2025-11-09 23:52

Reuters Open Interest (ROI) is your essential source for global financial commentary. LAUNCESTON, Australia, Nov 10 (Reuters) - China's imports of major commodities were largely soft in October as high prices weighed on volumes, with iron ore's resilience bucking the trend despite the steel sector showing signs of pressure. Crude oil, natural gas, copper and coal all showed declines from September, according to data released on Friday by the General Administration of Customs. Sign up here. China, the world's biggest importer of crude oil, saw arrivals of 11.39 million barrels per day (bpd) in October, the third straight monthly decline and down from 11.50 million bpd in September. The easing in oil imports is most likely a reflection of the higher global prices that prevailed at the time when October-arriving cargoes would have been arranged. Benchmark Brent futures hit a six-month high of $81.40 a barrel on June 23 during the brief conflict between Israel and Iran, and while they retreated to a low of $66.34 by July 1, they once again trended higher to reach $73.63 by July 31. Since then, oil prices have been declining on a trend basis, with the occasional spike higher, largely caused by geopolitical events such as the announcement of new sanctions on Russia's crude producers by U.S. President Donald Trump. Brent ended at $63.63 a barrel on Friday, and the current lower prices are likely to encourage China's refiners to increase imports, even if much of the crude flows into commercial and strategic storages. The impact of higher prices can also be seen in imports of natural gas, which totalled 9.78 million metric tons in October, down 11.5% from September's 11.05 million and 7.2% below the 10.54 million from October last year. It's likely that pipeline volumes from Central Asia and Russia were largely steady, meaning the decline was from imports of liquefied natural gas, which have been trending weaker this year amid elevated spot prices caused by European demand for the super-chilled fuel. Higher prices are also likely behind the 9.7% drop in imports of unwrought copper in October from September. October arrivals were 438,000 tons, down from 485,000 tons in September and 506,000 tons in October 2024. Copper prices have been trending higher since April, but the gains accelerated from late September, with London contracts jumping 12.8% from $9,927.50 a ton then to a record high of $11,200 a ton on October 29. COAL, IRON ORE But it's not always prices driving China's commodity imports, with coal being a case in point. Imports of all grades of coal dropped 9.3% in October to 41.74 million tons from September's 46.0 million tons, and were also down 9.8% from October last year. The lower imports came as seaborne thermal coal prices languished near five-year lows, with commodity price reporting agency Argus assessing Indonesian coal with an energy content of 4,200 kilocalories per kilogram at $40.45 a ton in the week to July 4. The grade, which is popular with Chinese utilities, has since recovered to $47.09 a ton in the week to November 7, but still remains well below the $52.30 from the same week in 2024. However, with the northern winter imminent and higher domestic coal prices, it's likely China's imports will recover heading into the end of the year. Iron ore was the surprise packet of China's commodity imports in October, with arrivals of 111.31 million tons. While this was down 4.3% from September's record high of 116.33 million, it was up 7.2% from October last year and was also the fifth consecutive month that imports have topped 100 million tons. The strength in imports isn't price-related, as benchmark contracts in Singapore have been stable in a relatively narrow range anchored around $100 a ton so far this year. Steel production has also been soft, dropping to a 21-month low in September of 73.49 million tons, with output for the first nine months of the year down 2.9% from the same period in 2024. It appears that the strength in iron ore is largely because inventories are being rebuilt, with port stockpiles monitored by consultants SteelHome rising to 138.44 million tons in the week to November 7, a seven-month high and up from the low so far this year of 130.1 million tons in early August. With inventories still shy of the 150.7 million tons they reached in November last year, there is still scope for iron ore imports to remain resilient heading into the end of the year. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn , opens new tab and X , opens new tab. The views expressed here are those of the author, a columnist for Reuters. https://www.reuters.com/markets/commodities/chinas-major-commodity-imports-ease-except-iron-ore-2025-11-09/

