, Park Service, Water Resources Research Locations: CNN — Rivers, Alaska, Davis, Alaska’s, California, Appalachia, Alaska's Gates, Alaska’s Gates, Park Service Alaska, Chilean, Spain
Why Bolivia is Latin America’s next dining destination
  + stars: | 2024-05-28 | by ( Joe Yogerst | ) edition.cnn.com   time to read: +9 min
Capital city La Paz boasts three eateries — Gustu, Ancestral and Phayawi — currently ranked among the top 100 restaurants in Latin America. Bolivia’s food revolution has also spread to major cities such as Sucre as well as the Uyuni Salt Flats. Rather than fine dining, the ambience is decidedly casual, the tables spread across three floors of an old wooden townhouse in the boho Sopocachi neighborhood of central La Paz. Courtesy PhayawiZero-kilometer goes widerSucre, the nation’s judicial capital in south-central Bolivia, isn’t as cosmopolitan as La Paz when it comes to food. Courtesy Joe YogerstBut that’s not to say that Bolivia’s food revolution has reached every nook and cranny.
Persons: foodways, , Marsia Taha, ” Taha, Taha, Joe Yogerst, Gustu, Claus Meyer, Meyer, , We’re, Sebastián Giménez, It’s, quinoa, it’s, Guadalupe, Joy, Uyuni, Tania López, López, , Tika Organizations: CNN, La Paz, La, Nordic, Michelin, Mercado Central, padres, NASA, Hidalgo Tours Locations: Bolivia, South, Capital, Latin America, La Paz, Sucre, Bolivian, Gustu, Danish, Copenhagen, Lake Titicaca, Phayawi, Basque, altiplano, Argentina, San, city’s, El, Bolivia’s, Hidalgo, Sol
Jensen Huang, co-founder and CEO of Nvidia, during the Nvidia GPU Technology Conference in San Jose, California, on March 19, 2024. Five years ago, Nvidia CEO Jensen Huang owned a stake in his chipmaker worth roughly $3 billion. After Thursday's rally, which pushed the stock to a record, his holdings now stand at more than $90 billion. Nvidia shares have more than doubled this year after tripling in 2023. OpenAI does most of its AI development on Nvidia GPUs.
Persons: Jensen Huang, Huang, OpenAI Organizations: Nvidia, Technology, Microsoft, Google, Meta Locations: San Jose , California
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