Switzerland

Argentina has big aspirations for the untapped copper riches in its Andean north. It wishes to be a top 10 global manufacturer and has actually attracted investors such as Glencore, Lundin Mining and First Quantum Minerals. However unlocking its prospective won't be easy. The nation, and new libertarian President Javier Milei, need to fix the economy first, with the majority of huge copper tasks being stalled by strict capital controls, near 300% inflation and high tax rates. Even as copper costs struck record highs, that has actually taken some of the shine off optimism a year earlier, when regional officials...

Swissbased trading home Glencore and aluminium manufacturer Rusal have actually extended their longterm supply agreement into next year after the quantity traded so far has actually amounted to a fraction of the contract's optimum volumes, a source with direct knowledge said on Wednesday. Glencore's agreement with Russia's Rusal, the world's largest aluminium producer outside China, was due to expire this year unless extended. Rusal and Glencore decreased to comment. Glencore is legally bound to continue the contract due to the fact that Rusal has actually not been straight targeted by Western sanctions, the source, who decreased to be recognized, informed...

A wave of civil unrest in New Caledonia, a French abroad territory in the southern Pacific that is a leading nickel manufacturer, has stopped mining operations and supported a rally in rates for the metal. Here's why New Caledonia's nickel industry matters politically and on international markets. HOW BIG IS NEW CALEDONIA'S NICKEL SECTOR AND WHO RUNS IT? New Caledonia holds the world's 5th biggest reserves of nickel, a metal mainly utilized in stainless-steel and increasingly for electrical automobile batteries, and in 2023 ranked No. 3 worldwide in terms of mined nickel. The archipelago's nickel mining market dates back to...

LONDON, May 22 - Dutch wholesale gas costs rose on Wednesday to a four-month month high on concerns that Russia could stop gas streams to Austria's OMV. The benchmark front-month contract at the Dutch TTF hub was up 0.98 euro at 33.90 euros per megawatt hour (MWh). by 11.16 GMT, according to LSEG information. The contract previously struck an intra-day high of 34.11. euros/MWh, its greatest level given that January. In the British market, the front-month agreement. was 2.85 pence higher at 82.20 p/therm. The OMV news has included tinder to currently smouldering. cinders offered where we are with the...

LONDON, May 20 - Dutch and British wholesale gas prices rose on Monday early morning amidst supply concerns due to an upcoming Norwegian upkeep outages and a continuous interruption at Gorgon LNG facility in Australia. The benchmark front-month contract at the Dutch TTF hub inched up by 0.93 euro at 31.66 euros per megawatt hour ( MWh) - equivalent to by 0856 GMT, while the day-ahead agreement was up 1.08 euro at 31.83 euro/MWh according to LSEG data. In the British market, the front-month agreement rose by 2.3 cent to 76.05 cent per therm, while the day-ahead agreement was 4.50...

The following bids, mergers, acquisitions and disposals were reported by 1945 GMT on Friday: ** Spanish energy Iberdrola has actually accepted acquire the staying 18.4% stake in Avangrid that it does not currently own, the U.S. subsidiary stated, in an all-cash offer worth about $2.6 billion. ** United States fund Apollo has withdrawn its deal to buy Applus, it said in a filing to Spain's stock market regulator CNMV, ending a months-long bidding war for the Spanish industrial testing company. ** Washington Federal Bank agreed to sell a portfolio of commercial multi-family property loans to Bank of America for about...

Urals petroleum differentials firmed to outdated Brent on Friday in the middle of softer freight rates for the grade's shipments to Asia. Urals differentials to outdated Brent in northwest Europe firmed by some 70 cents per barrel to discounts above minus $13. per barrel, computations reveal. Discounts for 140-tonne Urals cargoes in the Mediterranean. have actually narrowed by some 25 cents and stand above minus $10 per. barrel to Brent. Freight rates for Aframax ships, which usually fill some. 720,000 barrels of Urals crude in Primorsk or Ust-Luga for a. one-way trip to Indian ports, alleviated to average some $7...

The following bids, mergers, acquisitions and disposals were reported by 0940 GMT on Friday: ** BHP Group would need to improve its most current offer around 30% to reflect fair value for Anglo American and its key copper possessions, JPMorgan analysts stated in a note. ** U.S. fund General Atlantic and Canadian pension fund CPPIB are preparing a 3 billion euro ($ 3.26 billion) offer to purchase Spain's largest online property business Idealista, Spanish newspaper Expansion reported, citing unidentified market sources. ** ABB has actually consented to buy the wiring devices business of German competing Siemens in China, the Swiss...