2025-11-09 23:23

AGL sells 19.9% of Tilt stake to QIC, Future Fund Deal aims to free capital for battery, energy projects AGL remains tied to Tilt via power purchase agreements Nov 10 (Reuters) - Australia's AGL Energy (AGL.AX) , opens new tab has agreed to sell 19.9% of its 20% stake in clean energy developer Tilt Renewables for A$750 million ($487.35 million) to vehicles led by Queensland Investment Corp (QIC) and Australia's sovereign Future Fund. The deal executes a sale process flagged in its August results , opens new tab, aimed at freeing up capital for investment in batteries and other fast-start energy projects that can support the grid when renewable output dips. Sign up here. AGL shares rose as much as 2.8% to a one-week high of A$9.17 in early trade, outperforming a marginal 0.2% rise in the broader benchmark (.AXJO) , opens new tab. Tilt’s Australian platform was created when Powering Australian Renewables (PowAR), the AGL/QIC/Future Fund venture, acquired Tilt’s Australian assets in 2021 and later rebranded asTilt Renewables , opens new tab. Pre‑deal, Tilt was owned 40% by QIC, 40% by Future Fund, and 20% by AGL, with 1.9 gigawatts (GW) operating and a more than 5 GW pipeline, including the 1.3 GW Liverpool Range project in New South Wales. Selling its bulk stake to QIC and the Future Fund brings Tilt fully under the control of long-term infrastructure investors, streamlining ownership and aligning it with their investment horizon. The transaction values AGL's original stake in Tilt, a wind and solar energy developer, well above its A$321 million book value as of June 30, and is expected to deliver a gain on the sale in 2026 earnings, the company said. The country's largest power producer remains commercially tied to Tilt despite stepping back as an owner. It continues to source a significant portion of its renewable supply from the platform under long-term power purchase agreements. These include a 15-year deal for 45% of output from the 396-megawatt Rye Park wind farm in New South Wales. AGL has also committed to buy 45% of output from the Palmer wind farm , opens new tab, which is targeting first power in December 2028, and has a 15-year agreement to take 100% of the Waddi Wind Farm for its Perth Energy business. ($1 = 1.5389 Australian dollars) https://www.reuters.com/business/energy/australias-agl-sells-most-tilt-renewables-stake-qic-future-fund-487-million-2025-11-09/

2025-11-09 22:51

Nov 9 (Reuters) - Russian Security Council secretary Sergei Shoigu arrived in Cairo on Sunday leading a large delegation of senior arms and nuclear officials for military talks with Egypt's leadership, RIA news agency reported. Shoigu is due to meet President Abdel Fattah al-Sisi, Egypt's national security adviser, foreign and defence ministers, as well as other senior security and intelligence officials, RIA reported. Sign up here. "Priority topics include the prospects for carrying out agreements reached at the highest level, including in military and military-technical cooperation," RIA cited a statement from the Russian Security Council's press service as saying. Shoigu, a longtime ally of President Vladimir Putin and former defence minister who oversaw much of Russia's war in Ukraine, remains a central power broker in the defence and security apparatus and a key voice in Kremlin decisions. Russia and Egypt maintain close ties, combining Soviet-era military links with major energy and grain deals, while Cairo balances relations with Moscow, Western partners and Gulf allies amid the conflicts in Ukraine and Gaza. The Russian delegation includes officials from arms exporter Rosoboronexport, the space agency Roscosmos, nuclear agency Rosatom, as well as from the interior, foreign, justice and industry ministries, and the National Guard, RIA reported. https://www.reuters.com/business/aerospace-defense/shoigu-leads-large-russian-delegation-egypt-military-talks-ria-reports-2025-11-09/

2025-11-09 22:49

Nov 10 (Reuters) - A large wildfire burning through New Zealand’s oldest national park has probably been extinguished after steady rainfall helped to suppress the flames, authorities said on Monday. The fire in Tongariro National Park, a popular hiking spot in New Zealand's central North Island, broke out on Saturday and has so far burnt through 2,500 hectares (10 square miles) of alpine bush. Sign up here. In an update late Monday, Fire and Emergency New Zealand said an afternoon observation flight found "no visible signs of fire". "This is very good news," District Commander Nigel Dravitzki said in a statement. The rainfall had a "significant impact" in helping to suppress the blaze, along with crews on the ground working on the fire’s flanks, he said. "We are very mindful that another change in the weather could alter the situation and lead to a resurgence of fire activity, so we are planning for all contingencies," he added. Foggy conditions had hampered firefighting efforts earlier in the day, grounding helicopters and fixed-wing aircraft. There are no reports of structures being damaged by the fire, which forced the evacuation of some residents and hikers over the weekend. Civil Defence Minister Mark Mitchell told the New Zealand Herald he had "no idea" how the fire started, but said it was being treated as a crime scene by officials. https://www.reuters.com/business/environment/rain-helps-stall-wildfire-new-zealands-oldest-national-park-2025-11-09/

