id stringlengths 32 32 | url stringlengths 31 1.58k | title stringlengths 0 1.02k | contents stringlengths 92 1.17M |
|---|---|---|---|
c844fe7f9b5ef1793ce1ece7fda2072c | https://www.bbc.co.uk/news/world-asia-india-31617485 | Swine flu: India's Ahmedabad limits public gatherings | Swine flu: India's Ahmedabad limits public gatherings
The Indian city of Ahmedabad is restricting public gatherings to contain a swine flu outbreak.
Officials in the Gujarat city said 231 people had died of the flu in the state since January, with more than 3,500 cases detected so far.
On Monday, Gujarat's junior health minister and the assembly speaker were diagnosed with the virus.
India's swine flu outbreak has killed 875 people nationwide since it took hold in mid-December.
The number of cases has crossed 15,000 in what is the deadliest outbreak of the H1N1 virus since 2010.
Federal Health Minister JP Nadda told parliament on Tuesday that swine flu was becoming a "matter of great concern" although there had been "no mutation of the virus".
Gujarat is the home state of Prime Minister Narendra Modi and one of the worst affected states. It has the second-highest flu death toll after neighbouring Rajasthan, where the disease has claimed 225 lives.
Fifty people have died of the flu in Ahmedabad, the largest city in Gujarat, since the beginning of the year.
The administrator of Ahmedabad said on Tuesday that anyone wanting to hold a public gathering would have seek prior permission and would be required to provide masks, hand sanitisers and water.
Only weddings and funerals would be exempt, senior city administrator Rajkumar Beniwal told the AFP news agency.
The BBC Hindi's Ankur Jain in Ahmedabad says a number of events, including a yearly marathon and music concerts, have now been called off.
Although there is no panic in the city, our correspondent says some offices have told their employees to wear masks at work, and schools and colleges are telling students suffering from a cold to stay away until they get well.
Authorities have been blamed for failing to tackle the situation, but Gujarat's health minister said there was "no need for declaring the swine flu outbreak as [an] epidemic as the situation is under control".
Health authorities across India have launched TV and radio campaigns to tell people about precautions they can take to avoid the flu.
The virus has killed nearly 4,000 people in India since 2009.
|
32e7b7bc3d57f8e94cc7bbc9741ff936 | https://www.bbc.co.uk/news/world-asia-india-34441029 | 'Beef' lynching: Failure of India's political imagination? | 'Beef' lynching: Failure of India's political imagination?
What does the aftermath of last week's
lynching of a 50-year-old Muslim man by a Hindu mob
over rumours that his family had been consuming beef say about political imagination in India?
Mohammad Akhlaq, an ironsmith, was killed in his village in Dadri in Uttar Pradesh, barely 50km (31 miles) from the Indian capital. His 22-year-old son Danish was seriously injured in the attack. Another son, Mohammad Sartaj, who works as a technician with the Indian Air Force, survived the attack because he does not live in the village.
A week into the horrific incident in his backyard, Prime Minister Narendra Modi, usually so active on social media, has maintained a studied silence.
He has expressed his "gratitude to American people" for their hospitality during his recent trip to the US, greeted a cabinet colleague and a governor on their birthdays and the people of China on its National Day, offered his condolences on the death of a singer's son and congratulated a billiards champion on his prolific
twitter feed
. Not a word on Mr Akhlaq. Mr Modi's soundlessness on Dadri, according to historian, Shiv Visvanathan, is the "silence of indifference which becomes obscene, because it denies dignity to the victim".
His BJP party, which rules India with a whopping majority, has done worse. Tarun Vijay, a senior party MP,
wrote in a newspaper
that "lynching a person merely on suspicion is absolutely wrong, the antithesis of all that India stands for and all that Hinduism preaches", almost implying that lynching a person when you are sure that he has consumed beef could possibly be condoned. "Vijay has accomplished the
astonishing feat of even making apology look almost homicidal
," wrote outraged columnist Pratap Bhanu Mehta, adding that the "blame for this has to fall entirely on Modi".
The poverty of political imagination did not end with Mr Modi's silence and Mr Vijay's article.
Mahesh Sharma, federal culture minister and local MP, visited the dead man's family, and said that the
"murder took place as a reaction to that incident"
, alluding to rumours of cow slaughter in the area. Mr Sharma reminded reporters that there was a teenage girl - Mr Akhlaq's daughter - in the home, and nobody had touched her, as if India's women should be eternally grateful for such small mercies. And, on Sunday, party lawmaker Sangeet Som, visited the victim's village and stoked religious tensions by saying Hindus were capable of giving a
"befitting reply"
if innocent members of the community were "framed" for the murder.
The opposition parties have done no better.
Rahul Gandhi, the heir-apparent of the enfeebled 129-year-old Congress party, visited Mr Akhlaq's family nearly a week after the incident. He
put out half-a-dozen anodyne tweets
, saying "touched by the desire of the villagers to maintain harmony" and that this "spirit will help the country through tough times".
It was almost if this "politics of naiveté and adolescence", as Dr Visvanathan calls Mr Gandhi's politics, had abdicated from its responsibility of shoring up bipartisan secular support against the poison of communalism, and left it to the people to fend for themselves. This is all India's Grand Old Party could manage.
Observers say the less said about the Samajwadi Party, the powerful regional party which rules Uttar Pradesh, the better. The state appears to have withered away under its rule; and incidents of religious clashes and crime are on the rise.
The government, run by Akhilesh Yadav, appeared to buy peace on the cheap. Mr Yadav flew out Mr Akhlaq's family to the state capital, Lucknow,
upped compensation for the family for the third time since the incident
and assured them justice and security. The Aam Aadmi Party's Arvind Kejriwal's foray into the village, again nearly a week after the incident, accused the police of trying to stop him from entering the village and then, and attacked other parties for "indulging in vote bank politics". Been there, heard that.
All is not lost though.
Indian air force chief Arup Raha was quick to react
, saying that they were looking at a way of moving Mr Akhlaq's family to an air force neighbourhood. "We are with him, and our people are there to assist his family," he said about Mohammed Sartaj.
And on a
Sunday night talk show
, a grief-stricken Sartaj invoked Sare Jahan se Acha, Hindustan hamara (Our India is the best country in the world), Iqbal's patriotic ode to India with a dignity which eludes most politicians in India. "Why should I blame the majority [of Hindus] for the faults of a few," he said.
The fact that Mr Akhlaq's
last call for help was to a Hindu friend
before the mob descended on his house, and that a number of
Hindu families in the village moved many of their Muslim neighbours to safety
also offer hope.
This proves that India's armed forces remain resolutely secular and most of its people - despite the fact that many in Mr Akhlaq's village
showed no remorse
after the incident - remain plural.
"The reaction to Dadri indeed points to a larger failure of India's political imagination," says political psychologist Ashis Nandy. India's democracy - a gift which has kept the diverse country together - appears to be all about winning elections alone. "Every party sees every issue as a political opportunity. There is this obsession with electoral politics alone. Electoral democracy has actually become anti-democracy. Electoral politics has become obscene in India," says Vishvanathan.
India, clearly, needs to fix its dysfunctional democracy. On the one hand it needs more democracy, but the idea of democracy cannot begin and end with elections alone. Until that happens, lives like Mohammad Akhlaq's will continue to be lost because of, say, the politics of food. Will India's parties please stand up?
|
caee271771c46b2f67b47f2fb5c78dc4 | https://www.bbc.co.uk/news/world-asia-india-34578477 | India Uber driver guilty of rape | India Uber driver guilty of rape
An Indian court has found an Uber taxi driver guilty of raping a female passenger last year in Delhi.
Shiv Kumar Yadav has also been convicted of criminal intimidation and kidnapping. He had pleaded not guilty.
A 26-year-old woman was taken to a secluded area and raped after booking a journey home with Uber in December.
Delhi later banned Uber and several other web-based taxi firms, accusing them of failing to carry out adequate driver checks.
The company apologised for the incident at the time and acknowledged that it "must do better".
The president of Uber India, Amit Jain, welcomed the verdict.
"Sexual assault is a terrible crime and we're pleased he has now been brought to justice.
"Safety is a priority for Uber and we've made many improvements - in terms of new technology, enhanced background checks and better 24/7 customer support - as a result of the lessons we learned from this awful case."
The woman had also filed a lawsuit against the service in a US court, which was later settled out of court.
The issue of sexual assault has been high on the agenda in India since a 23-year-old student was gang-raped and murdered on a bus in Delhi in December 2012.
The case prompted global outrage and a tightening of laws on sexual violence.
Correspondents say tougher laws have failed to bring down the number of rape cases and a series of high-profile crimes have taken place since then.
Last week
there was outrage
in the capital after two children were raped on the same day.
A week earlier, a child was raped and slashed with a sharp object, and found unconscious near a railway track.
|
207dcf5dd5b941b3cdc242a78aa145a5 | https://www.bbc.co.uk/news/world-asia-india-35299608 | The man who cycled from India to Europe for love | The man who cycled from India to Europe for love
Indian artist PK Mahanandia met Charlotte Von Schedvin on a winter evening in Delhi in 1975 when she asked him to draw her portrait.
What eventually followed was an epic bicycle journey from India to Europe - all for love.
Ms Von Schedvin was visiting India as a tourist when she spotted Mr Mahanandia in Delhi's Connaught Place district.
He had made a name for himself as a sketch artist and enjoyed a good reputation in the local press.
Intrigued by his claim of "making a portrait in 10 minutes", she decided to give it a try.
But she wasn't impressed with the result and decided to come back the next day.
The next day sadly, proved no better.
In his defence, Mr Mahanandia says he had been preoccupied with a prediction his mother had made several years ago.
As a schoolboy growing up in a village in the eastern Indian state of Orissa, he often faced discrimination from upper-caste students because he was a Dalit - considered to be at the bottom of India's caste hierarchy.
Whenever he felt sad, his mother would tell him that according to his horoscope, he would someday marry a woman "whose zodiac sign would be Taurus, she would come from a far away land, she would be musical and would own a jungle".
So when he met Ms Von Schedvin, he immediately remembered his mother's predictions and asked her if she owned a jungle.
Ms Von Schedvin, whose family comes from Swedish nobility, replied that she did own a forest and added that not only was she "musical" (she liked to play the piano) her zodiac sign was also Taurus.
"It was an inner voice that said to me that she was the one. During our first meeting we were drawn to each other like magnets. It was love at first sight," Mr Mahanandia told the BBC.
"I still don't know what made me ask her the questions and then invite her for tea. I thought she would complain to the police."
But her reaction turned out to be quite the opposite.
"I thought he was honest and wanted to know why he had asked me those questions," Ms Von Schedvin told the BBC.
After several conversations, she agreed to visit Orissa with him.
The first monument she saw there was the
famous Konark temple
.
"I became emotional when PK showed me the Konark. I had this image of the temple stone wheel framed in my student room back in London, but I had no idea where this place actually was. And here I was standing in front of it."
The two fell in love and returned to Delhi after spending a few days in his village.
"She wore a sari when she met my father for the first time. I still don't know how she managed. With blessings from my father and family, we got married according to tribal tradition," he said.
Ms Von Schedvin had driven to Delhi with her friends from Sweden along the
famous hippie trail
- crossing Europe, Turkey, Iran, Afghanistan and Pakistan - to reach India in 22 days.
She said goodbye to him to start her return journey, but made him promise that he would follow her to her home in the Swedish textile town of Boras.
More than a year passed and the two kept in touch through letters.
Mr Mahanandia however, did not have enough money to buy a plane ticket.
So, he sold everything he owned, bought a bicycle and followed her along the same hippie trail.
His journey started on 22 January 1977 and he would cycle for around 70km (44 miles) every day.
"Art came to my rescue. I made portraits of people and some gave me money, while others gave me food and shelter," he said.
Mr Mahanandia remembers the world as being very different in the 1970s. For instance, he did not need a visa to enter most countries.
"Afghanistan was such a different country. It was calm and beautiful. People loved arts. And vast parts of the country were not populated," he said.
He said that people understood Hindi in Afghanistan, but communication became a problem once he entered Iran.
"Again art came to my rescue. I think love is the universal language and people understand that."
"Those were different days. I think people had more free time then to entertain a wanderer like me."
But did he ever feel tired?
"Yes, very often. My legs would hurt. But the excitement of meeting Charlotte and seeing new places kept me going," he said.
He finally reached Europe on 28 May - via Istanbul and Vienna, and then travelled to Gothenburg by train.
After several cultural shocks and difficulties in impressing Ms Von Schedvin's parents, the two finally got officially married in Sweden.
"I had no idea about European culture. It was all new to me, but she supported me in every step. She is just a special person. I am still in love just as I was in 1975," he says.
The 64-year-old now lives with Charlotte and their two children in Sweden and continues to work as an artist.
But he still doesn't understand "why people think it was a big deal to cycle to Europe".
"I did what I had to, I had no money but I had to meet her. I was cycling for love, but never loved cycling. It's simple."
|
93ae410e162dcad467fe2ea28f022191 | https://www.bbc.co.uk/news/world-asia-india-35368928 | 'Extinct' tree frog rediscovered in India after 137 years | 'Extinct' tree frog rediscovered in India after 137 years
An extraordinary tree frog thought to have died out more than a century ago has been rediscovered in India.
The discovery was made by renowned Indian biologist Sathyabhama Das Biju and a team of scientists, in the jungles of north-eastern India.
It is hoped the frogs might now be found across a wide area, from China to Thailand.
Studies of the frog have also led scientists to reclassify it as an entirely new genus.
Tuneful song reveals new species of Himalayan thrush
The golf ball-sized frog lives in tree holes up to 6m (19ft) above ground, which may have helped it stay undiscovered.
Although other scientists have suggested it may have gone unnoticed simply because there are so few scientists working in the remote region.
The height at which they live is not their only quirk, with females laying their fertilised eggs in tree holes filled with water, only to return after the tadpoles hatch, to feed them with unfertilised eggs.
Unlike most frogs, adults also eat vegetation rather than insects and larvae.
The newly uncovered frogs were first found by accident in 2007, during a search for other animals.
Mr Biju,
of the University of Delhi
, is known as The Frog Man in India, for discovering 89 of the country's 350 or so frog species.
"We heard a full musical orchestra coming from the tree tops. It was magical. Of course we had to investigate," Mr Biju said.
Using DNA analysis, Mr Biju and his colleagues have now identified the frogs as part of a new genus, meaning it has a new name.
It has changed from
Polypedates jerdonii
- named after Thomas Jerdon, the British zoologist that collected the previously only known specimens in 1870 - to
Frankixalus jerdonii
, after herpetologist Franky Bossuyt - Mr Biju's adviser when he studied at Vrije Universiteit in Brussels, Belgium.
Although the frogs have since been found in significant numbers, they are far from safe, Mr Biju warned, with tropical forests being cut down at alarming rates to make way for agriculture and human settlements.
|
9a3b0225cff57e053c47d6d6db6fa39f | https://www.bbc.co.uk/news/world-asia-india-35457661 | Why Asia should worry about Zika too | Why Asia should worry about Zika too
It could be the plot of a dystopian thriller: the sudden outbreak of a disease that spreads almost invisibly, for which there is no cure and no vaccination, but which is linked to horrific deformity in babies and may cause some adults' immune defences to attack their own nervous systems.
But Zika is no fiction.
The spread of the disease across the Americas is being described as an "
explosive pandemic
" and now Asia is on alert.
India has already started testing for the virus among its 1.3 billion population. And it will be no surprise if it is found, because India has a surprisingly long history of Zika infection.
Zika is a mosquito-borne virus which has recently been linked to
shrunken brains in children
and a rare auto-immune disease called Guillain-Barre syndrome.
Scientists who have been studying the outbreak in the Americas say a couple of million people have almost certainly been infected. The virus has been detected in 23 countries in the region and now threatens to spill into the US.
So far Asia is reckoned to be Zika-free. Certainly all the samples analysed for the virus by the National Institute of Virology in Pune - India's centre of expertise on the spread of viral illnesses - have been negative.
But India has had Zika before.
When the Institute was first established in 1952, a group of scientists was commissioned to try to work out what diseases it should focus its efforts on.
They went out across India collecting blood samples to test for exposure to a list of 15 insect-borne diseases. Amazingly they included Zika on the list.
I say amazingly because Zika had only just got into the spotlight.
The virus was first isolated from monkeys living in the
Zika jungle of Uganda in 1947
. It was only formally described as a distinct virus in 1952.
Yet the researchers discovered that "significant numbers" of people had been exposed to the virus in India. A total of 33 of the 196 people tested for the new disease had immunity.
"It therefore seems certain", they concluded in a paper
published in 1953
"that Zika virus attacks human beings in India".
What is particularly extraordinary is that this conclusion was reached even before the
first official case in a human being was registered in Nigeria in 1954
.
It suggests, one expert on the spread of infectious diseases tells me, that Zika was already widespread even before that first live virus was isolated in a human.
The research team was not particularly concerned by the evidence of Zika infection. Zika was regarded as a very mild illness causing just a slight rash and fever, and with no significant long-term complications.
That perception has changed dramatically over the last couple of months, as Zika has been linked with abnormalities in brain development in pregnancy and autoimmune illness.
Indeed, it is possible that Zika has remained endemic here but has simply not been identified because it is not routinely tested for.
And even if India does not already have Zika, the progress of two other diseases - dengue and chikungunya - demonstrates that it could spread.
All three viruses are carried by the same mosquito, the now infamous Aedes aegypti.
Just a few months ago
I was out hunting Aedes aegypti in the narrow streets of Delhi's old town
with a government team.
I was there because India suffered one of the worst outbreaks of dengue in its history last year. There were 25,000 confirmed cases, but the real figure was reckoned to be at least 100 times higher.
The spread of dengue across the world has been dramatic. The disease causes high fever and agonising joint pain. About one in a hundred victims die.
Fifty years ago it had only ever been recorded in a couple of countries. Now it is endemic in more than 100, putting more than half the world's population at risk.
There are reckoned to be 100 million cases of the disease a year, and perhaps as many as a million deaths.
And wherever there is dengue, one expert told the BBC, you are likely - in time - to get Zika too.
Professor Laura Rodrigues, a fellow of the Brazilian Academy of Sciences and the London School of Hygiene and Tropical Medicine, says she thinks there is a real chance Aedes aegypti will re-infect Asia with
the virus
.
Indeed, the findings of the Pan American Health Organisation (PAHO) are likely to apply to Asia as well as the Americas.
It anticipates that "Zika virus will continue to spread and will likely reach all countries and territories of the region where Aedes mosquitoes are found".
In the meantime the race is on to try to understand how the virus works on the human body and to try to develop a vaccine.
Even the most optimistic estimates suggest that will take a minimum of two years.
|
f77a98e458f5d146842e885936b95560 | https://www.bbc.co.uk/news/world-asia-india-35783348 | #unfairandlovely: A new social campaign celebrates dark skin | #unfairandlovely: A new social campaign celebrates dark skin
A new global campaign on social media against colourism - #unfairandlovely - is challenging the widely-held belief in many parts of the world that fair skin is the most attractive.
In matrimonial advertisements in South Asian countries, women with "fair complexion" are in high demand, and millions of men and women around the world have resorted to
bleaching their skin.
In recent years, new creams have been introduced to lighten armpit hair and
even female genitals.
And their manufacturers advertise their wares by preying on basic human insecurities - consumers are encouraged to believe that lightening their skin tone a shade or two will enable them to win 'better' jobs and spouses and generally improve the quality of their lives.
Over the years, campaigners have tried to challenge this belief - they argue that beauty is more than skin deep and that
dark is beautiful
too.
In recent weeks, three students from the University of Texas, Austin, have launched a new campaign which has become a talking point on social media around the world.
It was inspired by a project that Pax Jones, a 21-year-old black student at the University of Texas in Austin, began in December.
She created a
photo series
featuring stunning images of her South Asian classmates, sisters Mirusha and Yanusha Yogarajah.
"Our goal was to combat colourism and the under-representation of people of colour in the media. We were trying to challenge the way colourism permeates our lives," Ms Jones told the BBC over the phone from Austin.
The series, called "Unfair & Lovely", became a hit and inspired the hashtag #unfairandlovely - named after the hugely popular Indian skin-lightening cream Fair and Lovely.
The campaign, which asked dark-skinned people to put their photos on social media, generated lively discussions on Twitter and Facebook and saw nearly 1,000 people
posting their photos
on Instagram.
Mirusha Yogarajah told the BBC she readily agreed to be a part of the campaign because colourism is rampant within the South Asian community.
"Most of us are advised not to go out in the sun because we'll get darker. It's as if darkness is undesirable.
"In college, I was abused by a South Asian person who had lighter skin. And someone once threw a bleach balloon at me."
Such incidents, Ms Yogarajah says, are deeply humiliating.
"At the time they happened, it was really hard for me to see myself as valuable. It is difficult to understand why people will dehumanise you for the way you look. I felt very vulnerable," she says.
Ms Jones, who says she has been ridiculed for her "hair texture" and "wide nose", agreed.
"We wanted to start a conversation and I think we have succeeded in that".
|
49e9c5a18fd765045a8e240e5d796286 | https://www.bbc.co.uk/news/world-asia-india-35800449 | India Dalit man hacked to death in 'honour killing' | India Dalit man hacked to death in 'honour killing'
A man from India's Dalit community has been hacked to death on a crowded road in a suspected honour killing in the southern state of Tamil Nadu.
Police say Sankar, 22, was murdered for marrying a woman from a higher caste. She was injured in the assault.
Her father handed himself in and admitted to carrying out the attack on a busy road in daylight, police said.
Dalits, formerly known as untouchables, form the lowest rung of India's caste hierarchy.
Sankar's marriage had been opposed by his wife Kausalya's family, who belong to a higher, more influential caste, the victim's brother, told BBC Hindi's Imran Qureshi.
"Some months ago, Kausalya's family threatened us and afterwards, her parents and relatives came home and asked my sister-in-law to return with them. She refused," the brother Vigneswaran, who uses only one name, said.
Kausalya's father China Swamy later gave himself up in a magistrate's court, police said.
"He has told the court that he takes responsibility for the death of Sankar as well as the attack on his daughter," he added.
Sankar's family have refused to take the body from the hospital until all the attackers are arrested.
CCTV footage broadcast on Indian television channels showed the couple walking on a busy street in Udumalpet town, in Tirupur district, when they were attacked by three men armed with sharp weapons.
People watched in horror as the attackers then fled on a motorcycle.
The young man died on the way to the hospital, while his wife is recovering from the attack.
Photographs of her seated on her hospital bed have gone viral on social media.
The Dalit community in the town are protesting over the incident, our correspondent says.
According to one study, hundreds of people are killed each year in India for falling in love or marrying against their families' wishes.
In 2011, the Supreme Court said that people convicted of honour killings
should face the death penalty
.
|
4af8f17c41e864a406ece5fca00ac54a | https://www.bbc.co.uk/news/world-asia-india-35888535 | Is India facing its worst-ever water crisis? | Is India facing its worst-ever water crisis?
On 11 March, panic struck engineers at a giant power station on the banks of the Ganges river in West Bengal state.
Readings showed that the water level in the canal connecting the river to the plant was going down rapidly. Water is used to produce steam to run the turbines and for cooling vital equipment of coal-fired power stations.
By next day, authorities were forced to suspend generation at the 2,300-megawatt plant in Farakka town causing shortages in India's power grid. Next, the vast township on the river, where more than 1,000 families of plant workers live, ran out of water. Thousands of bottles of packaged drinking water were distributed to residents, and fire engines rushed to the river to extract water for cooking and cleaning.
The power station - one of the 41 run by the state-owned National Thermal Power Corporation, which generates a quarter of India's electricity - was shut for 10 days, unprecedented in its 30-year history.
"Never before have we shut down the plant because of a shortage of water," says Milan Kumar, a senior plant official.
"We are being told by the authorities that water levels in the river have receded, and that they can do very little."
Further downstream, say locals, ferries were suspended and sandbars emerged on the river. Some 13 barges carrying imported coal to the power station were stranded midstream because of insufficient water. Children were seen playing on a near-dry river bed.
Nobody is sure why the water level on the Ganges receded at Farakka, where India built a barrage in the 1970s to divert water away from Bangladesh. Much later, in the mid-1990s, the countries signed a 30-year agreement to share water. (The precipitous decline in water levels happened during a 10-day cycle when India is bound by the pact to divert most of the water to Bangladesh. The fall in level left India with much less water than usual.)
Monsoon rains have been scanty in India for the second year in succession. The melting of snow in the Himalayas - the mountain holds the world's largest body of ice outside the polar caps and contributes up to 15% of the river flow - has been delayed this year, says SK Haldar, general manager of the barrage. "There are fluctuations like this every year," he says.
But the evidence about the declining water levels and waning health of the 2,500km (1,553 miles)-long Ganges, which supports a quarter of India's 1.3 billion people, is mounting.
Part of a river's water level is determined by the groundwater reserves in the area drained by it and the duration and intensity of monsoon rains. Water tables have been declining in the Ganges basin due to the reckless extraction of groundwater. Much of the groundwater is, anyway, already contaminated with arsenic and fluoride. A
controversial UN climate report
said the Himalayan glaciers could melt to a fifth of the current levels by 2035.
Emmanuel Theophilus and his son, Theo, kayaked on the Ganges during their 87-day, 2,500km journey of India's rivers last year. They asked fishermen and people living on the river what had changed most about it.
"All of them said there had been a reduction in water levels over the years. Also when we were sailing on the Ganges, we did not find a single turtle. The river was so dirty that it stank. There were effluents, sewage and dead bodies floating," says Mr Theophilus.
The waning health of the sacred river underscores the rising crisis of water in India. Two successive bad monsoons have already led to a drought-like situation, and river basins are facing water shortages.
The three-month-long summer is barely weeks away but water availability in India's 91 reservoirs is at its lowest in a decade, with stocks at a paltry
29% of their total storage capacity
, according to the Central Water Commission. Some 85% of the country's drinking water comes from aquifers, but their levels are falling, according to
WaterAid.
No wonder then that conflicts over water are on the rise.
Thousands of villagers in drought-hit region of Maharashtra depend on tankers for water; and authorities in Latur district, fearing violence, have
imposed prohibitory orders
on gatherings of more than five people around storage tanks. Tens of thousands of farmers and livestock have
moved to camps
providing free fodder and water for animals in parched districts. The government has asked local municipalities to
stop supplying water to swimming pools
.
States like
Punjab
are squabbling over ownership of river waters. In water-scarce Orissa, farmers have reportedly
breached embankments
to save their crops.
Back in Farakka, villagers are washing clothes in the shallow waters of the power station canal and children are crossing by foot.
"We would dive into the canal earlier for a swim," says a villager. Not far away, near the shores of the Ganges, fisherman Balai Haldar looks at his meagre catch of prawns and bemoans the lack of water.
"The river has very little water these days. It is also running out of fish. Tube wells in our village have run out of water," he says. "There's too much of uncertainty. People in our villages have moved to the cities to look for work."
It is a concern you hear a lot on the river these days. At the power plant, Milan Kumar says he is "afraid that this can happen again".
"We are being told that water levels in the Ganges have declined by a fourth. Being located on the banks of one of the world's largest rivers, we never thought we would face a scarcity of water.
"The unthinkable is happening."
|
086bfe11e44428c1a39d93719f129bd2 | https://www.bbc.co.uk/news/world-asia-india-35994602 | India Shani temple to allow women worshippers | India Shani temple to allow women worshippers
Authorities of a Hindu shrine in India's western Maharashtra state have decided to allow female worshippers enter the inner sanctum, reports say.
This followed weeks of protests by women's activists demanding entry to the Shani Shingnapur temple.
The temple has for centuries been open only to men, one of the few in India to preserve the tradition.
Last month the Bombay High court affirmed the right of women to enter and pray inside all temples.
The NDTV news channel reported that officials of the temple said that women would now "neither be encouraged nor stopped" from entering, effectively lifting the ban.
Several temples in India preserve the tradition of barring entry to women.
However, the Bombay high court ruled that women have a fundamental right to enter temples, and said those trying to prevent them would be handed a six-month jail term.
Last week protesters defied the court order and prevented a group of female activists from entering the shrine.
And last year, priests at the Shani Singhnapur temple carried out an elaborate ritual cleansing after a woman managed to gain entry inside and offer prayers.
|
598c7cde204a81818da08f224821e4f2 | https://www.bbc.co.uk/news/world-asia-india-36423413 | Gujarat riots: India court convicts 24 over Gulbarg massacre | Gujarat riots: India court convicts 24 over Gulbarg massacre
A court in India has found 24 people guilty of involvement in one of the most notorious massacres during the 2002 anti-Muslim riots in Gujarat.
The special court acquitted 36 others in the so-called Gulbarg Society killings in Ahmedabad city.
Activists and riot survivors have expressed "disappointment" and said they would challenge the verdict.
A mob attacked the Gulbarg Society complex, hacking and burning 69 people to death.
The riots were among the worst since Indian independence. More than 1,000 people, mostly Muslims, died after a train fire killed 60 Hindu pilgrims.
Muslims were blamed for starting the train fire, and Hindu mobs eager for revenge went on the rampage through Muslim neighbourhoods in towns and villages across Gujarat during three days of violence that followed.
Critics of Prime Minister Narendra Modi, who was the state chief minister at the time, say he did little to stop the riots.
In pictures: Inside Gulbarg Society
The Gulbarg residential complex in Ahmedabad was one of the targets where many Muslims were burnt to death and their properties set on fire.
On Thursday, 11 people were convicted of murder in connection with the attack, while the others were found guilty of lesser charges.
Among those convicted is a local leader of the hardline Hindu group Vishwa Hindu Parishad (VHP).
Sentencing is scheduled for Monday.
Judge PB Desai said there was no evidence that the attack was planned and dropped charges of criminal conspiracy against the accused.
Ehsan Jafri, a prominent Muslim politician and a former Congress party MP, was among those killed.
Survivors of the Gulbarg massacre say he fired his gun in self-defence as the mob attacked the complex.
Zakia Jafri, the MP's widow, says her husband called Mr Modi for help but it never came.
After the verdict, Mrs Jafri said she was "disappointed" with the outcome, calling it an instance of "half justice".
Activist Teesta Setalvad, who was one of those who filed the case, said they would appeal the verdict in the high court and Supreme Court if necessary and would not give up their "struggle".
Mr Modi has always denied any wrongdoing and has not apologised for the riots. A Supreme Court panel also refused to prosecute him in 2013, citing insufficient evidence.
The violence was initially investigated by the Gujarat police and subsequently by an independent Special Investigation Team (SIT) appointed by the Supreme Court in 2008.
The Gulbarg massacre was among 10 key incidents in the riots being investigated by the SIT.
Some of these cases have brought convictions.
|
df803411388a607b3da6d28dadfc9059 | https://www.bbc.co.uk/news/world-asia-india-37183011 | Indian man carries dead wife's body for 12km | Indian man carries dead wife's body for 12km
An impoverished man in India carried his wife's body for 12km after the hospital where she died allegedly failed to provide an ambulance to carry the body back to their village.
Dana Majhi's wife Amang, 42, died from tuberculosis in the district hospital in Bhawanipatna town in Orissa state.
Mr Majhi said his village was 60km (37 miles) away and he couldn't afford to hire a vehicle.
The hospital authorities have denied his charge.
"The woman was admitted to the hospital on Tuesday and died the same night. Her husband took away her body without informing any hospital staff," senior medical official B Brahma said.
Mr Majhi, however, alleged that his wife died on Tuesday night and that he began walking with her body on Wednesday after the hospital staff kept asking him to remove the body.
"I kept pleading with the hospital staff to provide a vehicle to carry my wife's body, but to no avail. Since I am a poor man and could not hire a private vehicle, I had no choice but to carry her body on my shoulder," he said.
Early on Wednesday, he said, he wrapped up the body in cloth and began the long trek to his village in Melghar for the last rites, accompanied by his 12-year-old daughter Chaula.
He had walked for about 12km when some people on the way intervened and an ambulance finally arrived.
The cremation took place on Wednesday evening.
The district collector for Kalahandi (where Bhawanipatna town is located) Brunda D said she arranged a vehicle to transport Amang's body as soon as she came to know about it.
"I have asked the local officials to provide 2,000 rupees ($30; £22) to the family under the Harischandra Yojana [a government scheme which entitles poor people the amount to cremate a family member]. Besides, the family would also get 10,000 rupees from the Red Cross," she said.
In February, the state government had announced a scheme to ensure that a mortuary vehicle was available to carry the bodies of the poor from the hospital to their homes.
But in a telling commentary on the state of the healthcare services in Orissa, at least half a dozen cases of bodies being transported on bicycles, trolley rickshaws and even wooden cots have been reported from remote areas in the past few months.
After reports of Mr Majhi's ordeal emerged, Chief Minister Naveen Patnaik formally launched the scheme on Thursday.
|
cf355f8d931f46acbb5463460e049b66 | https://www.bbc.co.uk/news/world-asia-india-37933231 | Can India's currency ban really curb the black economy? | Can India's currency ban really curb the black economy?
On Tuesday night, in an unusual broadcast to the nation, Indian Prime Minister Narendra Modi scrapped 1,000 and 500 rupee notes in a bid to flush out tax evaders. The banknotes that were declared illegal tender represent more than 86% of cash in circulation in India. Economic analyst Vivek Kaul explains the fight against tax evasion.
The notes which have been withdrawn can be deposited in banks as well as post offices until 30 December and the money will be credited into the account of the individual depositing the money. Up to 4,000 rupees can also be exchanged in the bank.
While Indian cities are full of bank branches, those living in rural areas will find exchanging the old notes a little difficult. Only 27% of Indian villages have a bank within 5km (three miles).
The idea behind this move, the government says, is to curb "financing of terrorism through the proceeds of fake Indian currency notes and use of such funds for subversive activities such as espionage, smuggling of arms, drugs and other contraband into India".
It is also to hit those who have a massive amount of "black money" in the form of cash.
Black money is essentially money that has been earned - either through legal activities or through corruption - without any tax being paid on it.
There are several estimates of the total amount of black money going around in the Indian economy. A World Bank estimate puts the size of the black economy at 23.2% of India's total economy in 2007.
Shock as India scraps 1,000 rupee notes
Ideas from India to use and abuse redundant cash
'No customers': Indians react to currency ban
By making high denomination bank notes worthless overnight, the government hoped that those who had black money in this form would not be able to convert it into physical assets like gold.
News reports suggest that jewellers in many parts of the country worked overtime through the night of 8 and 9 November to help convert 500 and 1,000 rupee notes into gold.
Starting Thursday, new 2,000 rupee (about $30; £24) and 500 rupee notes will be injected into the economy over the next "three to four weeks".
Those who have black money will try exchanging it for new notes.
But they cannot simply go to a bank and deposit all their old cash, given that it is likely to lead to questions from the income tax department.
Any other way of exchanging notes will take some doing, given that the old denomination notes form more than 86% of notes in circulation by value.
Hence, it will not be easy to exchange these notes without leaving audit trails for the income tax department.
The major idea behind the move seems to be to incapacitate those who are holding a lot of black money in the form of cash.
Crisil Research expects income tax collections of the government to improve as money earlier unaccounted for enters the banking system and eventually gets taxed.
Inflation is also expected to come down in the short-term as cash transactions come down.
Another area which is likely to be impacted is real estate, since a portion of the payment while buying a house in India is almost always made in the form of cash.
With the high denomination notes having been taken out of circulation, it will become very difficult to organise for this payment and so prices are expected to fall.
If prices do fall, it will make real estate affordable. At affordable prices, the demand for real estate is likely to go up.
This is expected to create low-skilled and unskilled jobs which the country badly needs, given that one million individuals enter the workforce every month.
But the retail as well as the luxury goods businesses where the bulk of transactions are carried out in cash are expected to be hit as cash transactions will come down dramatically in the short term.
In fact, while the old notes are being withdrawn and the new notes make it to the market, cash transactions are likely to remain down.
India is a country where most transactions are still carried out in cash.
A 2012 estimate, carried out by The Fletcher School at the Tufts University, estimated that 86.6% of the transactions were in cash.
While this figure would have come down since then, it will still be at a very high level.
Another research paper, entitled The Cost of Cash in India, points out that "the ratio of currency to GDP in India (12.2%) is higher than countries such as Russia (11.9%), Brazil (4.1%), and Mexico (5.7%)". Hence, India is still largely a cash-driven economy and given this, the government's move is likely to cause a few problems in the short term.
Also, if the government is serious about tackling the black money menace, it shouldn't just leave it at this.
As the former central bank governor Raghuram Rajan said: "I think there are ways around demonetisation. It is not that easy to flush out the black money. Of course, a fair amount may be in the form of gold, therefore even harder to catch."
It is important that the government uses information technology to track down those who are earning money but not paying their share of taxes.
As Mr Rajan put it: "I would focus more on tracking data and better tax administration to get at where money is not being declared."
Further, the government needs to quickly introduce electoral financing reform in the country. Most elections in India are fought using black money.
Vivek Kaul is the author of the Easy Money trilogy
|
5d3bf7284b05c9abb7079c6129884db9 | https://www.bbc.co.uk/news/world-asia-india-37933233 | India rupees: Chaos at banks after 'black money' ban | India rupees: Chaos at banks after 'black money' ban
There have been chaotic scenes outside banks in India, two days after 500 ($7) and 1,000 rupee notes were withdrawn as part of anti-corruption measures.
Some banks ran out of cash. At others police were called in to manage queues of anxious customers hoping to change their savings for legal tender.
The surprise government move is aimed at tackling corruption and tax evasion.
But many low-income Indians, traders and ordinary savers who rely on the cash economy have been badly hit.
Banks were shut on Wednesday to allow them enough time to stock new notes following Tuesday night's announcement. There are also limits on cash withdrawals from ATMs.
The two notes accounted for about 85% of the cash in circulation.
The BBC's Geeta Pandey in Delhi says some banks extended working hours to deal with the rush on Thursday, and hired extra temporary staff.
Bank officials told the BBC that they had also brought in extra cash to deal with the situation - things had generally gone smoothly apart from the police having to deal with sporadic fights that broke out among customers.
"I went home for Diwali and my parents gave me money as a gift," Vijay Karan Sharma from Chhattisgarh, a student at Delhi University, told the BBC. He said he had been standing in line since morning.