Britain's FTSE 100 struck a fresh record high up on Friday, led by gains in homebuilder stocks, while softerthanexpected U.S. jobs data improved financier belief. The blue-chip FTSE 100 ended the session up 0.5%,. after hitting a fresh record high of 8,213.49 points previously in. the day. The FTSE 250 touched its greatest levels given that. February in 2015 and ended 0.6% greater. Both indexes. signed up a second straight week of gains. Signs of easing inflation, hopes of early rate of interest cuts. by the Bank of England and attractive prices have helped enhance. investor interest in UK equities....

A consortium that consists of Swiss miner and products trader Glencore and Indonesia's PT Chandra Asri Pacific remains in sophisticated speak to buy Shell's. oil refinery and petrochemical systems in Singapore, in a. offer that could be worth about $1 billion, Bloomberg News. reported on Friday. The parties are working on the details of a deal that. could be announced as soon as the coming weeks, Bloomberg. reported, mentioning individuals with understanding of the matter. The possessions consist of a refinery capable of processing 237,000. barrels daily (bpd) of oil and a 1-million-metric-ton-per-year. ethylene plant situated on Bukom island, just...

Anglo American CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time considering that the miner rejected BHP Group's $39 billion takeover quote, a source acquainted with the matter told . BHP, the world's biggest-listed mining group, is privately talking with financiers as it weighs up its next relocation after Anglo's. rejection of its initial proposition. Commodities huge Glencore is likewise studying a technique for. Anglo, sources told , a development that could stimulate a. bidding war for the 107-year old mining business. Anglo decreased to talk about the meeting with Mantashe. The...

A look at the day ahead in U.S. and global markets from Mike Dolan The strength of the U.S. labor market will provide Wall Street's. rate of interest relief a reality examine Friday, but Apple's. monster share buyback has buoyed the market beforehand. The world's second biggest business by market capitalisation. wowed the gallery overnight with a tremendous $110 billion stock. buyback program - the greatest in the iPhone maker's history -. and upped its dividend by 4% after a modest very first quarter. earnings beat. The news raised Apple shares 6% in out-of-hours trading and. assisted S&P 500 futures...

Poland's biggest refiner Orlen is taking every possible step to recuperate money paid by its Swiss trading unit in prepayments for oil that was not provided, however this might be very made complex, the company's. CEO said on Thursday. District attorneys in Poland are examining the loss of about. $ 400 million by Orlen Trading Switzerland (OTS) in prepayments,. primarily for Venezuelan oil, in what has actually become a politically. charged story in Warsaw. The truth that a business such as Orlen, one of the largest. companies in Europe ... one of the largest refining issues in. the world ......

LONDON, May 23 - British and Dutch wholesale gas prices rose on Thursday early morning due to concerns around supply and a. drop in wind power output from tomorrow. In the British market, the front-month contract. was 3.90 pence higher at 86.70 p/therm by 0945 GMT, while the. July rate increased by 5.41 pence to 84.40 pence/therm,. LSEG data revealed. Overall Norwegian exports to Britain are down by 26 million. cubic metres (mcm) at 32 mcm/day as volumes have actually been re-routed. to continental Europe. UK gas-for-power demand is forecast to increase for the day. ahead by 22 mcm to...

Vivo Energy, owned by global commodities trader Vitol, will invest an initial 10 billion rand ($ 550.79 million) in its South African operations following its merger with Engen, South Africa's trade minister Ebrahim Patel said on Wednesday. The financial investment belongs to a range of public interest and competition dedications, created to prevent task losses and continue supply agreements with local refineries, that domestic regulators looked for when the merger was considered. The business (Vivo) has devoted to a minimum of about 10 billion rand over the next 5 years to be bought areas like green energy, facilities and the...

Urals petroleum differentials to outdated Brent were stable once again on Thursday, while CPC Blend oil differentials firmed amid enhanced need from refiners in Europe, traders said. CPC Blend remained less expensive than regional alternatives in the Mediterranean, while European refiners had an interest in purchasing June cargoes of petroleum as the spring upkeep season ended, traders stated. Caspian Pipeline Consortium (CPC), the export path for CPC Mix, increased oil products in January-April by 4% from the very same duration a year previously to 22.715 million metric lots (1.44. million barrels per day), 2 industry sources said on Monday. PLATTS...

