2025-07-04 07:40
HYDERABAD, July 4 (Reuters) - India on Friday unveiled a series of steps to increase copper output, including encouraging foreign firms to set up smelters and refineries in the country in exchange for state-owned firms investing in their overseas mining operations. The document, parts of which were first reported by Reuters last week, said India - the world's second-biggest refined copper importer - may have to import 91%-97% of its copper concentrates by 2047. Sign up here. Despite an estimated 12.2 million metric tons of copper resources, only 18% are classified as reserves, highlighting limited domestic availability, according to the document. The growing need for concentrate imports necessitates diversification of supply and foreign asset acquisitions, the government document said, adding that this underscores an urgent need for strategic intervention to support the sector. As part of this, India plans to include a chapter on copper in the ongoing free trade pact talks with Chile and Peru to secure fixed quantity of copper concentrate, the document said. "Tightening copper supplies from key exporters like Indonesia and Panama have reduced India's sourcing options," the document said. "Countries such as Chile and Peru have long-term commitments with global players like Japan and China." India imported 1.2 million metric tons of copper in the fiscal year to March 2025, up 4% from a year earlier. https://www.reuters.com/world/india/india-attract-foreign-copper-firms-with-overseas-mining-ties-govt-document-shows-2025-07-04/
2025-07-04 07:36
HAMBURG, July 4 (Reuters) - Attempts will be made on Friday and over the weekend to reopen the river Mosel in west Germany on a limited scale to inland waterways freight shipping after an accident with a vessel damaged a lock, navigation authorities said on Friday. Shipping was stopped on the river, an important transit route for grains and rapeseed between Germany and France, after an accident involving a passenger vessel on Wednesday damaged a lock at Sankt Aldegund between Koblenz and Trier. Sign up here. Attempts are now starting to see if the lock can still be used for vessel transits on a limited scale after an initial assessment of damage, said a spokesperson for river navigation authority GDWS. The first test transits through the lock could be made over the weekend. If this is not feasible, attempts are planned to reopen the lock with temporary water control barriers. But this would be a slower process than using the damaged lock, possibly with each ship needing around an hour to transit the lock. About 50 inland waterways freighters are currently stranded on the river, called the Moselle in France. First efforts will be concentrated on enabling the stranded ships to pass through the lock to reach their destinations. But the aim is to allow normal sailings to resume, the spokesperson said. It is still not possible to say when the lock can be fully repaired. A similar lock accident on the Mosel in December that halted shipping led futures exchange operator Euronext to suspend physical delivery to river ports in eastern France for its rapeseed futures. https://www.reuters.com/markets/commodities/authorities-attempt-reopen-mosel-river-germany-shipping-2025-07-04/
2025-07-04 07:14
Three people hospitalised with serious burn injuries Large blast heard across the capital just after 0600 GMT Pope Leo prays for victims of 'tragic incident' Children in nearby youth centre all safe ROME, July 4 (Reuters) - At least 27 people, including 10 police officers and a firefighter, were injured on Friday in a huge explosion at a petrol station in an eastern district of Rome, Italian authorities said. The blast at the distributor of petrol, diesel and liquefied petroleum gas (LPG) in the working class Prenestino neighbourhood was heard across the capital just after 8 am (0600 GMT). Sign up here. Website Roma Today published a photograph of a huge ball of flame and smoke rising high into the sky. Separate images released by the fire department showed the petrol station almost completely gutted. Apart from the first responders, 16 civilians were injured, including the manager of the fuel distributor, a police spokeswoman said in a video, saying the toll was not final, and adding that the causes of the incident would be investigated. An ambulance service spokesperson put the provisional number of injured at 28. "I pray for the people involved in the explosion of a gas station (...) in the heart of my Diocese. I continue to