"I wish they had a simpler system for students. I desperately need cash to pay my rent and buy books and food."
The 500 ($7; £6) and 1,000 ($15; £12) rupee notes are the highest denomination notes in the country and are extremely common in India. Airports, railway stations, hospitals and fuel stations will only accept them until 11 November.
People will be able to exchange their money at banks between 10 November and 30 December.
The actual figure is unclear but correspondents say the issue of "black money" - which may have been acquired corruptly, or is being withheld from the tax authorities - is a huge problem. India's government hopes to flush out tax evaders and make money that is unaccounted for visible for tax purposes. There have been
reports of tax raids
in many parts of India.
It seems not. An individual can put as much as he or she likes into the bank - but withdrawals are limited so the banking system may end up being flooded with cash.
Government guidelines say it is possible to exchange up to 4,000 rupees per day up to 24 November - anything over this will be subject to tax laws. People can also withdraw up to 10,000 rupees from a bank per day and a maximum of 20,000 rupees per week.
New 2,000 and 500 rupee denomination notes with new security features are being given to people to replace those removed from circulation.
A new 1,000 rupee note "with a new dimension and design" will also be introduced in due course, a senior government official said on Thursday.
Overseas Indians can deposit the banknotes in their non-resident rupee denominated accounts.
They can purchase foreign exchange equivalent to 5,000 rupees using these bank notes at airport exchange counters until midnight on Friday.
Indian social media has been talking of little else.
The top trend on Twitter India has been #CashCleanUp with tweets ranging from the frustrated to the humorous, as many Indians came to terms with the fact that much of their day would be spent in queues.
|
e79f8b0e94fa330989253c33f3901211 | https://www.bbc.co.uk/news/world-asia-india-37970965 | India rupee ban: Currency move is 'bad economics' | India rupee ban: Currency move is 'bad economics'
India's dramatic move to scrap 500 ($7.60) and 1,000 rupee notes is poor economics, a leading economist says.
Kaushik Basu, the former chief economist for the World Bank, says the "collateral damage" is likely to outstrip its benefits.
The overnight ban on the notes last week was intended to crack down on corruption and so-called "black money" or illegal cash holdings.
But it sparked scenes of chaos outside banks and ATMs.
Low-income Indians, traders and ordinary savers who rely on the cash economy have been badly hit with hordes thronging banks to deposit expired money and withdraw lower denominations. As the anger mounted, the
government raised limits on cash withdrawals
on Sunday.
But some economists say the move will have a limited impact as people will simply begin to accumulate black money in the new currency as soon as that becomes available.
The government hopes this will bring cash worth billions of dollars in unaccounted wealth back into the economy. The two notes accounted for more than four-fifths of the currency in circulation.
Prof Basu, who now teaches at New York's Cornell University, says India's
Goods and Services tax
, was "good economics, but demonetisation is not".
"Its economics is complex and the collateral damage is likely to far outstrip the benefits," he says.
What Prof Basu, who was chief economic adviser to the previous Congress government, means is that this "demonetisation" just witnessed in India is at best, a one-time flushing out of the system and the return of black money is likely if not inevitable.
Many economists say the costs of such a one-time "flush" will be huge.
They say hundreds of thousands of ordinary people (including farmers who do not even have bank accounts) who hold cash but not black money will get caught out and the fear of harassment by officials could trap them in a bureaucratic net they don't know how to deal with.
So it is possible that all this achieves is a sudden curtailment in the total money supply, effectively a kind of contraction of the economy.
Economists have long talked about "helicopter drop" of currency - printing large sums of money and distributing it to the public in order to stimulate the economy.
India's decision to scrap high denomination notes is simply the reverse and according to economist Prabhat Patnaik the government's move "betrays a lack of understanding of capitalism".
"Typically, what happens in capitalism in a situation like this is that there would be a new business opening up about how to change old currency notes into new ones... A whole range of people would come up who will say you give us 1000 rupees and we will give you 800 rupees or 700 rupees or whatever. Consequently, instead of curbing black business it will actually give rise to the proliferation of black business," he told
The Wire
news site.
But not all experts agree that it is such a risky move.
"India now operates under a monetary policy regime known as inflation targeting. If a portion of the stock of currency in circulation, consisting of currency and demand deposits gets 'burned', metaphorically or literally, the Reserve Bank of India, the central bank, can in principle fully offset this through what economists call 'open market operations'," Vivek Dehejia says.
"These involve purchasing
bonds
from the markets and injecting money (and therefore liquidity) into the markets in return. This is standard operating procedure for central banks."
To put it more simply: suppose a warehouse of cash owned by someone goes up in flames and the money stock drops. The central bank, economists say, can augment the money stock.
The loser is the individual whose money went up in flames - in other words, by analogy, someone holding illicit unaccounted cash that cannot be converted into new currency or deposited.
"There will be short run adjustment costs as the old notes are replaced by new ones, but I see no medium to long term impacts on growth, inflation or other pertinent macroeconomic variables," says Prof Dehejia.
"The gains will be a one-time tax on black money and a possible disincentive for future black money accumulation, in the event that there is a prospect for future demonetisations."
He, for one, is confident this move will achieve what it needs without damaging the economy.
|
f8cf47dd13200be43c02c6a3544316d7 | https://www.bbc.co.uk/news/world-asia-india-39228615 | India elections: Decisive victory for Modi's BJP in Uttar Pradesh | India elections: Decisive victory for Modi's BJP in Uttar Pradesh
Narendra Modi's party has won a landslide victory in one of India's key states, a boost for the prime minister halfway through his first term.
The Bharatiya Janata Party (BJP) took control of northern Uttar Pradesh state - India's most populous - with the biggest majority there since 1980.
Mr Modi personally led the campaign against regional rivals the Samajwadi Party and Bahujan Samaj party.
Trends suggest the BJP is also set to win the northern state of Uttarakhand.
The Election Commission of India said the Hindu nationalist BJP had won a clear majority in Uttar Pradesh, with nearly four in 10 voters backing the party.
"I give my heartfelt thanks to the people of Uttar Pradesh. This is a historic victory for the BJP; a victory for development and good governance," Mr Modi wrote on Twitter.
The result will strengthen the BJP in the upper house of India's parliament, where its reform efforts have been hampered by the lack of a majority.
Mr Modi has been central to his party's election strategy. He campaigned aggressively on a promise to bring growth and modernisation, and to root out corruption.
These were strong promises in an impoverished state like Uttar Pradesh where caste, family and religious affiliations are deeply entrenched.
Mr Modi also strongly backed his move to ban high-value notes - amounting to 86% of India's currency - last year as a measure to tackle corruption.
The incumbent chief minister, Samajwadi Party leader Akhilesh Yadav, opposed the currency move, and told the electorate that Mr Modi had "taken money out of people's pockets", and hurt businesses.
He also told people that he was the best person to bring development.
"My track record in the past five years shows that I have a vision for the state," he said at a rally recently.
Analysts say Mr Yadav's decision to form an alliance with the Congress party, and his direct attack on Mr Modi's policies probably hurt his prospects.
Congress, the main opposition party, remains in the lead in Punjab and Manipur states.
The BJP's resounding win in Uttar Pradesh has proven that Mr Modi's ability to connect with the voter has not diminished.
The party did not declare a chief ministerial candidate, and relied heavily on Mr Modi. The opposition called him "an outsider from Gujarat state", and criticised the BJP for not having a local leader, but this has clearly not affected sentiment on the ground.
The prime minister was able to successfully project himself as the "adopted son of Uttar Pradesh". He is an elected MP from the state.
The victory in Uttar Pradesh, as well as the neighbouring state of Uttarakhand will further boost his stature in national politics.
But there will be challenges ahead. People have put faith in Mr Modi's leadership, but he is not going to rule the state.
|
b083628b2f3f0d4982cbe1fb8620cb5b | https://www.bbc.co.uk/news/world-asia-india-39672453 | Does this court judgement make any sense? | Does this court judgement make any sense?
There are few professions that allow one to be as verbose as a judge. Sometimes, this freedom can result in powerful judgements that weave brilliant legal interpretation with sparkling prose.
At other times, legal judgements are so complicated that they make little sense to normal people.
In rare times, as happened recently in India, they even bewilder lawyers directly involved in the case.
A bemused Supreme Court bench sent back a convoluted judgement from a high court judge in the state of Himachal Pradesh to be re-drafted because it was simply unintelligible.
"We will have to set it aside because one cannot understand this," MB Lokur and Deepak Gupta
were quoted by the Hindustan Times as saying
on 14 April.
And what was so complicated about
the judgement
, which ruled in favour of a tenant locked in a years-long battle with a landlord?
Here is an extract:
"However, the learned counsel...cannot derive the fullest succour from the aforesaid acquiescence... given its sinew suffering partial dissipation from an imminent display occurring in the impugned pronouncement hereat wherewithin unravelments are held qua the rendition recorded by the learned Rent Controller..."
And more:
"The summum bonum of the aforesaid discussion is that all the aforesaid material which existed before the learned Executing Court standing slighted besides their impact standing untenably undermined by him whereupon the ensuing sequel therefrom is of the learned Executing Court while pronouncing its impugned rendition overlooking the relevant and germane evidence besides its not appreciating its worth. Consequently, the order impugned suffers from a gross absurdity and perversity of misappreciation of material on record."
The lawyer representing the tenant, Aishwarya Bhati, reportedly joked in court that she needed to hire an English professor to understand the convoluted ruling.
But the UK-based Plain English Campaign (PEC) said it had seen similar language deployed in the past by judges, though the wording in this case was "preposterously overblown".
"There is simply no reason or excuse for it," the PEC's Lee Monks told the BBC. "We've often heard the defence that these are 'legal terms' but that's very often a cop-out.
"The idea that something like '...fullest succour from the aforesaid acquiescence' is at all necessary is ridiculous."
While that may be true, judges in the Indian sub-continent, and elsewhere, clearly enjoy the freedom they have to show off their verbal dexterity and cultural knowledge in judgements - though they usually make more sense.
On Thursday, a judgement from Pakistan's Supreme Court ruling that there was insufficient evidence of corruption to remove Nawaz Sharif from the role of prime minister began by mentioning Mario Puzo's 1969 novel The Godfather, before
quoting 19th Century novelist Honore de Balzac
, in the original French.
Back in India, a 268-page Supreme Court judgement last year from Justice Dipak Misra
was particularly verbose
in dismissing a challenge to the constitutionality of the criminal offence of defamation brought by Subramanian Swamy, a politician.
The judge wrote, in a sentence
described
by the journalist and former law lecturer Tunku Varadarajan as "among the worst sentences I've encountered in all my years of reading legal materials":
"This batch of writ petitions preferred under Article 32 of the Constitution of India exposits cavil in its quintessential conceptuality and percipient discord between venerated and exalted right of freedom of speech and expression of an individual, exploring manifold and multilayered, limitless, unbounded and unfettered spectrums and the controls, restrictions and constrictions, under the assumed power of 'reasonableness' ingrained in the statutory provisions relating to criminal law to reviver and uphold one's reputation""
But Indian judges, with few exceptions, "love purple prose which they mistake to be or believe to be Shakespearean English", says journalist Binoo K John, who wrote a book - Entry from Backside Only: Hazaar Fundaas of Indian English - about the peculiar use of English in India.
"So considering the long history of such prose, it is not all all embarrassing in India," he told the BBC.
Meanwhile, at least one High Court judge in England has listened to calls to simplify the language used in judgements.
Justice Peter Jackson
published a simply-worded ruling last year
in a family court case so it could be understood by the children affected by it.
He even used an emoji.
|
08dcdca5ca691a88a0b14f41c87ba69a | https://www.bbc.co.uk/news/world-asia-india-40428067 | #NotInMyName: Indians protest against 'beef lynching' | #NotInMyName: Indians protest against 'beef lynching'
Protests are taking place across India against rising attacks on Muslims and Dalits (formerly untouchables) by vigilante cow protection groups.
About 2,000 people turned out in Delhi. Protests were also being held in 15 other cities as well as in London, protest organiser Saba Dewan said.
The campaign, #NotInMyName, started with a
Facebook post
she wrote after a Muslim teenager was killed last week.
Many Hindus consider the cow a sacred animal.
Wednesday's protests come amid
reports
that a Muslim dairy farmer in Jharkhand state was assaulted and his house was set on fire after the carcass of a cow was found at his door on Tuesday afternoon.
Cow slaughter is banned in several Indian states and those found violating the law can be jailed for up to 10 years. Parliament is also considering a bill to bring in the death penalty for the crime.
But ever since the Hindu nationalist Bharatiya Janata Party came to power in the summer of 2014, vigilante cow protection groups have been emboldened and there have been numerous attacks on Muslims and Dalits, for whom beef is a staple.
Nearly
a dozen people have been killed
in these attacks over the past two years. Targets are often picked based on unsubstantiated rumours and Muslims have been attacked for even transporting cows for milk.
Crowds gathered at Jantar Mantar, a historical Delhi monument and popular venue for protests.
Many of the 2,000 present held posters and banners saying #NotInMyName. Others wondered if it is so easy to divide Indians on the basis of religion. On the stage, poets recited verses, and musicians sang songs of protest.
Organiser Saba Dewan demanded that Indian citizens be protected, saying the right to life is non-negotiable. One young woman told me the murders were not how she wished to remember her country.
The protest organisers have alleged that the family of Junaid Khan, the 16-year-old Muslim boy brutally killed by a Hindu mob on a train last week, had not been able to attend because they were intimidated by the authorities.
Protests under the banner
#NotInMyName
are being organised in 16 Indian cities, including Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Lucknow and Allahabad as well as in London on Wednesday. Gatherings are also planned for later in the week in Toronto, Boston and Karachi.
The protest at Delhi's Jantar Mantar monument was expected to be the biggest, Ms Dewan said.
The documentary filmmaker said she was "shattered" when she heard about last Thursday's attack on 16-year-old Junaid Khan, who was
killed by a mob of about 20 men on a train in the northern state of Haryana
while returning home from Eid shopping in Delhi.
Her anguished Facebook post has managed to galvanise a large number of Indians, with thousands pledging to participate in the protests.
"The protest is against this systematic violence against Muslims and Dalits that is going on in our country at the moment," Ms Dewan said.
"Junaid's killing was a shattering moment for me, and also for a lot of other people. I started crying when I heard about his murder.
"We've always been saying we should protest, but there's been no leadership. So we decided to do this ourselves. How long can you keep waiting till the cows come home?" she added.
|
d21fd3ac441349a27702159a3ed496ac | https://www.bbc.co.uk/news/world-asia-india-40453774 | India GST: Sweeping tax reform introduced | India GST: Sweeping tax reform introduced
India has replaced its numerous federal and state taxes with the Goods and Services Tax (GST), designed to unify the country into a single market.
The historic overhaul of the existing tax legislation was carried out at a special midnight session of parliament.
India says introducing GST will cut red tape and increase tax revenues, fuelling economic growth.
Finance Minister Arun Jaitley says the reform will help the economy grow by 2%.
But businesses have been asking for more time to implement changes, worried that they are not ready for the move to the new system.
Many do not even have a computer to register on the GST network.
"No country of comparable size and complexity has attempted a tax reform of this scale," Harishankar Subramanian, of Ernst and Young
previously told the BBC
.
Under the new system, goods and services will be taxed under four basic rates - 5%, 12% 18% and 28%.
Some items like vegetables and milk have been exempted from GST, but will still be subject to existing taxes.
The price of most goods and services are expected to increase in the immediate aftermath of the tax.
Analysts expect economic growth to slow down over the next few months, but say it should pick up after the tax is fully implemented.
|
e1f237deaa7b669d7c442671ca943887 | https://www.bbc.co.uk/news/world-asia-india-40653053 | Why is the India-China border stand-off escalating? | Why is the India-China border stand-off escalating?
If you browse through the latest headlines about the now month-long border stand-off between India and China, you might think the Asian rivals are teetering on the brink of an armed conflict.
The rhetoric is full of foreboding and menace. A Delhi newspaper says China is warning that the stand-off "could escalate into full-scale conflict". Another echoes a similar sentiment, saying "China stiffens face-off posture".
In Beijing, the state-run media has begun
reminding India of its defeat in the 1962 war over the border
, digging out old reports and pictures of the conflict.
Global Times
has been particularly bellicose, first accusing India of undermining Bhutan's sovereignty by interfering in the road project, and then declaring that if India "stirs up conflicts in several spots, it must face the consequences of all-out confrontation with China".
The latest row erupted in mid-June when India opposed China's attempt to extend a border road through a plateau known as Doklam in India and Donglang in China.
The plateau, which lies at a junction between China, the north-eastern Indian state of Sikkim and the Himalayan kingdom of Bhutan, is currently disputed between Beijing and Bhutan. India supports Bhutan's claim over it.
India is concerned that if the road is completed, it will give China greater access to India's strategically vulnerable "chicken's neck", a 20km (12-mile) wide corridor that links the seven north-eastern states to the Indian mainland. And since this stand-off began, each side has reinforced its troops and called on the other to back down.
There is a dreadful sense of deja vu about the way the stand-off appears to be escalating.
This is not the first time the two neighbours who share a rocky relationship have faced off on the ill-defined border, where minor incursions by troops have been common. The region saw armed clashes between China and India in 1967, and a prolonged stand-off and build-up of troops along the border in Arunachal Pradesh in 1986-87.
Delhi believes that Beijing is
testing India's commitment to Bhutan
in the latest stand-off, writes analyst Ajai Shukla. "China has always been galled by this close relationship, which has withstood sustained Chinese pressure to divide it," he says.
This time China has upped the ante against India. Foreign Ministry spokesman Lu Kang told reporters in Beijing on Tuesday that Indian forces should leave the area to avoid an "escalation of the situation".
Indian analysts believe China's warnings cannot be ignored. "In general, the Chinese pattern of use of force has been to prepare the ground with adequate statements and warnings. Hence, I think we should not take them lightly or see it as a bluff," a China expert told me.
In 1962, the state-run news agency Xinhua warned well in advance that India should "pull back from the brink of war". During the
Korean War in 1950
which pitted the US and its allies against the USSR, North Korea and communist China, the Chinese warned the US through India that if they crossed the Yalu River the Chinese would be forced to enter the war.
To be true, this doesn't mean that China is girding up for war. As things stand, both sides can share some blame for the stand-off in what is a strategically important area.
In 2012, India and China agreed that the tri-junction boundaries with Bhutan and Myanmar (also called Burma) would be finally decided in consultation with these countries. Until then, the status quo would prevail.
India believes China violated the status quo by building the road. Indian troops were sent to resist their Chinese counterparts in the area only after Bhutan, which has close ties with India, requested India to help.
China insists Indian troops invaded Doklam/Donglang to help Bhutan, and it was a violation of international law. Mr Lu says India should not "take trespass as a policy tool to reach or realise their political targets".
Some analysts say India possibly made a mistake by openly conflating the building of the road with talk of potential
"serious security implications for India
".
"I agree that there were security concerns, but it was wrong for India to voice them strongly. We could have just said that China had breached the status quo. By overplaying the security angle, we may have scored an own goal, and the Chinese are exploiting it," an analyst told me.
He has a point. Long Xingchun, an analyst at a Chinese think-tank, says "a third country's" army could enter the disputed region of Kashmir at Pakistan's request, using the
"same logic"
the Indian army has used to stop the Chinese troops from building the road in Doklam/Donglang. "Even if India were requested to defend Bhutan's territory, this could only be limited to its established territory, not the disputed area."
Clearly, for the stand-off to end, all three sides need an agreeable solution without losing face. As China hardens its position, many believe that finding a "three-way, face saving solution" would be tricky and time consuming. Relations between the two countries are also at their lowest ebb in many years.
Both sides possibly passed up an opportunity to resolve the crisis earlier this month when a potential meeting between President Xi Jinping and Prime Minister Narendra Modi on the sidelines of the G20 summit in Hamburg did not happen. India said a meeting with Mr Xi had never been on Mr Modi's agenda; and China's foreign ministry had said the atmosphere was not right for a meeting.
There's another window of opportunity coming up. India's influential National Security Adviser Ajit Doval is to visit Beijing for a meeting of Brics nations later this month. Mr Doval, who is also the special representative for the India-China border, is likely to meet his Chinese counterpart Yang Jiechi.
"Both sides have made it a prestige issue. But diplomacy is all about keeping things going in difficult circumstances," a former diplomat says.
Despite the deteriorating relationship, a war is unlikely to break out.
"I don't think either side wants an armed conflict. Nobody is interested in a war. Nothing in the [stand-off] area is worth a conflict. But both sides see their reputations at stake and that could lead to a prolonged stand-off," Srinath Raghavan, a senior fellow at the leading Delhi-based Centre for Policy Research think-tank told me.
|
d0ff09d1d1c4d52829d9f4f2d70c42d5 | https://www.bbc.co.uk/news/world-asia-india-40657074 | The people trying to fight fake news in India | The people trying to fight fake news in India
Earlier this year, mobs in the eastern Indian state of Jharkhand beat seven people to death in two separate incidents that horrified the country.
After the dust had settled, it transpired that the victims had been mistaken for child traffickers.
The trigger was a WhatsApp message that had gone viral, urging people to be careful of strangers as they most likely belonged to a "child lifting gang".
As the message passed on, police say hysteria increased. Villagers armed themselves and began attacking anyone they did not recognise, with tragic results.
Unlike in western countries, most of India's fake news spreads via WhatsApp and mobile phone messages, because for a majority of Indians, their first point of exposure to the internet is via their phone.
India's telecom regulatory commission says there are more than one billion active mobile phone connections in India, and millions of Indians have started getting online in a very short space of time.
"Reach has exploded, thanks to the proliferation of smartphones and cheap data packages. Rumours spread further and faster," Pratik Sinha, the founder of
Altnews.in
told the BBC. `
"Suddenly people from rural areas in particular are inundated with information and are unable to distinguish what is real from what is not. They tend to believe whatever is sent to them."
Mr Sinha is one of a handful of people trying to "fight" the scourge of fake news in India.
Formerly a software engineer, he now runs Altnews fulltime, funding it with his own savings and ad revenue.
Altnews fact checks viral stories circulating on social media and WhatsApp, verifies photographs and videos and also calls out stories by media organisations that may be based on fake news.
Stories he has debunked include a viral video claiming to show a Hindu girl being lynched by a Muslim mob. The video, Mr Sinha says, regularly does the rounds on WhatsApp with a plea to the receiver to send on the message with the hope that authorities will be pressurised into taking action.
But the video though horrific, is actually of a Guatemalan girl being beaten by a mob and is two years old.
In fact a majority of the videos,
Mr Sinha has said
, seem to be propagated by people with hardline sensibilities and many have an "anti-Muslim" slant.
Part of the challenge, he adds, is that WhatsApp, which is the main medium of fake news in India, is "like a mutating virus".
"WhatsApp has end to end encryption. What that means is every message sent between two parties has a unique set of keys, regardless of whether it is the same message being passed on. This means that when fake news happens, there is no trail. It becomes tough for even WhatsApp to track."
The other issue, according to Durga Raghunath, an Indian digital expert, is that people don't question sources on social networks or messaging apps.
"The mental approach is different. Many of the issues people see on these platforms have an emotional connect, and because the information comes to us via family and friends, the inclination to double check is very low," she told the BBC.
Pankaj Jain, the man behind verification site
SM Hoax slayer
, knows this better than most. He told the BBC that his inspiration to bust hoaxes were the "stupid rumours" he kept receiving on WhatsApp.
"I began by responding to messages to tell people what they were passing on was not true, and then decided to take it further."
He came to prominence after becoming one of the first people to shoot down a viral news story which claimed that India's new 2,000 rupee note was embedded with a "nano GPS chip" that allowed authorities to track it if it was taken outside the country.
"I did a lot of research and the thing that jumped out at me the most was that nano-GPS chips need a power source to function, which the new currency note very clearly did not have," he said.
His other notable "busts" include proving that a photograph tweeted out by a leading news channel purporting to be of two "terrorists" killed in Indian-administered Kashmir was actually a two-year-old photograph from Punjab, and more recently, explaining that a viral WhatsApp forward of the Indian flag flying atop the Israeli parliament only happened on Photoshop.
Shammas Oliyath, who runs the verification site
Check4spam.com
is another "warrior" in the battle against fake news.
His content is divided into several categories such as "internet rumours" and "promotions", but he says most of the news he deals with tends to be politically related.
He gets about 200 WhatsApp inquiries a day, a number that has picked up after he got a little publicity for forcing a media organisation to retract a story which claimed that the assets of wanted Indian gangster Dawood Ibrahim had been frozen.
Despite their best efforts however, all three men know that they simply cannot take on the exploding fake news system on their own.
Mr Sinha says Altnews has done roughly 3.2 million pageviews in five months, while SM Hoaxslayer gets about 250,000 pageviews a month. Mr Oliyath says Check4spam.com gets about 15,000 hits a day.
These numbers pale in comparison to mainstream media sites, and hardly make a dent in the hundreds of thousands of messages that get passed around every day.
Mr Oliyath rues the fact that India's mainstream media is a part of the problem.
"In the rush to report first, there is no focus on fact checking," he says.
Ms Raghunath agrees.
"Television in this country has always been tabloid and not serious. The state operated Doordarshan never took off, and the rest was always tabloid - which is to say, talking heads and live news reel," she said, adding that there is very little emphasis on process even in India's digital news ecosystem.
What this means is that, a lot of the time, social and mainstream media feed off one another, fuelled by the desire for more eyeballs.
However, she says the larger issue is still one of media literacy and believes that the fight against fake news still needs to be led by mainstream legacy media.
"People segment organisations into those they trust and those that they believe are there to entertain them. There is a higher onus on those that they trust to do more."
This, she says, could be as simple as breaking down an article and educating readers how they work.
"It can be as basic as distinguishing an opinion piece from a news piece and breaking down articles and identifying things like sources, fact and analysis," she says.
As important, she says, is making the truth go viral.
"We have to tackle this issue in a fun way, If people are consuming listicles, we need to do listicles, and if its memes, we need to do memes too. It's really important that we are not weird or academic about it".
BBC Reality Check is also dedicated to verifying news and debunking myths
|
d23cffb7f858f06194db46f82b82f454 | https://www.bbc.co.uk/news/world-asia-india-42617237 | India woman kills self 'over WhatsApp bullying' | India woman kills self 'over WhatsApp bullying'
A Hindu woman has killed herself after facing harassment over her friendship with a Muslim man in the southern Indian state of Karnataka, police say.
She told a friend on WhatsApp that she loved Muslims after being questioned over her friendship with the man.
Police said screenshots of this exchange were shared on social media.
Five people from Hindu hardline groups also visited her house on Saturday to warn her parents, police say. The 20-year-old killed herself the same day.
The police initially registered a case of suicide, but widened their investigation after reports about the role of social media in her death started to emerge on Monday.
K Annamalai, a senior police officer Chikkamagaluru district, told the BBC that the woman had left a suicide note.
"She has mentioned that there was a photo of her with a man from another religious community. People started commenting about it and cast aspersions on her character," he said.
He added that he killed herself after five persons went to her house and "complained to her mother that she was in love with a Muslim man."
He added that the police had arrested one person, and were searching for others.
BBC Hindi's Imran Qureshi, who has seen the screenshots, said her WhatsApp messages were quickly shared in the district.
In the messages, she is advised not to get "involved" with a man from another faith. She replies: "But I love Muslims."
She adds that she doesn't find anything wrong in being "associated" with members of any religious community.
Mr Annamalai said "whoever has criticised the woman, whether on Facebook or WhatsApp, would be arrested".
"We believe it amounts to harassment due to which a young life has been lost. We are taking this case seriously because it wasn't her fault," he added.
In recent years, India has witnessed Hindu-Muslim tensions over what has come to be known as "love jihad".
The term has been popularised by radical Hindu fringe groups, who accuse Muslim men of participating in a "conspiracy to turn Hindu women from their religion by seducing them".
If you are feeling emotionally distressed and would like details of organisations in the UK which offer advice and support, go to
bbc.co.uk/actionline
.
|
6a0ea059aae40b3432589a8012571f88 | https://www.bbc.co.uk/news/world-asia-india-42700361 | India woman fights family over 'low caste' husband's murder | India woman fights family over 'low caste' husband's murder
In March 2016, a 22-year-old man was hacked to death in daylight on a crowded road in southern India for marrying a woman of a higher caste. His wife survived the attack and went on to testify against her parents and campaign against the scourge of caste, as the BBC's Soutik Biswas reports.
On the last day of his life, Shankar and Kausalya woke up around nine in the morning in their village hut. They had been married eight months.
It was Sunday, and they travelled in a public bus to a local market in Udumalpet, some 14km (8.6 miles) away. They wanted to shop for new clothes for Shankar, who had to attend a function at his college the next day.
The sun was beating down hard when they entered a clothes shop. She spotted a pink shirt and thought her husband would look good in it. As they walked out, Shankar spotted a mannequin in the shop window wearing a green shirt.
"I think I like this shirt better," he said.
They walked back in again, exchanged the pink for the green, stepped out of the shop and began crossing a crowded road on their way back to take a bus home. But first, Shankar told Kausalya, he would like to treat her to her favourite chilli snack.
"Another day," Kausalya said.
She had only sixty rupees (94 cents; 68p) in her purse, and they couldn't afford it. So they decided to return home, where Shankar promised to cook her a special meal.
CCTV footage showed the couple walking briskly towards the road. But before they could cross, five men, riding on two bikes, halted behind them. Four of the men sauntered up to the couple and attacked them with long knives. The casualness with which the murderers fell upon them was chilling. They slashed the couple as if they were pruning bushes.
Bleeding profusely, Shankar scrambled to run away. Kausalya limped towards a stationary SUV, when she was felled again by her assailants.
It was all over in 36 seconds. The men returned to their motorcycles and left leisurely as a crowd began to collect. (The police later found six people came on three bikes, two bearing false number plates. Five of them attacked the couple, while one man kept watch.)
An ambulance arrived soon and scooped the couple off the blooded-slicked tarmac. On the way to the hospital, 60km away, the medic inexplicably sat in the front seat. On the metal stretcher, Kausalya, her vision blurring, held the IV drip. Shankar lay still.
"Rest your head on my chest," he rasped. Kausalya moved to his side.
Minutes later, as the ambulance entered the hospital, Shankar stopped breathing.
Autopsy surgeons found 34 cuts and stab wounds on Shankar's "moderately nourished body". He had died of "shock and haemorrhage due to multiple cuts and stab injuries".
Kausalya spent 20 days in the hospital, her face swathed in bandages, and waiting for 36 stitches to heal and a bone fracture to repair. She told the police from the hospital bed that her parents were responsible for the attack.
"Why did you love him?" one of the attackers kept shouting as he stabbed her. "Why?"
Shankar and Kausalya had broken what writer Arundhati Roy, in her Booker-prize winning novel, The God of Small Things, described as "Love Laws" that "lay down who should be loved … And how … And how much".
Shankar was a Dalit (formerly known as untouchable), and the son of a landless daily wage farm worker, who lived in a single room hut with four family members in Kumaralingam village. Kausalya came from a relatively influential Thevar caste, the daughter of a 38-year-old money lender and taxi operator, who lived in a two-storey house in Palani, a small town.
When she told her parents she wanted to become an air-hostess, they rejected the idea "saying I would have to wear short skirts." After she finished school in 2014, they took her to a family temple to meet men they wanted her to marry. When she refused, they sent her to her a private college to study computer science and engineering.
She hated college. "There were too many restrictions. We could not venture outside the campus. We could not talk to the boys. Male and female students sat separately in the classroom. On the college bus, we sat in different sections. If the security saw us talking to the boys, they would inform our parents. It was very stifling."
But love can happen even in the unlikeliest of places. At the college freshers function, a lanky engineering student walked up to her, introduced himself as Shankar and asked her, "Are you in love with anyone?"
Kausalya says she didn't answer and walked away, feeling embarrassed.
The next day, Shankar went up to her and qualified the unanswered question: "Are you in love with anyone because I think I love you." She slunk away again.
On the third day, when Shankar again walked up to her, she told him to "look for another girl". "People will know if we go out. It will be difficult to know you," she said.
She began warming to him slowly though. Shankar had stopped telling her that he loved her, so "we behaved like "respectful friends". "I also didn't tell him I loved him, but over time it crept up on me".
It was hard-earned love. Since she couldn't step outside her home alone to speak on the phone, they exchanged WhatsApp messages on their college bus rides. Every day, for 18 months, they exchanged texts. They spoke about their hopes and dreams.
"I have two dreams," he texted her one day. "Build a proper house for the family. And love you forever."
In her second year, she signed up for Japanese language classes, so she could stay beyond college hours and take a public bus home. Shankar would wait for her, and they began chatting on the bus.
But one day in July 2015 the bus conductor saw them chatting, found out where Kausalya lived and informed her mother. The same evening, her parents took away her phone, called up Shankar and warned him to stay away from their daughter. They told her that Shankar would "make her pregnant and run away". The next day, they took her out of college.
She cried all night and woke up next morning in an empty house - her parents had gone out. She looked for her phone, found it, and called Shankar to tell him about the fight with her parents. She asked him whether he planned to make her pregnant and run away.
"If you feel that way, we can run away right now, and get married," Shankar said.
Kausalya packed a bag, left home and went to the local bus stop. The next day, on 12 July 2015, they went to a temple and got married. Then they went to the local police station, reported their inter-caste marriage and sought protection. Dalits and tribes-people bear the brunt of caste brutality in Tamil Nadu: there were more than 1,700 reported crimes against them that year alone.
The next eight months, says Kausalya, were "the freest, happiest time" of her life. She moved to Shankar's hut - which they shared with his father, two brothers and his grandmother - dropped out of college, and began work as a salesgirl, earning a monthly salary of 5,000 rupees.
Her parents and relatives tried hard to separate them: they filed a police complaint saying Shankar had kidnapped their daughter; and a week after her marriage, abducted her and took her to shamans and priests who smeared ash on her face and force-fed her potions, pressuring her to leave her husband. Exhausted, they finally gave up and Shankar took her home. Then her parents offered Shankar a million rupees to leave Kausalya.
A week before the murder, Kausalya says, her parents visited their home and ordered her to come with them. She refused to budge.
"If something happens to you after today, we are not responsible," her father told her, before leaving.
Police found Kausalya's father had hired five men with previous criminal records for 50,000 rupees to kill his daughter and son-in-law in broad daylight "to send out a public message" about what happens when a woman falls in love with a lower-caste man.
There were 120 witnesses to the murder. Kausalya herself opposed the bail of her parents 58 times in the court. "My mother threatened me repeatedly that she would kill me. She told me I was better off dead than married to him," Kausalya told the judge.
In December, Judge Alamelu Natarajan sentenced six men, including Kausalya's father, to death. Her mother was acquitted along with two others. Kausalya is set to appeal against the acquittal, as she believes her mother was equally guilty.
There was a time after Shankar's murder, she said, she would break down frequently, and wanted to take her life. Then she cut her hair short, began learning karate, and reading books on caste. She began meeting anti-caste groups and speaking out against caste crimes. She also learned to play the parai, a drum traditionally played by Dalits.
Today, she has realised Shankar's dream by constructing a four-room house for his family from the compensation she received from the government, and started a tuition centre for poor students in the village. To run the family, she has taken a clerk's job in a government office. At weekends, she travels all over Tamil Nadu, speaking at meetings against caste, honour killings and emphasising the "importance of love".
"Love is like water, it is a natural thing," she says. "Love happens. And women have to revolt against the caste system, if it has to be stopped." Many don't like her campaign and post death threats on her Facebook wall, so she has been given police security.
After Shankar died, doctors handed his phone over to her. It contains many fond memories of their courtship.
"I don't know what to say, but I miss you," Shankar had texted her on a summer evening in 2015.
"Me too," she had replied.
This story is the last of a series about Indian women fighting for equality
|
c82de977c94b841650e20c8c32991b3a | https://www.bbc.co.uk/news/world-asia-india-45179057 | India rejects patent plea for 'immoral' sex toy | India rejects patent plea for 'immoral' sex toy
India's patent office has rejected a plea by a Canadian company to patent a vibrator because sex toys violate "public order and morality".
Invoking India's obscenity law, the patent office said the law "has never engaged positively with the notion of sexual pleasure".
The patent office said sex toys are considered to be obscene objects and are illegal in India.
But
a 2011 court ruling
had said sex toys could not be considered obscene.
An Ontario-based company called Standard Innovation Corporation had applied for a patent in India for a new vibrator, to prevent generic local copycats being sold in the market, according to Shamnad Basheer, a visiting professor of law at India's National Law School who is working on a book about public health law.
In April, the patents office rejected the plea, saying that sex toys lead "to obscenity and moral deprivation of individuals".
"These are toys that are not considered useful or productive. Mostly these are considered to be morally degrading by the law," the office said.
"The law views sex toys negatively and has never engaged positively with the notion of sexual pleasure".
The office also invoked the Section 377 of the Indian Penal Code (IPC), a 155-year-old colonial-era law, which criminalises gay sex and unnatural intercourse, in refusing the patent.
An appeal to strike down provisions of the law is currently pending before the Supreme Court.
"Why should the patents office handle moral decisions? Officials trained in technical science are not supposed to decide whether an invention is moral or immoral," Prof Basheer told the BBC.
Sex toys are openly sold online, and in a thriving black market in India.
A
survey by an online store selling sex toys in India
last year found that 62% of the buyers of sex toys in India were men, while the remaining 38% were women.
|
33a22851fab3801b004a406e0f339938 | https://www.bbc.co.uk/news/world-asia-india-45328322 | The Indian tribe that gave up hunting to save forests | The Indian tribe that gave up hunting to save forests
A tribe in the north-eastern Indian state of Nagaland gave up their ancient tradition of hunting to protect wildlife. Photographer Sayan Hazra chronicles life in the village years after it banished the practice.
At one time, 76-year-old Chaiyievi Zhiinyii was a skilled hunter. But he stopped hunting in 2001.
The Angami tribe gave up what was an important source of livelihood some 20 years ago in order to create a more stable ecosystem for future generations.
For centuries, many in the remote, hilly village of Khonoma spent the majority of their time hunting. They killed animals for sustenance but also because it was a tradition and a way of life.
