2025-09-23 11:35
MOSCOW, Sept 23 (Reuters) - Russian Deputy Energy Minister Pavel Sorokin said on Tuesday that further restrictions on fuel exports are possible if needed, the Interfax news agency reported. Russia has extended a gasoline exports ban until the end of September and the authorities have said the restrictions could be extended into October if the shortages persist. Sign up here. The country has faced a deficit of certain types of gasoline due to Ukraine's strikes on refineries as well as supply chain disruptions exacerbated by high borrowing costs that made it hard for fuel stations to stockpile. "All necessary measures will be taken to ensure the market is fully supplied. If this requires additional export restrictions, these restrictions may also be imposed," Interfax quoted Sorokin as saying. Russian news agencies have also said, citing unnamed sources, that the government discussed possible exports ban on diesel as well until the end of the year. https://www.reuters.com/business/energy/russia-says-further-restrictions-fuel-exports-are-possible-if-needed-ifax-2025-09-23/
2025-09-23 11:09
Sept 23 (Reuters) - United States Antimony Corporation (UAMY.A) , opens new tab said on Tuesday it has secured a sole-source, five-year contract worth up to $245 million from the U.S. Defense Logistics Agency to supply antimony metal ingots for the defense stockpile. The new contract underscores a broader Trump administration effort to shore up U.S. supply chains for strategic materials amid rising geopolitical tensions and growing dependence on foreign sources, particularly China. Sign up here. President Donald Trump has taken a series of executive and policy actions aimed at securing U.S. access to critical minerals, citing national security and economic independence. Antimony — used in munitions, batteries, flame retardants, and military-grade compounds — has been flagged by defense officials as a vulnerability in the U.S. industrial base. “It’s incredibly meaningful for all our employees to play such a strategic role in strengthening our nation's defense readiness," USAC CEO Gary C. Evans said in a statement. USAC, which operates North America’s only two antimony smelters, is positioned to begin immediate fulfillment from its domestic facilities, with the first delivery order expected this week, the company said. The contract follows months of negotiations and builds on a growing partnership between USAC and the Department of Defense that accelerated in late 2024. https://www.reuters.com/markets/commodities/us-antimony-corp-wins-245-million-pentagon-contract-build-defense-stockpile-2025-09-23/
2025-09-23 11:07
LIMA, Sept 23 (Reuters) - Southern Copper (SCCO.N) , opens new tab expects its copper production in Peru to hold steady this year as it invests $800 million in projects, its chief financial officer told Reuters. Peru is the world's third-largest copper producer and Southern Copper Peru, owned by Grupo Mexico (GMEXICOB.MX) , opens new tab, is the country's second-biggest, producing 414,000 metric tons in 2024. Sign up here. "This year we're going to produce basically the same amount in Peru," Southern Copper Chief Financial Officer Raul Jacob said in an interview on Monday. He added that molybdenum and silver production would also remain steady this year, although higher prices were expected to boost revenue. Southern Copper produced 13,400 tons of molybdenum and 177.2 tons of silver in 2024. Jacob said the company, which operates the Toquepala and Cuajone mines, also planned to move ahead with new projects. Tia Maria, a $1.8 billion project expected to eventually produce 120,000 tons of copper annually, could begin production by the end of 2027 and reach full capacity by 2028, he said. The project has faced multiple delays due to protests. Tia Maria employed about 1,900 workers as of September, Jacob said. Michiquillay, a $2.5 billion project expected to produce 225,000 tons of copper a year with a mine life of 25 years, is halfway into its exploration phase and targeting a 2032 start date. The mine's copper resources are "better than expected," Jacob said. "That's the budget we're working on. Obviously, as we get closer to the construction stage, we'll be updating it. It might increase a bit," Jacob said, referring to Michiquillay. The Los Chancas project, in the Andean region of Apurimac, is still facing setbacks from protests by illegal miners. "We prefer that the authorities take action," Jacob said, adding that they've identified 200 people working illegally around the concession. "There are illegal miners who have acted violently. They have burned down our camp twice." Peru's government has given thousands of small-scale miners until the end of the year to formalize operations. https://www.reuters.com/markets/commodities/southern-copper-eyes-steady-production-peru-bets-big-new-projects-2025-09-23/
2025-09-23 11:03
DUBAI, Sept 23 (Reuters) - A deal to restart Iraq's Kurdistan oil exports stalled on Tuesday as two oil producing firms asked for assurances their debts would be repaid. The deal , opens new tab between Iraq's federal and Kurdish regional governments and oil firms is designed to lead to the resumption of exports of about 230,000 barrels per day of oil from Kurdistan to global market via Turkey. They have been suspended since March 2023. Sign up here. Iraq's cabinet was scheduled to approve on Tuesday the deal involving oil producers active in Iraqi Kurdistan. It was not immediately clear if the deal could go ahead without DNO and Genel's participation. Norway's DNO (DNO.OL) , opens new tab, the largest producer in the semi-autonomous region, and Genel Energy (GENL.L) , opens new tab said they had yet to sign as they wanted assurances on repayments of arrears. DNO said it had proposed "easy fixes that can be quickly agreed" without saying what they were. Kurdistan has accumulated around $1 billion in arrears to producers with DNO's estimated share of overdue receivables at about $300 million. https://www.reuters.com/business/energy/dispute-over-arrears-stalls-kurdistan-oil-exports-restart-2025-09-23/
