2025-11-24 12:07
Exporters unlikely to fulfil full 1.5 million ton quota Lower export volume could help support global prices MUMBAI, Nov 24 (Reuters) - Indian sugar mills are struggling to secure export deals as global prices remain below domestic rates, discouraging new contracts and making it unlikely they will ship the entire 1.5-million-metric-ton export quota, trade officials told Reuters. A smaller export volume from India, the world's second-largest sugar producer, could help support global prices , , which are trading near their lowest level in five years. Sign up here. New Delhi earlier this month allowed exports of 1.5 million metric tons in the current season, which started on Oct. 1, as a decline in the diversion of sugar for ethanol production is expected to leave a larger domestic surplus. NO INCENTIVE FOR EXPORTS "Mills aren't interested in exporting right now because global prices are lower than domestic prices. There's no incentive for exports," said Rahil Shaikh, managing director of MEIR Commodities India. "They'll return to the export market only if global prices rise or if local prices fall closer to global levels." Indian sugar is offered around $450 per ton on a free-on-board (FOB) basis, or nearly $25 per ton above benchmark London futures, four dealers with trade houses said. Mills have so far contracted around 10,000 tons of sugar for shipments to Afghanistan and East African countries, said a New Delhi-based dealer with a global trade house. Higher-quality sugar is now cheaper on the world market than Indian supplies, but in the first quarter of 2026 buyers will still depend on India as Brazil, the top producer, will be off the market, the dealer said. Sugar-cane crushing in Brazil usually runs between April to November. ASIA, AFRICA DEMAND LIKELY TO GROW IN NEW YEAR Sugar demand is likely to jump from Asian and African countries in January and February ahead of Muslim fasting month of Ramadan, said a Mumbai-based dealer with a global trade house. Communal feasting during Ramadan, which will begin in mid-February and run through mid-March, typically drives an uptick in sugar consumption. "We're probably not going to ship out the full quota this year. Unless global prices suddenly jump, which doesn't look likely, exports will likely end up around 800,000 tons," said Shaikh of MEIR Commodities. In the last marketing year India had allowed exports of 1 million tons but mills managed to export around 775,000 tons. https://www.reuters.com/world/india/indias-sugar-export-quota-risk-mills-avoid-low-priced-global-market-2025-11-24/
2025-11-24 11:39
BELGRADE, Nov 24 (Reuters) - Serbia has sufficient fuel reserves to supply the domestic market, the government said on Monday, as the country's crucial NIS (NIIS.BEL) , opens new tab oil refinery faces possible shutdown over U.S. sanctions on its Russian owners. NIS, which covers most of the country's needs, last week requested a licence from the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) to continue operating as its majority Russian owners seek a buyer for their stake. Sign up here. The Serbian government said in a statement that it had discussed the energy situation in the country and how to maintain a stable supply of petroleum products to the market. 'NO REASON FOR CONCERN' "The economy and citizens have no reason for concern, as there are sufficient quantities of all petroleum derivatives," the government statement said. Gazprom Neft (SIBN.MM) , opens new tab controls 44.9% of NIS and Gazprom (GAZP.MM) , opens new tab 11.3%. Serbia owns 29.9%, with the rest held by small shareholders. Washington is seeking complete Russian divestment from NIS and has given the company's owners three months to find a buyer. OFAC placed sanctions on Russia's oil sector in January, but their implementation in relation to NIS was postponed repeatedly before finally taking effect on October 8. Banks have stopped processing NIS payments and Croatia's JANAF (JANF.ZA) , opens new tab pipeline has stopped delivering crude oil to the refinery. On Oct 29, Serbia's energy minister Dubravka Djedovic Handanovic said that the NIS refinery, located just outside capital Belgrade, will not be able to operate beyond November 25 without new crude supplies. NIS operational reserves and all other reserves stored with NIS totalled 89,825 tons of diesel and 53,648 tons of gasoline, Djedovic Handanovic said on Sunday. Last week, she said the government had approved the import of 38,000 metric tons of petrol and 66,000 tons of diesel for state reserves. https://www.reuters.com/business/energy/serbia-says-it-has-sufficient-fuel-reserves-key-refinery-faces-sanctions-2025-11-24/
2025-11-24 11:36