It all began in 1993 when some tribespeople began a campaign to stop hunting. They were spurred to act after they discovered that the grey-bellied Tragopans, a type of pheasant, was an endangered species.
The region is home to a few hundred of the birds but they were often killed for their meat.
As a result of the campaign by some people in the tribe, the village council decided to cordon off about 20 sq km, where they would not allow hunting. In 1998 this area became the Khonoma Nature Conservation and Tragopan Sanctuary.
In the years since the council has banned all forms of hunting, logging, jungle burning as well as any kind of commercial operation that exploits natural resources and the forests that surround the village.
According to local tradition, members of the tribe are encouraged to keep the heads of hunted animals inside their homes.
While most of the hunters have given up their rifles, some still display the heads of the animals they had killed.
Muzzle-loading guns and a range of traps are among the most widely used hunting equipment in Nagaland.
For many hunters, these weapons embodied skill as well as courage. They represented a sacred practice that was passed down the from one generation to another.
The community is also fond of folk music, which its members practice and often perform in front of the village council or during celebrations.
Khonoma village boasts a wide range of plant species, which include medicinal varieties as well as wild vegetables.
The tribe's ecological sensitivity extends to their agricultural practices as well. They all farm for a living but they do not use chemical fertilisers or pesticides.
They also practice an elaborate system of terraced farming and irrigation for higher yields.
"We don't want our folklore to become meaningless to our future generations as it has names of so many wild species of birds, plants, animals and wild flowers," said Mr Khriekhoto Mor, chairman of the Khonoma Nature Conservation and Tragopan Sanctuary.
"Our life, tradition and culture are very much dependent on nature and its habitats and we are determined to protect them. "
Correction: This article has been amended to reflect that the name of the tribe is Angami, and not Khonoma.
Sayan Hazra is a photographer based in India.
|
0a4b4aa54434f10fb05d26cf6a6aa0bd | https://www.bbc.co.uk/news/world-asia-india-45875863 | Viewpoint: The 'feminist' ruling angering Indian women | Viewpoint: The 'feminist' ruling angering Indian women
A recent Supreme Court ruling, which has been hailed as a feminist victory, has instead angered the Indian women it was meant to empower, says commentator Shyam Krishnakumar.
At the Sabarimala temple in the southern Indian state of Kerala, a tense stand-off is under way between women who are determined to use a judicial verdict to enter the temple and large groups of devotees including women, making a last-ditch effort to preserve the integrity of their age-old traditions.
The issue began with a recent Supreme Court verdict allowing the entry of women between the ages of 10 and 50, which was prohibited by the temple's traditions.
Why has a seemingly feminist verdict caused a groundswell of protest including from the very subaltern women it was meant to empower?
Sabarimala commands a massive following cutting across caste, gender and linguistic lines. Every year, millions of pilgrims including tribal communities, Muslims and Christians, undertake a rigorous 41-day fast and embark on a barefoot pilgrimage to the temple which located in the dense forests of the Western Ghats.
The temple is dedicated to the deity Ayappa in the form of an eternal celibate in penance. Therefore, traditionally only men, very young girls or post-menopausal women enter the temple.
Two weeks ago, a five judge bench of India's Supreme Court struck down the restriction on women of "menstruating ages". The four male judges delivered a majority verdict on the grounds of gender discrimination and because it wasn't an "essential practice" of the denomination.
Indu Malhotra, the only woman judge on the bench, disagreed with the majority verdict.
"Issues of deep religious sentiments should not be ordinarily interfered by the court... Notions of rationality cannot be invoked in matters of religion," she said in her dissenting opinion.
Observing that women's right to worship Lord Ayappa was not violated as there are a thousand other Ayappa temples without restrictions on women. Justice Malhotra added the court must not interfere unless approached by an aggrieved person from the denomination.
Objections notwithstanding, the verdict was widely celebrated as a progressive step by an activist judiciary in ensuring women's "right of worship".
Then, something unexpected happened.
In town after town in Kerala, tens of thousands of women hit the streets protesting against the verdict. This spread across India with marches in Delhi, Bangalore, Chennai and internationally in the UK, US and Canada.
Sensing the pulse, India's leading Hindu nationalist organisation, the Rashtriya Swayamsevak Sangh (RSS), and the ruling Bharatiya Janta Party (BJP), who were initially in favour of the judgement, did a flip-flop and were eager to be seen supporting the protests.
The main opposition Congress party also joined the bandwagon. Consequently, multiple party-led protest marches and some incendiary statements followed.
Kerala is not a place where women are voiceless. It has historically been a matrilineal society where women have controlled and inherited property for centuries. The state has the highest literacy rate in India and its social indicators are comparable to developed countries.
The protesting women feel that no one cared to understand their worldview. They feel that those with privilege and a voice are imposing a "liberation" that these women do not seek.
"The authorities misread the situation by looking at this issue through a colonial prism," says Anjali George, who pioneered a social media campaign in favour of the temple's ban on women.
"This has effectively contributed to a situation where people are losing faith in the ability of the system to protect their religious rights and traditions."
Hinduism is an umbrella term for a staggeringly diverse set of cultural practices, traditions and systems of worship.
While the celibate Lord Ayappa at Sabarimala does not see women devotees of a certain age, the same deity is worshipped in a married form in other temples by both women and men.
And it's not only women who are barred from some temples.
The Kamakhya Temple in the northeastern state of Assam bars men from entering during the auspicious time when the goddess menstruates.
Hardly a dozen among the few millions of temples in India have gender-based entry restrictions. Equality cannot become a premise to create an artificial homogeneity, forcing a conformity that destroys diverse, intergenerational practices which enjoy the support of all stakeholders including women.
No efforts are taken to sincerely engage with the practices of the actual stakeholders. What masquerades under the garb of "reform" is a way to impose modernity on native practices by judicial writ and state force if necessary.
The judgement has also raised disturbing questions about the relationship between religion and state in India.
The government has become increasingly involved in managing religious institutions and the judiciary in determining correct religious practice. Noted advocates Fali Nariman and Rajeev Dhavan offer a scathing indictment of this saying "judges have virtually assumed the theological authority to determine which tenets of a faith are 'essential'".
The stand-off at Sabarimala exposes the stark dichotomy between a cosmopolitan elite who celebrate the "liberation" of women and the visceral grassroots reaction from millions of women devotees who feel their voices are not being heard in today's India.
|
9dd48da5881be16706beef836099b48f | https://www.bbc.co.uk/news/world-asia-india-46028342 | India unveils the world's tallest statue | India unveils the world's tallest statue
India has unveiled the world's tallest statue, which cost 29.9bn rupees (£330m; $430m) to build.
The 182m (600ft) high structure in the western state of Gujarat is a bronze-clad tribute to independence leader Sardar Vallabhbhai Patel.
Prime Minister Narendra Modi said the "statue of unity" would serve as a major tourist attraction.
But locals say this is as a waste of public money and that the funds could have been put to better use.
Mr Modi, who unveiled the statue at a grand inaugural event, said it is "a symbol of India's integrity and resolve."
Air Force planes showered flowers on the statue, which was designed by decorated Indian sculptor Ram V Sutar.
According to local reports, thousands of policemen have been deployed across the district, where protests over the effigy have turned violent. Police detained farmers and tribal activists during a protest on Tuesday.
The statue has become a rallying point for local farmers who are demanding compensation for land that they say has been acquired by the government for various projects, including the construction of the memorial.
The Gujarat government is reported to have paid more than half of the funds for the statue, while the remainder came from the federal government or public donations.
The memorial has been seen as a pet project of Mr Modi, who like Patel, was born in Gujarat. He commissioned the statue when he was the state's chief minister in 2010.
It is nearly twice as tall as New York's Statue of Liberty. And it has surpassed the height of the Spring Temple Buddha in China which, at 128m, was previously the tallest in the world.
But it won't remain the world's tallest statue for long. The government in the western state of Maharashtra is constructing a memorial to the Maratha warrior king Shivaji that is estimated to be 190m tall.
Patel was India's first interior minister and deputy prime minister. He was known as the "Iron Man of India" after he persuaded feuding states to unite and become part of the Indian state after independence.
While campaigning in 2013 to become prime minister, Mr Modi said, "every Indian regrets that Sardar Patel did not become the first prime minister".
In recent years, Mr Modi's ruling Hindu nationalist Bharatiya Janata Party (BJP) has embraced Patel in an attempt to claim his legacy. While Congress party politicians say Patel was a member of their party, the BJP says the freedom fighter's legacy belongs to everybody.
Officials expect that the site, located some 200km (125 miles) from Gujarat's main city, Ahmedabad, will attract about 2.5 million annual visitors and will help boost local economy.
Visitors can go up to the viewing gallery, which is located near the chest of the statue at a height of 153m.
But locals, including farmers, are sceptical.
"Instead of spending money on a giant statue, the government should have used it for farmers in the district," Vijendra Tadvi, a farmer who also worked as a driver on the statue's construction site, told BBC Gujarati's Roxy Gagdekar.
|
eb6fb590b593599f375a0193375f9818 | https://www.bbc.co.uk/news/world-asia-india-46134834 | Virat Kohli causes uproar with 'leave India' comment | Virat Kohli causes uproar with 'leave India' comment
India cricket captain Virat Kohli is embroiled in controversy after lashing out at a cricket fan who said he preferred English and Australian batsmen to Indian players.
"I don't think you should live in India, go and live somewhere else," Kohli told him in a video recording.
He was responding to messages during the launch of his mobile app on Monday.
The video went viral and prompted a torrent of criticism against Kohli on social media.
The 30-year-old cricketer has been hailed as one of the greatest batsmen in the world and is often touted as India's cricket megastar since national legend Sachin Tendulkar retired in 2013.
He responded to the backlash by saying he was "all for freedom of choice", adding: "I guess trolling isn't for me guys, I'll stick to getting trolled!"
In the video, Kohli is seen reading out a message from a cricket fan who described him as an "overrated batsman". He also said he enjoyed watching batsmen from English and Australian teams rather than the current Indian team, who the fan referred to as "these Indians".
"Why are you living in our country and loving other countries? I don't mind you not liking me, but I don't think you should live in our country and like other things," Kohli said in his response. He added that the fan should get his "priorities straight".
Social media users had been quick to call out Kohli over his remarks - and many referred to past instances in which he had praised sportspeople of other nationalities.
Harsha Bhogle, a prominent cricket commentator and journalist, also weighed in on the controversy.
Some others mocked Kohli's response.
This isn't the first time Kohli has been in the spotlight for controversial statements.
In 2016, when India's federal government cancelled 86% of the country's currency, Kohli called it the "greatest move" he has ever encountered in politics.
The remark sparked criticism because the surprise decision had disrupted the lives of millions of Indians.
Writing about Kohli's latest comments,
Times of India journalist Dwaipayan Dutta wonders if the cricket captain is "losing perspective" off the field
.
The statement, he writes, is "probably an extension of the nationalist narrative that modern India tries to propagate".
Last month, Kohli became the fastest batsman to reach 10,000 one-day international runs in a match against West Indies.
He achieved the feat in his 205th innings and surpassed Tendulkar, who did it in 259 innings in 2001.
|
99e128642fdb862302f1c4b8b3ba4b64 | https://www.bbc.co.uk/news/world-asia-india-46135764 | Delhi air: Eating berries and wearing masks to beat pollution | Delhi air: Eating berries and wearing masks to beat pollution
Every winter, a thick blanket of smog descends on large parts of India and people begin a losing fight against the frightening levels of pollution.
Thousands land up in doctors' clinics with breathlessness, fill up hospital beds with lung problems and many are forced to stay off school or work.
And with measures announced by the federal and state governments to curb pollution not making any impact, many are finding their own ways of coping.
Here are some of the most popular ways Indians try to beat pollution - but do any of them really work?
A quick search on Amazon India for air purifiers throws up more than 2,000 results and a cursory glance shows they are not cheap.
But in the past few years, many Indians have begun investing in indoor air purifiers in the belief that they will help improve the air quality.
In March, a
report said the government had bought a total of 140 purifiers
to ensure that officials, including Prime Minister Narendra Modi, could breathe easy.
But are they effective?
"Air purifiers work only in an environment that's totally sealed," says Dr Karan Madan, associate professor of pulmonary medicine at Delhi's All India Institute of Medical Sciences hospital.
So every time you open a door or a window in your home "the indoor air quality immediately mimics the outdoor air quality" - simply put, if the pollution levels outdoors are high, they'll instantly become high indoors too.
And the question then is: can you sit pretty much all the time in a room that's completely shut off?
"It's not really practical," says Dr Madan.
Online retailers in India have thousands of options for masks. You can also buy them at your neighbourhood chemists.
Some are simple cloth masks while others come with high-grade filters to keep toxins out. They're available in black or can be multi-coloured.
And thousands of people in the capital, which is among the worst affected by pollution, are wearing them.
But can a face mask protect you from the deadly tiny particulate matter that enter deep into the lungs and play havoc with your health?
A mask with a capacity to filter out these tiny microns can help but, Dr Madan says, they will have to be worn all the time and be completely sealed around the nose and the mouth.
"But these high filtration capacity masks can make breathing difficult, especially during exercise. And how are you going to make children wear it when they go out to play?
"These are solutions that are very difficult to use," he adds.
Last week, as Delhi's air quality began worsening, schools in Delhi started taking precautionary measures - morning assemblies were suspended, outdoor games were restricted, and one school began distributing gooseberries to students.
That's because traditional Indian wisdom says the sour green fruits are loaded with anti-oxidants and can help boost immunity and reduce the impact of pollution.
Nutritionists have also suggested drinking a concoction made with turmeric, ginger and Indian basil, or eating jaggery or clarified butter.
Dr Madan says he's not sure to what extent these claims are backed by scientific data and that there is no evidence to suggest they work.
He says any food that contains vitamins and anti-oxidants is good for overall health, but it doesn't prevent exposure to pollution.
In the past week, Dr Madan says, the number of patients he's seen with "asthma-like symptoms" has risen, with many complaining about a "burning-itching sensation in the nose and throat".
Describing it as a "serious health emergency", he says children, the elderly and the asthmatic are more vulnerable to bad air and he's advising them to "avoid outdoor activities and heavy exertion".
The adverse impact of pollution is already established on the lung and heart, but newer research points to its impact on our cognitive abilities too -
a recent study found pollution also causes a reduction in intelligence.
It's well known that trees help absorb pollution, but newspapers and websites in India are increasingly talking about indoor plants that can suck out toxins from inside homes.
The list of top air purifying plants includes, among others, aloe vera, the spider plant, a type of lily and the snake plant (also known as Mother-in-Law's Tongue).
Dr Madan says the claim that they have an impact on the air quality needs to be backed by evidence.
"Someone please do a study on pollution within homes with and without these plants. We need very good quality data to see if this intervention can be effective."
But Dr Madan is clear the situation is so bad there's really only one course of action - and that is to tackle the pollution itself.
"There are no shortcuts. We have to control the source of pollution, that is the most important part."
|
1014489730915e692a4363434495badc | https://www.bbc.co.uk/news/world-asia-india-46231869 | India tiger cubs 'may become man-eaters' | India tiger cubs 'may become man-eaters'
Indian forest officials are trying to capture two orphaned tiger cubs amid fears they may become man-eaters, authorities have told the BBC.
It is believed their mother, who was shot dead in the state of Maharashtra after a major hunt this month, had killed 13 people.
The six-year-old tigress had evaded capture for two years.
Her killing angered conservationists and it is hoped the 11-month-old cubs can be tranquillised and caught.
"They need to be rescued because they can become a potential threat to human beings," AK Misra, the principal chief forest conservator of Maharashtra, told the BBC.
Mr Misra said for now the cubs could survive by hunting small wild animals in the forests of Yavatmal.
"But because this area is not a national park nor is it a proper forest, they may go for easy prey in the nearby human settlements. And we want to pre-empt that potential danger, " he said.
He said officials had traced the cubs' location, but because of the difficult terrain their capture was taking some time.
"We are waiting for the right opportunity to tranquilise them. We are not in hot pursuit; we want to make sure that we do this successfully."
The hunt for the tigress, known as T-1, involved more than 100 camera traps, horses and goats tied to trees as bait, round-the-clock surveillance from treetop platforms and armed patrols.
Wildlife officials also brought in bottles of the cologne, Obsession for Men by Calvin Klein, which contains a pheromone called civetone, after an experiment in the US suggested that it could be used to attract jaguars.
In August, the tigress killed three people around the town of Pandharkawada in Yavatmal district and left more than 5,000 residents fearing for their lives.
Locals were concerned the cubs might have tasted human blood, although Mr Misra said this was unclear.
"Once they are captured, the relevant authorities and personnel will meet and decide how and where these cubs will be rehabilitated," Mr Misra said.
India is home to 60% of the world's wild tigers. There are more than 200 in Maharashtra, but only a third live in the state's 60 protected areas, including sanctuaries, natural parks and tiger reserves.
Conservationists say their natural habitats are shrinking because of human encroachment.
Human-wildlife conflict is seriously on the rise in India.
Government figures show that every day one person is killed by elephants or tigers.
|
e8b5eb8210b9fe709cb56d4e924d60f7 | https://www.bbc.co.uk/news/world-asia-india-46281050 | Indian man sentenced over anti-Sikh riots in 1984 | Indian man sentenced over anti-Sikh riots in 1984
A court in India has sentenced a man to death over the 1984 anti-Sikh riots that left nearly 3,000 people dead.
Yashpal Singh was earlier found guilty of killing two Sikh men in Delhi. Another man, Naresh Sherawat, was given life imprisonment.
Sikhs were targeted in the capital and elsewhere after Prime Minister Indira Gandhi was assassinated by one of her Sikh bodyguards.
Relatives of the victims rejoiced when the judge read out the sentence.
The two convicts were also fined by the court in Delhi.
The two Sikh men who were killed in November 1984 were Hardev Singh, 24, and Avtar Singh, 26.
The anti-Sikh violence lasted three days, with Hindu mobs hunting down Sikhs across India.
Mrs Gandhi's assassination came four months after the storming by the Indian army of the Golden Temple in Sikhism's holy city Amritsar, where Sikh militants fighting for an independent homeland had taken up position.
Sikh activists accuse leaders of Mrs Gandhi's Congress party of fanning the anti-Sikh riots.
Few have been brought to justice over the killings.
|
854329549adeda562ffda74fda0b4b51 | https://www.bbc.co.uk/news/world-asia-india-46557662 | India election 2019: Are three times more roads being built? | India election 2019: Are three times more roads being built?
In April 2018, India's Prime Minister, Narendra Modi, said his government was building more roads than ever.
"Today, the volume of work that is being done every day is three times what was done previously," he said.
India has one of the largest road networks in the world, covering a total of 5.5 million km (3.4 million miles).
In the run-up to the Indian election, which gets under way on 11 April, BBC Reality Check is examining claims and pledges made by the main political parties.
Claim:
The current government says it is building three times as many roads in India, compared with previous governments.
Verdict:
Road-building has gone up significantly under this government, although not as much as Mr Modi has claimed.
Road infrastructure in India is divided into three categories:
At independence in 1947 the total length of national highways in India - the main routes that cross the country - was around 21,000km.
By 2018, it had gone up to almost 130,000km.
National highways are funded and constructed by the government, in Delhi, and state highways by state governments across India.
Rural roads come under the Ministry of Rural Development, in Delhi.
Official government data for the past decade shows the total length of highways built each year increased sharply after 2014, when the BJP came to power.
In its last year in office, in 2013-14, the previous Congress-led government built 4,260km of national highway.
In 2017-18, the current BJP government built a total of 9,829km of highway - more than double but not as much as three times the 2013-14 figure.
In a December 2018 review, the Ministry of Road Transport and Highways said more than 300 government highway projects would be completed by the end of 2019.
The present government has also set aside increasing amounts in the budget each financial year for developing national highways.
The Highways and Transport Minister, Nitin Gadkari, has said roads and highways are "a country's assets".
And his efforts have even been praised by opposition Congress party leader Sonia Gandhi
.
Plans for extending roads in rural areas are not new - in fact, they date back to a previous BJP-led government in 2000.
In May last year, the current BJP government said more than 47,000km of rural roads had been constructed in the financial year 2016-17.
"Construction of rural roads reached an all-time high in 2016-17, under the Modi government," it said.
However, official data for the past decade shows that 2009-10 saw an even higher length of rural roads built - 60,117km.
And this was when a Congress-led government was in power.
Since the BJP came to power, the budget for rural roads has increased every financial year - to expand the network to less accessible areas.
And the World Bank, which has been helping finance rural road building since 2004, said,
in a report issued in December 2018
, that progress had been "highly satisfactory".
Read more from Reality Check
Send us your questions
Follow us on Twitter
|
cd2529a452398ecc8acd859998ffa62a | https://www.bbc.co.uk/news/world-asia-india-47437371 | Trevor Noah sorry for India-Pakistan comments | Trevor Noah sorry for India-Pakistan comments
Comedian Trevor Noah has said he is sorry for making jokes about the sharp rise in tensions between India and Pakistan over disputed Kashmir.
He said a war between the two would be "the most entertaining", adding "it would also be the longest war of all time - another dance number!"
The gag, in an episode of The Daily Show, caused most anger in India where thousands poured fury onto Twitter.
India and Pakistan have fought two wars and a limited conflict over Kashmir.
Both countries claim all of Kashmir, but each controls only part of it. The events of the past two weeks has seen an almost unprecedented escalation, which culminated in Pakistan shooting down an Indian fighter jet and capturing an Indian pilot - they later released him.
Shelling over the de facto border dividing Kashmir continued over the weekend, resulting in civilian casualties on both sides.
After Noah's Daily Show appearance last week, criticism built up online which saw the South African comedian condemned as "racist" and "insensitive".
When one Twitter user accused him of mocking "war through a Bollywood stereotype", Noah responded with an explanation of his comedy process - but also said "I am sorry that this hurt you and others, that's not what I was trying to do".
He said that he used comedy to "process pain and discomfort", pointing out that he had even made jokes about his mother being shot in the head.
He followed up by saying that he was amazed that his joke over the conflict "trended more than the actual conflict itself".
That sentiment also clearly struck a chord. Some users said the outrage that trended over his jokes was "unnecessary", and just another example of the social media echo chamber that amplifies all offence.
On The Daily Show's own YouTube page, some expressed dismay but many chimed in to say they found the segment funny.
Twitter is the social media platform where political controversy in India tends to play out - and so this is where offence escalated most. In addition, there isn't a well established tradition of political satire in India, so Noah's comedy was bound to have its detractors.
A Facebook page called Humans of Hindutva became notorious in India for poking fun at political leaders and parties. It amassed a large following quickly - but was also seen as very controversial in India and felt compelled to pause its satire.
Indian celebrities have also been castigated for taking a political stand - and sometimes, for not taking one.
Bollywood actress Priyanka Chopra's recent tweet in support of the Indian air force
has now spurred a petition in Pakistan against her, calling on Unicef to strip her of her Goodwill Ambassador title.
On 26 February, India carried out air strikes on what it said was a militant camp in Pakistan in retaliation for a suicide bombing that killed at least 40 Indian troops in Indian-administered Kashmir on 14 February.
A Pakistan-based group said it carried out the attack - the deadliest to take place during a three-decade insurgency against Indian rule in Kashmir.
Pakistan - which denies any involvement in the 14 February attack - said it had no choice but to retaliate with air strikes last week.
That led to a dogfight and an Indian fighter jet being shot down in Pakistan-administered Kashmir.
The fighter pilot, who was captured by Pakistan, was released
on 1 March and arrived in India, where he has been hailed as a hero.
|
3556ddedb752cd799525b6914e9b1b3d | https://www.bbc.co.uk/news/world-asia-india-47607556 | Manohar Parrikar: India PM Modi leads tributes | Manohar Parrikar: India PM Modi leads tributes
Indian Prime Minister Narendra Modi led condolences for Goa chief minister Manohar Parrikar, who died on Sunday from pancreatic cancer.
Parrikar, 63, served as defence minister from 2014 to 2017, and was an important leader in Mr Modi's ruling Bharatiya Janata Party (BJP).
He also served as Goa chief minister four times and his death has left a vacuum in the state's politics.
Leaders across the political divide mourned his death.
Mr Modi put out a series of condolence tweets - he praised Parrikar's tenure as defence minister for having "enhanced India's security capacities", and said Goa had reached "remarkable heights of progress" during his time as chief minister.
Several others, including opposition leaders, and current and former ministers tweeted their condolences.
Parrikar was often praised for being "clean" or not corrupt, and was widely seen as someone who brought stability to Goa's politics - the state has had a string of unsteady coalition governments for decades. Parrikar himself had been chief minister thrice before but had never completed a full five-year term.
Although his cancer diagnosis became public in early 2018, he stayed in office through his illness - many see this as proof of how much the BJP needed him.
Parrikar had been mid-way through his tenure as defence minister when he chose to leave the post in 2017 to become chief minister of Goa.
The Congress had emerged as the single-largest party in state elections, but had fallen short of a majority and three of its members crossed over to the BJP.
Led by Parrikar, the BJP then cobbled together a coalition with smaller regional parties and independent candidates.
His death has again set off a scramble for power in Goa.
The Congress party has staked a fresh claim to the state government as the BJP finds itself in a precarious spot with just 11 seats in the 40-member house. However, it still enjoys the support of some smaller regional parties and independent candidates.
An engineer by profession, Parrikar joined politics under the tutelage of the Rashtriya Swayamsevak Sangh (RSS), a right-wing Hindu nationalist organisation that is the ideological arm of the BJP. Many of the the BJP's leaders, including Mr Modi, have come from the ranks of the RSS.
Yet Parrikar appealed to the state's large Catholic community and succeeded in getting many of them to vote for the BJP.
Parrika's funeral will be held in the evening on Monday. His body is currently lying in state at the BJP's headquarters in Goa where political leaders have been gathering to pay their respects.
|
23b43f0c5e800a3db3baf239a50527a8 | https://www.bbc.co.uk/news/world-asia-india-49109767 | Have no girls been born in 132 villages in India? | Have no girls been born in 132 villages in India?
When reports emerged earlier this week
that no girl had been born in 132 villages
in the small Himalayan state of Uttarakhand in the last three months, it sparked panic and prompted a government investigation into the matter.
The "no girl villages" were reported from Uttarkashi, where some 400,000 people live in 550 villages and five towns. Much of the terrain is hilly and remote. In a country which has been grappling with an awful sex-ratio imbalance - largely because of illegal sex-selection abortions - the news has caused considerable anguish.
Except that this might not be completely true.
The reports said 216 boys and no girls were born in the 132 villages between April and June. But officials found 180 girls and
no
boys were born during the same period in 129 different villages. And to complete the mixed picture, 88 girls and 78 boys were born in another 166 villages.
Overall 961 live births were recorded in Uttarkashi between April and June. A total of 479 were girls, while 468 were boys. (The rest were possibly stillborn) This, officials say, corresponds with the district's favourable sex ratio of 1,024 women for 1,000 men, higher than the national average of 933 women per 1,000 men.
Officials say the media possibly cherry-picked the birth data provided by volunteer health workers entrusted with collecting it. Some 600 of these workers are tasked with the job of recording pregnancies and births, and carrying out immunisation and birth control programmes.
"I feel media reports about the no-girl villages have been misinterpreted. Also, there is not enough understanding of the context. We've ordered an investigation anyway," Ashish Chauhan, the senior-most official of the district told me.
So 26 officials have fanned out across 82 villages to check the veracity of the data and to find out whether something is wrong.
What could have gone wrong?
One possibility is the data is erroneous or incomplete, and the health workers slipped up. Did they assign a number of male births to a group of villages, and a number of female births to another group?
Second, Uttarkashi is a thinly populated place. The average population of a village is 500, and some of the more remote villages have a population of about 100. Health officials say the smallest villages will typically have 10-15 households, and a substantial number of such villages with single-sex births "did not add up to much".
"If girl babies have not been born in so many villages, it would have hurt the overall sex ratio of the district," Mr Chauhan said.
Locals claim there is little history of discrimination between boys and girls in the district, and point to its favourable sex ratio. "Be it girl or boy, we only pray that the child is healthy and happy," Roshni Rawat, a local woman,
told the Hindustan Times newspaper
.
Also, women here are typically more hardworking than men: labouring on farms, cutting grass, milking cows, cooking and doing household chores. Alcoholism among men is high.
Officials say they have not reported cases of female foeticide in the district for some years now. There are three registered ultrasound machines in the district, all in government clinics.
"There's no economies of scale here to carry out large-scale illegal abortions or tests to abort female births," says Mr Chauhan.
But there's an interesting caveat.
Of the 961 births here between April and June, 207 were recorded at home. (The rest were recorded in hospitals or institutions.) A total of 109 of them were male and 93 were girls, upending the overall sex ratio in this district.
"This is a bit of a puzzle. We have to investigate this further. Home births typically happen in far-flung villages where access to ambulances and clinics is difficult," Dr Chandan Singh Rawat, a senior medical officer of the district told me.
In a week's time, we will know more about the so-called "missing girls" of Uttarakhand.
Read more from Soutik Biswas
Follow Soutik on Twitter at
@soutikBBC
|
2b4093a6f5255cb23554078043076abb | https://www.bbc.co.uk/news/world-asia-india-49246434 | Kashmir in lockdown after autonomy scrapped | Kashmir in lockdown after autonomy scrapped
Indian-administered Kashmir remains locked down a day after it was stripped of a status that gave it significant autonomy from the rest of India.
Telephone networks and the internet, which were cut off on Sunday evening, are yet to be restored and tens of thousands of troops are patrolling the streets.
Instances of protest and stone-throwing have been reported despite the communications blackout and a curfew.
Local leaders have also been detained.
The Himalayan region of Kashmir is claimed in its entirety by both India and Pakistan, but they each control only parts of it.
There is a long-running separatist insurgency on the Indian side, which has led to thousands of deaths over three decades. India accuses Pakistan of supporting insurgents but its neighbour denies this, saying it only gives moral and diplomatic support to Kashmiris who want self-determination.
In his first remarks on the revoked status, Pakistani Prime Minister Imran Khan said what had happened was illegal under international law and that his country could take the issue to UN security council.
"We will fight it at every forum," Mr Khan told parliament on Tuesday. Earlier Pakistan's powerful army chief said his troops stood by Kashmiris in their "just struggle".
The lockdown in Indian-administered Kashmir is being enforced amid concern that the government's decision to revoke autonomy could trigger large-scale protests by people already unhappy with Indian rule.
The BBC's Aamir Peerzada in Srinagar, who has managed to access one of the few working landlines in the state, said there was a palpable sense of anger and betrayal among people he has spoken to.
One man in Baramulla, he said, "felt that Kashmir had lost its freedom and had been enslaved by India. This is actually the prevailing sentiment. All the decisions were made in Delhi."
Kashmiris in other parts of the country have said that they are unable to get through to their families.
Tens of thousands of additional troops were deployed in what is already one of the world's most militarised zones ahead of the government's announcement on Monday, and more troops have been sent since.
For many people in Indian-administered Kashmir, Article 370 - as the law guaranteeing special status was known - was the main justification for being a part of India. By revoking it, the Bharaitya Janata Party-led government has irrevocably changed Delhi's relationship with the region, says the BBC's Geeta Pandey.
The article allowed the the Indian state of Jammu and Kashmir a certain amount of autonomy - its own constitution, a separate flag and the freedom to make laws, though foreign affairs, defence and communications remained the preserve of the central government.
It could make its own rules relating to permanent residency, ownership of property and fundamental rights. It could also bar Indians from outside the state from purchasing property or settling there.
The government said Article 370 needed to be scrapped to put the state on the same footing as the rest of India.
But many Kashmiris believe that the BJP ultimately wants to change the demographic character of the Muslim-majority region by allowing non-Kashmiris to buy land there.
The revocation of special status is currently being debated in the lower house, where a bill relating to the division of Jammu and Kashmir into two distinct regions has been introduced. The state comprises three regions, the Muslim-majority Kashmir valley, Hindu-majority Jammu and Ladakh, which is largely Buddhist.
The bill, which was passed by the upper house on Monday, seeks to split the state into two union territories - Jammu and Kashmir, and Ladakh. Union territories have less autonomy from the federal government than states do.
So the decision to convert Jammu and Kashmir into a union territory is also being seen as an attempt to exercise greater federal control.
This, coupled with the stripping of the state's special status, has drawn sharp criticism from opposition MPs.
Lawmakers from the south, such as those from the DMK party, expressed concern about what they saw as weakening of India's federalism.
Many of them fiercely condemned the move. They accused the government of "denying the will of the people" of Kashmir since the decision to revoke Article 370 was taken without consulting the state's lawmakers.
The critics asked Home Minister Amit Shah where some of the state's leading politicians were, including MP Farooq Abdullah who is not present in parliament. They demanded to know why the house had not been informed ahead of their arrest.
Mr Shah told the house that Mr Abdullah was not being detained, but soon after,
Mr Abdullah appeared in an interview with the NDTV news channel, alleging that he had been under house arrest
. "Why would I stay inside my house on my own will when my state is being burnt? This is not the India I believe in," the 81-year-old MP said, breaking down as he spoke.
But the opposition is also divided. Several parties, including Delhi's AAP, have backed the decision to revoke Article 370 and bifurcate the state.
|
d9c65def9419b45908fec3b1fcce1fe3 | https://www.bbc.co.uk/news/world-asia-india-49481180 | 'Don't beat us, just shoot us': Kashmiris allege violent army crackdown | 'Don't beat us, just shoot us': Kashmiris allege violent army crackdown
Security forces in Indian-administered Kashmir have been accused of carrying out beatings and torture in the wake of the government's decision to strip the region of its autonomy.
The BBC heard from several villagers who said they were beaten with sticks and cables, and given electric shocks.
Residents in several villages showed me injuries. But the BBC was not able to verify the allegations with officials.
The Indian army has called them "baseless and unsubstantiated".
Unprecedented restrictions have put Kashmir into a state of lockdown for more than three weeks and information has only trickled out since 5 August when Article 370 - as the provision giving the region special status is known - was revoked.
Tens of thousands of extra troops have been deployed to the region and about 3,000 people - including political leaders, businesspeople and activists - are reported to have been detained. Many have been moved to prisons outside the state.
The authorities say these actions are pre-emptive and designed to maintain law and order in the region, which was India's only Muslim-majority state but is now being divided into two federally-run territories.
The Indian army has been fighting a separatist insurgency here for over three decades. India blames Pakistan for fomenting violence in the region by supporting militants - a charge that its neighbour, which controls its own part of Kashmir, denies.
Many people across India have welcomed the revocation of Article 370 and have praised Prime Minister Narendra Modi for taking the "bold" decision. The move has also been widely supported by mainstream media.
Warning: Content below might cause distress to some readers
I visited at least half a dozen villages in the southern districts which have emerged as a hub of anti-India militancy in the past few years. I heard similar accounts from several people in all these villages of night raids, beatings and torture.
Doctors and health officials are unwilling to speak to journalists about any patients regardless of ailments, but the villagers showed me injuries alleged to have been inflicted by security forces.
In one village, residents said that the army went from house to house just hours after India announced the controversial decision that upended a decades-old arrangement between Delhi and Kashmir.
Two brothers alleged that they were woken up and taken to an outside area where nearly a dozen other men from the village had been gathered. Like everyone else we met, they were too afraid of reprisals to reveal their identities.
"They beat us up. We were asking them: 'What have we done? You can ask the villagers if we are lying, if we have done anything wrong?' But they didn't want to hear anything, they didn't say anything, they just kept beating us," one of them said.
"They beat every part of my body. They kicked us, beat us with sticks, gave us electric shocks, beat us with cables. They hit us on the back of the legs. When we fainted they gave us electric shocks to bring us back. When they hit us with sticks and we screamed, they sealed our mouth with mud.
"We told them we are innocent. We asked why they were doing this? But they did not listen to us. I told them don't beat us, just shoot us. I was asking God to take me, because the torture was unbearable."
Another villager, a young man, said the security forces kept asking him to "name the stone-throwers" - referring to the mostly young men and teenage boys who have in the past decade become the face of civilian protests in Kashmir Valley.
He said he told the soldiers he didn't know any, so they ordered him to remove his glasses, clothes and shoes.
"Once I took off my clothes they beat me mercilessly with rods and sticks, for almost two hours. Whenever I fell unconscious, they gave me shocks to revive [me].
"If they do it to me again, I am willing to do anything, I will pick up the gun. I can't bear this every day," he said.
The young man added that the soldiers told him to warn everyone in his village that if anyone participated in any protests against the forces, they would face similar repercussions.
All the men we spoke to in all the villages believe the security forces did this to intimidate the villagers so that they would be too scared to protest.
In a statement to the BBC, the Indian army said it had "not manhandled any civilians as alleged".
"No specific allegations of this nature have been brought to our notice. These allegations are likely to have been motivated by inimical elements," army spokesperson Col Aman Anand said.
Measures had been taken to protect civilians but "there have been no injuries or casualties due to countermeasures undertaken by the army", he added.
We drove through several villages where many residents were sympathetic towards separatist militant groups, whom they described as "freedom fighters".
It was in one district in this part of Kashmir in February that
a suicide attack killed more than 40 Indian soldiers and brought India and Pakistan to the brink of war
. This is also the same region where popular Kashmiri militant Burhan Wani was killed in 2016, after which many young and angry Kashmiris joined the insurgency against India.
There's an army camp in the region and the soldiers regularly comb the area to track down militants and sympathisers, but villagers say they often get caught in the middle.
In one village, I met a man in his early 20s who said the army threatened to frame him if he didn't become an informant against militants. When he refused, he alleged, he was beaten so badly that two weeks later he still cannot lie on his back.
"If this continues I'll have no choice but to leave my house. They beat us as if we are animals. They don't consider us human."
Another man who showed us his injuries said he was pushed to the ground and severely beaten with "cables, guns, sticks and probably iron rods" by "15-16 soldiers".
"I was semi-conscious. They pulled my beard so hard that I felt like my teeth would fall out."
He said he was later told by a boy who had witnessed the assault that one soldier tried to burn his beard, but was stopped by another soldier.
In yet another village, I met a young man who said his brother had joined the Hizbul Mujahideen - one of the largest groups fighting Indian rule in Kashmir- two years ago.