Commodity traders Trafigura and IXM are looking to purchase physical copper to provide versus large short positions on U.S. exchange CME where copper prices soared to tape-record highs on Wednesday, five sources with direct knowledge of the matter said. Brief positions can be bets on lower rates or manufacturers hedging their output. A short capture takes place when celebrations holding such positions are forced to buy them back at a loss or deliver physical copper to close them out. Copper costs on COMEX, part of the CME Group, strike a record peak of $5.1775 a pound or $11,414 a metric...

Azeri BTC unrefined differentials reduced on Friday after an offer in the afternoon trading window, while CPC Blend remains under pressure, as oil need in Mediterranean remains weak, traders said. * Any Danish relocate to limit the flexibility of navigation of Russian ships in the Baltic straits will be viewed as a hostile act and draw retaliation, Russian foreign ministry spokeswoman Maria Zakharova said on Friday. PLATTS WINDOW * SOCAR offered to Eni 650,000 barrels of Azeri BTC from Ceyhan over May 21-25 at dated Brent plus $1.55 per barrel. That was down by some 30 cents from the current...

May 3 - Dutch and British wholesale gas prices held constant on Friday early morning as warmer forecasts limited some of the upside momentum triggered by expectations of heightening competitors from Asia for melted gas (LNG). shipments. The benchmark front-month agreement at the Dutch. TTF hub was down 0.30 euros at 30.50 euros per megawatt hour. ( MWh) at 0821 GMT, after briefly hitting 31.20 euros/MWh. earlier, the greatest level considering that Apr. 19, LSEG data showed. The exceptionally comfy current European gas storage. levels at 63% full, milder-than-usual weather report over the. next 2 weeks and a healing in...

Lawyers for entrepreneur Prateek Gupta, accused of scams by commodity trader Trafigura, told a London court on Tuesday he has actually run out of funds to pay legal charges and wants to work out a settlement. Geneva-based Trafigura filed a suit versus Gupta in February last year, declaring seven companies that Trafigura stated are managed by him performed methodical fraud involving what were supposed to be nickel cargoes. Trafigura scheduled a problems last year of $590 million due to the supposed fraud. They are having problems ... in moneying the remainder of the litigation, lawyer Barnaby Lowe informed the London...

2 senior executives at international product trader Trafigura will retire this year, the business said on Friday, clearing the way for a brand-new generation of management in the current reshuffle at the firm. In September in 2015, the Geneva-based firm lost weight its management by consolidating department leadership. Ben Luckock ended up being the sole head of oil, Gonzalo De Olazaval the sole head of metals and minerals while Richard Holtum included renewables and power to his portfolio. Trafigura stated its CFO Christophe Salmon would retire at the end of June after 12 years at the firm and executive director...

Worldwide energy trader Gunvor's web earnings almost halved in 2023, as the high rate volatility seen across energy commodities abated versus the preceding year. Like Gunvor, competitors including Vitol and Trafigura had record years in 2022 amidst high price volatility and as Russia's war in Ukraine reshaped worldwide product flows. Nevertheless, in 2023, even as the Ukraine war persists, products markets faced fresh headwinds including a. weaker-than- anticipated Chinese economy, monetary tightening, a. stronger U.S. dollar, and oil supply cuts by the OPEC+ group,. Gunvor said on Wednesday. The Geneva-based trader generated about $1.25 billion in. net revenue after taxes...

The world's top energy trader Vitol said on Tuesday it saw a tight international oil products market as the Red Sea crisis and the rerouting of Russian items has actually pressed record volumes of oil items to be held on tankers at sea. While European roadway transport demand will begin to subside by the mid-2020s, in the near term we anticipate continued tightness in the market and a continuous contact European refining, CEO Russell Hardy stated in a statement on Tuesday. He pointed out the rerouting of Russian petroleum and products far from Europe to India and China, and kept...

More than 250,000 barrels daily of U.S. crude is set to get here in India next month, the greatest in more than a year, ship tracking information showed, in the middle of tighter enforcement of sanctions on Russian crude. India, the world's third-biggest oil importer and customer, is seeking to diversify its oil supplies as fresh U.S. sanctions on Moscow threaten to dent Russian oil sales to India, the biggest purchaser of Russian seaborne crude. About 7.6 million barrels of oil, or 256,000 barrels per day ( bpd), were headed to India on 3 large unrefined providers and 3 Suezmax...