2025-09-23 10:45
MUMBAI, Sept 23 (Reuters) - The Indian rupee hit a record low on Tuesday, hurt by lingering concerns over the impact of steep U.S. tariffs and a sharp jump in H-1B visa fees, though likely central bank intervention helped limit the losses. The currency slid to 88.7975 per dollar before closing at 88.7550, down 0.5% on the day in its steepest drop in nearly a month. Sign up here. The rupee has fallen more than 3.5% this year, making it one of the region's worst performers. Its latest slide followed a sharp hike in H-1B visa fees that threatens profits in India's IT sector, adding to pressure from 50% U.S. tariffs on Indian goods, the highest in Asia. Economists at HSBC estimate that the 5.4 million Indians in the U.S. cumulatively send back about $33 billion in remittances to the country each year. There are about 80,000 new visa applicants each year, and if they were to not get entry, remittance inflows could fall by about $500 million, they said in a Tuesday note. "The risk is that more restrictions on services exports follow, and the lowering of the 50% tariff takes longer than markets are factoring in." India's benchmark equity indexes, the BSE Sensex (.BSESN) , opens new tab and Nifty 50 (.NSEI) , opens new tab, were little changed on the day but IT stocks (.NIFTYIT) , opens new tab declined 0.7%, adding to a 18% fall over the year so far even as the broader stock gauge has risen 6.5%. On Tuesday, the central bank likely stepped in to support the rupee but did not appear inclined to defend a specific level, traders said, adding that its measured approach suggests it may allow a gradual weakening of the currency. "The rupee appears to be reflecting the pressure on India's external sector even as domestic cues, such as recent tax cuts and strong business activity data, offer a positive impluse, said Dilip Parmar," a foreign exchange research analyst at HDFC Securities. The local unit was consistently cited as a currency with a weaker outlook in a September emerging market sentiment survey conducted by HSBC. "Brazil and India, which were highlighted as the top economies in the previous survey, lost prominence after both were targeted with a 50% tariff rate," the survey said. Despite persistent headwinds facing the currency, market expectations for sharp swings remains subdued due to the increased participation of companies in the options market and subdued offshore demand for options that bet on its fall. https://www.reuters.com/world/india/rupee-hits-record-low-us-tariff-visa-policies-heap-pressure-2025-09-23/
2025-09-23 10:44
MUMBAI, Sept 23 (Reuters) - Market expectations for swings in the Indian rupee remain subdued despite the currency slipping to an all-time low on the back of steep U.S. tariffs and an increase in H-1B visa fees that could disrupt services exports. The rupee fell 0.52% to 88.7925 per U.S. dollar on Tuesday to a record low. Volatility expectations, however, barely budged. Sign up here. Three-month dollar/rupee implied volatility was at six-month lows, and one-year volatility at a year-to-date low. Implied volatility, a key metric for pricing options, typically rises when emerging market currencies hit lifetime lows, reflecting expectations of wider fluctuations. However, this has not been the scenario for the rupee, thanks to the increased participation of companies in the options market and subdued offshore demand for options that bet on a rupee decline. By hedging dollar exposure with options that cost little or nothing, companies are effectively supplying volatility to banks, contributing to subdued expectations for rupee swings. The sustained corporate supply of volatility marks a major transformation in India's options market, a portfolio manager at a Singapore-based hedge fund said. A foreign bank's head of FX and rates trading said that corporate hedging has effectively anchored volatility and cited a recent trade where a major public-sector firm hedged dollar exposure with forwards and sold dollar/rupee call options. Corporate activity in dollar/rupee options has surged 70% to $73 billion between January and August, compared with the same period last year, clearing platform data showed. The market was valued at less than $20 billion in 2020. Meanwhile, reluctance among offshore traders to position for a steep fall in the rupee — which would lift implied volatility — underscores the Reserve Bank of India's role in keeping volatility expectations subdued. The RBI's regular interventions have curbed expectations of disorderly swings, while memories of past losses from bets of a big rupee decline dampen offshore appetite for buying volatility, bankers said. The bankers did not want to be named since they are not authorised to speak to media. The RBI, under Governor Sanjay Malhotra, has allowed the rupee to trade within a wider band compared to his predecessor Shaktikanta Das. Despite this, expectations for currency volatility remain muted, reflecting changes in the options market structure and the effectiveness of the central bank's strategy, the foreign bank's head of trading said. The RBI maintains its exchange rate policy is focused on ensuring orderly market conditions and limiting excessive volatility. https://www.reuters.com/world/india/india-rupee-record-low-options-market-is-not-sweating-swings-2025-09-23/