He said he was recently questioned at an army camp, where he alleged he was tortured and left with a leg fracture.
"They tied my hands and legs and hung me upside down. They beat me very badly for more than two hours," he said.
But the army denies any wrongdoing.
In their statement to the BBC they said they were "a professional organisation that understands and respects human rights" and that all allegations "are investigated expeditiously".
It added that 20 of a total 37 cases raised by the National Human Rights Commission (NHRC) in the past five years were found to be "baseless", 15 were being investigated and "in only three cases allegations were found to be probe-worthy". Those found guilty, the statement added, are punished.
However, earlier this year, a report released by
two prominent Kashmiri human rights organisations documented hundreds of alleged cases of human rights violations
in Kashmir over the past three decades.
The UN Commission on Human Rights has also called for setting up a Commission of Inquiry (COI) to conduct a comprehensive independent international investigation into allegations of human rights violations in Kashmir. It has released a 49-page report on alleged excesses by security forces in the region.
India has rejected the allegations and the report.
|
67798cca4729137cf790e7ae3a80f8d3 | https://www.bbc.co.uk/news/world-asia-india-49836270 | Nambi Narayanan: The fake spy scandal that blew up a rocket scientist’s career | Nambi Narayanan: The fake spy scandal that blew up a rocket scientist’s career
Imagine your life being changed by a single dramatic moment. This is what happened to a top scientist in the Indian space programme, when one day, 25 years ago, police officers knocked at his door.
One winter afternoon a quarter of a century ago three policemen arrived at a house in a narrow lane in the southern Indian city of Trivandrum, the capital of the state of Kerala.
The officers were polite and respectful, Nambi Narayanan remembers.
They told the space scientist that their boss, a deputy inspector general of police, wanted to talk to him.
"Am I under arrest?" Mr Narayanan asked.
"No sir," the officer said.
It was 30 November 1994. The 53-year-old scientist led the Indian space agency's cryogenic rocket engine project, and was responsible for acquiring the technology from Russia.
Mr Narayanan walked out to the waiting police vehicle. He asked whether he should sit in the front or the back - suspects were usually dumped in the back seat.
The policemen asked him to sit in the front, and the Jeep rolled out of the lane.
When they arrived at the police station, the boss wasn't there, so Mr Narayanan was asked to wait on a bench. Policemen gaped at him as they passed by.
"They had that look as if they were looking at someone who had done some crime," Mr Narayanan says.
He waited and waited. The boss didn't turn up.
As night fell, he dozed off on the bench. When he woke up next morning, he was told he was under arrest.
A scrum of journalists had arrived, and within hours newspapers were describing him as a traitor - a man who had sold rocket technology to Pakistan, after falling into a honey trap set by two women from the Maldives.
His life was never the same again.
Nambi Narayanan was the first boy in a middle-class family, after five girls. His father was a businessman, trading in coconut kernel and fibre. His mother stayed at home to look after the children.
Young Nambi was a good student and topped his senior class. He went to an engineering school, got a degree and worked in a sugar factory for a while, before joining the Indian Space Research Organisation (Isro). "I always had a fascination for aircrafts and flying objects," he says.
At the agency, he rose rapidly through the ranks until he won a scholarship to study rocket propulsion systems at Princeton University. He rejoined the space agency when he returned home a year later.
At Isro Mr Narayanan worked with the stalwarts of India's space programme: scientists like Vikram Sarabhai, its founder and first chairman, Satish Dhawan, his successor, and Abdul Kalam, who later became India's 11th president.
"When I began working with Isro, the space organisation was in its infancy. We never really had a plan of developing any rocket systems. We were planning to use rockets from the US and France to fly our payloads," Mr Narayanan says.
But the plan changed, and Mr Narayanan became a key figure in the project to develop homegrown Indian rockets.
He worked diligently as a scientist until his life was turned upside down in November 1994.
A month before his arrest, the Kerala police had arrested a Maldivian woman, Mariam Rasheeda, on charges of overstaying her visa. Weeks later, they picked up her friend, Fauziyya Hassan, a bank worker visiting from Male, the capital of the Maldives. A major scandal then erupted.
Inspired by police leaks, local newspapers reported that the Maldivian women were spies stealing India's rocket "secrets" and selling them to Pakistan, in cahoots with scientists at the space agency.
Mr Narayanan, it was now claimed, was one of the scientists who had succumbed to the women's charms.
The day he was formally arrested, Mr Narayanan was produced in court.
"The judge asked me whether I would confess to the crime. I asked, 'What crime?' They said, 'The fact that you have transferred the technology.' I couldn't understand anything," he remembers.
The judge remanded him to judicial custody for 11 days. A memorable image from that time shows the scientist walking down the steps of the court building, dressed in a dark-coloured shirt and light grey trousers, surrounded by policemen.
"I was in a shock, and then a trance. At one instance it appeared to me that I was watching a movie - with me as the central character," Mr Narayanan wrote in his memoirs.
Over the next few months, his dignity and reputation were torn to shreds. He was charged with violating India's official secrets law and corruption, among other things.
His interrogators beat him up and handcuffed him to a bed. They forced him to stand and answer questions for 30 hours on end. They made him take lie-detector tests even though the results are not admitted as evidence in Indian courts.
Then they took him to a high security prison, where one of his co-prisoners was a "serial killer" who had bludgeoned his victims to death. (The man told Mr Narayanan that he had been reading about the case and that he could tell that the scientists were innocent.)
Mr Narayanan told the police that rocket secrets "could not be transferred by paper" and that he was clearly being framed. The fact that India was still struggling to obtain cryogenic technology to make powerful rocket engines didn't cut any ice with the detectives.
In the end, Mr Narayanan spent 50 days in captivity - including nearly a month in prison. Whenever he was taken to a court hearing, crowds appeared shouting that he was a spy and a traitor.
But a month after his arrest India's Central Bureau of Investigation (CBI) took over the case from Kerala's Intelligence Bureau. Mr Narayanan told federal detectives that none of the information he dealt with was classified. "I don't know how this whole thing has come to this stage. We are terribly sorry," one detective told him.
After finally securing bail on 19 January 1995, he arrived home shortly before midnight.
He went upstairs to break the news to his wife. She was sleeping on the floor in a dark room, and responded only after he called out her name twice.
"She turned around slowly, raised her head and stayed still, staring into my eyes. She had a strange expression, as if she was watching me doing something horrible," Mr Narayanan recounted later.
"Then she let out a shriek that I had never heard - from a human or an animal."
The cry coursed through the house. Then she fell silent.
Her husband's incarceration and absence had severely affected Meenakshi Ammal's mental health. The couple had been married for nearly three decades and had brought up two children together, but after Mr Narayanan's arrest the austere temple-going woman had slipped into depression and stopped talking.
Apart from Mr Narayanan, five others had also been accused of espionage and transferring rocket technology to Pakistan. One was his colleague at Isro, D Sasikumaram; there was also Ms Rasheeda and her friend (neither of whom Mr Narayanan had met, before he was arrested); and two other Indian men, an employee of the Russian space agency and a contractor.
1994 - Narayanan arrested and remanded in custody, then bailed in January 1995
1996 - Exonerated by the Central Bureau of Investigation
1998 - Supreme Court finally dismisses Kerala government's appeal
2001 - Kerala government ordered to pay compensation
2018 - Supreme Court orders investigation into fabrication of case
In 1996, the CBI's final 104-page report exonerated all of them. Federal detectives said there was no evidence of any confidential documents being stolen from the space agency and sold, or of money being exchanged for drawings of engines. An internal investigation by Isro also found that no drawings of the cryogenic engines were missing.
Mr Narayanan went back to work for Isro - though now in an admin role in Bangalore - but his travails hadn't come to an end. Even after the detectives closed the case, the local government tried to reopen it, and dragged in the Supreme Court, which finally dismissed the case in 1998.
When Mr Narayanan sued the Kerala government for framing him, he was awarded five million rupees ($70,000; £53,000). Last month, the government said it would
pay him an additional 13 million
rupees as compensation for his illegal arrest and harassment.
But from the 78-year-old's point of view, the story is not finished yet. In 2018, the Supreme Court ordered an investigation into the role of the Kerala police in the fabrication of the case against him, and Mr Narayanan is keen to see the results. "I want people who fabricated this case against me to be punished," he says. "One chapter is over, but the next chapter is still there."
The motive for the plot against him and the five others remains a mystery.
Was it a conspiracy by a rival space power - as Mr Narayanan suspects - to scuttle India's development of cryogenic rocket technology, which eventually became the backbone of the country's successes in space? Did it have to do with rivals who were nervous about India forcing its way into the commercial satellite launch market with competitive prices? Or was it purely a product of corruption with India itself?
"It was born out of one conspiracy. But the conspirators were different with different motives, and the victims were the same set of people," says Mr Narayanan.
"Whatever it is, my career, honour, dignity and happiness were lost. And the people who were responsible for this are still scot free."
You may also be interested in:
Can you guide a spacecraft into orbit around Mars and cook for eight people morning and night? Yes, if you get up at 5am, and your name is BP Dakshayani. Here the former head of flight dynamics and space navigation for the Indian space agency explains how she did it - and the housework too.
Rocket woman: How to cook curry and get a spacecraft into Mars orbit
|
29e186070b06afd730f892ff5cd339ae | https://www.bbc.co.uk/news/world-asia-india-49848638 | Chandrayaan-2: India Moon probe made 'hard landing', says Nasa | Chandrayaan-2: India Moon probe made 'hard landing', says Nasa
India's Moon rover, which lost contact moments before it was to touch down on the lunar surface earlier this month, had a "hard landing", Nasa has said.
New pictures from a Nasa spacecraft show the targeted landing site of the Vikram rover, but its precise location "has yet to be determined".
The images were taken at dusk, and were not able to locate the lander.
India would have been the fourth nation to make a soft landing on the Moon.
Chandrayaan-2 was due to touch down at the lunar South Pole on 7 September, over a month after it first took off.
It approached the Moon as normal until an error occurred about 2.1km (1.3 miles) from the surface, Indian space officials said.
On Friday, Nasa tweeted the images of the targeted landing site of the Indian module.
Nasa said the targeted site was located about 600km (370 miles) from the South Pole in a "relatively ancient terrain".
"[The agency's]
Lunar Reconnaissance Orbiter
(LRO) passed over the landing site on 17 September and acquired a set of high resolution images of the area; so far the team has not been able to locate or image the lander," the space agency said in a statement.
"It was dusk when the landing area was imaged and thus large shadows covered much of the terrain; it is possible that the Vikram lander is hiding in a shadow. The lighting will be favorable when LRO passes over the site in October and once again attempts to locate and image the lander."
India's first Moon mission - Chandrayaan-1 in 2008 - carried out the first and most detailed search for water on the lunar surface using radars.
Chandrayaan-2 (Moon vehicle 2) was the
most complex mission ever attempted by India's space agency
, Isro. "It is the beginning of a historical journey," Isro chief K Sivan said after launch in July.
The lander (named Vikram, after the founder of Isro) carried within its belly a 27kg Moon rover with instruments to analyse the lunar soil.
The rover (called Pragyan - wisdom in Sanskrit) had the capacity to travel 500m from the lander in its 14-day life span, and would have sent data and images back to Earth for analysis.
The mission would have focused on the lunar surface, searching for water and minerals and measuring moonquakes, among other things.
A soft landing on another planetary body - a feat achieved by just three other countries so far - would have been a huge technological achievement for Isro and India's space ambitions, writes science writer Pallava Bagla.
He adds that it would also have paved the way for future Indian missions to land on Mars, and opened up the possibility of India sending astronauts into space.
For the first time in India's space history, the interplanetary expedition was led by two women - project director Muthaya Vanitha and mission director Ritu Karidhal.
It is also a matter of national pride - the satellite's lift-off in July was broadcast live on TV and Isro's official social media accounts.
The mission has also made global headlines because it's so cheap - the budget for Avengers: Endgame, for instance, was more than double at an estimated $356m. But this isn't the first time Isro has been hailed for its thrift. Its 2014 Mars mission cost $74m, a tenth of the budget for the American Maven orbiter.
|
59dae45a6edbc8cc2d4b09d17abed0bd | https://www.bbc.co.uk/news/world-asia-india-50167569 | Why India wants to track WhatsApp messages | Why India wants to track WhatsApp messages
India's plan to mandate the monitoring, interception and tracing of messages on social media has alarmed users and privacy activists - as well as the companies running the platforms. Prasanto K Roy looks at the potential impact of such a move.
The country's information technology ministry will publish, by January 2020, a new set of rules for intermediaries: platforms that allow people to send, or share, messages. It is a sweeping term, which also includes e-commerce and many other types of apps and websites.
The move is in response to an explosion of fake news that has caused mob violence and led to more than 40 deaths in 2017 and 2018. Most frequent were rumours about child kidnappers, circulated on WhatsApp and other platforms. Those messages, with no basis in fact,
caused mobs to lynch
innocent passers-by.
Such "forwards" spread to tens of thousands of users in hours, and became nearly impossible to counter once they had spread.
In one example in 2018,
the victim of mob violence was a man who had been employed by government officials
to go around villages with a loudspeaker and tell locals not to believe rumours being spread on social media.
There are more than 50 documented cases of mob violence triggered by misinformation spread over social media in India in the last two years. Many platforms, including Facebook, YouTube, and Sharechat, a vernacular language social media start-up and app, play a role.
But the Facebook-owned WhatsApp is by far the most popular of the platforms. With India accounting for 400 million of its global base of 1.5 billion users, it ends up being the focus of discussions on the spread of misinformation.
After a spate of rumour-driven mob violence in 2018, the government had asked WhatsApp to help halt the spread of "irresponsible and explosive messages" on its platform. The platform took several steps, including limiting the number of forwards allowed to five at a time, and putting a "forwarded" tag on those messages.
Not enough, said the government, which now wants WhatsApp to use automated tools to monitor messages, as China does, to take down specific messages. It also wants the company to trace and report the original sender of a message or video.
India's attorney general has told the Supreme Court in a related case that social media companies had "no business to enter the country and carry on if they can't decrypt information for investigative agencies, in cases of sedition and pornography, among other crimes".
"See, they [social media companies] have even gone to court to stop us," a government official told me off the record.
He added that online surveillance in China is far deeper and more sweeping. He is right about that: on its popular WeChat platform, messages famously disappear if they contain banned words.
WhatsApp says the steps it has taken are working.
The labels and limits have reduced the number of forwarded messages on the platform by 25%, a spokesperson said. She added that the company actively bans two million accounts a month for "engaging in bulk or automated messaging", and runs a big public education campaign that has reached hundreds of millions of Indians.
Meanwhile, privacy activists are most worried about the demands to "trace" the original sender of a message.
The government says it wants to trace messages that cause violence and deaths, but activists fear it will then track down critics, with a chilling effect on free speech.
This is no unfounded worry, given the spate of cases where those
criticising government actions
, such as its crackdown in Kashmir last August, or those
writing a letter of protest to the prime minister
, end up facing a sedition charge.
"What [they want] is not possible today, given the end-to-end encryption we use," says Carl Woog, WhatsApp's global head of communications, told journalists in Delhi in February.
"It would require us to re-architect WhatsApp, leading us to a different product, one that would not be fundamentally private. Imagine if every message you sent was kept with a record of your phone number. That would not be a place for private communications."
Since 2011, India's laws have allowed platforms some safe harbour. A phone company cannot be held responsible for what its customers discuss over its phone lines; nor an email provider for the content of emails a person sends to another.
As long as the company complies with laws, such as sharing phone records on demand with the authorities, it is safe from legal action. The new proposed rules will make conditions for such safe harbour tougher.
Complying with the proposed rules would weaken the apps or platforms globally, given the difficulties of maintaining different apps for different countries.
And that's not the only problem. The draft rules demand a local India office for any platform which has more than five million users in India. This is ostensibly to find someone to hold accountable when there's a problem.
But India's technology laws define intermediary in a sweeping manner, spanning any platform used to share information.
So all of this would end up affecting others too: Wikipedia being an example of a platform that might have to shut down access to Indians, if such a law is enforced. It's also not clear what would be done if a messaging platform, such as the increasingly popular Signal or Telegram, did not comply with this rule.
It's likely that internet service providers would then be directed to shut down access to them.
While privacy activists have taken a hard stance against the contentious provisions - monitoring and traceability - public policy professionals say the government is keener to find a solution than to shut down or seriously disrupt platforms.
"They all use WhatsApp: bureaucrats, politicians, cops," the India policy head of a global tech company told me. "No one wants to shut it down. They just need to see WhatsApp taking more serious steps to tackle a real, serious problem."
Like many others, though, he wasn't able to spell out what those steps should be.
Prasanto K Roy (@prasanto) is a technology writer
|
d5e1932a1c1ec7f2c0befcfc3b90857a | https://www.bbc.co.uk/news/world-asia-india-50386515 | Why politicians in an Indian state are sparring over sand | Why politicians in an Indian state are sparring over sand
Politics in the southern state of Andhra Pradesh has recently been consumed by a rather mundane commodity - sand. For the past five months the state has been running short of sand and leaving hundreds of thousands jobless, reports BBC Telugu's V Shankar.
The situation has paralysed the construction industry as ruling and opposition parties spar over who is to blame, highlighting allegations of corruption and breaches of environmental rules in the lucrative sand mining industry.
Former chief minister Chandrababu Naidu has asked people to join him in a day-long sand "satyagraha", borrowing the term for nonviolent resistance coined by independence leader Mahatma Gandhi.
And the newly elected government, led by Jaganmohan Reddy and his YSR Congress party, has announced a "sand week", starting from 14 November, to increase the availability of sand in the state.
With numerous rivers, Andhra Pradesh is rich in sand, which is mined or dredged out of river beds to feed India's voracious construction industry - the real estate and construction sector is expected to grow to $650bn (£506bn) by 2025, according to the consultancy KPMG.
It is fuelled by the need for infrastructure (expanding cities, highways, bridges, airports) and housing for a growing urban population. Sand is indispensable for building any of this.
But its scarcity has slowed and even stalled construction across the state in the past five months. This is a problem for two reasons. One, it affects all of those who rely on the state's construction industry for employment - that's about five million people, according to official estimates.
"There has been no sand for four months, and no work either. Do you know how hard it has been? We are unable to pay rent and we are close to living on the streets," Bhulakshmi, a daily wage labourer, says.
Kanchumarti Katamuraju, a mason, says apart from daily wage labourers, even carpenters and electrical workers are struggling to find jobs as are those in related industries such as brick manufacturing.
"I used to produce and sell more than 100,000 bricks a month, but now I am struggling to even sell 10,000," says B Venkat, who runs a brick-making factory in East Godavari district.
The second reason is that stalled construction is a strain on banks and the balance sheets of companies that often borrow or raise capital to execute such projects.
Builders say that the permits and paperwork now required to buy sand are delaying their work.
"It's taking up to a week to complete all the paperwork. It's unclear if the sand will finally arrive in a week or a month," says T Srinivas.
And the shortage seems to have driven up the price of sand. Although the government has set the price at 375 rupees ($5; £4) a tonne, industry insiders say the black-market price has gone up to $55 a tonne.
Even suicides by some construction workers have been linked to job losses in the industry.
While Mr Reddy and his government have admitted that there is a shortage of sand, they say this is largely because heavy rains during the monsoon led to a rise in the water level in the state's rivers. This has made it hard to extract sand in recent months.
But opposition parties blame his government for exacerbating the problem by introducing new regulations for the extraction and sale of sand.
Under the earlier government, sand was available for free and buyers only had to pay for transporting it.
But Mr Reddy centralised the extraction, which would be carried out by a government body that would then sell the sand at collection points across the state. Orders are now booked online and will be tracked along with transport to prevent hoarding or black-market sales.
But because of the shortage, the government appears unable to meet the demand. Its daily output doesn't exceed 40,000 tonnes, according to reports, while demand is often nearly four times that much.
The so-called "free sand" policy of the previous government, led by Mr Naidu and his Telugu Desam party, came under a lot of criticism amid allegations of corruption and illegal sand mining.
An investigation by the state's pollution control board found that sand was being extracted by illegal methods or without the necessary permits, damaging river beds and coastal ecosystems.
Based on the findings of the report,
the National Green Tribunal fined the state $13.9m in April 2019
for failing to prevent illegal sand mining.
In its order the tribunal also cited news reports of how sand, a natural resource that the government was giving away for free, was in fact being sold on the black-market at higher prices.
The issue has often led to violence in Andhra Pradesh and elsewhere in India. In 2015,
a district official accused a state lawmaker of attacking her when she tried to stop illegal sand mining
.
Powerful sand
mafias have been accused of threatening, assaulting and even killing officials and journalists
who have tried to expose illegal sand mining.
|
d6532667987c88fcc9256beea30422e6 | https://www.bbc.co.uk/news/world-asia-india-50401010 | JNU: Indian university rolls back hostel fee hike after protests | JNU: Indian university rolls back hostel fee hike after protests
One of India's most prestigious universities has partially rolled back a hostel fee hike, days after thousands of protesting students clashed with police over the issue.
A government official tweeted a "major rollback" in the fees for Jawaharlal Nehru University had been decided, but did not elaborate.
Officials had defended the 150% fee hike, saying it was "too subsidised".
But many said cheaper fees made it possible for poorer students to study.
At 2,000 rupees ($28; £22) per month, the fees are much cheaper than many private institutions.
The row escalated earlier this week when thousands of students gathered outside an auditorium where a graduation ceremony was taking place.
Police used water cannon after they broke through barricades and surged forward.
"The protests will continue until our demands are met. We are not taking this stand because we are stubborn but because there are many students here who cannot afford to pay this fee," one of the protesting students told BBC Hindi's Vineet Khare.
They also said they were left with no other choice than to demonstrate outside the event, which was attended by India's vice-president and a federal minister.
"Nobody from the administration is talking to us. We have repeatedly asked officials to meet. We even went to their offices several times, but they didn't bother to meet us," one student said.
|
77dfdce32ee69486835caaf3d12f5c28 | https://www.bbc.co.uk/news/world-asia-india-50470476 | New WhatsApp security concern: India cyber cell advises update | New WhatsApp security concern: India cyber cell advises update
India's main cyber security agency, Cert, has asked users to update WhatsApp on their phones after the discovery of a potential vulnerability on older versions of the messaging app.
The potential issue could have been triggered by a video file sent from an unknown number.
WhatsApp said that it had no reason to believe users' phones were affected.
News of the new issue came
soon after WhatsApp admitted that its software was used
to install spyware on phones.
Facebook, which owns WhatsApp, had announced the fix for the new vulnerability in the system a few days ago.
Cert said that if users opened the video file, the software installed itself on the phone - in similar fashion to
the Pegasus malware
, which is believed to have been used against journalists and activists.
The agency added that the vulnerability would have allowed attackers to access phones and make changes to the device, no matter where it was geographically located.
The issue would have required requires users to open the video file, unlike the more sophisticated Pegasus which activated itself through a vulnerability in WhatsApp's video calling function and did not require the call to be answered.
The messaging app has also said it has issued a security update that should take care of the issue.
India has 400 million WhatsApp users, making the country its biggest market.
|
d4d949520007e6e6c3d7f15fbd452796 | https://www.bbc.co.uk/news/world-asia-india-50555016 | Indian doctors remove 7.4kg kidney from patient | Indian doctors remove 7.4kg kidney from patient
Indian doctors have removed a kidney weighing 7.4kg (16.3lbs) - as much as two newborn babies - from a patient.
It's believed to be the largest kidney ever removed in India - a kidney usually weighs between 120-150g.
The patient was suffering from a condition called Autosomal Dominant Polycystic Kidney Disease, which causes cysts to grow all over the organ.
One doctor involved in the operation said large kidneys were common in patients with the disease.
However Dr Sachin Kathuria, from Sir Ganga Ram hospital in Delhi, said doctors generally would not remove the organ unless there were symptoms of infection and internal bleeding, as they were performing at least some filtering functions in the body.
"This patient had contracted a bad infection that was not responding to antibiotics, and the kidney's massive size was causing the patient breathing difficulties, so we had no choice but to remove it," he said.
Dr Kathuria added that doctors were expecting a large kidney when they operated, but the size of this organ had still surprised them.
"His other kidney is even bigger", he told the BBC.
He said the heaviest kidney according to the Guinness World Records is 4.5kg, although urology journals had records of kidneys that were even heavier than this one. One from the US weighed 9kg while another from the Netherlands was 8.7kg.
Dr Kathuria said doctors had not decided whether to submit their findings to the Guinness commission as a world record, but they were "considering it".
According to the NHS website,
Polycystic kidney disease is a common hereditary condition
, which causes problems when patients are between 30 and 60 years old.
It causes kidney function to deteriorate until it finally culminates in kidney failure.
|
d8592d5fb05a2175e9aea2d3e077bae7 | https://www.bbc.co.uk/news/world-asia-india-50582728 | Pegasus: India may cite WhatsApp breach to store data locally | Pegasus: India may cite WhatsApp breach to store data locally
Indian officials are likely to cite the WhatsApp snooping controversy to push through a plan to compel digital companies to store data of Indian users locally, multiple reports say.
Tech experts confirmed that multiple government departments and agencies have proposed such demands.
It was "a serious issue of national security", and "requires measures, including data localisation", officials were quoted as saying.
Experts called it a "bizarre response".
"This makes no sense at all. The location of the data had nothing to do with the Pegasus breach," technology expert Prasanto K Roy told the BBC.
"WhatsApp was very transparent about the breach and reported it to the authorities. What is important now, is to find out who did it and how."
"Data localisation completely goes against the whole concept of the internet which is a global network," he added.
Reports have quoted government officials as saying that they wanted user data stored locally as
the Pegasus breach "compromised national security
".
Hackers were able to install surveillance software on phones and other devices by using a major vulnerability in the messaging app.
Targets received video or voice call requests from an unknown number - which even if ignored, allowed the spyware, known as Pegasus, to be installed on the device.
This allowed users to remotely access everything on the phone, including text messages and location.
WhatsApp fixed the vulnerability as soon as it was discovered and informed affected users.
It also filed a lawsuit against Israeli firm NSO Group, alleging it was behind the cyber-attacks that infected devices in April and May.
NSO Group, which makes software for surveillance, says it only works with government agencies and strongly denied responsibility for the attacks.
Activists and politicians pointed fingers at the state after WhatsApp revealed Indian journalists and activists were among those targeted.
The government has denied the claims.
However, it has also repeatedly refused to discuss the issue in parliament.
It refused to answer questions about who had authorised the attacks and instead cited a controversial law that specified the right of agencies to monitor and decrypt information in national security interest.
It also tried to stop a parliamentary committee on cyber security from discussing the matter, saying it did not fall under the purview of the panel.
|
81d313621f6359564ae3837776a40028 | https://www.reuters.com/article/global-markets/rpt-global-markets-rush-into-us-bonds-sinks-global-stock-markets-gold-touches-6-year-high-idUSL2N2530PB | RPT-GLOBAL MARKETS-Rush into US bonds sinks global stock markets; gold touches 6-year high | RPT-GLOBAL MARKETS-Rush into US bonds sinks global stock markets; gold touches 6-year high
By David Randall4 Min Read
(Repeats to additional subscribers, no changes to text)
NEW YORK, Aug 7 (Reuters) - A rush into the safety of U.S. government bonds smothered a broad rally in global stocks Wednesday as spiraling fears of a global economic recession gripped markets.
Yields on the benchmark 10-year Treasury fell to their lowest levels since October, 2016, and gold soared to a six-year high, while riskier assets like stocks and oil prices nosedived.
On Wall Street, the Dow Jones Industrial Average opened more than 500 points lower, helping erase earlier gains in European shares.
MSCI’s gauge of stocks across the globe shed 0.57%.
“Bonds are being bought in a panic mode,” said Andrew Brenner, managing director at National Alliance Capital Markets.
The Dow Jones Industrial Average fell 365.11 points, or 1.4%, to 25,664.41, the S&P 500 lost 31.36 points, or 1.09%, to 2,850.41 and the Nasdaq Composite dropped 62.56 points, or 0.8%, to 7,770.71.
The pan-European STOXX 600 index lost 0.39%.
U.S. shares had gained overnight after President Donald Trump downplayed worries of a lengthy trade war and senior adviser Larry Kudlow said Trump’s administration is planning to host a Chinese delegation for talks in September. Wall Street futures gauges also rose.
The U.S. administration’s remarks marked a shift in tone from recent days, when Beijing warned that Washington’s labeling China as a currency manipulator would have severe consequences for the global financial order. The U.S. move rattled financial markets and dimmed hopes the trade war was ending.
Since then, China’s state banks have been active in the onshore yuan forwards market, tightening dollar supply and supporting the Chinese currency, sources told Reuters.
Despite that support, the yuan still dropped 0.2% to 7.0708 in offshore markets, with currency markets still on edge after the People’s Bank of China (PBOC) set its official reference rate at an 11-year low..
“We had a little bit of recovery yesterday, but this morning we are seeing that stalling due to the PBOC fixing the dollar-yen higher again,” said Thu Lan Nguyen, FX strategist at Commerzbank.
The skittish mood was underlined by continuing demand for currencies and commodities considered safe havens.
Gold touched a six-year high of $1,489.76 per ounce. The Japanese yen rose 0.2% to 106.26, although that was still some way from levels seen on Monday when the trade war’s escalation panicked investors.
Central banks across the world, looking to rev up growth and fight low inflation rates, have turned increasingly dovish in recent months.
Ten-year Treasury notes yielded 1.66% percent, their lowest since 2016, as investors bet on another rate cut by the Federal Reserve in September.
Germany’s 10-year bond yield fell to record lows deep in negative territory as the bigger-than-expected Kiwi interest rate cut and weak German economic data fueled further a rally in bond markets.
German industrial output fell more than expected in June, adding to signs that Europe’s biggest economy contracted in the second quarter as its exporters were caught up in trade disputes.
In commodity markets, oil prices slipped to near seven-month lows, with the potential for damage to the global economy and to dampen demand from the Sino-U.S. trade dispute casting a shadow over the market.
International benchmark Brent crude futures fell 3.2% to $57.03 a barrel, while U.S. crude dropped 3.7% to $51.65.
Reporting by David Randall Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.
|
3512aacae95b6a59e170aadda645b274 | https://www.reuters.com/article/global-markets/stocks-slide-as-oil-prices-dive-again-idUSKCN0VB028 | Stocks slide as oil prices dive again | Stocks slide as oil prices dive again
By Lewis Krauskopf4 Min Read
NEW YORK (Reuters) - U.S. and European stock indexes fell sharply on Tuesday and buyers sought safe-haven government bonds after another tumble in depressed oil prices.
Traders work on the floor of the New York Stock Exchange January 29, 2016. REUTERS/Brendan McDermid
Benchmark Brent crude LCOc1 settled down 4.4 percent, while U.S. crude CLc1 fell 5.5 percent, settling below $30 a barrel. Hopes faded for a deal between oil-producing nations to curb a massive supply glut.
The prolonged crude slide was reflected in results from oil majors BP BP.L, whose shares slumped after it posted a $6.5 billion loss for 2015, and Exxon Mobil XOM.N, which posted its smallest quarterly profit in more than a decade.
The major U.S. stock indexes closed down about 2 percent, led lower by energy shares, while the pan-European FTSEurofirst index .FTEU3 also dropped 2 percent.
Some investors had expressed hope recently that other markets were beginning to diverge from the performance of oil, whose slide has been viewed as a sign of shakiness in the global economy.
“We still haven’t broken the correlation between oil and equities and we are yet to find a bottom in oil prices,” said Jeff Carbone, co-founder of Cornerstone Financial Partners in Charlotte, North Carolina.
The Dow Jones industrial average .DJI fell 295.64 points, or 1.8 percent, to 16,153.54, the S&P 500 .SPX lost 36.35 points, or 1.87 percent, to 1,903.03 and the Nasdaq Composite .IXIC dropped 103.42 points, or 2.24 percent, to 4,516.95.
“With the backdrop of a pervasive nervous marketplace ... you then have the decline in oil prices, which trips off not just further concern from real-life individuals but also more importantly from the machines which trade based on headlines,” said Michael Holland, chairman of Holland & Co in New York.
The Dow Jones transportation average .DJT fell 2.9 percent, and hit a session low in late trading following news of the first U.S. transmission of the Zika virus.
The first results of the U.S. presidential primary season in Iowa also could be creating greater uncertainty for investors because there were no clear winners, said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey.
U.S. Senator Ted Cruz of Texas edged businessman Donald Trump in the Republican race, while on the Democratic side, former Secretary of State Hillary Clinton won by a razor-thin margin against U.S. Senator Bernie Sanders of Vermont.
European equities were dragged lower by Swiss bank UBS UBSG.VX, whose shares fell 6.8 percent after it reported a surprise outflow of funds from its flagship wealth management business.
MSCI's 46-country All World share index .MIWD00000PUS fell 1.7 percent.
U.S. Treasury yields fell to nine-month lows on safety buying as oil prices resumed their slide.
Benchmark 10-year notes US10YT=RR were up 31/32 in price to yield 1.8603 percent, down from 1.966 percent late on Monday.
“The reaction in bonds is greater than you would think from the stimulus of oil and the stock market,” said Lou Brien, a market strategist at DRW Trading in Chicago. “Part of it is, maybe people started leaning the wrong way last week if they thought we’d seen the bottom in crude and stocks.”
Euro zone yields fell as European Central Bank chief Mario Draghi confirmed his commitment to review monetary policy next month.
The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.14 percent, while the euro EUR= was up 0.25 percent against the dollar.
“The risk-off bias of the marketplace ... typically favors yen and euro over the dollar,” said Richard Franulovich, senior currency strategist at Westpac in New York.
Additional reporting Karen Brettell, Caroline Valetkevitch and Sam Forgione in New York, and Tanya Agrawal in Bengaluru; Editing by Nick Zieminski and Dan GreblerOur Standards: The Thomson Reuters Trust Principles.
|
ace0cc83a615645c623ca0157ec9cbb8 | https://www.reuters.com/article/global-markets/vaccine-progress-lifts-global-stocks-dollar-still-sickly-idINKBN28303B | Vaccine progress lifts global stocks, dollar still sickly | Vaccine progress lifts global stocks, dollar still sickly
By Lawrence White, Andrew Galbraith5 Min Read
LONDON/SHANGHAI (Reuters) - Investors scooped up stocks, commodities and emerging-market currencies and gave the dollar a wide berth as AstraZeneca and Oxford University provided markets with their now-regular Monday shot of encouraging COVID-19 vaccine news.
The STOXX index of Europe’s 600 largest firms rose to its highest since February, Wall Street was pointing up 0.6% and Brent futures were nearly 1.5% stronger.
AstraZeneca and Oxford vaccine, which is set to cost just a few dollars a shot and should be easier to ramp up and store than vaccines by Pfizer and BioNTech and Moderna, could also be up to 90% effective.
As the dollar buckled through a range it has been in for the past few months, the euro touched $1.19 , but it was the emerging markets that are likely to benefit from a cheaper and easier-to-store drug that rallied the most.
South Africa’s rand shrugged off a double sovereign credit-rating downgrade over the weekend to add 0.8%. Russia’s rouble and Mexican peso both climbed half a percent to bolster their stellar months.
“The combined vaccine news of the last few weeks... will lead to a much faster pace of normalization to our daily lives compared to what we would have assumed just a few weeks ago,” analysts at Deutsche Bank said in a note to clients. “By spring, things should be looking much closer to normal.”
Markets’ optimism also came after a top official of the U.S. government’s vaccine-development effort said Sunday that the first vaccines there could be given to U.S. healthcare workers and some others by mid-December.
U.S shares looked set to mimic gains in Europe and Asia, as Nasdaq futures rose 0.4%, Dow futures rose 0.7%, and U.S. e-mini futures for the S&P 500 were 0.6% higher at 3,576.
The rally also showed investors are willing to look past the grim U.S. case numbers -- which topped 12 million over the weekend -- and mixed European economic data released on Monday.
FILE PHOTO: A pedestrian wearing a face mask walks near an overpass with an electronic board showing stock information, following an outbreak of the coronavirus disease (COVID-19), at Lujiazui financial district in Shanghai, China March 17, 2020. REUTERS/Aly Song
IHS Markit’s headline flash composite PMI, seen as a good guide to economic health, fell to 45.1 in November from October’s 50.0 - the level separating growth from contraction. A Reuters poll had predicted a shallower dip to 46.1.
Vaccine hopes, though, and expectations of more stimulus from the European Central Bank next month, meant optimism improved. The composite future output index jumped to 60.1 from 56.5, its highest since February.
“Today’s vaccine news is positive, but it is only partly responsible for the rally in stock markets,” said Philip Shaw, chief economist at Investec in London. “(It) is also being driven by the news that the U.S. hopes to start the vaccination program in under three weeks.”
GOLD LOSING ITS SHINE
Euro zone government bonds saw some selling as investors also focused on the fact that major economies remain under strict lockdowns and that COVID-19 cases are not receding.
Benchmark German 10-year Bund yields were last flat at -0.57%, off a two-week low.
The European share rally took the region’s November gains to 15% and followed another record high for Asian equities even before the announcement of latest vaccine news.
MSCI’s broadest index of Asia-Pacific shares outside Japan ended the day 0.8% higher.
Analysts said the gains belied some uncertainty as monetary and fiscal help for the U.S. economy remained elusive.
U.S. Treasury Secretary Steven Mnuchin said last week that key pandemic lending programs at the Federal Reserve would expire on Dec. 31, putting the outgoing Trump administration at odds with the central bank and potentially adding stress to the economy.
With the vaccine news and dollar index, which tracks the dollar against a basket of six major rivals, down to 92.097, commodity markets were still bullish, with traders optimistic about a recovery in crude demand pushing oil higher.
West Texas Intermediate crude gained 71 cents, or 1.67%, to $43.13 a barrel, in line with the gains in Brent crude futures. Both benchmarks jumped 5% last week.
Safe-haven gold, meanwhile, drifted at $1,864 per ounce, having lost almost 10% since peaking in earlier August.
“Positive sentiment continues to be driven by the recent good news about the efficacy of coronavirus vaccines in development and the expectation that the OPEC+ meeting at the end of this month could see the group extend current cuts by three to six months,” said Stephen Innes, chief global markets Strategist at Axi, a financial services firm.