follow the developments of this tragic incident with concern," Pope Leo XIV wrote on X. Health authorities said eight people had been hospitalised, including two with serious burns and needing ventilation support, and a third person with burns was in serious but not critical condition. Firefighters and ambulance workers were caught up in the blast as they had been called to the scene earlier, after a truck hit a pipeline at the petrol station, local reports said. Rome Mayor Roberto Gualtieri, speaking from the scene, told reporters an incident during fuel-tank refilling operations was suspected, causing a gas leak, followed by a fire and the explosion. The station had the Eni (ENI.MI) , opens new tab brand but was not owned by the Italian energy group, the company said in a statement. Firefighters wrote on X that the fire was still burning but was under control. Flames spread to a nearby depot, while the shockwave from the explosion damaged nearby buildings, breaking windows. A sports centre that hosts a youth summer camp opposite the station was evacuated before the blast, a representative said in a Facebook video, adding that the five children in its care were safe and back with their families. Prime Minister Giorgia Meloni was following the situation, her office said in a statement. https://www.reuters.com/world/several-injured-rome-after-gas-station-explodes-reports-2025-07-04/
2025-07-04 06:41
US Congress passes massive tax-cut and spending bill Gold up 1.9% so far this week Platinum heads for fifth weekly rise July 4 (Reuters) - Gold prices rebounded on Friday and were heading for a weekly gain, helped by a retreat in the U.S. dollar and safe-haven inflows, as U.S. President Donald Trump's deadline for trade deals loomed. Spot gold was up 0.3% to $3,336.39 per ounce, as of 1211 GMT. The precious metal is up about 1.9% this week. Sign up here. U.S. gold futures gained 0.1% to $3,346.60. The dollar index (.DXY) , opens new tab slipped 0.2% and was on track for a second week of decline, making gold less expensive for other currency holders. "The apprehension about the fiscal situation in the U.S. (after Trump's sweeping tax-cut bill passed Congress) and the lingering uncertainty over the approaching July 9 deadline for the tariff issue has boosted safe-haven demand," said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades. Trump announced that Washington will start sending letters to countries on Friday, marking a shift from earlier plans for individual trade deals. On April 2, he announced reciprocal tariffs of 10%-50%, but later reduced most to 10% until July 9 to allow for negotiations. Meanwhile, Trump's tax-cut legislation cleared its final hurdle in Congress on Thursday, making his 2017 cuts permanent, funding his immigration crackdown and adding new tax breaks promised during Trump's 2024 campaign. Data showed U.S. job growth was unexpectedly solid in June, but nearly half of the increase in nonfarm payrolls came from the government sector, with private industry gains being the smallest in eight months as businesses battled rising economic headwinds. "The latest U.S. payroll data supports the case of a slowdown of the economy, but no standstill, slowing the pressure on the Fed to cut interest rates anytime soon," said UBS commodity analyst Giovanni Staunovo. Elsewhere, spot silver edged 0.2% higher to $36.9 per ounce and palladium eased 0.1% to $1,135.79. Platinum rose 1.5% to $1,387.54 per ounce and was heading for its fifth straight week of gains. https://www.reuters.com/world/india/gold-heads-weekly-gain-us-tax-cut-bill-stokes-fiscal-worries-2025-07-04/
2025-07-04 06:27
JAKARTA, July 4 (Reuters) - Indonesia's nickel miners' association APNI on Friday urged the government to ensure mining quotas continue to be valid for three years to maintain a consistent business climate, rather than reverting to a single year as planned. The mining minister on Wednesday said the government plans to cut the duration of mining quotas, known as RKABs, to one year to better control supply and to support prices of commodities such as coal and nickel. Sign up here. The resource-rich country extended the quotas' validity to three years in 2023 to reduce the burden of seeking approval on both authorities and applicants, though companies are able to propose revisions to their quotas each year. APNI on Friday said while it appreciates efforts to sustain the mining sector, reducing quota duration would create bottlenecks in the approval process as thousands of miners