2025-11-09 21:31

MEXICO CITY, Nov 9 (Reuters) - The government of Mexican President Claudia Sheinbaum on Sunday unveiled plans to fight organized crime and improve security in the violence-ridden state of Michoacan after the brazen public assassination of a local mayor sent shockwaves through the country. More than 10,500 members of Mexico's army, air force and National Guard are part of the operation, called the Michoacan Plan for Peace and Justice, to crack down on criminal groups, combat extortion and dismantle drug labs and training camps, officials said at a press conference. Sign up here. The plan implies an investment of 57 billion pesos ($3.10 billion), Sheinbaum said. Michoacan state has seen new waves of violence after Carlos Manzo, mayor of the city of Uruapan in Michoacan, was shot dead during Day of the Dead celebrations on November 1. Manzo had been an outspoken critic of the federal government for not doing more to confront organized crime. Officials said they will strengthen Michoacan state police and the state attorney general's office. Helicopters, surveillance aircraft and drones are among the technology resources dedicated to the operation. The plan also includes bolstering resources for welfare, agriculture, infrastructure, tourism and employment. Senior officials of Sheinbaum's administration, including Security Minister Omar Garcia Harfuch, Economy Minister Marcelo Ebrard and Agriculture Minister Julio Berdegue, participated in the announcement at Mexico's National Palace on Sunday. "A special effort is being made for the people of Michoacan," Sheinbaum said, adding that she will personally follow up on the plan's progress every 15 days and provide public updates. The shocking assassination of Manzo, who had given a speech and carried around his young son in his arms moments before the shooting, sparked outrage, pressuring Sheinbaum's government to act on a worsening security crisis. Citrus and avocado producers in the state have for years denounced extortion, kidnappings and killings linked to cartel violence. A leader from the local lime sector, Bernardo Bravo, was killed in October. Manzo's wife, Grecia Quiroz, was sworn in on Wednesday to replace her husband as mayor of Uruapan and vowed to continue his fight against organized crime groups. Seventeen-year-old Victor Manuel Ubaldo was identified on November 6 by authorities as the perpetrator of Manzo's shooting. Ubaldo was killed by security forces at the scene. The Michoacan state prosecutor's office said additional individuals were involved in the incident. ($1 = 18.3694 Mexican pesos) https://www.reuters.com/world/americas/mexico-unveils-security-operation-violent-michoacan-state-after-brazen-2025-11-09/

2025-11-09 19:32

Saturday USDA memo says state actions were unauthorized Supreme Court has allowed Trump administration to withhold $4 billion SNAP funding for now Nearly 42 million low-income Americans receive SNAP food aid Massachusetts Governor threatens court action over food aid funding WASHINGTON, Nov 9 (Reuters) - The U.S. Department of Agriculture directed states to roll back any steps taken to issue full food aid benefits to low-income Americans or risk financial penalties. The new guidance issued late on Saturday follows a U.S. Supreme Court order on Friday that allowed the Trump administration to continue withholding $4 billion to fully fund the aid for nearly 42 million recipients, pending a lower court ruling. Sign up here. Supplemental Nutrition Assistance Program benefits, also known as food stamps, lapsed at the start of the month for the first time in the program's 60-year history due to the federal government shutdown, which is now in its 40th day. Hours before the Supreme Court order, the USDA had informed states , opens new tab in a memo that it was working to comply with a federal judge's order to fully fund SNAP, even as the administration moved to appeal the ruling. After receiving that Friday memo, several states said they were beginning the process of issuing full benefits. But those state actions are now unauthorized because of the Supreme Court order, the USDA wrote in guidance released on Saturday. State governments should instead issue only partial benefits, the USDA said. "States must immediately undo any steps taken to issue full SNAP benefits for November 2025," the memo issued by the USDA late Saturday said. "Failure to comply with this memorandum may result in USDA taking various actions, including cancellation of the Federal share of state administrative costs and holding states liable for any overissuances that result from the noncompliance," the USDA said. Some states had previously said they would fund November SNAP benefits using state funds. It was not immediately clear whether the memo applied to actions taken by those states. The USDA did not respond to a request for additional comment. Massachusetts and New Jersey, which were among the states that said on Friday they were moving to issue full benefits to SNAP recipients, criticized the guidance by the USDA. "If President Trump wants to penalize states for preventing Americans from going hungry, we will see him in court," Massachusetts Governor Maura Healey said in a written statement. "We will continue to work with (Massachusetts) Attorney General (Andrea) Campbell to make sure everyone gets the full benefits they are owed," Healey added. A spokesperson for New Jersey's Office of the Governor said in a statement that the state is closely monitoring developments. "Washington Republicans’ determination to starve American citizens during this government shutdown is shameful," the spokesperson said. "We hope that a fair resolution to this unnecessary, unprecedented problem is reached soon and federal funding for SNAP and other lapsed programs is backfilled." LEGAL FIGHT States, cities and nonprofit organizations have sued the administration of President Donald Trump to issue full SNAP benefits after it said in October that the program would lapse on November 1. Two federal judges ruled on October 31 that the administration needed to at least partially fund the benefits using an agency contingency fund of about $5 billion. SNAP benefits cost about $8 billion to $9 billion per month. The administration said it would comply with the order, but warned of weeks or months of delay due to technical hurdles. Cities and nonprofits represented by the liberal legal group Democracy Forward argued those actions were inadequate and pressed U.S. District Judge John McConnell in Rhode Island to order the administration to issue full benefits. On November 6, McConnell ordered the administration to fully fund November SNAP benefits by the following day, which was quickly appealed by the Department of Justice. The Supreme Court's Friday order gave the Boston-based First U.S. Circuit Court of Appeals additional time to consider the administration's formal request to only partially fund the benefits. As the legal fight plays out, SNAP recipients have turned to already strained food pantries and made sacrifices like forgoing medications to stretch tight budgets. https://www.reuters.com/world/us/usda-tells-states-undo-efforts-issue-full-food-aid-benefits-2025-11-09/