Reporting by Lawrence White and Andrew Galbraith; editing by Richard Pullin, Larry KingOur Standards: The Thomson Reuters Trust Principles.
|
bc2371c146174f5405768be45d0abf10 | https://www.reuters.com/article/global-marketsglobal-markets/global-markets-fear-of-expanding-trade-war-sinks-global-equities-bonds-rally-idINKBN1Y71U3?edition-redirect=in | Global Markets: Fear of expanding trade war sinks global equities; bonds rally | Global Markets: Fear of expanding trade war sinks global equities; bonds rally
By David Randall3 Min Read
NEW YORK (Reuters) - Signs that a deal to end the trade war between the United States and China might not come until after the November 2020 elections weighed on global equity markets Tuesday as investors sought out the perceived safety of bonds.
FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan borough of New York, September 21, 2015. REUTERS/Carlo Allegri/File Photo
The comments by U.S. President Donald Trump that the trade war may last another year came a day after his administration announced new tariffs on steel from Brazil and Argentina and threatened duties of up to 100% on French goods from champagne to handbags because of a digital services tax that Washington says harms U.S. tech companies.
His latest comments appear to dash hopes that an agreement with China could be reached before another round of tariff hikes kicks in on Dec. 15.
“As we get closer to the December 15th deadline for new tariffs being imposed on China, risk markets will likely become increasingly nervous as each day passes if we get no news confirming either a date to sign a phase one deal or a delay in these tariffs being imposed,” said Mohammed Kazmi, portfolio manager for UBP’s Global & Absolute Fixed Income team.
MSCI’s gauge of stocks across the globe shed 0.88%, following broad declines in Europe.
On Wall Street, the Dow Jones Industrial Average fell 338.45 points, or 1.22%, to 27,444.59, the S&P 500 lost 36 points, or 1.16%, to 3,077.87 and the Nasdaq Composite dropped 116.41 points, or 1.36%, to 8,451.58.
Europe appeared to be the next theater of the global trade war.
“If history is any guide, the Europeans are likely to find U.S. crosshairs start to move increasingly their way, the closer to next year’s U.S. election we get,” CMC Markets told clients.
France said Tuesday that it was prepared to push the European Union to respond in kind if the United States followed through on its threats to raise tariffs.
“In the case of new American sanctions, the European Union would be willing to retaliate,” French Finance Minister Bruno Le Maire told Radio Classique.
Investors sought out bonds as a safe haven, pushing U.S. Treasuries yields off of two-week highs. Benchmark 10-year notes last rose 21/32 in price to yield 1.7654%, from 1.836% late on Monday.
German bond yields meanwhile, slipped off three-week highs, but bond prices are likely to stay under pressure amid renewed risks of early elections or a minority government in the biggest euro zone economy.
The safe-haven bid was in evidence on currency markets too, with the yen at a one-week high to the dollar. The euro edged away from a near two-week peak versus the greenback. The dollar index slipped to a two-week low.
“This may have run its course, but there’s no reason to chase the dollar’s upside from here,” Daiwa Securities’ foreign exchange strategist Yukio Ishizuki said, noting that the weak manufacturing data had forced many to cut long dollar positions.
“Trade friction remains a lingering threat, which is not good for market sentiment.”
Reporting by David Randall; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.
|
0139757a4ecce94b95345e0fb84b137f | https://www.reuters.com/article/global-metals-idINL1N2HP051?edition-redirect=in | METALS-Base metals rise as solid economic data lend support | METALS-Base metals rise as solid economic data lend support
By Reuters Staff2 Min Read
Nov 3 (Reuters) - Prices of industrial metals were largely higher on Tuesday, as robust factory data from the world’s biggest economies boosted confidence about the demand outlook.
Three-month copper on the London Metal Exchange rose 0.7% to $6,809.50 a tonne by 0255 GMT, zinc advanced 0.4% to $2,550 a tonne and nickel increased 0.6% to $15,250 a tonne, while aluminium dipped 0.1% to $1,864 a tonne.
The most-traded December copper contract on the Shanghai Futures Exchange rose 1.3% to 51,690 yuan ($7,727.38) a tonne, while aluminium advanced 0.6% to 14,745 yuan a tonne.
U.S. manufacturing activity accelerated more than expected in October, with new orders jumping to their highest level in nearly 17 years, while Chinese factory activity expanded the fastest in a decade and euro zone manufacturing also boomed, data showed on Monday.
However, trading volume was low as investors were cautious ahead of the U.S. Presidential election later on Tuesday.
FUNDAMENTALS
* Chile’s Candelaria copper mine, owned by Canada’s Lundin Mining Corp, said on Monday it had submitted a new contract offer to a striking union in a bid to end a nearly month-long walk-off at the deposit.
* For the top stories in metals and other news, click or
MARKETS NEWS
* Asian shares looked set to climb as investors shrugged off U.S. election jitters and took hope in strong factory output data in China, Europe and the United States.
DATA/EVENTS (GMT)
0330 Australia RBA Cash Rate Nov
1500 US Factory Orders MM Sept
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 6.6892 yuan) (Reporting by Mai Nguyen; Editing by Krishna Chandra Eluri)
Our Standards: The Thomson Reuters Trust Principles.
|
a93c64b6433c3e3e4f7bee35bc2a734f | https://www.reuters.com/article/global-metals-idINL1N2HW045?edition-redirect=in | METALS-Copper edges up as vaccine hopes boost risk appetite | METALS-Copper edges up as vaccine hopes boost risk appetite
By Reuters Staff2 Min Read
Nov 10 (Reuters) - Prices of copper, often used as a gauge of global economic health, rose on Tuesday as progress in the development of a coronavirus vaccine stoked optimism that a complete economic reopening was finally in sight.
Three-month copper on the London Metal Exchange rose 0.5% to $6,950 a tonne by 0123 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange advanced 0.2% to 52,150 yuan ($7,868.14) a tonne.
Pfizer Inc said its experimental vaccine was more than 90% effective in preventing COVID-19 based on initial data from a large study.
FUNDAMENTALS
* LME aluminium rose 0.5% to $1,903 a tonne, zinc advanced 0.4% to $2,653 a tonne while ShFE nickel climbed 1.1% to 118,020 yuan a tonne and ShFE zinc was up 0.6% to 20,375 yuan a tonne.
* COLUMN-China’s copper import boom leaves other metals cold: Andy Home.
* Chile’s copper industry could see some of its mines put out of business if an early stage bill to protect glaciers continues its march through Congress, Chilean mining trade group Sonami said.
* For the top stories in metals and other news, click or
MARKETS NEWS
* Global stocks and oil jumped and Treasuries sold off on Monday as Pfizer’s announcement jolted shares, building on expectations of more stable trade policies following the U.S. election.
DATA/EVENTS (GMT)
0700 UK Claimant Count Unem Chng Oct
0700 UK ILO Unemployment Rate Sep
1000 Germany Zew Economic Sentiment Nov
1000 Germany Zew Current Conditions Nov
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS
$1 = 6.6280 yuan Reporting by Mai Nguyen, Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.
|
1b61736fbf84f0cb63fcb4c45829f852 | https://www.reuters.com/article/global-metals-idINL1N2HW09M?edition-redirect=in | METALS-Copper eases as virus worries outweigh vaccine hopes | METALS-Copper eases as virus worries outweigh vaccine hopes
By Mai Nguyen3 Min Read
(Updates prices)
Nov 10 (Reuters) - Prices of copper, often used as a gauge of global economic health, dipped on Tuesday as concerns about economic recovery due to a resurgence in COVID-19 cases outweighed optimism over positive trial results in the development of a vaccine.
The most-traded December copper contract on the Shanghai Futures Exchange closed 0.9% lower at 51,590 yuan ($7,799.41) a tonne, while three-month copper on the London Metal Exchange dipped 0.3% to $6,898 a tonne by 0701 GMT, having risen as much as 0.6% earlier in the session on hopes of a potential vaccine.
Pfizer Inc said its experimental vaccine was more than 90% effective in preventing COVID-19, a major victory in the war against a virus that has killed over a million people and battered the world’s economy.
“None of this unfortunately changes the near-term fact that the global economy faces a challenging winter,” said ING analysts in a note, adding that renewed lockdowns in Europe and risk of further U.S. restrictions would dampen global growth.
While optimism over vaccine development boosted risk appetite earlier in the session, uncertainties continued to loom over the impact of surging COVID-19 cases in the United States and Europe.
However, Brazil suspended a clinical trial for China’s Sinovac coronavirus vaccine, one of the world’s front-runners, citing a severe adverse event.
Meanwhile, official data on Tuesday showed that upstream demand for industrial goods remained tepid overall in China, the world’s biggest copper consumer.
FUNDAMENTALS
* LME aluminium rose 0.5% to $1,902 a tonne, zinc dipped 0.2% to $2,638 a tonne while ShFE nickel climbed 1.1% to 117,940 yuan a tonne and ShFE zinc was down 0.6% to 20,115 yuan a tonne.
* COLUMN-China’s copper import boom leaves other metals cold: Andy Home.
* Chile’s copper industry could see some of its mines put out of business if an early stage bill to protect glaciers continues its march through Congress, Chilean mining trade group Sonami said.
* For the top stories in metals and other news, click or
$1 = 6.6146 yuan Reporting by Mai Nguyen; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.
|
398568c43c18411b5148cfed1689e946 | https://www.reuters.com/article/global-metals-idINL4N2EE1Z7?edition-redirect=in | METALS-Demand hopes, supply worries propel copper to 5-month peak | METALS-Demand hopes, supply worries propel copper to 5-month peak
By Pratima Desai3 Min Read
* Cash copper trades at a premium to 3-month contract
* Copper cancelled warrants at 47% of total LME stocks (Updates with official prices)
LONDON, July 7 (Reuters) - Copper prices soared to their highest level in more than five months on Tuesday due to strong demand prospects in top consumer China and worries about supplies from Chile, the world’s largest producer of the red metal.
Benchmark copper on the London Metal Exchange touched its highest since Jan. 21 at $6,195 a tonne. It was up 0.9% at $6,182 a tonne at 1600 GMT.
Prices of the metal used widely in the power and construction industries are up more than 40% since hitting four-year lows in March.
“There is optimism about economic recovery and demand is in good shape,” said Commerzbank analyst Eugen Weinberg. “The copper market is also pricing in output disruptions in Chile because of COVID.”
ACTIVITY: China’s Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) rose to 51.2 last month after the fastest pace of growth since December and up from May’s 50.7.
A survey of purchasing managers in the U.S. manufacturing sector also showed expansion, while in Europe the contraction eased.
“Looking at historical recovery cycles - 2005, 2009-10, 2013, and 2017 - August is extremely important,” analysts at BMO Capital Markets said in a note.
“This is the month of most dramatic price increases, which in our view is linked to Northern Hemisphere purchasing managers returning from vacation to better order books.”
SPREAD: Concern about nearby copper supplies on the LME market <0#LME-WHL>, due to a large holding of warrants, pushed the premium for the cash over the three-month contract MCU0-3 to $6.8 a tonne on Monday compared with a discount for the last 14 months.
The premium returned to a discount of $3 a tonne on Tuesday, but worries about tightness on the LME market remain due to cancelled copper warrants -- metal earmarked for delivery -- at 47% of total stocks at 195,825 tonnes MCUSTX-TOTAL.
OTHER METALS: Aluminium was little changed at $1,635, zinc rose 0.1% to $2,065, lead added 1.4% to $1,823, tin slipped a touch to $17,000 and nickel climbed 1% to $13,470 a tonne. (Reporting by Pratima Desai; Editing by Jan Harvey/Louise Heavens/Ken Ferris)
Our Standards: The Thomson Reuters Trust Principles.
|
73377b2ad46e5cc883b7ed43625677d7 | https://www.reuters.com/article/global-metals-idUKL1N2HJ06D?edition-redirect=uk | METALS-Shanghai nickel nears 2-mth high as Philippine mine halted by virus | METALS-Shanghai nickel nears 2-mth high as Philippine mine halted by virus
By Reuters Staff2 Min Read
Oct 28 (Reuters) - Shanghai nickel prices rose on Wednesday to their highest in nearly two months, boosted by supply worries after the Philippines’ top nickel ore producer and exporter suspended operations at its mine following an outbreak of COVID-19.
The most-traded December nickel contract on the Shanghai Futures Exchange jumped as much as 3.2% to 122,680 yuan ($18,302.53) a tonne, its highest since Sept. 3.
Three-month nickel on the London Metal Exchange advanced 0.8% to $16,040 a tonne at 0340 GMT.
Nickel Asia Corp suspended until Nov. 10 operations at Hinatuan mine after 19 employees tested positive for COVID-19. Last year, the mine accounted for 11% of the company’s total ore sales volume.
FUNDAMENTALS
* LME copper dipped 0.1% to $6,970 a tonne and aluminium fell 0.3% to $1,816 a tonne. In Shanghai, copper rose 0.3% to 51,700 yuan a tonne and lead advanced 1.2% to 14,400 yuan a tonne.
* Nickel’s spectacular rally over the last month, fuelled by ore shortages and robust demand from China’s stainless steel mills, still has momentum, but prices will retreat as supplies rise and demand dwindles.
* For the top stories in metals and other news, click or
MARKETS NEWS
* Global shares slipped as coronavirus infections grew at an alarming pace in the United States and Europe, while uncertainty over next week’s U.S. elections added to a “risk off” tone.
DATA/EVENTS (GMT)
1045 Germany Economy Minister Peter Altmaier presents
the government’s biannual economic
projection in Berlin Bank of Japan holds
Monetary Policy Meeting (to Oct. 29)
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 6.7029 yuan) (Reporting by Mai Nguyen; editing by Uttaresh.V)
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
|
1ea7c18bf9a81017ed8fbaa0a75597ac | https://www.reuters.com/article/global-metals-idUKL1N2HW101?edition-redirect=uk | METALS-Vaccine hopes hold copper near 29-month highs | METALS-Vaccine hopes hold copper near 29-month highs
By Reuters Staff3 Min Read
(Updates prices)
LONDON, Nov 10 (Reuters) - Copper prices on Tuesday edged back towards 29-month highs as encouraging prospects of an effective coronavirus vaccine bolstered hopes for economic recovery and copper demand.
European equities and oil prices rose for a second day after Pfizer Inc said on Monday its experimental COVID-19 vaccine is more than 90% effective based on initial trial results.
But U.S. stocks slipped and weak inflation data in China, the biggest metals consumer, dragged down equities there.
The dollar also recouped some of Monday’s losses, pressuring metals by making them more expensive for buyers with other currencies.
Benchmark three-month copper on the London Metal Exchange (LME) was up 0.3% at $6,936.50 a tonne at 1715 GMT after touching $7,054 on Monday, the highest since June 2018.
Prices of the metal used in power and construction should move above $7,000 over the coming months as the dollar weakens and optimism builds that the coronavirus will be contained, said ING analyst Wenyu Yao.
“Looking at the fundamentals, there is clearly after this pandemic a speed up of the pivot to renewable energy and decarbonisation, which is good for copper demand,” she said.
VACCINE: While Pfizer reported success, Brazil suspended a clinical trial for China’s Sinovac coronavirus vaccine, one of the world’s front-runners, citing a severe adverse event.
CHINA: China’s factory-gate prices fell at a sharper-than-expected pace in October, a sign of economic weakness that contrasts with brisk growth in exports and manufacturing activity.
POSITIONING: Speculators are betting on higher copper prices, with a net long on the LME equivalent to 6.3% of active contracts as of Thursday, brokers Marex Spectron said.
CHINA OUTPUT: Copper cathode output at China’s biggest copper smelters fell by 5.4% year-on-year in October due to maintenance at two major plants, researchers Antaike said.
COLUMN: China’s copper import boom leaves other metals cold, writes Andy Home.
OTHER METALS: LME aluminium was up 0.9% at $1,910.50 a tonne, zinc was 0.4% higher at $2,652, nickel rose 1% to $15,915, lead gained 1.8% to $1,865 and tin was 0.1% up at $18,300.
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
|
77c1bcba553a563161fb2f49634016f6 | https://www.reuters.com/article/global-metals-idUKL1N2I6096?edition-redirect=uk | METALS-Shanghai copper near highest in 2-1/2 yrs on Chinese demand | METALS-Shanghai copper near highest in 2-1/2 yrs on Chinese demand
By Reuters Staff3 Min Read
MELBOURNE, Nov 20 (Reuters) - Shanghai copper prices hovered near 2-1/2-year highs on Friday, underpinned by strong physical demand in China and hopes of supportive U.S. policies for the metal used in renewable energy under a Joe Biden presidency.
FUNDAMENTALS
* “Physical demand is pretty good in China, in production and in fabrication,” said NAB analyst Lachlan Shaw.
* A string of economic data has reflected strong consumer demand including China’s industrial output which rose at a faster-than-expected pace in October.
* “There are concerns about supply due to COVID-19 and over labour disputes in Chile, as well as building expectations about stimulus and a green energy push from the U.S. under a Biden presidency,” Shaw added. “If anything this year, the impact of COVID-19 has been to push back new projects because the miners reduced crews. And so the market is looking more bullish.”
* A weaker USD also supported gains, as did some monetary stimulus from China at the start of the week.
* Shanghai Futures Exchange copper rose 0.8% to 53240 yuan ($8,098) a tonne, on track for a weekly 2% gain, the most in three months, having this week hit the highest in 2-1/2 years at 53,800.
* London Metal Exchange copper inched up 0.4% to $7,122 a tonne by 0430 GMT, also on track to close the week up near 2-1/2-year highs of $7,179.
* The new Shanghai international copper contract traded up 0.8% with volumes around half the levels seen this time on its market debut on Thursday.
* STRIKES: One of the unions on strike at Chile’s Candelaria copper mine, owned by Canada’s Lundin Mining Corp, rejected a contract offer from the company on Tuesday, confirming the work stoppage would continue.
* For the top stories in metals and other news, click or
MARKETS NEWS
* World financial markets were hit by a wave of uncertainty on Friday after U.S. Treasury Secretary Steven Mnuchin called for an end to coronavirus pandemic relief for struggling businesses, sparking a rare clash between the central bank and Treasury.
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 6.5742 Chinese yuan renminbi) (Reporting by Melanie Burton; Editing by Ramakrishnan M.)
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
|
0dd78ede8a854823f2cfd3ae97afc4e0 | https://www.reuters.com/article/global-metals-idUKL3N26W2AG?edition-redirect=uk | METALS-Copper touches two-week high on hopes of partial trade deal | METALS-Copper touches two-week high on hopes of partial trade deal
By Eric Onstad3 Min Read
* Zinc hits highest in more than two months
* GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl (Updates with official prices)
LONDON, Oct 11 (Reuters) - Copper rose to its highest in more than two weeks on Friday as the market awaited further news on U.S.-Sino trade talks amid optimism that a partial deal can be reached.
Zinc climbed to its strongest in more than two months on worries about shortages after a shutdown of a production facility in Namibia.
A Chinese state newspaper on Friday said that a “partial” trade deal would benefit China and the United States after day one of the first trade talks in more than two months.
“Until we get a definitive outcome, metals prices will drift, but I would expect to see quite a positive response (to any good news). A lot of bad news is priced into the market,” said Caroline Bain, chief commodities economist at Capital Economics in London.
“It’s very much half-empty sentiment currently.”
The 15-month trade dispute between the United States and China has slowed global growth and dimmed the demand outlook for base metals.
U.S. President Donald Trump said his plans to meet China’s Vice Premier Liu He at the White House on Friday was a good sign.
Three-month copper on the London Metal Exchange gained 0.3% to $5,796.50 a tonne in official open-outcry trading after touching its highest since Sept. 24 at $5,809.50. It had risen 1.7% in the previous session, its strongest advance in nearly four weeks.
* ZINC: LME zinc failed to trade in official rings but was bid up 0.6% at $2,403 a tonne after hitting $2,416, the highest since Aug. 1. It surged more than 4% in the previous session after news of a production shutdown.
* MINE CLOSURE: Vedanta Resources said on Thursday that it would shut its Skorpion zinc operations in Namibia from early November until the end of February 2020 because of technical problems.
* ZINC STOCKS: LME zinc stocks MZNSTX-TOTAL last stood at 62,475 tonnes, having dropped by more than half since the start of 2019. Stocks touched a record low of 50,425 tonnes in April.
* ALUMINIUM STOCKS: LME on-warrant aluminium inventories, those not earmarked for delivery, rose to 797,650 tonnes, the highest since May 15.
LME aluminium, the only metal in the red, slid 1.5% to trade at $1,726 a tonne in official activity.
“We see little upside for aluminium. Even though production is quite weak, there’s still more than enough aluminium around to meet demand,” Bain said.
Capital Economics expects aluminium to end the year at $1,650.
* PRICES: LME nickel rose 0.4% to $17,690 a tonne in official trading, lead was bid up 0.9% at $2,178 and tin added 0.5% to trade at $16,525.
* For the top stories in metals and other news, click or
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
|
48f3d3325440284c58b2cb559336611a | https://www.reuters.com/article/global-metals-idUKL3N2EU0YF?edition-redirect=uk | METALS-Copper falls as Sino-U.S. tensions rise | METALS-Copper falls as Sino-U.S. tensions rise
By Mai Nguyen2 Min Read
(Updates prices)
SINGAPORE, July 23 (Reuters) - Copper prices fell on Thursday as rising tensions between the United States and China sparked concerns of further retaliation between the world’s two biggest economies.
The most-traded September copper contract on the Shanghai Futures Exchange ended down 0.9% at 51,970 yuan ($7,429.59) a tonne, while three-month copper on the London Metal Exchange rose 0.1% to $6,493 a tonne by 0703 GMT, having fallen as much as 0.8% earlier in the session.
The United States’ move to shut the Chinese consulate in Houston, Texas on Wednesday prompted Beijing to consider closing the U.S. consulate in the central city of Wuhan, a person with direct knowledge of the matter said.
“Copper is trading lower as sentiment is dampened across markets after the decision by the U.S. to close the Chinese consulate in Houston, heightening tension between the two countries,” said commodities broker Anna Stablum of Marex Spectron.
“The drop in copper might represent another buying opportunity as the concentrate market continues to tighten,” Stablum said, noting low treatment charges and miners’ struggle to keep up production as they postpone capital expenditure.
FUNDAMENTALS
* OTHER METALS: LME aluminium rose 0.2% to $1,693.50 a tonne, tin declined 0.2% to $17,540 a tonne while ShFE nickel dropped 1.2% to 106,040 yuan a tonne and ShFE lead decreased 1.4% to 14,865 yuan a tonne.
* NICKEL: Indonesian state miner PT Aneka Tambang’s ferronickel production fell 0.6% year-on-year in April-June but sales rose 14% annually.
* LEAD: Chinese lead domestic prices SMM-LD-DOM rose to a one-week high at 15,050 yuan a tonne on Wednesday, SMM data showed.
* COPPER SPREAD: Premiums of LME cash over three-month copper CMCU0-3 rose to $17 a tonne, highest since March 2019, amid falling copper stocks MCUSTX-TOTAL and large holdings of warrants and cash contracts.
* For the top stories in metals and other news, click or ($1 = 6.9950 yuan) (Reporting by Mai Nguyen; Editing by Sriraj Kalluvila, Rashmi Aich and Vinay Dwivedi)
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
|
b6f7792333d67980449eb7c2bb1e3a25 | https://www.reuters.com/article/global-metals-idUKL4N24J0K4?edition-redirect=uk | METALS-Nickel strikes 1-yr highs as rally picks up speed | METALS-Nickel strikes 1-yr highs as rally picks up speed
By Reuters Staff0 Min Read
BEIJING, July 18 (Reuters) - Shanghai nickel prices rose more than 4% in early trade on Thursday to a one-year high, extending a rally for the metal into a ninth day as speculators continue to pile into the Shanghai Futures Exchange. Nickel, used to make stainless steel and batteries for electric vehicles, is now up more than 30% since the start of this year in Shanghai and is almost 37% higher in London. FUNDAMENTALS * SHANGHAI NICKEL: The most traded August nickel contract on the ShFE rose as much as 4.1% to 114,770 yuan ($16,692.85) a tonne, the highest since July 4, 2018, and stood at 114,090 yuan as of 0155 GMT. * OPEN INTEREST: Market open interest in Shanghai nickel, a measure of liquidity, rose to 604,806 lots on Wednesday, its highest since April, and was up more than 50% since July 5. The trading volume was approaching 800,000 lots, already well above the 30-day average for a full day's trade. * LME NICKEL: Three-month nickel on the London Metal Exchange shrugged off an early dip to move higher for a seventh session. It gained as much as 1.5% to $14,665 a tonne, its highest since July 3, 2018. * COLUMN: Nickel jumps but fear of Indonesia export ban is unfounded: Andy Home * COPPER: LME copper slipped 0.3% to $5,965 a tonne after U.S.-China trade war concerns returned in the previous session. ShFE copper fell 0.5% to 49,760 yuan a tonne. * TC/RCs: China's top copper smelters meet in the city of Hunchun on Thursday to set their floor treatment and refining charges (TC/RCs) for the third quarter. * VEDANTA: Zambia expects nine companies to submit bids for Konkola Copper Mines within weeks, mines minister Richard Musukwa said, even as a court case with Mumbai-listed Vedanta <VDAN.NS< over its ownership was underway. * OTHER METALS: Tin was the second-best performer, adding 1.7% in Shanghai and 1.1% in London. * ALUMINIUM: U.S. aluminium producer Alcoa says global aluminium demand growth for 2019 is estimated to range between 1.25%-2.25% and continues to project a global aluminium deficit of 1 million-1.4 million tonnes this year. * For the top stories in metals and other news, click or MARKETS NEWS * Asian shares wobbled in early Thursday trading as Wall Street stocks dropped on early signs that the U.S.-China trade war could hurt corporate earnings, helping to underpin solid demand for safe-haven U.S. Treasuries. DATA AHEAD (GMT) 0130 Australia Unemployment Rate June 0830 UK Retail Sales MM, YY June 0830 UK Retail Sales Ex-Fuel MM June 1230 US Initial Jobless Claims Weekly 1230 US Philly Fed Business Index July PRICES BASE METALS PRICES 0155 GMT Three month LME copper 5959 Most active ShFE copper 46740 Three month LME aluminium 1839.5 Most active ShFE aluminium 13820 Three month LME zinc 2471.5 Most active ShFE zinc 19380 Three month LME lead 2007.5 Most active ShFE lead 16415 Three month LME nickel 14585 Most active ShFE nickel 114090 Three month LME tin 18090 Most active ShFE tin 135950 ($1 = 6.8754 Chinese yuan renminbi) (Reporting by Tom Daly; editing by Richard Pullin)
Our Standards: The Thomson Reuters Trust Principles.
|
34a6de6afc1afa42e68e9c3a1b288155 | https://www.reuters.com/article/global-metals-idUKL4N28D1P6?edition-redirect=uk | METALS-Copper prices slide as new U.S. tariffs add to trade fears | METALS-Copper prices slide as new U.S. tariffs add to trade fears
By Naveen Thukral0 Min Read
(Recasts, updates prices) By Naveen Thukral SINGAPORE, Dec 3 (Reuters) - London copper prices slid on Tuesday, with most industrial metals losing steam, as new U.S. tariffs on Brazil and Argentina revived global trade worries. U.S. President Donald Trump stunned markets with tariffs against the two South American nations Brazil and Argentina, while weak U.S. factory data overshadowed positive manufacturing figures from China. The rising trade tensions were weighing on prices of industrial metals, ANZ said in a report. COPPER: Three-month copper on the London Metal Exchange was down 0.5% at $5,854 a tonne, as of 0712 GMT, and the most-traded copper contract on the Shanghai Futures Exchange gave up 0.3% to 47,080 yuan ($6,688.55) a tonne. MANUFACTURING: China's factory activity showed surprising signs of improvement in November, with growth picking up to a near three-year high, a private sector survey showed on Monday, reinforcing upbeat government data released over the weekend. DEFLATIONARY RISKS: Analysts, however, remain concerned about deflationary risks in the sector, unconvinced that the worst is over yet for Chinese manufacturers. They say the sub-indexes of both surveys painted a picture of patchy recovery that will be difficult to sustain. TRADE DEAL: Investors in commodity and financial markets are expecting a U.S.-China trade deal to help drive economic growth. POSSIBILITY: A senior adviser to U.S. President Donald Trump said on Monday an agreement was still possible before the end of the year, adding that the first phase of the deal was being put to paper. ALUMINIUM OUTPUT: Norsk Hydro , one of the world's biggest aluminium producers, plans to cut production by 20% at its majority-owned Slovalco plant in Slovakia, citing a weakening market. nL8N28C1YO INVENTORIES: The weak aluminium market has led to rising inventories. On-warrant LME stocks MALSTX-TOTAL, material not earmarked for delivery, reached 1,114,650 tonnes, the highest since Feb. 22, data showed. FUTURES CONTRACT: China's Shanghai International Energy Exchange (INE) is preparing to launch a copper futures contract within the next year that will be open to domestic and foreign investors, according to two sources familiar with the plans. PRICES Three month LME copper Most active ShFE copper Three month LME aluminium Most active ShFE aluminium Three month LME zinc Most active ShFE zinc Three month LME lead Most active ShFE lead Three month LME nickel Most active ShFE nickel Three month LME tin Most active ShFE tin ARBS ($1 = 7.0389 Chinese yuan) (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips and Richard Pullin)
Our Standards: The Thomson Reuters Trust Principles.
|
bf71cdc04d618a608efbe4906ded7471 | https://www.reuters.com/article/global-metals-idUKL4N2I20LM?edition-redirect=uk | METALS-Copper extends gains, aluminium near 20-month high on China demand | METALS-Copper extends gains, aluminium near 20-month high on China demand
By Reuters Staff3 Min Read
Nov 16 (Reuters) - Industrial metals rose on Monday, with copper extending gains into a third session and aluminium hovering near a 20-month high, on optimism around demand in top metals consumer China.
Copper inventories at warehouses monitored by the Shanghai Futures Exchange fell last week, suggesting demand in the world’s second-biggest economy remains robust, according to analysts.
Three-month copper on the London Metal Exchange was up 0.9% at $7,047 a tonne by 0151 GMT.
The most-traded December copper contract on the Shanghai Futures Exchange gained as much as 3.5% to 53,800 yuan ($8,173.31) a tonne.
London aluminium rose 0.5% to $1,941.50 a tonne. It had touched $1,943.50 on Friday, its strongest since March 21, 2019.
Shanghai aluminium jumped 0.9% to 15,585 yuan a tonne, with analysts citing a higher-than-expected drawdown in total reportable inventories in China last week as the reason.
FUNDAMENTALS
* Chinese new home prices grew at a slower monthly pace in October, data showed, with some big cities having rolled out measures like bans on sales or purchases to try to cool the market.
* Indonesian President Joko Widodo will send a high-level team this week to meet with top executives of U.S. automaker Tesla as the Southeast Asian country aims to become the world’s biggest producer of electric vehicle batteries.
* For the top stories in metals and other news, click or
MARKETS NEWS
* Asia’s stock markets opened higher, as vaccine optimism offset worries about rising coronavirus cases in Europe and new lockdowns in the United States, while oil prices and risk-exposed currencies also edged higher.
DATA/EVENTS (GMT)
0200 China Urban Investment (YTD) YY Oct
0200 China Industrial Output YY Oct
0200 China Retail Sales YY Oct
0630 India WPI Inflation YY Oct
1100 EU Reserve Assets Total Oct
Key banking/govt official to speak at the 23rd Euro Finance Week conference in Frankfurt
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
|
00acd316d95803d3db2621f5af3f7425 | https://www.reuters.com/article/global-metals-idUKL8N2E73DS?edition-redirect=uk | METALS-Copper set for best quarter in a decade on China rebound | METALS-Copper set for best quarter in a decade on China rebound
By Peter Hobson2 Min Read
(Updates prices)
LONDON, June 30 (Reuters) - Copper prices headed for their biggest quarterly rise in ten years on Tuesday, as resurgent Chinese demand, supply disruption and global stimulus fed a bounce from March’s four-year lows.
Benchmark copper on the London Metal Exchange (LME) was up 1% at $6,018.50 a tonne at 1600 GMT, after hitting its highest level since Jan. 23.
The metal used in power and construction is up around 22% in the last three months and is now just below its January high of $6,343, before the coronavirus spread worldwide.
Behind the gains are “supply fears driven by coronavirus spreading in major copper producing countries like Chile and Peru (and) the recovering economy, above all in China,” said Commerzbank analyst Daniel Briesemann.
A close above $6,000 could fuel further buying, but supply and demand fundamentals justify a level around $5,500 and prices will eventually fall, he added.
CHINA: Factory activity in China quickened in June, beating expectations. The total new orders index also brightened, but export orders continued to contract and factories cut jobs.
STOCKS: On-warrant copper inventories in LME-registered warehouses fell by 1,200 tonnes to 111,650, the lowest since Jan 17. MCUSTX-TOTAL
Stocks in Shanghai Futures Exchange (ShFE) warehouses at 99,971 tonnes are the lowest since January 2019. CU-STX-SGH
SUPPLY: Freeport Indonesia’s production of copper concentrate and copper ore were both below its initial targets this year.
POSITIONING: Speculators are betting on higher copper prices, with a net long on the LME equal to 3.6% of active contracts by Friday, the biggest since January, brokers Marex Spectron said.
OTHER METALS: LME aluminium was up 0.5% at $1,617 a tonne, zinc fell 0.9% to $2,044, nickel was flat at $12,810, lead slipped 1.4% to $1,777 and tin was down 0.4% at $16,705.
All were up between 2% and 14% in the second quarter.
Reporting by Peter Hobson; additional reporting by Mai Nguyen; Editing by Kirsten Donovan, Louise Heavens and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
|
99f8a867190a3e4060a6b7e01a00bd37 | https://www.reuters.com/article/global-metals-idUSL1N2I4119 | METALS-Zinc leaps on mine shutdown, tightening LME market | METALS-Zinc leaps on mine shutdown, tightening LME market
By Reuters Staff3 Min Read
(Updates prices)
LONDON, Nov 18 (Reuters) - Zinc prices rose on Wednesday to an 18-month high as a mine shutdown in South Africa and signs of tightening short term supply added to expectations of strong demand from top consumer China.
Benchmark zinc on the London Metal Exchange was up 1.5% at $2,729 a tonne at 1710 GMT after reaching $2,770, the highest since May 2019.
The metal used to galvanize steel has risen more than 60% from a low in March as industrial activity in China rebounded from coronavirus closures.
“There’s still room for Chinese metals demand to support prices and perhaps push them a little bit higher,” said Capital Economics analyst Kieran Clancy.
“But the scope for further rallies is really starting to look more limited,” he said, pointing to rising coronavirus cases in Europe and the United States and the likelihood that China will dial back stimulus measures next year.
VEDANTA: Vedanta Zinc International suspended mining at its Gamsberg zinc mine in South Africa after a geotechnical failure trapped 10 employees. The mine produces 250,000 tonnes of zinc a year at full output.
SPREAD: The discount of cash zinc versus the three-month contract on the LME shrank as low as $3.30 a tonne, the least since June, from $14.50 on Monday, pointing to tighter nearby supply. MZN0-3
HIDDEN STOCKPILE: A pile-up of hidden zinc stocks in Spain has helped create shortages in top consumer China and bolstered a price rally.
STOCKS: Zinc inventories in LME-registered warehouses have climbed to around 220,000 tonnes from 50,000 tonnes in January, but one entity controls more than half. MZNSTX-TOTAL <0#LME-WHL>
Stocks in Shanghai Futures Exchange warehouses have trended lower in recent months and sit around 60,000 tonnes. ZN-STX-SGH
SURPLUS: The global zinc market is expected to switch back to a surplus next year.
COPPER STRIKES: A union on strike at Chile’s Candelaria copper mine rejected a contract offer from the company on Tuesday.
Chile’s Codelco said it had reached advanced contract agreements with two small unions at its El Teniente mine.
VIRUS: The number of reported global daily deaths from the coronavirus reached a record high of 10,816 on Tuesday.
OTHER METALS: LME aluminium was up 1% at $1,997 a tonne after touching $2,000 for the first time since November 2018.
Copper was up 0.2% at $7,081, nickel fell 0.9% to $15,790, lead rose 0.6% to $1,952.50 and tin was 1.1% down at $18,820. (Reporting by Peter Hobson Additional reporting by Enrico Dela Cruz; Editing by Elaine Hardcastle, Mark Potter and Jonathan Oatis)
Our Standards: The Thomson Reuters Trust Principles.
|
7945900b9b0dcd2c54615a9b8bd45875 | https://www.reuters.com/article/global-metals-idUSL3N1NY1AH | METALS-Shanghai nickel tumbles on doubts over steel demand | METALS-Shanghai nickel tumbles on doubts over steel demand
By Reuters Staff4 Min Read
SYDNEY, Nov 28 (Reuters) - Shanghai nickel futures tumbled more than 2 percent in early trade on Tuesday as reforms in China threaten steel-intensive infrastructure projects.
ANZ Bank warned that weakness in the stainless steel sector continues to override the exuberance over electric vehicles and demand for nickel-rich batteries.
Stainless steel production accounts for two thirds of nickel demand.
Falls in equity markets have also raised concerns that liquidity will impact investor appetite in key commodity markets, ANZ said.
FUNDAMENTALS
* SHANGHAI NICKEL: The most-traded nickel contract on the Shanghai Futures Exchange was 2.35-percent lower at 93,480 yuan ($14,170.72) a tonne at 0100 GMT. The contract has now retreated by more than 10 percent from its one-year peak hit on Nov. 6.
* LONDON NICKEL: Three-month nickel on the London Metal Exchange rebounded slightly to $11,620 a tonne, partially reversing a 3.9-percent loss in the previous session.
* BHP TARGETS: Top global miner BHP Billiton said on Tuesday it would drive further cost cuts across its Australian business, and forecast strong price support from China for steelmaking raw materials.
* TIGHT LEAD: The International Lead and Zinc Study Group (ILZSG) last month made a significant revision to its outlook for the lead market this year. The market is now expected to be in a supply deficit of around 125,000 tonnes ahead of another 48,000-tonne deficit next year.