would need to seek quotas every year. "The government needs to strengthen internal evaluation and oversight capacity, not lengthen the bureaucratic chain with shorter licensing periods," APNI said in a statement. Medium-term certainty is vital for investment and operational planning, it said. Deputy mining minister Yuliot Tanjung on Friday said details of the change are "still being formulated" but declined to comment further. He did not comment about the association's request. The ministry in a statement late on Thursday reiterated that the plan is aimed at maintaining price stability and mitigating impact of price drops on government revenue. https://www.reuters.com/markets/commodities/indonesia-nickel-miners-urge-government-maintain-three-year-mining-quota-2025-07-04/
2025-07-04 06:19
US stock futures decline as focus shifts to spending bill Trade deals elusive ahead of higher tariffs on July 9 Trading thinned by Wall Street, Treasuries holiday for July 4 LONDON, July 4 (Reuters) - Stocks slipped on Friday as U.S. President Donald Trump got his signature tax cut bill over the line and attention turned to his July 9 deadline for countries to secure trade deals with the world's biggest economy. The dollar also fell against major currencies, with U.S. markets already shut for the holiday-shortened week, as traders considered the impact of Trump's sweeping spending bill that is expected to add an estimated $3.4 trillion to the national debt. Sign up here. The pan-European STOXX 600 index (.STOXX) , opens new tab fell 0.5%, with banks, mining-related stocks and retailers among the top laggards. U.S. S&P 500 futures edged down 0.6%, following a 0.8% overnight advance for the cash index to an all-time closing peak. Wall Street was closed on Friday for the Independence Day holiday. Trump said Washington would start sending letters to countries on Friday specifying what tariff rates they would face on exports to the United States, a clear shift from earlier pledges to strike scores of individual deals before a July 9 deadline when tariffs could rise sharply. Investors are "now just waiting for July 9", said Tony Sycamore, an analyst at IG, with the market's lack of optimism for trade deals responsible for some of the equity weakness in export-reliant Asia, particularly Japan and South Korea. At the same time, investors cheered a surprisingly robust U.S. jobs report on Thursday, sending all three of the main U.S. equity indexes climbing in a shortened session. "The U.S. economy is holding together better than most people expected, which suggests to me that markets can easily continue to do better (from here)," Sycamore said. Following Thursday's close, the House narrowly approved Trump's signature, 869-page bill, which averts the near-term prospect of a U.S. government default but adds trillions to the national debt to fuel spending on border security and the military. TRADE THE KEY FOCUS IN ASIA Trump said he expected "a couple" more trade agreements, after announcing a deal with Vietnam on Wednesday to add to framework agreements with China and Britain as the only successes so far. U.S. Treasury Secretary Scott Bessent said earlier this week that a deal with India was close. However, progress on agreements with Japan and South Korea, once touted by the White House as likely to be among the earliest to be announced, appears to have broken down. The U.S. dollar index had its worst first half since 1973 as Trump's chaotic roll-out of sweeping tariffs heightened concerns about the U.S. economy and the safety of Treasuries, but had rallied 0.4% on Thursday before retracing some of those gains on Friday. As of 1430 GMT it was down 0.1% at 96.94. The euro added 0.2% to $1.1778, while sterling held steady at $1.3662 as British assets steadied following investor fright over the last two days at a tearful appearance by Finance Minister Rachel Reeves in parliament on Wednesday. The U.S. Treasury bond market was closed on Friday for the holiday, but 10-year yields rose 4.7 basis points (bps) to 4.34%, while the 2-year yield jumped 9.3 bps to 3.882%. Gold firmed 0.4% to $3,336 per ounce, on track for a weekly gain as investors again sought refuge in safe-haven assets due to concerns over the U.S.'s fiscal position and tariffs. Brent crude futures fell 57 cents to $68.23 a barrel, while U.S. West Texas Intermediate crude dropped 66 cents to $66.34, as Iran reaffirmed its commitment to nuclear non-proliferation. https://www.reuters.com/world/africa/global-markets-wrapup-1-2025-07-04/