LONDON, Nov 24 (Reuters) - What matters in U.S. and global markets today U.S. stocks look set to build on Friday's jump with investor hopes resting on a Fed rate cut materialising in December, but the question is how much further prices can bounce? Sign up here. I'll get into all the market-moving news below, but first we have exciting news! We've just launched theMorning Bid daily podcast, which will be available in audio and video. Subscribe to hear and see ROI editor-at-large Mike Dolan and other Reuters journalists discuss the biggest news in markets and finance seven days a week. For more from Mike Dolan, check out his column today on Japan's fiscal experiment and the warnings it has for the U.S. Treasury. , opens new tab Today's Market Minute Will the Fed come to stock markets' rescue? U.S. stocks look set to build on Friday's jump with all investor hopes resting on a Fed rate cut materialising in December, but the question is how much further they can bounce? Futures tied to the S&P 500 were up 0.3% in London trade and those on the tech-heavy Nasdaq index were up 0.5%, set to add to roughly 1% jumps on Friday, when investors cheered comments by influential Fed policymaker John Williams that the bank can cut interest rates "in the near term". Traders now see a roughly 60% chance that the Fed will cut rates in December, up from around 40% on Thursday. Yet those futures, which had been up around 1% earlier, have already cut their gains well before the U.S. open. Both indexes are still set for their biggest monthly drops since March, with the Nasdaq still down over 6%. Besides the concerns around AI valuations that drove that selloff in the first place, optimism around a Fed cut doesn't change that October and November's payroll data -- key to rates expectations -- will only be released after the bank's December meeting. And policymakers are split on the path ahead. Boston Federal Reserve President Susan Collins said on Saturday she's still leaning against a December rate cut. U.S. markets will also have to digest retail sales, producer price and jobless claims data this week. They looked subdued otherwise, with the dollar down 0.2% against a basket of currencies, while Treasury yields were largely steady after sizeable drops last week. In a sign that risk sentiment remains fragile, Bitcoin dropping 2% to around $86,000, though it has bounced off Friday's low that had left it near the key $80,000 level below which losses may accelerate. Markets remain on alert for intervention in the Yen by Japanese authorities, who tend to move in quiet periods with lower liquidity. The yen edged lower against the dollar on Monday, nearing last week's 10-month lows. Thanksgiving could be an opportunity, but analysts are already questioning how effective a move might be. In Europe, Ukraine peace talks remain front and centre after the U.S. and Ukraine agreed to modify an earlier proposal seen as too favourable to Moscow. European defense stocks, while sitting on huge gains this year, continued to slide on Monday, dropping to their lowest since August. Geopolitics aside, the big focus is on Britain's much anticipated Wednesday budget, when finance minister Rachel Reeves will have to convince investors that she can deliver credible belt-tightening plans after U-turning on plans to raise income tax levels. But there is some good fiscal news too. Italy saw its credit rating upgrade from Moody's in 23 years on Friday. Chart of the day U.S. equity markets have a long way to come back after last week, still sitting on heavy losses in November that have set them up for their worst monthly performance since March, when tariff worries rattled markets ahead of the big intra-month swing in April. Today's events to watch * Two-year U.S. Treasury auction offering $69 billion * U.S. corporate earnings include Agilent Technologies, Symbotic Inc, Keysight Technologies, Woodward Inc, Zoom Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. https://www.reuters.com/business/finance/global-markets-view-usa-2025-11-24/
2025-11-24 10:59
LONDON, Nov 24 (Reuters) - The pound held steady against the dollar on Monday, with investors cautious about the currency ahead of Britain's budget announcement this week. Finance Minister Rachel Reeves will announce her long-awaited budget on Wednesday, seeking to reassure investors that the government can be trusted to be fiscally prudent while honouring pre-election promises not to raise taxes on working people. Sign up here. Sterling last traded at $1.3095 , flat on the day after losing 0.5% last week. "The potential downside risks for the UK economy related to the budget are going to keep all eyes on sterling. So that's our real focus," said Nick Rees, head of macro research at Monex Europe. He said the focus would be not only on the announcement itself but on the overall forecast for the economy, which would likely trigger a reaction in the pound. Until then, Rees said markets would "hold fire", noting that the pound had