* CHILE STRIKE: Workers at BHP Billiton’s Escondida copper mine in Chile ended a 24-hour strike on Friday, but could down tools again this week over the company’s planned layoffs. Escondida is the world’s largest copper mine.
* POSTPONEMENT: A court hearing for a challenge by South Africa’s mining industry to revisions to a sector charter which include raising levels of black ownership has been postponed to February from December.
* SHANGHAI COPPER: ShFE copper was 0.72-percent lower, with LME three-month copper also off slightly at $6,922.50 a tonne.
* For the top stories in metals and other news, click or
MARKETS NEWS
* Asian shares stepped back from decade highs on Tuesday on worries about another sharp sell-off in Chinese stock markets, while the U.S. dollar trod water ahead of a crucial vote for a tax reform in the world’s largest economy.
DATA/EVENT AHEAD (GMT) 0700 Germany Import prices Oct 0900 Euro zone Lending and money supply Oct 1200 Germany GfK consumer sentiment Dec 1330 U.S. Advance goods trade balance Oct 1330 U.S. Wholesale inventories Oct 1400 U.S. Monthly home price index Sep 1400 U.S. S&P/Case-Shiller home prices Sep 1500 U.S. Consumer confidence Nov 1500 U.S. Senate Banking Committee holds hearing on
nomination of Jerome Powell to be chairman of the
Federal Reserve
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 6.5967 Chinese yuan renminbi)
Reporting by James Regan; Editing by Joseph RadfordOur Standards: The Thomson Reuters Trust Principles.
|
220a281ef7447514714361d7bb1dad35 | https://www.reuters.com/article/global-metals-idUSL3N1ZP1XX | METALS-London copper rises on softer dollar, but heads for weekly drop | METALS-London copper rises on softer dollar, but heads for weekly drop
By Reuters Staff0 Min Read
(Adds Shanghai closing prices, updates London prices) BEIJING, Jan 25 (Reuters) - London copper edged higher on Friday as support from a weaker dollar saw the metal claw back the previous session's losses, although uncertainty over the progress in U.S.-China trade talks capped the upside. Copper remained on course to shed 1.6 percent this week on fears China's slowing economy will hurt demand. That would mark its steepest weekly drop since the week ended Dec. 21. On the supply side, Freeport McMoRan Inc, the world's second-largest copper miner, forecast on Thursday a drop in 2019 production. An Indonesian official said earlier this month that Freeport's Grasberg mine would produce around 1.2 million tonnes of copper concentrate this year, compared to 2.1 million tonnes in 2018, as operations move from open pit to underground mining. Grasberg's output is expected to double between 2019 and 2021, Freeport CEO Richard Adkerson said. "As long as global GDP growth exceeds 1 percent this year and 2 percent (per year) on average thereafter, the market should go into a meaningful deficit with rising prices," Jefferies analyst Christopher LaFemina wrote in a note. FUNDAMENTALS * LME COPPER: Three-month copper on the London Metal Exchange was up 0.5 percent at $5,951 a tonne as of 0749 GMT, with traders also pointing to short-covering ahead of the Lunar New Year holidays in China next month. The most-traded March copper contract on the Shanghai Futures Exchange ended flat at 47,380 yuan ($7,006.60) a tonne. * TRADE: The United States and China are a long way from resolving trade issues but there is a fair chance the two countries will get to a trade deal, Commerce Secretary Wilbur Ross said on Thursday. * SCRAP: China's imports of scrap copper from the United States rose in December from the previous month, customs data showed, snapping six straight months of declines. * ANGLO: Anglo American said its copper output had reached a five-year high and its overall output for the last quarter of 2018 had risen 7 percent following operational changes that boosted efficiency. * NICKEL: The metal used to make stainless steel closed up 1 percent in Shanghai and added 0.3 percent in London , where other metals were also marginally higher. * For the top stories in metals and other news, click or MARKETS NEWS * Asian stocks rallied to a seven-week high, buoyed by gains in U.S. technology firms as pockets of strength in corporate earnings eased some of the anxiety over a slowing global economy. PRICES BASE METALS PRICES 0755 GMT Three month LME copper 5952 Most active ShFE copper 47350 Three month LME aluminium 1891.5 Most active ShFE aluminium 13520 Three month LME zinc 2642 Most active ShFE zinc 21525 Three month LME lead 2074 Most active ShFE lead 17655 Three month LME nickel 11810 Most active ShFE nickel 94850 Three month LME tin 20935 Most active ShFE tin 148950 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 651.06 LME/SHFE ALUMINIUM LMESHFALc3 -1302.95 LME/SHFE ZINC LMESHFZNc3 220.28 LME/SHFE LEAD LMESHFPBc3 734.5 LME/SHFE NICKEL LMESHFNIc3 1816.81 ($1 = 6.7622 Chinese yuan) (Reporting by Tom Daly; Editing by Joseph Radford and Subhranshu Sahu)
Our Standards: The Thomson Reuters Trust Principles.
|
d9549a2779808d35e570ed4f911651a1 | https://www.reuters.com/article/global-metals-idUSL3N2110P9 | METALS-Zinc eases, but near eight-month top on supply concerns | METALS-Zinc eases, but near eight-month top on supply concerns
By Reuters Staff3 Min Read
MELBOURNE, March 14 (Reuters) - Zinc edged down from near eight-month highs on Thursday after comments from U.S. President Donald Trump chilled optimism over an imminent China trade deal, while tight supply of metal underpinned prices.
FUNDAMENTALS
* ZINC: Three-month zinc on the London Metal Exchange eased 0.4 percent to $2,834.50 a tonne after earlier coming close to Wednesday’s peak of $2,848.50, which was the highest since early July.
* PRICES: LME zinc prices held above $3,000 a tonne for most of 2017 and half way through 2018 on the back of a severe shortage of mine supply. High prices encouraged new mine supply, which depressed prices, but smelters have been slower than expected to churn mine supply into metal.
* STOCKS: LME zinc <0#MZNSTX-LOC-GRD> stocks have fallen to 58,950 tonnes, the lowest since October 2007, and down from around 250,000 tonnes as recently as August. In recent years, traders have been holding metal outside LME warehouses where storage is cheaper.
* COPPER: LME copper was little changed at $6,473 a tonne, while Shanghai Futures Exchange copper edged down 0.3 percent to 49,290 yuan ($7,352) a tonne.
* TRADE: U.S. President Trump said on Wednesday he was in no rush to complete a trade pact with China and insisted that any deal include protection for intellectual property, a major sticking point between the two sides during months of negotiations.
* COPPER: Southern Copper Corp, one of the world’s biggest copper producers, is evaluating making an investment in a lithium project in Mexico that a Chinese firm is also interested in, the company’s chief executive told Reuters.
* ALUMINIUM: Malaysia said that bauxite miners must each conduct a study on the environmental impact of their sites in the country before receiving licences to restart operations, with a moratorium on mining the aluminium raw material due to end on March 31.
* For the top stories in metals and other news, click or
MARKETS NEWS
* Asian shares paused on Thursday as investors awaited data from China for clues about the health of the world’s second largest economy while the pound shot up to near nine-month highs as the risk of a no-deal Brexit receded following a late-night vote.
DATA/EVENTS (GMT)
0200 China Urban Investment (ytd) Jan
0200 China Industrial Output Jan
0200 China Retail Sales Jan
0630 India WPI Inflation Feb
0700 Germany HICP Final Feb
0745 France CPI (EU Norm) Final Feb
1200 Brazil Retail Sales Jan
1230 US Initial Jobless Claims weekly
1400 US New Home Sales-Units Jan
TOKYO - Bank of Japan holds Monetary Policy Meeting (to March 15)
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 6.7046 Chinese yuan renminbi)
Reporting by Melanie Burton; editing by Richard PullinOur Standards: The Thomson Reuters Trust Principles.
|
cd68585d76fcb03b38188a0c499571ac | https://www.reuters.com/article/global-metals-idUSL4N1CJ1RC | METALS-London copper falls after tepid China trade data | METALS-London copper falls after tepid China trade data
By Melanie Burton4 Min Read
* China copper imports at 340,000 T in Sept, lowest since Feb 2015
* Copper concentrate imports down 4.1 pct on mth, up 32 pct YTD
* Coming up: U.S. import/export prices for Sept at 1230 GMT (Adds detail; updates prices)
MELBOURNE, Oct 13 (Reuters) - London copper slipped on Thursday after China’s September trade data showed a sharp decline in exports, raising fresh concerns about the health of the world’s No.2 economy and biggest user of metals.
China’s September exports fell 10 percent from a year earlier, far worse than expected, while imports unexpectedly shrank after picking up in August, suggesting signs of steadying in the world’s second-largest economy may be short-lived.
The disappointing trade figures pointed to weaker demand both at home and aboard, and deepened concerns over the latest depreciation in China’s yuan currency.
“It’s not really a surprise for us to see a low number for September. The import numbers have mostly been shrinking since March, as China imported too much copper in the beginning of this year, mainly due to the arbitrage between ShFE and LME, and interest rates,” said Chris Wu, analyst with CRU in Beijing.
Wu said that China’s credit-fuelled housing revival had helped to drive copper demand, but that the impact may be set to fade.
“The lagging effect from the property market is still helping with (demand for) some of the end-use sectors - for example wire, cables and white goods - but we are afraid the boom is close to the end because of tight policy controls,” she said.
Three-month copper on the London Metal Exchange had slipped 0.8 percent to $4,776 a tonne by 0710 GMT, after ending flat in the previous session. Prices are falling away from two-month highs above $4,889 touched at the end of September.
Shanghai Futures Exchange copper slipped 0.8 percent to 37,630 yuan ($5,643) a tonne.
China’s copper imports fell to 340,000 tonnes in September from 350,000 tonnes in August. Its concentrate imports declined last month by 4.1 percent to 1.39 million tonnes, but were still up a solid 31.9 percent for the year.
“The metal number is weak, but it has been weakening since March. It’s no coincidence that (Peruvian mine) Las Bambas has been ramping up this year and more copper concentrate is going to China,” said analyst Daniel Morgan at UBS.
China’s refined metal production jumped by 12.4 percent in August and is up by 8.7 percent this year at 5.498 million tonnes.
After China set down new measures to cool its overheated housing market earlier this month, it has also tinkered with tools to spur private investment. China hopes to boost private investment by improving financial services for small enterprises, its powerful state planner said on Wednesday.
Meanwhile, the Hong Kong bourse has appointed the former general manager of the Zhengzhou Commodity Exchange as the head of its new commodities platform in mainland China.
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
$1 = 6.6685 Chinese yuan renminbi Reporting by Melanie Burton; Editing by Richard Pullin and Joseph RadfordOur Standards: The Thomson Reuters Trust Principles.
|
a89b096422b7b2b5b73d214a024cb532 | https://www.reuters.com/article/global-metals-idUSL4N1DA1PR | METALS-Copper eases as Trump close to surprise White House win | METALS-Copper eases as Trump close to surprise White House win
By Naveen Thukral3 Min Read
* Copper falls over 2 pct as U.S. election results unfold
* Expectations of strong China demand keep floor under mkt (Updates prices)
SINGAPORE, Nov 9 (Reuters) - Copper edged lower on Wednesday, easing from last session’s one-year peak as trends in U.S. presidential election showed surprise victory for Republican candidate Donald Trump.
Expectations of strong demand from top consumer China kept a floor under the market.
Three-month copper on the London Metal Exchange was down 0.3 percent at $5,218 a tonne as of 0703 GMT, after declining more than 2 percent earlier in the session.
On Tuesday, the metal hit its highest since October last year at 5,250.50 a tonne.
The most-traded copper contract on the Shanghai Futures Exchange closed 3 percent higher at 41,600 yuan a tonne, tracking last session’s gains on the LME.
The U.S. dollar sank and stocks plummeted in market mayhem as investors faced the real possibility of a win by Trump that could upend the global political order.
The action in the market is likely to be dominated by U.S. election results, although market fundamentals look set to support industrial metals.
“Inventories of copper held on the LME fell for the fourteenth straight day and are now down 34 percent over the past six weeks,” ANZ said in a note. “That was backed up by data showing strong vehicle sales in China in October.”
Markets have tended to favour Clinton as a status quo candidate who would be considered a safe pair of hands at home on the world stage.
Elsewhere, Chinese banks extended 1.22 trillion yuan ($180 billion) in new loans in September, capping a record nine-month lending spree. Much of the growth in recent months has been driven by a rapid rise in home mortgages.
Still, China’s imports of copper fell 14.7 percent from a month ago to 290,000 tonnes in October, its lowest since February 2015, customs data showed on Tuesday. The country accounts for about half of global consumption of industrial metals.
The JPMorgan Global Manufacturing PMI rose to a two-year high of 52.0 in October.
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin (Reporting by Naveen Thukral; Editing by Joseph Radford and Subhranshu Sahu)
Our Standards: The Thomson Reuters Trust Principles.
|
d5ad2bb8a44f4bb78444ab263e0195df | https://www.reuters.com/article/global-metals-idUSL4N1UJ1NZ | METALS-London copper steady, trade tensions crimp demand outlook | METALS-London copper steady, trade tensions crimp demand outlook
By Reuters Staff0 Min Read
(Adds detail, updates prices) By Melanie Burton MELBOURNE, July 23 (Reuters) - London copper was steady on Monday, holding above a one-year low hit last week, as concerns simmered that mounting trade tariff spats could dent demand, while a weaker dollar cushioned losses. Fears of a demand hit from the imposition of tariffs on the automotive sector caused copper and aluminium to soften, while lead and zinc were also heavily sold on expectations of rising supply, Morgan Stanley said in a report. FUNDAMENTALS * LME COPPER: London Metal Exchange copper traded little changed at $6,154 a tonne, as of 0757 GMT. Last week, prices fell for a sixth week in a row, hitting their lowest in a year at $5,988 on Thursday. * SHANGHAI COPPER: Shanghai Futures Exchange copper revived by 1.4 percent to 49,020 yuan ($7,235) a tonne. * TARIFFS: U.S. President Donald Trump on Friday said he was ready to impose tariffs on all $500 billion of imported goods from China, threatening to escalate a clash over trade policy that has unnerved financial markets. * ANTI-DUMPING PROBE: China on Monday launched an anti-dumping probe into stainless steel imports worth $1.3 billion, including from a privately owned Chinese mill with operations offshore, after complaints that a flood of product has damaged the local industry. * GLOBAL ECONOMY: The International Monetary Fund (IMF) warned world economic leaders on Saturday that a recent wave of trade tariffs would significantly harm global growth, a day after Trump threatened a major escalation in a dispute with China. * ZINC: LME zinc surged as shorts were forced to cover and due to a shortfall of available immediate supply. LME data showed a large short holding in the futures report, while lending guidance is enforced with a single holder of more than half LME metal. <0#LME-FBR> <0#LME-WHL> * STRIKES: Labour negotiations at Chile's Escondida copper mine, the world's largest, are frozen without signs of progress toward an agreement just over a week before the current contract expires. * COPPER DEFICIT: The global world refined copper market showed a 98,000 tonnes deficit in April, compared with a surplus in March, the International Copper Study Group (ICSG) said. * SCRAP: China June scrap copper imports dropped 39.8 pct year-on-year to 200,000 tonnes China's customs data showed. * ALUMINIUM: The U.S. Treasury is open to removing Russian aluminium producer Rusal from a U.S. sanctions list, Treasury Secretary Steven Mnuchin said on Friday, adding the objective was "not to put Rusal out of business." * SPECULATORS: Short holdings in Comex copper surged in the latest week, data from the U.S. regulator showed. PRICES Three month LME copper Most active ShFE copper Three month LME aluminium Most active ShFE aluminium Three month LME zinc Most active ShFE zinc Three month LME lead Most active ShFE lead Three month LME nickel Most active ShFE nickel Three month LME tin Most active ShFE tin ($1 = 6.7755 Chinese yuan) (Reporting by Melanie Burton; Editing by Richard Pullin and Sherry Jacob-Phillips)
Our Standards: The Thomson Reuters Trust Principles.
|
a94a28a869043cc2a6b67e5fd2c8a1ad | https://www.reuters.com/article/global-metals/metals-china-smelter-cuts-boost-zinc-price-idUSL4N1TU3A1 | METALS-China smelter cuts boost zinc price | METALS-China smelter cuts boost zinc price
By Zandi Shabalala3 Min Read
* LME/ShFE arb: bit.ly/2wZSAE
* GRAPHIC-2018 asset returns: tmsnrt.rs/2jvdmXl (Adds official prices)
LONDON, June 28 (Reuters) - Zinc rose on Thursday, edging further away from 10-month lows, after reports that top Chinese smelters planned to cut output by 10 percent to address low prices and treatment charges of the metal used to galvanise steel.
Benchmark zinc on the London Metal Exchange traded 0.8 percent higher at $2,899 per tonne in official trading rings. It touched a low of $2,815 on Tuesday, a level last seen in August 2017 and prices are down about 12 percent this year.
“A cut in output in one of the major consuming countries could have a significant impact and easily explains why zinc is moving against the base metals pack,” said Quantitative Commodity Research consultant Peter Fertig.
“Some companies during the first half of this year announced plans to increase output and that has weighed a little bit on the zinc price.”
CHINA SMELTERS: China’s top zinc smelters plan to cut zinc output by 10 percent after holding a meeting in Shaanxi province, two sources briefed on the matter said on Thursday.
TREATMENT CHARGERS: The zinc industry agreed a 15 percent drop in annual zinc processing fees, Nystar said in May, squeezing revenues for smelters.
SPREADS: The premium of cash to three month zinc CMZN0-3 eased to $42.20, edging further away from October highs touched on Friday and easing concerns over looming supply tightness.
ZINC INVENTORIES: On-warrant zinc stocks in LME-registered warehouses fell by 15,175 tonnes to 222,650 tonnes, data showed on Thursday, after fresh cancellations in New Orleans. Total stocks inched 25 tonnes lower to 249,325 tonnes.
SUPPLY: Australia’s New Century Resources is on track to turn a giant tailings dam into the world’s fifth-biggest source of zinc as it defies doubters to make its first shipment in August, the mineral processor’s managing director said.
COPPER: China’s top copper smelters on Thursday failed to set minimum treatment and refining charges for copper concentrate in the third quarter of 2018, two people with knowledge of the matter said.
LME copper traded 0.7 percent lower at $6,646 per tonne in official rings, its lowest since April 4.
DOLLAR: A slightly strong dollar also weighed on most commodities on Thursday. Dollar-denominated metals become more expensive for non-U.S. firms when the currency rises. The dollar index against a basket of currencies hit its highest in nearly a year.
Conflicting signals about developments in the trade row between Washington and its main trading partners prompted buying of the greenback.
PRICES: Aluminium was bid 1 percent lower at $2,153 per tonne, lead was bid down 0.9 percent to $2,412, tin inched 1 percent lower to $19,655, while nickel was bid down 0.7 percent at $14,775.
Additional reporting by Tom Daly; editing by Jon Boyle and Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.
|
3c9e06f61c4f6bbfc3168e31faa83aaa | https://www.reuters.com/article/global-metals/metals-copper-and-other-metals-ease-ahead-of-us-china-talks-idUKL3N26823W?edition-redirect=uk | METALS-Copper and other metals ease ahead of U.S.-China talks | METALS-Copper and other metals ease ahead of U.S.-China talks
By Zandi Shabalala3 Min Read
* GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl (Adds official prices, adds dollar)
LONDON, Sept 17 (Reuters) - Copper edged lower on Tuesday as investors doubted that U.S-China talks this week would lead to a speedy resolution of a long-running trade dispute and a recovery in metals demand.
Deputy-level talks between the world’s two largest economies are scheduled to start in Washington on Thursday, the U.S. Trade Representative’s office said, paving the way for high-level talks in October.
The 14-month trade war has disrupted financial markets and subdued global growth and demand for metals including copper.
“The market will need to see real facts on the table before extending the gains we have seen during early September,” said Danske Bank commodities analyst Jens Pedersen, referring to the trade talks.
“The market has been fooled a couple of times, showing momentum on trade talks only to realise that it’s really difficult for the two parties to strike a deal.”
Benchmark three-month copper on the London Metal Exchange (LME) was down 1.2% at $5,796 a tonne in official open-outcry trading.
ANALYSIS: The trade war has hardened into a political and ideological battle that runs far deeper than tariffs, trade experts, executives, and officials in both countries say, adding an agreement at talks this week is expected to be a superficial fix.
RATES CUT: The U.S. Federal Reserve is expected cut interest rates on Wednesday and close scrutiny will be paid to the central bank’s language and new economic projections, given the backdrop of the trade war.
TRADE: The slowdown in China’s economy deepened in August, with growth in industrial production at its weakest in 17-1/2 years.
China accounts for about half of global demand for base metals.
DOLLAR: Metals were under pressure from a stronger U.S. dollar, which traded close to recent two-year highs on ongoing geopolitical risks in the Middle East.
ZINC JUMPS: China’s zinc output rose by 18.9% year-on-year to 528,000 tonnes in August, data released by the National Bureau of Statistics showed.
Meanwhile, on-warrant LME inventories fell to the lowest since at least 1998, at 33,450 tonnes. MZNSTX-TOTAL
LME zinc fell from a six-week high touched in the previous session, down 0.9% to $2,344 a tonne.
BOND FAILS: Sirius Minerals scrapped a plan to raise $500 million through a bond sale, sending its shares more than 50% lower and delaying a project to mine for fertiliser under a national park in northern England.
PRICES: Aluminium was bid down 0.8% to $1,778 a tonne, lead eased 1.4% to $2,068, tin shed 2.5% to $16,725, nickel slipped 2.4% to a more than two-week low of $16,650. (Additional reporting by Mai Nguyen in SINGAPORE; Editing by Mark Potter and David Evans)
Our Standards: The Thomson Reuters Trust Principles.
|
bfe828df9e4c90f6e12ea069d71f1fd1 | https://www.reuters.com/article/global-metals/metals-copper-edges-higher-as-investors-take-stock-and-look-to-china-idUKL4N29C1ZW?edition-redirect=uk | METALS-Copper edges higher as investors take stock and look to China | METALS-Copper edges higher as investors take stock and look to China
By Eric Onstad3 Min Read
* Copper inventories at lowest level since March
* Aluminium spread eases on plentiful supplies (Updates with official prices)
LONDON, Jan 7 (Reuters) - Copper prices clawed higher on Tuesday as U.S.-Iran tensions eased and investors expected leading metals consumer China to extend its stimulus policies.
Global equities steadied and oil pulled back from multi-month highs as investors judged the prospects of an all-out conflict between the United States and Iran had eased.
“The wider markets have paused, the equity moves have stabilised. I think everyone is now taking stock,” said Colin Hamilton, director of commodities research at BMO Capital in London.
“Even though we’ve seen tensions rise, the fact that China is still supportive is certainly helping industrial metals. It’s been petty clear that the Chinese policy dynamics are still supporting growth and investment.”
Data last week showed that Chinese business confidence shot up in December, lifting investor sentiment even though factory activity expanded at a slower clip.
Three-month copper on the London Metal Exchange (LME) failed to trade in official open-outcry trading but was bid up 0.3% at $6,157 a tonne, extending a 0.2% gain in the previous session.
* COPPER STOCKS: Copper inventories in LME-monitored warehouses MCU-STOCKS have slumped by almost 60% since late August and are currently at 140,925 tonnes, the lowest since March 2019.
Copper stocks have been low for a while, “but the reality is no one has felt the need to chase prices higher”, said Guy Wolf, global head of market analytics at brokerage Marex Spectron in Singapore.
“Without resolution on the tariff situation, no one is really going to feel the need to risk-up and start filling the supply chain again.”
* ALUMINIUM SPREAD: LME cash aluminium's discount to the benchmark three-month contract CMAL0-3 increased to $33 a tonne, its highest since September last year, having swung from a premium of $22.75 early last month. That indicates healthy supplies of metal for near-term use in the LME warehouse system.
LME aluminium was the only metal in the red, slipping 0.4% to trade at $1,826 a tonne in official rings after hitting its highest since July 22 on Monday.
* BAUXITE: Aluminum Corp of China (Chalco) has shipped the first cargo of bauxite from its Boffa mine in Guinea, a company spokesman said.
* PRICES: LME nickel rose 0.8% to trade at $13,935 a tonne in official activity, zinc was bid up 0.5% to $2,335, lead was bid up 0.1% to $1,922.50 and tin was bid up 0.5% to $16,925. ($1 = 6.9513 yuan) (Additional reporting by Tom Daly in Beijing Editing by David Goodman)
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
|
82ec37d28eff4fc4c96117179de40b01 | https://www.reuters.com/article/global-metals/metals-copper-falls-as-investors-take-year-end-profits-heads-for-4-annual-gain-idINL4N2950E8?edition-redirect=in | METALS-Copper falls as investors take year-end profits, heads for 4% annual gain | METALS-Copper falls as investors take year-end profits, heads for 4% annual gain
By Reuters Staff0 Min Read
BEIJING, Dec 31 (Reuters) - London copper and other base metal prices tracked Asian equity markets lower in early trade on Tuesday despite positive factory data in top metals consumer China, as investors looked to collect profits on the last day of the year. Copper, widely used in power and construction, is on course to notch a 5.8% rise in December, which would be its best month in two years, and a 4% gain in 2019 on easing Sino-U.S. trade tensions. However, the metal is set to end the decade around 16% lower than where it began. FUNDAMENTALS * COPPER: Three-month copper on the London Metal Exchange slipped 0.2% to $6,205.50 a tonne by 0218 GMT, after closing up 0.1% on Monday. The most-traded February copper contract on the Shanghai Futures Exchange fell 0.3% to 49,270 yuan ($7,055.50) a tonne. * CHILE: The world's top copper-producing country is due to report its copper output figure for November later on Tuesday. * CHINA: Factory activity in China expanded for a second straight month in December, as Beijing's stimulus measures buoyed domestic demand and exporters cheered a trade war truce with the United States. * TRADE: Chinese Vice Premier Liu He will visit Washington this week to sign a Phase 1 trade deal with the United States, the South China Morning Post reported on Monday. * OTHER METALS: Lead was the laggard, falling 1% in London and 0.9% in Shanghai, while ShFE nickel was the only metal to rise, nudging up 0.4%. * GOLD: China's net gold imports via Hong Kong in November plunged 72% from the previous month to their lowest in nearly nine years, data from the Hong Kong Census and Statistics Department showed on Monday, mainly due to subdued demand. * RIO: Global miner Rio Tinto said on Monday full operations at its South African unit Richard Bay Minerals (RBM) will resume in early-January after cutting back because of security concerns for its workers. * HOLIDAY: Both the LME and the ShFE will be closed on Wednesday for the New Year's Day holiday. * For the top stories in metals and other news, click or MARKETS NEWS * Asian shares slipped on the last trading day of the decade, echoing falls on Wall Street, as investors locked in gains made since the United States and China reached a preliminary trade deal earlier this month. DATA/EVENTS AHEAD (GMT) 0600 Russia Markit Services PMI Dec 0700* Turkey Trade Balance Nov 0800* Switzerland Official Reserves Assets Nov 1000* Brazil TJLP Lending Rate Q1 1400 U.S. CaseShiller 20 House Prices Oct 1500 U.S. Consumer Confidence Dec *approximate release time PRICES BASE METALS PRICES 0221 GMT Three month LME copper 6206.5 Most active ShFE copper 49260 Three month LME aluminium 1818 Most active ShFE aluminium 14080 Three month LME zinc 2293.5 Most active ShFE zinc 17985 Three month LME lead 1923 Most active ShFE lead 15070 Three month LME nickel 14285 Most active ShFE nickel 111910 Three month LME tin 16925 Most active ShFE tin 135510 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc 422.05 3 LME/SHFE ALUMINIUM LMESHFALc -346.51 3 LME/SHFE ZINC LMESHFZNc -371.67 3 LME/SHFE LEAD LMESHFPBc -575.6 3 LME/SHFE NICKEL LMESHFNIc -3143.21 3 ($1 = 6.9832 yuan) (Reporting by Tom Daly; editing by Uttaresh.V)
Our Standards: The Thomson Reuters Trust Principles.
|
9435a5175d959395453eab23dd159cca | https://www.reuters.com/article/global-metals/metals-copper-holds-near-8-month-peak-as-trade-tensions-ease-idUKL4N2941J2?edition-redirect=uk | METALS-Copper holds near 8-month peak as trade tensions ease | METALS-Copper holds near 8-month peak as trade tensions ease
By Zandi Shabalala4 Min Read
* GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl (Adds closing prices, updates trade news)
LONDON, Dec 30 (Reuters) - Copper prices held near eight-month highs on Monday on the back of easing global trade tensions and as top metals consumer China unveiled a measure to support flagging economic growth.
In holiday-thinned trade, benchmark copper on the London Metal Exchange (LME) closed barely changed at $6,219 a tonne.
The metal widely used in power and construction was near its highest since May and was headed for its biggest monthly rise in two years.
“We have seen the market firm on risk appetite, with the trade war tension easing and some green shoots in China,” said Saxo Bank commodity strategist Ole Hansen.
China’s central bank will use the loan prime rate (LPR) as a new benchmark for pricing existing floating-rate loans, in a step that analysts say could help lower borrowing costs and underpin economic growth.
The world’s second-largest economy has been hurt by a prolonged trade dispute that eased earlier this month when Washington and Beijing agreed to sign a phase one deal.
INITIAL DEAL: The White House’s trade adviser on Monday said the U.S.-China phase one trade deal would likely be signed in the next week, but said confirmation would come from President Donald Trump or the U.S. Trade Representative.
The South China Morning Post reported on Monday that Chinese Vice Premier Liu He will visit Washington this week to sign the phase one deal.
TRADE: Ahead of the official signing, China approved two new genetically modified crops for import that could boost agricultural purchases from the United States, while renewing permits for 10 others, the agriculture ministry said.
POLL: A Reuters poll showed China’s factory activity likely expanded again in December on stronger external demand and an infrastructure push at home, but the pace of growth is set to ease as markets await more certainty on the trade truce.
COPPER INVENTORIES: Copper stocks in warehouses approved by the LME eased to 147,125 tonnes. MCUSTX-TOTAL
DOLLAR: The U.S. currency eased against a basket of major currencies. A weaker greenback makes dollar-denominated commodities cheaper for non-U.S. firms, a relationship used by funds to generate buy and sell signals.
ALUMINIUM SUPPLY: Norsk Hydro said it had resumed bauxite production in Brazil after a power outage earlier this month hit its Paragominas and Alunorte facilities, and was ramping up alumina output.
No negative customer impact was expected and the financial and operational impact has been limited, the company said.
ALUMINIUM PRICES: Three-month aluminium on the LME snapped a six-session winning streak and fell from its highest since mid-September. It closed almost unchanged from Friday, at $1,826 per ounce.
OTHER PRICES: Zinc was also flat at $2,306 a tonne. Lead added 0.2% to $1,942, tin slipped 0.7% to $17,000, and nickel rose 0.7% to $14,315. (Additional reporting by Tom Daly; Editing by Louise Heavens and Jan Harvey)
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
|
925ea1a3d1ffca9dc09c59ae8a688f5e | https://www.reuters.com/article/global-metals/metals-copper-inches-up-after-trump-says-china-u-s-trade-talks-moving-along-idINL4N28G0V6?edition-redirect=in | METALS-Copper inches up after Trump says China-U.S. trade talks "moving along" | METALS-Copper inches up after Trump says China-U.S. trade talks "moving along"
By Reuters Staff3 Min Read
(Adds comments, updates prices)
MANILA, Dec 6 (Reuters) - Copper prices edged up on Friday, set for a third straight weekly gain, following U.S. President Donald Trump’s upbeat rhetoric on trade talks with China, although concerns about demand for the metal kept gains in check.
The trade talks were “moving right along”, Trump said on Thursday, even as Chinese officials insisted that both sides must simultaneously cancel some existing tariffs on each other’s goods for them to reach a “phase one” trade deal.
Three-month copper on the London Metal Exchange edged up 0.1% to $5,893.50 a tonne by 0424 GMT. Shanghai Futures Exchange’s most-traded January copper contract rose 0.3% to 47,280 yuan ($6,716.96) a tonne.
Mixed signals on the U.S.-China “phase-one” trade deal to de-escalate a 17-month trade war, which has slowed global economic activity and demand, have kept investors largely cautious this week.
While prospects for an interim deal remain cloudy, a new round of U.S. tariffs are set to kick in on Dec. 15, covering about $156 billion of Chinese imports.
Investors will also eye Chinese data due next week, which includes November trade figures. This may give hints on the overall demand picture in China, the world’s biggest metals consumer.
China’s factory activity showed surprising signs of improvement in November, but analysts are divided between those unconvinced that the worst is over for Chinese manufacturers and those who believe otherwise.
“Judging from a rebound in manufacturing PMI last month, things have stopped getting worse” ING economist Prakash Sakpal said, while referring to the Chinese economy.
“We anticipate more evidence of this in the forthcoming data, supporting our view of GDP growth gaining some traction in this quarter,” he added.
GLENCORE: The UK’s Serious Fraud Office has launched a bribery investigation into Glencore, adding to legal troubles that have hit the shares of one of the world’s biggest miners and commodity traders.
TARIFFS: Negotiations over future Brazilian steel exports to the United States have been halted since Trump tweeted earlier this week that he would slap tariffs back on them, according to the head of Brazil’s steel mills body IABr.
COLUMN: The nickel price bubble is slowly deflating but bears would be advised to tread carefully with a sharp fall in LME inventory threatening a repeat of the time-spread turbulence that rocked the London market in late September.
PRICES: London nickel was up 0.5%, while Shanghai nickel climbed 1.6%. London zinc gained 0.5% and Shanghai zinc advanced 0.2%.
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS
($1 = 7.0389 yuan)
Reporting by Enrico dela Cruz; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.
|
73c25030bd16f3fcb8ca912ae25442f8 | https://www.reuters.com/article/global-metals/metals-copper-near-8-month-high-on-china-data-and-trade-deal-hopes-idUKL4N2911KY?edition-redirect=uk | METALS-Copper near 8-month high on China data and trade deal hopes | METALS-Copper near 8-month high on China data and trade deal hopes
By Zandi Shabalala3 Min Read
* GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl (Adds closing prices)
LONDON, Dec 27 (Reuters) - Copper prices hit their highest since May on Friday after profits at industrial companies in top metals consumer China grew at their fastest pace in eight months and as Beijing and Washington moved closer to an initial trade deal.
“(There’s) broader optimism on copper building over the last few months,” a senior trader said, adding the Chinese data added to the market’s buoyancy.
“A simmering down in trade tensions should be good for the world economy but a full and final settlement doesn’t look imminent,” he said.
Upbeat economic data from China bodes well for metals demand as the country accounts for about half of global consumption.
Meanwhile, China’s commerce ministry said a phase one deal that would end a protracted trade war with the United States was within sight.
Benchmark copper on the London Metal Exchange (LME) touched a session high of $6,266.50 a tonne, its highest since May 7. But prices ended steady at $6,214 a tonne, in a week where volume was thinned by holidays.
Prices for the metal used in power and construction still logged a weekly gain of 0.6%, their sixth straight weekly rise and the longest winning streak in over two years.
CHINA: China’s top copper smelters raised their floor treatment and refining charges for the first quarter of 2020 to $67 a tonne and 6.7 cents a pound, people with knowledge of the matter said, citing output cuts at two Chinese companies.
INVENTORIES: Copper stocks in warehouses approved by the LME dropped to 147,350 tonnes, the lowest since March 13. In warehouses monitored by the Shanghai Stock Exchange, stocks fell 4.2% from the previous week to 123,647 tonnes. MCUSTX-TOTALCU-STX-SGH
ZAMBIA: Zambia plans to make copper mining companies account for the gold they produce as it seeks to boost revenue from its mineral resources, a senior ministry of mines official said on Thursday.
JAPAN: Premiums for aluminium shipments to Japan for the first quarter of 2020 were set at $83 per tonne, down 14% from the previous quarter amid soft demand from electronics and auto companies, sources said.
Japan is Asia’s biggest importer of the light metal.
NICKEL STOCKS: Stocks of nickel in warehouses approved by the LME have more than doubled over the last three weeks to 143,190 tonnes. MNISTX-TOTAL
This helped push the discount of the cash contract to the three-month to $73.52 a tonne on Friday, its deepest since July 3. CMNI0-3
OTHER METALS: Aluminium was up 0.6% to $1,825 a tonne, after touching its highest since Sept. 12, zinc gained 1.4% to $2,305 and lead slipped 0.4% to $1,939.
Tin was steady at $17,120 per tonne, while nickel fell 0.9% to $14,210. (Additional reporting by Tom Daly in Beijing; Editing by Mark Potter and Emelia Sithole-Matarise)
Our Standards: The Thomson Reuters Trust Principles.
|
a270a8219823f0381cae42072a9909a2 | https://www.reuters.com/article/global-metals/metals-copper-prices-tripped-up-by-political-tensions-and-slow-growth-idUSL3N1X357I | METALS-Copper prices tripped up by political tensions and slow growth | METALS-Copper prices tripped up by political tensions and slow growth
By Zandi Shabalala3 Min Read
* Risk aversion saps demand for metals
* LME stocks of copper at lowest since April 2016
* GRAPHIC-2018 asset returns: tmsnrt.rs/2jvdmXl (Adds closing prices, aluminium contango)
LONDON, Oct 23 (Reuters) - Copper tracked equity markets lower on Tuesday on concerns of slowing demand in China and as geopolitical tensions escalated over the killing of a prominent Saudi journalist.
Benchmark copper ended the session 0.7 percent lower at $6,196 a tonne. It touched a one-week high in the previous session after China, the world’s top metals consumer said it would provide stimulus to illiquid firms.
In the latest development since the killing of Saudi journalist Jamal Khashoggi, Turkish President Tayyip Erdogan said there were strong signs that the killing was planned and that he was killed in a “savage way”.
“Metals are reacting to what is happening in equity markets right now,” said Capital Economics senior commodities economist Caroline Bain, adding that concerns relate to slow global growth and potential escalation of tensions over the Khashoggi murder.
STIMULUS: Investors were unconvinced by pledges from Chinese officials of an expansion of targeted measures to ease company financing problems after China’s third-quarter growth slowed to its weakest since the global financial crisis.
“Most stimulus takes time to work through and turn into an upturn in commodities demand,” said Capital Economics’s Bain.
TAX: China’s tax cuts next year could exceed the equivalent of 1 percent of gross domestic product, a central bank adviser said, in a sign that policymakers might consider another round of tax reductions.
TECHNICALS: Marex Spectron said support for benchmark LME copper is at last week’s low in the $6,120-25 area.
DOLLAR: The dollar index, a gauge of its value against six other major currencies, edged lower but was still near a two-month high.
EQUITIES: World stocks fell to their lowest in a year, pushed down by a range of political and economic concerns including the U.S.-China trade war and the Saudi Arabia situation.
INVENTORIES: Total copper inventories in LME-approved warehouses fell to 151,100 tonnes, the lowest level since April 2016. MCUSTX-TOTAL
ALUMINA: China’s alumina exports in September registered a more than fivefold increase from August to 165,839 tonnes, customs data showed on Tuesday. That represented the highest monthly volume this year.
Producers of the main ingredient of aluminium have been shipping more cargoes overseas this year to cash in on favourable arbitrage between domestic and international prices amid tighter global supplies.
SPREADS: The discount for the cash over the three-month LME aluminium contract deepened to $18.50 from $12.50 in the previous session, indicating plentiful supply. MAL0-3
PRICES: Aluminium fell 0.3 percent to $2,001 a tonne, zinc added 0.5 percent to $2,669, lead was up 1.2 percent at $2,016 and tin added 0.4 percent to $19,300 while nickel retreated by 1.2 percent to $12,375.
Additional reporting by Naveen Thukral Editing by David Goodman/Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.
|
9b177d5b364e6d378a2a9fcc5d7d0f29 | https://www.reuters.com/article/global-metals/metals-copper-rally-falters-after-7-month-high-as-producers-hedge-idUKL4N28M2NT?edition-redirect=uk | METALS-Copper rally falters after 7-month high as producers hedge | METALS-Copper rally falters after 7-month high as producers hedge
By Eric Onstad0 Min Read
* Copper touches seven-month peak before reversing * Nickel gains 1.8% to two-week high * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl (Updates with closing prices) By Eric Onstad LONDON, Dec 12 (Reuters) - Copper prices pulled back from fresh highs on Thursday as miners hedged to take advantage of the strongest levels in seven months. Benchmark copper on the London Metal Exchange clawed higher to $6,174 a tonne, the highest since May 10, before reversing and ending floor trading at $6,155, down $1. "We're really surprised copper has been so strong. I think it was from the rhetoric coming from Trump about China, plus we've had a lot of good data, particularly on the jobs side," said Sucden Financial broker Robert Montefusco. U.S. President Donald Trump said on Thursday the United States was "very close" to nailing down a trade deal with China. "We're likely to see a lot of the producers selling up here. Late yesterday there were some upside (option) calls being sold, which was putting some pressure on the market," Motefusco added. * SHANDONG: Also weighing on copper was news that Shandong Fangyuan Nonferrous Metals Group, one of China's biggest private copper smelters, denied online speculation that it had filed for bankruptcy and said operations were running normally. Traders said the rumours had helped to support prices this week because some investors expected shortfalls if Shandong closed. * NICKEL STOCKS: London Metal Exchange nickel on-warrant inventories MNISTX-TOTAL - material not earmarked for delivery - soared by 52% in one day to 102,036 tonnes, the highest since Aug. 29, LME data showed. Sucden's Montefusco said that recent inflows of nickel stocks could be linked to Chinese arbitrage activity and more deliveries are expected in the coming days. LME nickel prices closed 1.8% higher at a two-week high of $14,100 a tonne. * ALUMINIUM INVENTORIES: LME on-warrant aluminium stocks MALSTX-TOTAL climbed by 23,075 tonnes to 1,218,125 tonnes, the highest since March 2017, data showed. LME three-month aluminium shrugged off the inventory gains to firm by 0.9% to $1,775 a tonne in final open-outcry trading. * ALUMINIUM SPREAD: LME cash aluminium moved to a discount of $8.75 a tonne to the three-month contract CMAL0-3 this week after holding at a premium for nearly a month, indicating healthier supplies in the LME system. * LEAD POSITIONING: Lead has the largest net speculative short position on the LME at 25% of open interest, according to estimates from broker Marex Spectron. * PRICES: LME zinc advanced 1.9% to $2,263 a tonne in closing rings, while lead added 0.1% to $1,938 and tin dropped 0.2% to $17,250. * For the top stories in metals and other news, click or (Additional reporting by Mai Nguyen in Singapore Editing by David Evans and Lisa Shumaker)
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
|
84c200edb1bde097f296349162e06c69 | https://www.reuters.com/article/global-metals/metals-copper-rangebound-as-investors-seek-clarity-on-trade-deal-idINL4N28R11B?edition-redirect=in | METALS-Copper rangebound as investors seek clarity on trade deal | METALS-Copper rangebound as investors seek clarity on trade deal
By Mai Nguyen3 Min Read
(Updates prices, recasts)
SINGAPORE, Dec 17 (Reuters) - Copper prices edged up in rangebound trade on Tuesday, as investors sought clarity over some key aspects of the interim Sino-U.S. trade deal announced last week.
U.S. Trade Representative Robert Lighthizer on Friday said Washington and Beijing would sign a deal in the first week of January, but China has not confirmed that timing.
Top White House adviser Larry Kudlow on Monday said the deal had been “absolutely completed”, while Chinese officials have been cautious, emphasising that it has not been completely settled.
Three-month copper on the London Metal Exchange (LME) rose 0.1% to $6,205 a tonne at 0724 GMT, after falling for most of the Asian trading hours. The contract hit a seven-month high on Friday, when Lighthizer announced the deal, and posted a 1.1% gain in the previous session.
The most-traded copper contract on the Shanghai Futures Exchange (ShFE) rose 0.6% to 49,260 yuan ($6,998.25) a tonne.
“Market is waiting for details of the ‘Phase One’ trade deal ... to be able to figure out the impact on the economy,” said analyst Helen Lau of Argonaut Securities, adding LME copper might test the $6,300 price level next year.
“It’s a little bit profit-taking, but this does not change the overall trend for copper. We see lots of signs of recovery in China’s domestic economy... and the Chinese government said 2020 fiscal support will be more effective,” she said.
FUNDAMENTALS
* CHINA ECONOMY: China said it was confident to achieve its full-year economic targets but would not resort to massive economic stimulus, a day after it published better-than expected November industrial and retail data.
* COPPER: The discount of LME cash copper over the three-month contract CMCU0-3 tightened to $6 a tonne, a level unseen in seven and a half months, suggesting nearby supplies are tightening. Inventories in warehouses approved by the LME dropped to 167,475 tonnes, their lowest since April 1.
* OTHER PRICES: LME nickel rose 0.3% to $14,240 a tonne, lead advanced 0.6% to $1,898 a tonne, while ShFE aluminium rose 0.7% to 14,015 yuan a tonne and nickel rallied 0.2% to 111,280 yuan a tonne.
* LEAD: ShFE lead dropped to as low as 14,910 yuan a tonne, its lowest since April 2018, as stocks in warehouses tracked by ShFE PB-STX-SGH rose to their highest since August 2017 of 45,926 tonnes.
* NEVADA COPPER: Nevada Copper Corp said on Monday it had started production at its Pumpkin Hollow mine in the western United States, one of the first new mining projects to open in the country in decades.
* For the top stories in metals and other news, click or
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 7.0389 Chinese yuan) (Reporting by Mai Nguyen; Editing by Subhranshu Sahu and Rashmi Aich)
Our Standards: The Thomson Reuters Trust Principles.
|
850e086da2486123750681890acd8222 | https://www.reuters.com/article/global-metals/metals-copper-recovers-after-upbeat-u-s-chinese-comments-on-deal-idUKL3N2822FX?edition-redirect=uk | METALS-Copper recovers after upbeat U.S., Chinese comments on deal | METALS-Copper recovers after upbeat U.S., Chinese comments on deal
By Eric Onstad3 Min Read
* GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl (Updates with closing prices)
LONDON, Nov 22 (Reuters) - Copper rebounded on Friday after comments by the U.S. and Chinese presidents raised hopes that the two countries will forge a trade deal.
Donald Trump said on Friday that a trade deal with China is “potentially very close” while Xi Jinping said that China wants to work out an initial trade pact with the United States and has been trying to avoid a trade war.
“With the latest soothing comments and invitation for further talks, the market is once again erring on the side of believing that a trade deal can still be struck,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.
“We remain pretty sceptical about the potential impact of a deal. If it doesn’t really deliver on all counts, then we could see some more weakness.”
Three-month copper on the London Metal Exchange rose 0.5% to $5,855 a tonne in final open-outcry trading after closing 0.8% down in the previous session.
A key level to watch was $5,800, which if broken would open the way for losses to $5,600, the bottom of the recent range, Hansen added.
Market sentiment had soured this week on fears of a further delay in the signing of a “phase one” deal after two U.S. bills backing protesters in Chinese-ruled Hong Kong added to concerns that Sino-U.S. talks could flounder.
* LME COPPER STOCKS: LME copper inventories MCUSTX-TOTAL fell to 218,925 tonnes, the lowest since June 10, data showed on Friday.
* ALUMINIUM SPREAD: The premium of LME cash aluminium over the three-month contract CMAL0-3 rose to $13.50 a tonne, its highest since Dec. 31 last year. That compares with a discount of $33.25 in mid-September. The rising premium indicates tightness in near-term supplies in the LME system.
NICKEL DEFICIT: The global nickel market deficit widened to 3,200 tonnes in September from a revised shortfall of 300 tonnes the previous month, the International Nickel Study Group said.
NICKEL POSITION: The net speculative long position of LME nickel has declined to 2.9% of open interest, the lowest since July, according to estimates by broker Marex Spectron.
LME nickel, untraded in closing rings, was bid up 0.7% to $14,580 after earlier probing below the 200-day moving average at $14,265. “That is the potential line in the sand that some traders are looking for after the near 25% drop since September,” Hansen said.
PRICES: Aluminium rose 0.3% to close at $1,739 a tonne while zinc added 0.5% to $2,305 after touching a one-month low of $2,283.
Lead gained 0.4% to finish at $1,966 and tin shed 0.5% at $16,350. (Additional reporting by Enrico dela Cruz in Manila Editing by David Goodman and Louise Heavens)
Our Standards: The Thomson Reuters Trust Principles.
|
62dbb5dc4daa1fe2894d758b95602867 | https://www.reuters.com/article/global-metals/metals-copper-resilient-despite-weaker-china-data-and-mideast-tensions-idUKL4N29B26T?edition-redirect=uk | METALS-Copper resilient despite weaker China data and Mideast tensions | METALS-Copper resilient despite weaker China data and Mideast tensions
By Zandi Shabalala4 Min Read
* Copper hovers near eight-month high
* Nickel touches lowest in nearly four weeks (Updates with closing prices)
LONDON, Jan 6 (Reuters) - Copper edged higher on Monday as a rise in oil prices offset softer Chinese economic data and an escalation in tension between the United States and Iran, analysts said.
Commerzbank analyst Daniel Briesemann said the jump in oil prices since the United States killed Iranian general Qassem Soleimani would push up miners’ costs and this was leaving base metals relatively resilient to increased geopolitical tension.
“Base metals have held up well but they will come under some pressure because of risk aversion,” said Briesemann said.
Benchmark copper on the London Metal Exchange (LME)ended 0.1% higher at $6,138 a tonne, climbing towards an eight-month high.
Iran said it would retaliate against the United States after the killing of Soleimani last week, prompting some investors to shed riskier stocks and move into safe-haven assets such as gold, government bonds and the yen.
A weaker dollar on Monday also helped commodities prices to firm.
The downbeat reading of China’s services sector, which accounts for more than half of the top metal consumer’s economy, highlighted corporate concerns over subdued economic conditions The services report came on top of data last week that showed activity in the construction sector had pulled back.
POSITIONING: The net speculative long in copper was 11% of open interest as at Thursday’s close, estimates by Marex Spectron showed.
TRADE DEAL: A Chinese delegation plans to visit Washington on Jan. 13 for the signing of a U.S.-China Phase 1 trade deal, the South China Morning Post reported on Sunday.
A thawing in trade relations between the two economic giants helped copper to climb more than 5% in December, though Commerzbank analysts said subsequent negotiations on further partial agreements will prove “far more difficult because they will address sensitive issues”.
COPPER: First Quantum Minerals Ltd fell as much as nearly 4% on Monday after the copper miner said it had adopted a poison pill takeover defense, nearly a month after China’s Jiangxi Copper Co Ltd, agreed to pay $1.1 billion to become its largest shareholder.
MIDDLE EAST: Copper prices have been hit by the U.S.-Iran situation and flight from market risk, Goldman Sachs said.
“Further escalation of geopolitical tensions has the potential to dampen economic activity and weaken base metals demand,” the bank’s analysts said, though they remain bullish on copper owing to depressed margins at smelters.
ALUMINIUM SPREADS: Cash aluminium deepened its discount to the three-month contract, pointing to plentiful supply. It stood at $33 a tonne, the deepest discount since mid-September. CMAL0-3
On-warrant inventories of aluminium in LME-approved warehouses rose to 938,650 tonnes. MALSTX-TOTAL
Aluminium rose 0.5% to $1,833 a tonne, after touching its highest since July 22.
OTHER METALS: Zinc climbed 0.8% to $2,324.50 a tonne, its highest in two weeks, lead ended at a steady $1,920, tin rose 0.3% to $16,850 and nickel edged up by 0.5% to $13,820 after touching its lowest in nearly four weeks. (Additional reporting by Naveen Thukral in Singapore and Tom Daly in Beijing; Editing by David Goodman and David Clarke)
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
|
ec9959bbfb9f66e15b8c3b093a99c47e | https://www.reuters.com/article/global-metals/metals-copper-set-for-5th-straight-weekly-gain-on-easing-trade-tensions-idUKL4N28U0PI?edition-redirect=uk | METALS-Copper set for 5th straight weekly gain on easing trade tensions | METALS-Copper set for 5th straight weekly gain on easing trade tensions
By Reuters Staff0 Min Read
BEIJING, Dec 20 (Reuters) - London copper prices held steady above $6,200 a tonne in early Asian trade on Friday, heading for their fifth straight weekly gain on easing U.S.-China trade tensions and an improving demand outlook in top consumer China. The metal widely used in construction and power is on course to add 1.4% this week and is up 4.2% so far this year. FUNDAMENTALS * COPPER: Three-month copper on the London Metal Exchange was flat at $6,124 a tonne by 0203 GMT, after ending 0.7% higher at $6,215 on Thursday, its highest close since May 3. The most-traded February copper contract on the Shanghai Futures Exchange climbed 0.6% to 49,330 yuan ($7,038.70) a tonne. * TRADE: China and the United States are in touch over the signing of their Phase one trade deal, China's commerce ministry said, which will see lower U.S. tariffs on Chinese goods and higher Chinese purchases of U.S. farm, energy and manufactured goods. * CHINA: China's refined copper output rose 19.6% year-on-year to a record monthly high of 909,000 tonnes in November, according to data released by the National Bureau of Statistics on Tuesday. * LENDING: China stood pat on its lending benchmark rate on Friday, as expected, after the central bank kept borrowing costs of medium-term loans steady earlier this month. * ALUMINIUM: Shanghai aluminium rose for a fourth straight day, by as much as 0.6% to 14,245 yuan a tonne, the highest since Sept. 16, as low inventories raise supply concerns. LME aluminium added as much as 0.4% to $1,804.50 a tonne, the highest since Nov. 11. * CHALCO: Aluminum Corp of China Ltd, known as Chalco, said on Thursday it would pay 1.29 billion yuan ($183 million) for a 10% stake in regional aluminium producer Yunnan Aluminium via a share offering. * For the top stories in metals and other news, click or MARKETS NEWS * Asian shares snoozed near 18-month highs on Friday as trade thinned in the run-up to Christmas and investors seemed content to digest the chunky gains already made so far this month. DATA AHEAD (GMT) 0930 UK GDP QQ, YY Q3 1200 Brazil IPCA-15 Mid-Month CPI Dec 1330 US GDP Final Q3 1500 US Consumption, Adjusted MM Nov 1500 US U Mich Sentiment Final Dec 1500 EU Consumer Confidence Flash Dec PRICES BASE METALS PRICES 0203 GMT Three month LME copper 6214 Most active ShFE copper 49350 Three month LME aluminium 1802 Most active ShFE aluminium 14175 Three month LME zinc 2331.5 Most active ShFE zinc 18175 Three month LME lead 1918 Most active ShFE lead 15060 Three month LME nickel 14270 Most active ShFE nickel 112350 Three month LME tin 17300 Most active ShFE tin 140130 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc 248.23 3 LME/SHFE ALUMINIUM LMESHFALc -235.02 3 LME/SHFE ZINC LMESHFZNc -587.96 3 LME/SHFE LEAD LMESHFPBc -606.95 3 LME/SHFE NICKEL LMESHFNIc -3119.36 3 ($1 = 7.0084 Chinese yuan) (Reporting by Tom Daly; Editing by Aditya Soni)
Our Standards: The Thomson Reuters Trust Principles.
|
645a4699c8edf8e294f8c6f34d3eada1 | https://www.reuters.com/article/global-metals/metals-copper-shrugs-off-iran-attack-to-rise-for-3rd-day-amid-low-stocks-idUKL4N29D0OG?edition-redirect=uk | METALS-Copper shrugs off Iran attack to rise for 3rd day amid low stocks | METALS-Copper shrugs off Iran attack to rise for 3rd day amid low stocks
By Reuters Staff0 Min Read
(Adds details on yuan, Shanghai closing prices, and updates London prices) BEIJING, Jan 8 (Reuters) - London copper recovered from an early dip on fresh Middle East tensions to trade higher for a third straight session on Wednesday, lifted by low inventories and tight supplies, while a softer dollar and firmer yuan also supported prices. Iran launched a missile attack on U.S.-led forces in Iraq on Wednesday, hours after the funeral of an Iranian commander whose killing in a U.S. drone strike has raised fears of a wider war in the region. The base metals complex initially tracked equity markets lower as investors switched into safe-haven assets such as gold, but subsequently clawed back ground. "So far the metals have reacted to the news ... without too much drama," Malcolm Freeman, director of Kingdom Futures, wrote in a note. "But it is very much a case of the markets in general holding their metaphoric breath until we find out what, if any, response the (United States) will make," he added. FUNDAMENTALS * COPPER: Three-month copper on the London Metal Exchange fell as much as 0.6% to $6,115 a tonne before recovering to trade 0.5% firmer at $6,177, as of 0709 GMT. The most-traded March copper contract on the Shanghai Futures Exchange ended flat at 48,860 yuan ($7,038.22) a tonne. * CHILE: Copper output slumped at Chile's state miner Codelco and BHP's sprawling Escondida mine in November, according to Chile state copper agency Cochilco, amid a turbulent month of riots and mass protests. * STOCKS: LME copper stocks MCUSTX-TOTAL of just 140,925 tonnes, the lowest since March, were limiting any price fall. * IRAN: The metals complex is a "play of its own, less oil-related and less freight-related," one trader said of the potential impact of the Mideast tensions. Oil prices were about 1% higher but well below highs hit in a frenetic start to the trading day. * GOLD: Gold soared as much as 2% to vault over the $1,600 ceiling for the first time in nearly seven years. * USD: The dollar index fell by 0.1% to 96.948. A weaker greenback makes dollar-denominated metals cheaper for holders of other currencies and can support prices. * RMB: "Base metals found support in the firmer yuan, which reached a five-month high, with China appearing more occupied with the upcoming trade deal due to be signed on Jan. 15," Marex Spectron wrote in a note. A stronger yuan makes metals cheaper for Chinese buyers. * COPPER: The copper price is unlikely to rebound in 2020 even if Sino-U.S. trade tensions subside, the head of Chile mining trade union Sonami said. * OTHER METALS: Nickel fell as much as 1.3% but rebounded to trade flat. Aluminium and lead added 0.4%, while zinc rose 0.5%. Tin was the laggard, losing 0.3%. PRICES BASE METALS PRICES 0716 GMT Three month LME copper 6174 Most active ShFE copper 48860 Three month LME aluminium 1822.5 Most active ShFE aluminium 14155 Three month LME zinc 2358 Most active ShFE zinc 18365 Three month LME lead 1914 Most active ShFE lead 14945 Three month LME nickel 13920 Most active ShFE nickel 109190 Three month LME tin 16950 Most active ShFE tin 135560 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc 486.47 3 LME/SHFE ALUMINIUM LMESHFALc -334.45 3 LME/SHFE ZINC LMESHFZNc -341.21 3 LME/SHFE LEAD LMESHFPBc -488.31 3 LME/SHFE NICKEL LMESHFNIc -2301.05 3 ($1 = 6.9421 Chinese yuan) (Reporting by Tom Daly; Editing by Michael Perry and Sherry Jacob-Phillips)
Our Standards: The Thomson Reuters Trust Principles.
|
69ae8a261407b2b4dcb215f5b433b1b1 | https://www.reuters.com/article/global-metals/metals-copper-slides-further-as-china-virus-fears-grow-idUSL8N29S3FY | METALS-Copper slides further as China virus fears grow | METALS-Copper slides further as China virus fears grow
By Peter Hobson3 Min Read
(Updates with closing prices)
LONDON, Jan 23 (Reuters) - Copper prices fell to their lowest in more than six weeks on Thursday as the rising coronavirus death toll heightened fears over the outbreak’s potential impact on the Chinese economy.
Other industrial metals also slipped, oil prices fell more than 2% and Chinese shares registered their biggest decline since May while the yuan also suffered as China put two cities at the epicentre of the outbreak on lockdown.
Investors recalled how the Sudden Acute Respiratory Syndrome (SARS) epidemic in 2002-2003, which also started in China, dented economic growth in the world’s biggest consumer of metals and caused a slump in travel.
Benchmark copper on the London Metal Exchange (LME) ended down 2% at $5,987 a tonne, taking this week’s losses to about 4.5%.
“If the death toll rises and more and more people are caught by the virus, prices will come down much further,” said Commerzbank analyst Daniel Briesemann.
TECHNICALS/POSITIONING: Speculators were liquidating long positions in copper and the price decline was triggering pre-set sell orders, broker Marex Spectron said.
STOCKS: Also weighing on prices is a sharp rise in stocks. On-warrant inventories in LME-registered warehouses rose to 162,875 tonnes from less than 90,000 tonnes last week. Stocks in China have also begun to rise. MCUSTX-TOTALCU-STX-SGHSMM-CUR-BON
SPREAD: Higher inventories barely shifted spreads, however, with LME cash copper's discount to the three-month contract fairly stable around $30. MCU0-3
CHINA HOLIDAYS: Chinese markets will be closed from Friday to Jan. 31 for the Lunar New Year, reducing liquidity.
PBOC: China’s central bank kept the interest rate on its targeted medium-term lending facility (TMLF) unchanged, confounding expectations of a cut.
CHINA SCRAP: China’s scrap metal imports in 2019 fell 41.5% from the previous year, with the December intake sinking by 75.2%, customs data showed.
SUPPLY: Anglo American’s copper output fell 13% in the fourth quarter and Freeport-McMoRan’s slipped 1.7%.
A copper and cobalt refinery in Zambia and copper mine in Namibia are set to halt activity in the next two months, union officials said.
NICKEL: Indonesia’s nickel ore output more than doubled in 2019 to 52.8 million tonnes, an official said.
LEAD: LME cash lead moved to a $5 premium over three-month metal from a discount of more than $20 earlier this month, pointing to tighter nearby supply. MPB0-3
However, the lead market widened its surplus in November, the International Lead and Zinc Study Group said, adding that the market was roughly in balance in November.
OTHER PRICES: LME lead finished down 1% at $1,967 a tonne, aluminium slipped 0.9% to $1,795, zinc fell 2.2% to $2,343, nickel lost 2.1% to $13,360 and tin closed 2.3% lower at $17,030. (Reporting by Peter Hobson; Additional reporting by Tom Daly and Enrico Dela Cruz; Editing by David Goodman and Mark Potter)
Our Standards: The Thomson Reuters Trust Principles.
|
7ef5138c42e5e3a4a0e5d52471f108ed | https://www.reuters.com/article/global-metals/metals-copper-slips-after-trump-threat-of-more-china-tariffs-idUSL4N27T2KD | METALS-Copper slips after Trump threat of more China tariffs | METALS-Copper slips after Trump threat of more China tariffs
By Eric Onstad3 Min Read
* Lead sinks to lowest since early September
* GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl (Updates prices to close)
LONDON, Nov 13 (Reuters) - The price of copper and other base metals slipped on Wednesday after U.S. President Donald Trump threatened more tariffs on China, disappointing investors keen for a trade deal.
While Trump said in a speech that a phase one trade deal was close, the market focused on his comments about raising tariffs on Chinese goods “very substantially” if a deal fails to be agreed.
“It raised the level of uncertainty again, coming at a time when the market’s been in risk-on, happy-days mode for the past month,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.
“If you look at copper, it’s breaking down a bit. We’ve had this uptrend since the start of October, but we failed to break above $6,000 and the 200-day moving average.”
Last week, copper touched $6,011 a tonne, the highest in more than three months, after gaining about 8% since the start of October.
Hansen said traders were focusing on support at $5,800, a key technical level.
Three-month copper on the London Metal Exchange (LME) shed 0.6% to $5,835 a tonne in final open-outcry trading, the lowest since Nov. 1. It was down for a fourth straight session.
* COPPER STOCKS: Copper inventories in LME-approved warehouses MCUSTX-TOTAL fell to a five-month low at 224,425 tonnes, while stocks in warehouses tracked by the Shanghai Futures Exchange CU-STX-SGH have declined 44% since March to 148,687 tonnes.
* CHILE COPPER: Most of Chile’s copper miners said they had maintained their operations on Tuesday, albeit with some delays and sporadic unrest, amid calls for a general strike and a fresh day of social protests.
* ALUMINIUM DEMAND: China’s aluminium consumption is seen falling for the first time in 30 years this year as domestic demand and exports decline, research house Antaike said.
* ALUMINIUM POSITION: The LME net speculative short position had reduced to just 1.2% of open interest at Monday’s close, down from a recent peak of 31% in early October, Alastair Munro at Marex Spectron said in a note, referring to the broker’s position estimates.
* LEAD SMELTER: British diversified miner Glencore Plc’s Canadian unit said on Wednesday it would permanently close down the Brunswick lead smelter in New Brunswick.
* PRICES: LME aluminium eased 0.7% to $1,765 a tonne, nickel fell 1.8% to $15,380 and zinc declined 2% to $2,422.
Lead dropped 1.2% to $2,035, the lowest since Sept. 6, while tin fell 2.1% to $16,000 after touching $15,970, the weakest since Oct. 1.
Reporting by Eric Onstad; Editing by Dale Hudson and David Evans/Mark Heinrich/David GregorioOur Standards: The Thomson Reuters Trust Principles.
|
4830b1ab8eb2c7199ce63f039cad277d | https://www.reuters.com/article/global-metals/metals-copper-slips-amid-heightened-mideast-tensions-low-stocks-limit-drop-idUKL4N29D0L5?edition-redirect=uk | METALS-Copper slips amid heightened Mideast tensions; low stocks limit drop | METALS-Copper slips amid heightened Mideast tensions; low stocks limit drop
By Reuters Staff0 Min Read
BEIJING, Jan 8 (Reuters) - Copper prices slipped in early Asian trade on Wednesday, following equity markets lower, as investors switched into safe-haven assets like gold amid rising tensions in the Middle East, although low inventories and tighter supply limited the drop. Iran launched a missile attack on U.S.-led forces in Iraq in the early hours of Wednesday, hours after the funeral of an Iranian commander whose killing in a U.S. drone strike has raised fears of a wider war in the region. FUNDAMENTALS * COPPER: Three-month copper on the London Metal Exchange was down 0.1% to $6,140.50 a tonne by 0133 GMT, after finishing up 0.2% in the previous session. The most-traded March copper contract on the Shanghai Futures Exchange fell 0.3% to 48,770 yuan ($7,023.03) a tonne. * STOCKS: LME copper stocks MCUSTX-TOTAL of just 140,925 tonnes, the lowest since March, were limiting any price fall. * CHILE: Copper output slumped at Chile's state miner Codelco and BHP's sprawling Escondida mine in November, according to Chile state copper agency Cochilco, amid a turbulent month of riots and mass protests that rocked the mineral-rich South American nation. * GOLD: Spot gold climbed 1.9% to $1,603.21 per ounce by 0056 GMT. Prices hit their highest since March 2013 at $1,610.90 earlier in the session. * COPPER: The copper price is unlikely to rebound in 2020 even if trade tensions between the United States and China subside, the head of Chile mining trade union Sonami said on Tuesday. * OTHER METALS: Aluminium and tin were flat but the rest of the complex was lower, with nickel falling as much as 1.2%. * COLUMN: Base metals hope for manufacturing recovery in 2020: Andy Home * For the top stories in metals and other news, click or MARKETS NEWS * Asian shares and U.S. treasury yields plunged, while gold and oil shot higher after Iran fired rockets at an Iraqi airbase that hosts U.S. military forces DATA AHEAD (GMT) 0700 Germany Industrial Orders MM Nov 0745 France Reserve Assets Total Dec 0830 UK Halifax House Prices MM Dec 1000 EU Consumer Confid. Final Dec PRICES BASE METALS PRICES 0132 GMT Three month LME copper 6141.5 Most active ShFE copper 48760 Three month LME aluminium 1816.5 Most active ShFE aluminium 14065 Three month LME zinc 2343.5 Most active ShFE zinc 18365 Three month LME lead 1905 Most active ShFE lead 14850 Three month LME nickel 13865 Most active ShFE nickel 108980 Three month LME tin 0 Most active ShFE tin 135480 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc 569.01 3 LME/SHFE ALUMINIUM LMESHFALc -371.14 3 LME/SHFE ZINC LMESHFZNc -267.68 3 LME/SHFE LEAD LMESHFPBc -518.23 3 LME/SHFE NICKEL LMESHFNIc -2190.54 3 ($1 = 6.9443 Chinese yuan renminbi) (Reporting by Tom Daly; Editing by Michael Perry)
Our Standards: The Thomson Reuters Trust Principles.
|
545015a32f3059dc54e258f696c78528 | https://www.reuters.com/article/global-metals/metals-copper-slips-on-profit-taking-caution-after-recent-trade-deal-rally-idUKL4N28T0V5?edition-redirect=uk | METALS-Copper slips on profit-taking, caution after recent trade deal rally | METALS-Copper slips on profit-taking, caution after recent trade deal rally
By Reuters Staff3 Min Read
SINGAPORE, Dec 19 (Reuters) - Copper prices edged down on Thursday due to some profit taking and caution by investors after a recent rally, boosted by an interim Sino-U.S. trade deal and hopes of improving demand in top consumer China.
Benchmark three-month copper on the London Metal Exchange (LME) fell 0.1% to $6,170 a tonne by 0248 GMT, having gained in eight out of the last 11 sessions. The contract hit its highest in seven months on Tuesday.
The most traded copper contract on the Shanghai Futures Exchange (ShFE) dipped 0.2% to 49,020 yuan ($6,964.16) a tonne.
China’s factory activity showed surprising signs of improvement in November, while the United States and China reached an preliminary agreement to resolve their 17-month-long trade war that hurt global economic growth and metals demand.
However, both outlook for further trade negotiations and China’s longer-term economic performance remained uncertain, capping further gains in copper prices.
FUNDAMENTALS
* COPPER STOCKS: Copper prices were supported by depleting copper stocks in warehouses approved by the LME MCUSTX-TOTAL, which fell to a nine-month low at 160,825 tonnes.
* OTHER PRICES: LME aluminium rose 0.1% to $1,779 a tonne, nickel advanced 0.2% to $13,895 a tonne, zinc rallied 0.5% to $2,313.50 a tonne and lead gained 0.5% to $1,935 a tonne.
* SHANGHAI PRICES: ShFE aluminium rallied 0.6% to 14,140 yuan a tonne, nickel fell 0.8% to 109,170 yuan a tonne, zinc eased 0.1% to 17,890 yuan a tonne while lead climbed 1.1% to 15,040 yuan a tonne.
* ANTOFAGASTA: Chile’s Antofagasta said on Wednesday it had kicked off the environmental permitting process for its $1.7 billion Twin Metals copper, nickel and platinum mining project in the United States.
* For the top stories in metals and other news, click or
MARKETS NEWS
* Asian shares edged higher amid growing confidence in the global outlook following improving economic indicators and a preliminary trade deal between the United States and China.
DATA/EVENTS (GMT
0745 France Business Climate Mfg Dec
0930 UK Retail Sales MM, YY Nov
0930 UK Retail Sales Ex-Fuel MM Nov
1200 UK BOE Bank Rate Dec
1200 UK GB BOE QE Corp Dec
1330 US Initial Jobless Claims Weekly
1330 US Philly Fed Business Indx Dec
1500 US Existing Home Sales Nov
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 7.0389 Chinese yuan) (Reporting by Mai Nguyen; Editing by Rashmi Aich)
Our Standards: The Thomson Reuters Trust Principles.
|
ec727ee421914c70b789a013825bc983 | https://www.reuters.com/article/global-metals/metals-copper-steady-near-7-month-highs-in-thin-trade-idUKL8N28X23T?edition-redirect=uk | METALS-Copper steady near 7-month highs in thin trade | METALS-Copper steady near 7-month highs in thin trade
By Reuters Staff3 Min Read
(Updates with closing prices)
LONDON, Dec 23 (Reuters) - Copper prices held near last week’s seven-month high on Monday as progress on a U.S.-China trade deal and improved economic data lifted some clouds from the demand outlook.
Trading activity was muted ahead of the Christmas holidays, with the London Metal Exchange (LME) closed on Dec. 25 and 26.
Benchmark LME copper finished 0.2% higher at $6,190 a tonne, up more than 5% this month in its biggest monthly gain since February.
Prices remain far below 2018 highs, before trade disputes battered the global economy.
A lack of economic news this week meant prices were likely to tread water, Chinese brokerage Citic Futures said in a note.
It said demand for copper pipe in China - the top metals consumer - had slightly increased and copper bar companies had raised their production rates, although these remained lower than a year ago.
CHINA: Industrial output in China is expected to grow by around 5.6% in 2019, the Ministry of Industry and Information Technology said on Monday. The forecast followed better-than-expected November factory data.
CHINA SCRAP: China’s imports of scrap metal in November rose by 6.3% from the previous month to 170,000 tonnes, data showed. The environment ministry also issued quotas for 2020 on Monday.
U.S. ECONOMY: Figures released on Friday showed U.S. growth rose in the third quarter, though data on Monday showed new orders for key U.S.-made capital goods barely rose in November and shipments fell.
TRADE/TARIFFS: China will lower tariffs on some products next year as Beijing looks to boost imports and economic growth.
U.S. President Donald Trump said on Saturday a ‘phase one’ U.S.-China trade pact would be signed “very shortly”. The deal was agreed earlier this month, lifting metals prices, but its full details have yet to be released.
ALUMINIUM STOCKS: On-warrant aluminium inventories in LME-registered warehouses fell to 1.2 million tonnes after 107,125 tonnes of cancellations. MALSTX-TOTAL
LME stockpiles remain higher than recent levels, but stocks in Shanghai Futures Exchange warehouses have slumped to 193,820 tonnes, the lowest in nearly three years. AL-STX-SGH
ALI SPREAD: The discount for cash aluminium versus three-month metal on the LME widened to $26.75, the most since September, pointing to more plentiful nearby supply. MAL0-3
PRICE: Benchmark aluminium ended 0.2% higher at $1,804 after touching a six-week high.
ZINC: LME zinc closed down 2.1% at $2,291, giving up the previous week's gains as a rise in Chinese smelter processing charges to $310 suggested output of refined metal would increase. SMM-ZNCONC-IMP
INDEX REBALANCING: Commodities tracking funds The Bloomberg Commodity Index (BCOM) and the S&P GSCI Index (GSCI) are likely to buy zinc and aluminium and sell nickel during their annual rebalancing in early January, Citi analysts said.
OTHER METALS: LME nickel ended 1.2% lower at $14,350, lead fell 1.1% to $1,916 and tin finished 0.2% lower at $17,300.