not reacted on Friday to softer economic data. That data showed business growth almost ground to a halt this month and that retail sales had tumbled in October, as a closely watched gauge of household sentiment also fell. However, the data did boost traders' expectations of an interest rate cut next month from the Bank of England. Markets are currently pricing in nearly a 90% chance of a 25-basis-point easing. Elsewhere, the pound was down 0.2% at 88.06 pence per euro but was firmer against a weakening yen as traders watched for any signs of official buying from Tokyo to stem the slide in the Japanese currency. Sterling was last up 0.2% at 205.22 yen, after last week rising to its highest since July 2024. https://www.reuters.com/world/uk/pound-steady-markets-await-britains-budget-2025-11-24/
2025-11-24 10:37
India seeing many IPOs as markets scale new highs Sembcorp filed for an IPO in 2018 but withdrew months later Axis, Citi, HSBC appointed as bankers for India IPO, sources say Sembcorp targetting a Mumbai listing in 8-9 months MUMBAI, Nov 24 (Reuters) - Singapore's Temasek-backed Sembcorp Industries (SCIL.SI) , opens new tab has started talks over an initial public offering of its India unit in Mumbai and appointed three investment banks, including Citi and HSBC, three sources familiar with the matter said. Talks are at an early stage and no decision has been made on the size of the offering. The move marks Sembcorp’s second attempt to list its India business after withdrawing a draft prospectus in January 2019 to inject new equity. Sign up here. Sembcorp's Indian arm, Sembcorp Green Infra, operates businesses in wind, solar and energy storage, and competes with the likes of Adani Green Energy (ADNA.NS) , opens new tab and Avaada Group. Indian markets are trading near record highs and have seen a surge in listings. Companies have raised more than $16 billion so far in 2025, making India the world’s third-largest IPO market, according to Dealogic. The IPO, targeted for launch within eight to nine months in Mumbai, will be advised by Citi (C.N) , opens new tab, HSBC and India’s Axis Capital, the sources said, declining to be named as the matter is confidential. Citi and HSBC declined to comment, while Sembcorp and Axis did not respond to requests for comment. Sembcorp's renewed India IPO plans have not been previously reported. Sembcorp Green Infra sold its thermal power assets in India for $1.47 billion to Tanweer Infrastructure Pte in 2023. It has further expanded its renewable energy portfolio and signed a deal in October to acquire ReNew Power's solar energy unit for about $188 million. Sembcorp's India unit made a profit of $40 million in the year ending March 31, 2024, with revenues of $252 million, regulatory disclosures show. https://www.reuters.com/sustainability/climate-energy/singaporean-energy-firm-sembcorp-plans-ipo-indian-unit-sources-say-2025-11-24/
2025-11-24 10:37
Nov 24 (Reuters) - UBS expects copper prices to rise into next year, citing tightening supply from persistent mine disruptions and strong long-term demand from electrification and clean-energy investment, the bank said in a note on Friday. In its updated projections, UBS raised its March 2026 price forecast by $750 per metric ton to $11,500, increased its June and September 2026 targets by $1,000 a ton to $12,000 and $12,500, respectively, and introduced a new December 2026 target of $13,000 per ton. Sign up here. UBS also raised its market deficit forecasts to 230,000 tons in 2025, up from 53,000 tons previously, and to 407,000 tons in 2026, up from 87,000 tons before, saying falling inventories and persistent supply risks will keep conditions tight. The bank said mine disruptions this year, including production issues at Freeport-McMoRan's Grasberg mine in Indonesia, slower output recovery in Chile, and recurring protests in Peru underscore structural supply constraints that are likely to extend into 2026. Last week, Freeport-McMoRan (FCX.N) , opens new tab said it planned to restore production at Indonesia's Grasberg copper and gold mine by July after a fatal incident forced operations to halt two months ago. UBS trimmed its refined copper production growth estimates to 1.2% for 2025 and 2.2% for 2026, citing grade declines and operational challenges. It expects global copper demand to grow 2.8% in both 2025 and 2026, supported by electric vehicles, renewable energy, power-grid investment and data centres. The bank said any price weakness should be short-lived and recommended remaining long copper or using volatility-selling strategies. The most-active copper contract on the Shanghai Futures Exchange < SCFcv1> closed daytime trade up 0.09% at 86,080 yuan ($12,112.68) per metric ton. https://www.reuters.com/business/finance/ubs-raises-copper-outlook-mine-disruptions-deepen-supply-deficits-2025-11-24/