Reporting by Peter Hobson in LONDON and Tom Daly in BEIJING; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.
|
2d2d6fb8a954aa08df9870bb15726221 | https://www.reuters.com/article/global-metals/metals-copper-steady-zinc-rises-on-demand-boost-ahead-of-phase-1-trade-deal-idUKL4N29B0U7?edition-redirect=uk | METALS-Copper steady; zinc rises on demand boost ahead of Phase 1 trade deal | METALS-Copper steady; zinc rises on demand boost ahead of Phase 1 trade deal
By Reuters Staff0 Min Read
(Adds Shanghai closing prices, updates London prices) SINGAPORE/BEIJING, Jan 6 (Reuters) - London copper prices steadied on Monday after falling sharply in the previous session, while zinc hit a two-week high as the soon-to-be signed Phase 1 trade deal between the United States and China boosted prospects of higher demand. A Chinese delegation is planning to travel to Washington on Jan. 13 for the signing of the U.S.-China Phase 1 trade deal, the South China Morning Post reported on Sunday. Monetary policy easing by Beijing and a better-than-expected manufacturing performance from China in December were also creating a favourable backdrop for copper, Argonaut Securities said in a note. FUNDAMENTALS * COPPER: Three-month copper on the London Metal Exchange was flat at $6,129 a tonne by 0740 GMT, after shedding 1% on Friday. The most-traded March copper contract on the Shanghai Futures Exchange closed down 0.6% on 48,760 yuan ($6,990.58) a tonne. * ZINC: The metal used to galvanise steel rose as much as much as 1.4% to $2,339 a tonne, its highest since Dec. 23 on concerns about falling stocks MZN-STOCKS, which stand at just 51,125 tonnes in LME-registered warehouses. ShFE zinc closed up 1.5% on 18,110 yuan a tonne. * ZINC SPREAD: The premium of cash LME zinc over the three-month contract CMZNo-3 stood at $14.75 a tonne on Friday, the highest since Dec. 2, indicating tight near-term supply. * COPPER: Canadian miner First Quantum Minerals Ltd is weighing investment of around $1 billion to lift output at Africa's biggest copper mine in Zambia despite a feud with state miner ZCCM-IH over project funding. * OTHER METALS: The LME complex was mixed, with aluminium slipping 0.4% and lead losing 0.5%. Nickel edged up 0.2& while added 0.3%. * ALUMINIUM: Aluminium stocks held at three major Japanese ports AL-STK-JPPRT at the end of November were up 0.9% at 321,200 tonnes from the previous month, Marubeni Corp said. MARKETS NEWS * Tensions in the Middle East after the killing of a top Iranian general by the United States pushed an index of Asian shares off an 18-month high as investors pushed safe-haven gold near a seven-year high, and oil jumped to four-month peaks. PRICES BASE METALS PRICES 0740 GMT Three month LME copper 6128.5 Most active ShFE copper 48760 Three month LME aluminium 1816.5 Most active ShFE aluminium 14105 Three month LME zinc 2327 Most active ShFE zinc 18110 Three month LME lead 1910 Most active ShFE lead 14755 Three month LME nickel 13790 Most active ShFE nickel 108190 Three month LME tin 16850 Most active ShFE tin 134570 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc 519.8 3 LME/SHFE ALUMINIUM LMESHFALc -396.08 3 LME/SHFE ZINC LMESHFZNc -422.09 3 LME/SHFE LEAD LMESHFPBc -710.97 3 LME/SHFE NICKEL LMESHFNIc -2748.14 3 ($1 = 6.9751 Chinese yuan renminbi) (Reporting by Naveen Thukral in Singapore and Tom Daly in Beijing; Editing by Sherry Jacob-Phillips and Uttaresh.V)
Our Standards: The Thomson Reuters Trust Principles.
|
1df210aac61ce79e3de83bb722074ddf | https://www.reuters.com/article/global-metals/metals-copper-ticks-higher-on-low-inventories-equity-bounce-idINL4N29C0FV?edition-redirect=in | METALS-Copper ticks higher on low inventories, equity bounce | METALS-Copper ticks higher on low inventories, equity bounce
By Reuters Staff0 Min Read
BEIJING, Jan 7 (Reuters) - London copper prices edged upwards for a second session in early Asian trade on Tuesday, tracking gains in equity markets and as inventories of the metal continued to fall. Copper stocks in London Metal Exchange-monitored warehouses MCU-STOCKS have slumped by 57.5% since late August and are currently at 142,900 tonnes, the lowest since March 2019. FUNDAMENTALS * COPPER: Three-month copper on the LME rose 0.4% to $6,161 a tonne by 0136 GMT, extending a 0.2% gain from the previous session. The most-traded March copper contract on the Shanghai Futures Exchange climbed 0.3% to 48,960 yuan ($7,019.46) a tonne. * GOLDMAN: Investment bank Goldman Sachs said on Monday it remained bullish on copper because smelters were suffering from depressed margins. * FIRST QUANTUM: Canada's First Quantum Minerals Ltd fell as much as nearly 4% on Monday after the copper miner said it had adopted a poison pill takeover defense, nearly a month after Jiangxi Copper<0358.HK< agreed to pay $1.1 billion to become the miner's largest shareholder. * MINMETALS: China Minmetals Corp said on Monday its net profit rose by 28.9% in 2019 and annual revenue increased by 13.4%, exceeding 600 billion yuan ($86.04 billion) for the first time, although its nickel and zinc resources fell. * OTHER METALS: The LME complex was mixed, with aluminium and zinc both down 0.3% and nickel slipping 0.1%. Lead added 0.1% and tin nudged up 0.2%. * OIL: Commerzbank analyst Daniel Briesemann said on Monday a jump in oil prices since the United States killed Iranian general Qassem Soleimani would push up miners' costs and this was leaving base metals relatively resilient to increased geopolitical tension. * For the top stories in metals and other news, click or MARKETS NEWS * Asian shares rebounded as a day passed without a new escalation in the Middle East and Wall Street erased early losses to end in the black as tech stocks climbed. DATA AHEAD (GMT) 1000 EU HICP Flash YY Dec 1000 EU HICP-X F&E Flash YY Dec 1330 US International Trade Nov 1500 US Factory Orders MM Nov 1500 US ISM N-Mfg PMI Dec PRICES BASE METALS PRICES 0136 GMT Three month LME copper 6161 Most active ShFE copper 48960 Three month LME aluminium 1827.5 Most active ShFE aluminium 14080 Three month LME zinc 2317 Most active ShFE zinc 18090 Three month LME lead 1922.5 Most active ShFE lead 14805 Three month LME nickel 13795 Most active ShFE nickel 108020 Three month LME tin 16875 Most active ShFE tin 134610 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc 502.75 3 LME/SHFE ALUMINIUM LMESHFALc -454.23 3 LME/SHFE ZINC LMESHFZNc -347.08 3 LME/SHFE LEAD LMESHFPBc -727.19 3 LME/SHFE NICKEL LMESHFNIc -2795.04 3 ($1 = 6.9749 Chinese yuan renminbi) (Reporting by Tom Daly; Editing by Arun Koyyur)
Our Standards: The Thomson Reuters Trust Principles.
|
3cc2c6ebfc74abb02c125503e1a0fede | https://www.reuters.com/article/global-metals/metals-growing-confidence-in-chinese-demand-sustains-copper-idINL4N28T2LD?edition-redirect=in | METALS-Growing confidence in Chinese demand sustains copper | METALS-Growing confidence in Chinese demand sustains copper
By Pratima Desai3 Min Read
* GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl
* Aluminium stocks in China slide (Updates with closing prices)
LONDON, Dec 19 (Reuters) - Copper prices hovered near seven-month highs on Thursday, buoyed by optimism about Chinese growth and demand, and progress in the prolonged trade dispute between the United States and China.
Benchmark copper on the London Metal Exchange ended up 0.7% at $6,215 a tonne, a gain of more than 12% from the two-year low of $5,518 hit in September. Prices of the metal, seen as a gauge of economic health by investors, hit $6,223 a tonne earlier this week, the highest since May 8.
“Some pretty solid data from China illustrates the improving outlook and people are more hopeful about the trade situation,” a metals industry source said. “It’s not a completely risk-on environment, but things do seem to be improving.”
TRADE: China and the United States are in touch over the signing of their Phase 1 trade deal, China’s commerce ministry said, which will see lower U.S. tariffs on Chinese goods and higher Chinese purchases of U.S. farm, energy and manufactured goods.
China on Thursday unveiled a new list of import tariff exemptions for six chemical and oil products from the United States, days after the world’s two largest economies announced a Phase 1 trade deal.
DATA: China’s industrial production rose 6.2% year-on-year in November, the fastest in five months, beating the consensus of 5.0% and rising from 4.7% in October.
Manufacturing in top consumer China and globally is highly correlated with demand for industrial metals.
CONSTRUCTION: “Chinese commodity demand strengthened notably in November, driven by solid construction activities as evident in the steady draws of domestic steel, copper and aluminium inventories,” Citi analysts said in a note.
“Overall economic activities are accelerating recently, earlier than usual due to an earlier Chinese New Year in 2020. A slightly warmer winter also supports construction.”
BAROMETER: Aluminium touched $1,800 a tonne on the LME, the highest since Nov. 11. It closed up 1.1% at $1,797.
Traders say aluminium is another barometer of global economic health. But they also say the LME contract is, to some extent, following the Shanghai Futures Exchange where aluminium hit its highest in more than three months due to falling stocks.
Aluminium stocks in warehouses monitored by ShFE AL-STX-SGH dropped to 218,367 tonnes, their lowest since March 2017.
“Looking ahead, heavy snow in northern areas (in China) has led to some logistical issues, which could see a further fall in ShFE stock levels,” analysts at ING said in a note.
PRICES: Zinc was up 1.0% at $2,325, lead fell 0.4% to $1,919, tin gained 0.5% to $17,375 and nickel gained 2.2% to $14,170 a tonne. (Reporting by Pratima Desai; Editing by David Evans/Jan Harvey/Jane Merriman)
Our Standards: The Thomson Reuters Trust Principles.
|
49227d0a013ddb9211294bb1017535b0 | https://www.reuters.com/article/global-metals/metals-lead-rebounds-from-4-1-2-month-low-on-trade-hopes-idUKL4N2862MS?edition-redirect=uk | METALS-Lead rebounds from 4-1/2 month low on trade hopes | METALS-Lead rebounds from 4-1/2 month low on trade hopes
By Eric Onstad4 Min Read
* Shanghai lead drops to lowest since April 2018
* GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl (Updates with closing prices)
LONDON, Nov 26 (Reuters) - The price of lead bounced from four-month lows on Tuesday and other industrial metals also recovered on hopes that a U.S.-Sino trade deal was close to being agreed.
Earlier in the day base metals had largely ignored the upbeat mood on world equity markets, which were near their highest levels in almost two years due to optimism about the prospects of ending a trade war.
But metals prices jumped after U.S. President Donald Trump said in the European afternoon that the two sides were in the final throes of reaching a deal.
A trader said the White House comments sparked short covering after speculators had earlier extended bearish positions.
“We’re expecting the phase one deal to be signed, which is because both parties recognise the economic costs related to the tariffs that were to be implemented in December,” said analyst Carsten Menke at Julius Baer in Zurich.
Gains may be limited, however, he added. “Many metals markets are well supplied or more than well supplied, and this is what is limiting the upside.”
Benchmark three-month lead on the London Metal Exchange rose 0.4% to $1,943 a tonne in final open-outcry trading, reversing after touching $1,907.50, its weakest since July 9.
The metal is used mostly in batteries, and weaker global economic growth and a slump in car sales amid the prolonged trade dispute between the United States and China has dented demand.
The net speculative short position of lead on the LME had grown to 16.5% of open interest, the highest since early June, according to estimates by broker Marex Spectron.
* LEAD STOCKS: On-warrant lead inventories in LME-approved warehouses MPBSTX-TOTAL, or metal not earmarked for delivery, were last reported at 64,775 tonnes, up 49% so far this year.
Stockpiles in warehouses tracked by the Shanghai Futures Exchange PB-STX-SGH have more than doubled since end-September to 35,157 tonnes.
* SPREAD: The LME cash lead contract has been at discount over the three-month contract CMPB0-3 for nearly two weeks. This was last seen at $17.75 a tonne, the largest discount since April 30, suggesting plentiful nearby supplies.
* LEAD BALANCE: Refined lead will move into a global surplus of 55,000 tonnes next year, after being in a deficit of 46,000 tonnes in 2019, the International Lead and Zinc Study Group said in its latest report last month.
* ALUMINIUM TECHNICALS: LME aluminium is likely to see further losses, Commerzbank technical analyst Axel Rudolph said in a note.
“We still believe that an interim top was made at the current November high at $1,822 and (we) could see a drop to the October lows at $1,710/$1,705 unfold,” he said.
LME aluminium gained 1% to close at $1,753 a tonne.
* PRICES: LME copper climbed 1% to finish at $5,924 a tonne, nickel rose 0.7% to $14,595 and tin gave up 0.9% to $16,325.
Zinc advanced 0.8% to end at $2,299 a tonne after touching $2,265, the weakest since Oct. 18.
* For the top stories in metals and other news, click or
($1 = 7.0389 Chinese yuan)
Additional reporting by Mai Nguyen in Singapore Editing by Alexandra Hudson, Jane Merriman and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.
|
7a773aa3b6106bf8a18c41e55f89ee01 | https://www.reuters.com/article/global-metals/metals-london-aluminium-drops-as-hydro-restarts-brazil-operations-tin-sinks-idUKL4N2940PE?edition-redirect=uk | METALS-London aluminium drops as Hydro restarts Brazil operations; tin sinks | METALS-London aluminium drops as Hydro restarts Brazil operations; tin sinks
By Reuters Staff0 Min Read
(Adds Shanghai closing prices, updates London prices) BEIJING, Dec 30 (Reuters) - London aluminium prices fell on Monday, heading for their first drop in seven sessions after Norsk Hydro said it had resumed bauxite production in Brazil and was ramping up alumina output, while tin hit a more than two-week low. Bauxite is a rock refined to make alumina, which is then used to produce aluminium metal. A power outage earlier this month had affected production at Hydro's Paragominas mine and Alunorte alumina refinery, supporting aluminium prices. An acceleration in aluminium processing ahead of the week-long Lunar New year holiday in China, the world's top producer and consumer of the metal, in late-January is already coming to an end, Jinrui Futures said in a note, adding that environmental curbs were also affecting downstream demand. "Consumption will gradually decline, while the trend of supply growth remains unchanged," the Chinese brokerage wrote, noting that new projects such as Henan Shenhuo's smelter in Yunnan were about to come on line. FUNDAMENTALS * ALUMINIUM: Three-month aluminium on the London Metal Exchange fell 0.4% to $1,817.50 by 0723 GMT after closing up 0.6% on Friday. The most traded February aluminium contract on the Shanghai Futures Exchange closed up 0.2% at 14,090 yuan a tonne by the end of the morning session as ShFE stocks continue to fall. * ALUMINIUM: Premiums for aluminium shipments to Japan for the first quarter of 2020 were set at $83 per tonne, down 14% from the previous quarter amid soft demand from electronics and auto companies, two sources directly involved in the pricing talks said. * CHINA: China's central bank will use the loan prime rate (LPR) as a new benchmark for pricing existing floating-rate loans, in a step that analysts say could help lower borrowing costs and underpin economic growth. * TIN: ShFE tin prices fell as much as 3.8% in Friday's night session to 133,000 yuan a tonne, the lowest since Nov. 20, after Shanghai tin stocks rose by almost one-third to 5,351 tonnes, but recovered to close down 1.4% on 136,360 yuan. LME tin slid for a fifth day, losing as much as 1.2% to $16,920 a tonne, its lowest since Dec. 12. * OTHER METALS: LME copper rose 0.4% to $6,237.50 a tonne in holiday-thinned trade, while ShFE copper closed down 0.4% at 49,510 yuan a tonne. London zinc added 0.5%, while nickel climbed 0.3% and lead lost 0.2%. MARKETS A broad gauge of Asian share markets rose to an 18-month high on Monday as Chinese equities gained. PRICES BASE METALS PRICES 0727 GMT Three month LME copper 6237.5 Most active ShFE copper 49510 Three month LME aluminium 1817 Most active ShFE aluminium 14085 Three month LME zinc 2317.5 Most active ShFE zinc 18095 Three month LME lead 1935.5 Most active ShFE lead 15180 Three month LME nickel 14255 Most active ShFE nickel 111700 Three month LME tin 17000 Most active ShFE tin 136290 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc 441.8 3 LME/SHFE ALUMINIUM LMESHFALc -336.53 3 LME/SHFE ZINC LMESHFZNc -434.68 3 LME/SHFE LEAD LMESHFPBc -553.45 3 LME/SHFE NICKEL LMESHFNIc -2798.3 3 ($1 = 6.9825 Chinese yuan) (Reporting by Tom Daly; Editing by Shailesh Kuber and Uttaresh.V)
Our Standards: The Thomson Reuters Trust Principles.
|
7f46915f5e77119a9681c9fbd412416f | https://www.reuters.com/article/global-metals/metals-london-aluminium-falls-after-hydro-restarts-brazil-operations-idUKL4N2940D8?edition-redirect=uk | METALS-London aluminium falls after Hydro restarts Brazil operations | METALS-London aluminium falls after Hydro restarts Brazil operations
By Reuters Staff0 Min Read
BEIJING, Dec 30 (Reuters) - London aluminium prices fell in early trade on Monday and were on course for their first daily drop in seven sessions after Norsk Hydro said it had resumed bauxite production in Brazil and was ramping up alumina output. Bauxite is a rock refined to make alumina, which is then used to produce aluminium metal. A power outage earlier this month had affected production at Hydro's Paragominas mine and Alunorte alumina refinery, supporting aluminium prices. FUNDAMENTALS * ALUMINIUM: Three-month aluminium on the London Metal Exchange fell 0.3% to $1,819 by 0137 GMT after closing up 0.6% on Friday. The most traded February aluminium contract on the Shanghai Futures Exchange rose 0.5% to 14,130 yuan ($2,019.90) a tonne as ShFE stocks continue to fall. * ALUMINIUM: Premiums for aluminium shipments to Japan for the first quarter of 2020 were set at $83 per tonne, down 14% from the previous quarter amid soft demand from electronics and auto companies, two sources directly involved in the pricing talks said. * CHINA: Ge Honglin, the former chairman of state-owned Chinese aluminium firm Chinalco, has been named as the new head of the China Nonferrous Metals Industry Association. * COPPER: LME copper edged up 0.2% to $6,227.50 a tonne in holiday-thinned trade, while ShFE copper fell 0.5% to 49,420 yuan a tonne. * LITHIUM: SQM, the world's No. 2 lithium producer, said on Friday it "regrets" a ruling by a Chilean environmental court that it should be prosecuted over excessive water use in the country's northern Atacama Desert. * INDIUM: An auction of around 3,609 tonnes of indium formerly held by China's now-defunct Fanya Metal Exchange is due to end at 0200 GMT. * For the top stories in metals and other news, click or DATA AHEAD (GMT) 0600 Russia Markit Mfg Nov 0800 Spain GDP Q3 0800 Spain HICP Flash YY Dec 0800 Switzerland KOF Indicator Dec 1230* Brazil Primary Budget Surplus Nov 1445* U.S. Chicago PMI Dec 1500 U.S. Pending Home Sales Change MM Nov 1530 U.S. Texas Manufacturing Outlook Survey Dec *approximate release time PRICES BASE METALS PRICES 0132 GMT Three month LME copper 6224.5 Most active ShFE copper 49410 Three month LME aluminium 1819 Most active ShFE aluminium 14125 Three month LME zinc 2310 Most active ShFE zinc 18080 Three month LME lead 1929 Most active ShFE lead 15190 Three month LME nickel 14240 Most active ShFE nickel 111890 Three month LME tin 17055 Most active ShFE tin 136210 ($1 = 6.9954 yuan) (Reporting by Tom Daly; Editing by Shailesh Kuber)
Our Standards: The Thomson Reuters Trust Principles.
|
ce88ce66f5de3ccdcb73f9c165ddf955 | https://www.reuters.com/article/global-metals/metals-london-aluminium-resumes-decline-as-lme-reassesses-rusal-metal-idUKL3N1S31NC?edition-redirect=uk | METALS-London aluminium resumes decline as LME reassesses Rusal metal | METALS-London aluminium resumes decline as LME reassesses Rusal metal
By Reuters Staff0 Min Read
BEIJING, April 26 (Reuters) - London aluminium slipped 1.3 percent lower on Thursday, after snapping a four-day losing streak in the previous session, as the deadline extension to comply with U.S. sanctions on Rusal, one of the world's biggest aluminium producers, pulled down prices. The metal is down by over 18 percent from the seven-year high of $2,718 it hit on April 19 in the wake of the sanctions, which left the market fearing a supply shortage. FUNDAMENTALS * LME ALUMINIUM: Three-month aluminium on the London Metal Exchange was down 1.3 percent at $2,217 a tonne, as of 0219 GMT, after ending 0.8 percent higher on Wednesday. * SHFE ALUMINIUM: The most-traded June aluminium contract on the Shanghai Futures Exchange edged down 0.4 percent to 14,380 yuan ($2,273.30) a tonne. * RUSAL: The London Metal Exchange said on Wednesday it would analyse the implications of U.S. sanctions in relation to Rusal's metal after the Treasury Department gave customers of the aluminium producer more time to comply. * ZINC: Shanghai zinc was the biggest loser in the base metals complex, falling 2.8 percent to 23,735 yuan a tonne and touching its lowest since April 18. It tracked a 2.4 percent plunge in LME zinc on Wednesday after inventories in LME warehouses MZN-STOCKS surged by 28,150 tonnes or 15.5 percent. * ANGLO AMERICAN: Diversified miner Anglo American opened an office in Shanghai on Wednesday, a company spokesman said, boosting its presence in the world's top consumer of commodities. * NICKEL: Global demand for nickel is expected to increase to 2.34 million tonnes in 2018 versus 2.19 million in 2017, the International Nickel Study Group (INSG) said on Wednesday. * VALE: Vale SA, the world's largest iron ore producer, posted a 36 percent slump in first-quarter profit compared to the same quarter a year earlier, missing estimates, as costs rose and iron ore prices slipped, results showed on Wednesday. * For the top stories in metals and other news, click or MARKETS NEWS * Asian stocks edged up on Thursday as robust corporate earnings helped Wall Street quell concerns over a surge in U.S. bond yields, while the dollar hovered near three-month highs against a basket of currencies. DATA/EVENT AHEAD (GMT) 0600 Germany GfK consumer sentiment May 1145 European Central Bank interest rate announcement 1230 ECB President Mario Draghi holds news briefing 1230 U.S. Durable goods Mar 1230 U.S. Advance goods trade balance Mar 1230 U.S. Wholesale inventories Mar 1230 U.S. Weekly jobless claims PRICES BASE METALS PRICES 0219 GMT Three month LME copper 6975 Most active ShFE copper 51670 Three month LME aluminium 2217 Most active ShFE aluminium 14375 Three month LME zinc 3122.5 Most active ShFE zinc 23735 Three month LME lead 2313 Most active ShFE lead 18190 Three month LME nickel 14060 Most active ShFE nickel 103140 Three month LME tin 21220 Most active ShFE tin 146950 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 290.41 LME/SHFE ALUMINIUM LMESHFALc3 -1917.9 LME/SHFE ZINC LMESHFZNc3 247.34 LME/SHFE LEAD LMESHFPBc3 395.66 LME/SHFE NICKEL LMESHFNIc3 -1875.19 ($1 = 6.3256 Chinese yuan) (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
Our Standards: The Thomson Reuters Trust Principles.
|
a565ab5c68fedf71927563570ba64944 | https://www.reuters.com/article/global-metals/metals-london-aluminium-rises-but-on-track-for-biggest-weekly-drop-since-2011-idUKL3N1S42JZ?edition-redirect=uk | METALS-London aluminium falls, set for biggest weekly drop since 2011 | METALS-London aluminium falls, set for biggest weekly drop since 2011
By Reuters Staff0 Min Read
(Changes comment, updates prices) BEIJING, April 27 (Reuters) - London aluminium prices edged lower on Friday after a 1.3 percent jump in the previous session, as traders continued to grapple with the fallout from U.S. sanctions on Russian producer Rusal ahead of a two-day holiday in China. "All of the metals remain within yesterday's ranges as pre-Labour Day weekend positional re-adjustment seems to be the main theme so far today," broker Marex Spectron said in a note. Aluminium has lost about 8.2 percent in London this week, having fallen sharply on Monday and Tuesday after the United States gave American customers of Rusal more time to comply with the sanctions, which were first announced on April 6. This has left it on course for its biggest weekly drop since August 2011, although it is still up 13.1 percent in April on the back of Rusal concerns, which would be its best month since September 2010. FUNDAMENTALS * LME ALUMINUM: Three-month aluminium on the London Metal Exchange was down 0.4 percent at $2,265 a tonne by 0717 GMT, having risen by as much as 0.9 percent earlier in the session. * SHFE ALUMINIUM: The most-traded June aluminium contract on the Shanghai Futures Exchange ended 0.5 percent higher at 14,480 yuan ($2,283.91) a tonne. It has dropped 3.7 percent this week, but gained 4.8 percent in April. * RUSAL: Rusal's head of sales, Steve Hodgson, is leaving the company, a source familiar with the matter said on Thursday. * COLUMN: U.S. sanctions on Rusal shatter aluminium's supply chain: Andy Home * COPPER: Copper was trading down 0.5 percent at $6,928 a tonne on a firm dollar, which makes metals expensive for holders of other currencies. Shanghai copper closed down 0.3 percent at 51,560 yuan a tonne. * COPPER: Chile's Escondida, the world's largest copper mine, said on Thursday that early contract talks with its workers' union ended without an agreement, setting the stage for legally scheduled negotiations to begin in June. * HOLIDAY: The ShFE will be closed on Monday and Tuesday for the Labour Day holiday in China, the world's top metal consumer. For the top stories in metals and other news, click or MARKETS NEWS * Asian shares rose on Friday after U.S. equities were buoyed by a rebound in technology stocks, while markets in Seoul were underpinned by optimism as leaders of North and South Korea held their first summit in over a decade. PRICES BASE METALS PRICES 0717 GMT Three month LME copper 6928 Most active ShFE copper 51560 Three month LME aluminium 2265.5 Most active ShFE aluminium 14475 Three month LME zinc 3134.5 Most active ShFE zinc 23950 Three month LME lead 2335 Most active ShFE lead 18365 Three month LME nickel 14145 Most active ShFE nickel 104730 Three month LME tin 21290 Most active ShFE tin 147680 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 414.58 LME/SHFE ALUMINIUM LMESHFALc3 -2212.65 LME/SHFE ZINC LMESHFZNc3 279.45 LME/SHFE LEAD LMESHFPBc3 309.9 LME/SHFE NICKEL LMESHFNIc3 -1569.9 ($1 = 6.3400 Chinese yuan) (Reporting by Tom Daly; Editing by Richard Pullin and Sherry Jacob-Phillips)
Our Standards: The Thomson Reuters Trust Principles.
|
1daa647dccc567bc34bfc1cceb606c12 | https://www.reuters.com/article/global-metals/metals-london-aluminium-slips-on-track-for-biggest-weekly-drop-since-2011-idUKL3N1S41LK?edition-redirect=uk | METALS-London aluminium slips, on track for biggest weekly drop since 2011 | METALS-London aluminium slips, on track for biggest weekly drop since 2011
By Reuters Staff0 Min Read
BEIJING, April 27 (Reuters) - London aluminium prices edged down on Friday, having jumped in the previous session as investors bet that U.S. sanctions would remain in place on Russian producer Rusal, keeping supply tight. The metal is trading lower for a fifth session out of seven and has lost 8.2 percent so far this week, putting it on course for its biggest weekly drop since the week ended Aug. 5, 2011. FUNDAMENTALS * LME ALUMINUM: Three-month copper on the London Metal Exchange was down 0.3 percent to $2,268.50 a tonne by 0149 GMT, after ending up 1.3 percent on Thursday. * SHFE ALUMINIUM: The most-traded June aluminium contract on the Shanghai Futures Exchange was up 0.2 percent to 14,450 yuan ($2,281) a tonne. It is down by around 4 percent this week but up 4.5 percent for the month. * RUSAL: Rusal's head of sales Steve Hodgson is leaving the company, a source familiar with the matter said on Thursday. * COLUMN: U.S. sanctions on Rusal shatter aluminium's supply chain: Andy Home. * COPPER: Copper was trading down 0.4 percent at $6,937 a tonne on a firm dollar, which makes metals expensive for holders of other currencies. Shanghai copper was down 0.3 percent to 51,570 yuan a tonne. * COPPER: Chile's Escondida, the world's largest copper mine, said on Thursday that early contract talks with its workers' union ended without an agreement, setting the stage for legally scheduled negotiations to begin in June. * CANADA: Canadian miner Agnico Eagle Mines Ltd on Thursday said it is planning to divest all of its cobalt assets in Canada and that it sold some gold interests in the United States. For the top stories in metals and other news, click or MARKETS NEWS * Asian shares edged higher on Friday, after U.S. equities were buoyed by solid quarterly earnings and a rebound in technology stocks, while the euro languished near three-month lows after the European Central Bank kept interest rates unchanged. DATA AHEAD 0530 France Preliminary GDP Q1 0600 Germany Import prices Mar 0645 France Consumer spending Mar 0800 Germany Unemployment rate Apr 0900 Euro zone Business climate Apr 1230 U.S. Advance GDP Q1 1230 U.S. Employment costs Q1 PRICES BASE METALS PRICES 0149 GMT Three month LME copper 6937 Most active ShFE copper 51570 Three month LME aluminium 2268.5 Most active ShFE aluminium 14440 Three month LME zinc 3131 Most active ShFE zinc 23845 Three month LME lead 2334.5 Most active ShFE lead 18235 Three month LME nickel 14280 Most active ShFE nickel 104600 Three month LME tin 21315 Most active ShFE tin 147660 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 348.68 LME/SHFE ALUMINIUM LMESHFALc3 -2273.16 LME/SHFE ZINC LMESHFZNc3 196.64 LME/SHFE LEAD LMESHFPBc3 185.81 LME/SHFE NICKEL LMESHFNIc3 -2466.3 ($1 = 6.3336 Chinese yuan renminbi) (Reporting by Tom Daly; editing by Richard Pullin)
Our Standards: The Thomson Reuters Trust Principles.
|
261c0b77bc6f1519b35f26b78ddf5c13 | https://www.reuters.com/article/global-metals/metals-london-copper-eases-amid-differing-views-on-us-china-trade-deal-idUKL4N28R0O0?edition-redirect=uk | METALS-London copper eases amid differing views on U.S.-China trade deal | METALS-London copper eases amid differing views on U.S.-China trade deal
By Reuters Staff3 Min Read
SINGAPORE, Dec 17 (Reuters) - London copper prices dipped on Tuesday as investors waited for more clarity on the interim Sino-U.S. trade deal announced last week amid differing views from both sides.
The deal will be signed in early January, U.S. trade negotiators say. But important differences between what U.S. and Chinese officials say has been agreed upon have arisen in recent days, including about timing.
Top White House adviser Larry Kudlow on Monday said the deal had been “absolutely completed” and U.S. exports to China would double under the agreement.
However, Chinese officials have been more wary in their wordings about the content of the deal and did not confirm the January timing.
Three-month copper on the London Metal Exchange (LME) fell 0.3% to $6,182.50 a tonne by 0223 GMT, after a 1.1% gain in the previous session. It hit a seven-month high on Friday, when U.S. Trade Representative Robert Lighthizer announced the deal.
The most-traded copper contract on the Shanghai Futures Exchange (ShFE) rose 0.4% to 49,160 yuan ($6,984.05) a tonne, reflecting gains in London overnight.
FUNDAMENTALS
* COPPER SPREAD: The discount of LME cash copper over the three-month contract CMCU0-3 has tightened to $6 a tonne, a level unseen in seven and a half months, suggesting nearby supplies are tightening.
* COPPER STOCKS: Copper inventories in warehouses approved by the LME dropped to 167,475 tonnes, their lowest since April 1, while stocks in warehouses tracked by ShFE of 117,245 tonnes are still some 55% below the 2019 peak hit in March.
* OTHER PRICES: LME nickel rose 0.2% to $14,225 a tonne, zinc eased 0.1% to $2,288.50 a tonne, lead advanced 0.3% to $1,894 a tonne, while ShFE aluminium rose 0.5% to 13,990 yuan a tonne and zinc dipped 0.1% to 18,060 yuan a tonne.
* ZINC SPREAD: The spread between LME cash and three-month zinc contracts CMZN0-3 flipped to a premium of $10.5 a tonne after staying in discount for four sessions, suggesting nearby supplies are tightening.
* NEVADA COPPER: Nevada Copper Corp said on Monday it had started production at its Pumpkin Hollow mine in the western United States, one of the first new mining projects to open in the country in decades.
* For the top stories in metals and other news, click or
MARKETS NEWS
* Asian shares gained, but a lack of detail about the Sino-U.S. trade deal tempered some of the exuberance that sent Wall Street to record highs overnight, while familiar fears of a hard Brexit knocked the pound.
DATA/EVENTS (GMT)
0930 UK Claimant Count Unem Chng Nov
0930 UK ILO Unemployment Rate Oct
1330 US Housing Starts Number Nov
1415 US Industrial Production MM Nov
PRICES
Three month LME copper
Most active ShFE copper
Three month LME aluminium
Most active ShFE aluminium
Three month LME zinc
Most active ShFE zinc
Three month LME lead
Most active ShFE lead
Three month LME nickel
Most active ShFE nickel
Three month LME tin
Most active ShFE tin
ARBS ($1 = 7.0389 Chinese yuan) (Reporting by Mai Nguyen; Editing by Subhranshu Sahu)
Our Standards: The Thomson Reuters Trust Principles.
|
21e3d976372e5ce7870c19ae2a9d6c4b | https://www.reuters.com/article/global-metals/metals-nickel-firms-as-plant-closure-amplifies-supply-fears-idUKL3N27927O?edition-redirect=uk | METALS-Nickel firms as plant closure amplifies supply fears | METALS-Nickel firms as plant closure amplifies supply fears
By Zandi Shabalala3 Min Read
* GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl (Adds closing prices, ING comment)
LONDON, Oct 24 (Reuters) - Nickel touched a one-week high on Thursday after Papua New Guinea ordered the closure of a nickel processing plant over its failure to take remedial action after a slurry spill, intensifying supply concerns.
The plant owned by Metallurgical Corp of China (MCC) produced nickel hydroxide containing 16,429 tonnes of nickel and 1,497 tonnes of cobalt in the first half of 2019, according to MCC.
Benchmark nickel on the London Metal Exchange (LME)ended 1.6% higher at $16,860 a tonne, after touching its highest since Oct. 16.
“The shutdown at the plant comes at a time when people are potentially factoring in a supply shortfall in 2020 with the Indonesia ban coming into place,” said Capital Economics analyst Kieran Clancy.
Indonesia, the world’s top nickel ore supplier, said in September that it will stop ore exports in 2020, pushing forward a ban by two years and lifting prices.
NICKEL: Inventories of nickel in LME-registered warehouses fell 3,894 tonnes, or about 5%, to 79,800 tonnes, the lowest since January 2009. Total stocks have halved in the past month. MNISTX-TOTAL
The nickel cash to three-month spread remained in a contango after touching a premium of more than $200 a tonne this month as traders anticipated metal returning to the exchange. CMNI0-3
ING said nickel’s physical indicators - including stainless steel overhang and weak premiums - pointed to weak demand and “suggest a disconnect between the recent strength on the LME and the physical market, implying a correction or even crash is inevitable”.
FLOOR PRICE: Indonesia’s mining ministry is revising a rule that governs the domestic price of nickel ore to ensure smelters follow government benchmark prices, a ministry official told Reuters.
NICKEL BALANCE: Global demand for nickel is expected to increase to 2.52 million tonnes in 2020, with output rising to 2.48 million tonnes, the International Nickel Study Group said.
COPPER: Normal operations resumed at top copper producer Codelco after workers struck a deal with the government after staging a one-day strike in solidarity with a nationwide protest in Chile.
MINE BAN: The Philippines mining regulator has recommended lifting a three-year suspension of the environmental permit for what could be one of the world’s largest copper mines, the Tampakan project.
COPPER: Benchmark copper touched a one-month high but ended unchanged at $5,880 a tonne.
The copper market faces a possible 320,000 tonne deficit this year, reversing to a surplus of 281,000 tonnes in 2020, the International Copper Study Group said.
OTHER PRICES: LME aluminium edged down 0.3% to $1,724 a tonne, zinc gained 0.9% at $2,491, lead touched its highest since July 2018 but ended barely changed at $2,225, and tin was up 1.3% at $16,770. (Reporting by Zandi Shabalala Additional reporting by Mai Nguyen Editing by David Holmes)
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
|
c0e87f2b183dd2432e31b396f9654a92 | https://www.reuters.com/article/global-metals/metals-nickel-leads-metals-lower-pressured-by-dollar-idINL3N1VQ33H?edition-redirect=in | METALS-Nickel leads metals lower, pressured by dollar | METALS-Nickel leads metals lower, pressured by dollar
By Zandi Shabalala3 Min Read
* Nickel down for five straight sessions
* GRAPHIC-2018 asset returns: tmsnrt.rs/2jvdmXl (Adds closing prices, Siberia copper)
LONDON, Sept 4 (Reuters) - Nickel hit its weakest since January on Tuesday, leading London metals lower as concerns over rising trade tensions between China and the United States benefited the dollar.
Benchmark nickel ended down 2.5 percent at $12,470 per tonne, having touched its lowest since Jan. 19 at $12,375. The metal logged its fifth straight session of declines.
U.S. President Donald Trump said he was prepared to ramp up the trade war by imposing tariffs on $200 billion more of Chinese imports as soon as a public comment period on the plan ends this week.
“Market participants are waiting on the sideline for more comments from Trump probably announcing new tariffs on Chinese imports,” said Commerzbank analyst Daniel Briesemann.
“In addition, there is concern that the smouldering crisis in emerging markets will weigh heavily on metals prices because so far the EMs are a big driver of metals demand.”
The dollar’s status as chief reserve currency makes it the primary beneficiary of concerns over trade conflicts, causing commodities priced in the greenback to be more expensive for holders of other currencies.
Meanwhile, emerging market currencies have been hit as investors feared these export-oriented economies would be caught in the middle of any escalating trade conflict.
NICKEL: Prices are “weighed down by an increase in nickel ore inventory at China and rising stainless steel inventory,” Argonaut Securities wrote in a note.
TANGSHAN: There are market expectations that the city of Tangshan, China’s leading steelmaking hub, could introduce new output cuts in September to curb harmful emissions, which have buoyed priced for Shanghai rebar steel.
ALCOA STRIKE: A vote by striking workers at Alcoa’s giant west Australian operations will close on Thursday, with the union anticipating a strong “no” vote that could prolong the four-week old strike.
CHINA ALUMINIUM: The city of Binzhou in eastern China’s Shandong province, home to top aluminium producer China Hongqiao Group, is planning five new projects to support development of a high-end aluminium industry, according to a local government document.
CODELCO: Chilean state miner Codelco halted the operations of three out of four furnaces at its Ventanas copper foundry on Monday after finding high levels of sulphur dioxide.
SIBERIA COPPER: A firm owned by Russian billionaire Alisher Usmanov’s holding company said it had started construction of a massive mining and metallurgical plant at the Udokan copper deposit in a remote region in eastern Siberia.
OTHER METALS: Copper eased 2.5 percent to $5,815 per tonne, aluminium fell 1.7 percent to $2,062, zinc slipped 1.9 percent to $2,416, lead fell 2.1 percent to $2,076.50, while tin inched 0.1 percent lower to $18,825.
Additional reporting by Melanie Burton in MELBOURNE and Tom Daly in BEIJING; editing by Louise Heavens and David EvansOur Standards: The Thomson Reuters Trust Principles.
|
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.