Latest news with #Marex
Business Recorder
23-05-2025
- Business
- Business Recorder
Copper touches 3-week low as economic uncertainty lingers
LONDON: Copper prices hit a three-week low on Thursday and other base metals also eased as uncertainty persists over economic conditions and demand growth. Benchmark copper on the London Metal Exchange (LME) was down 0.6% at $9,477 a metric ton by 1400 GMT. Earlier in the session, prices touched their lowest since May 1 at $9,223.20. 'A real state of paralysis has swept through metals markets,' said Alastair Munro at broker Marex, pointing to the expiry of LME benchmark contracts this week. Prices have been pressured by a sharp rise in Chinese copper inventories last week, ending a three-week run of large withdrawals. Analysts and traders said that the rise was due to tepid copper demand in China and steady output from a growing smelting sector. Also weighing on the market was the prospect of more supply after Freeport Indonesia's Manyar smelter in East Java resumed operations ahead of schedule after a fire last year. Further dampening the market was a firmer US dollar after data showed US business activity picked up in May, making dollar-priced metals more expensive for buyers with other currencies. LME lead was down 1% at $1,955 a ton after touching its lowest since May 9 at $1,947.50. On-warrant LME lead inventories have surged by 91% over the past two days to 234,000 tons, their highest since December 2024.
Business Recorder
22-05-2025
- Business
- Business Recorder
Copper touches three-week low as economic uncertainty lingers
Copper prices hit a three-week low on Thursday and other base metals also eased as uncertainty persists over economic conditions and demand growth. Benchmark copper on the London Metal Exchange (LME) was down 0.7% at $9,462 a metric ton by 0938 GMT after touching it lowest since May 1 at $9,223.20. 'A real state of paralysis has swept through metals markets,' said Alastair Munro at broker Marex, pointing to the expiry of LME benchmark contracts last week. Prices have been pressured by a sharp rise in Chinese copper inventories last week, ending a three-week run of large withdrawals. Analysts and traders said that the rise was due to tepid copper demand in China and steady output from a growing smelting sector. Also weighing on the market was the prospect of more supply after Freeport Indonesia's Manyar smelter in East Java resumed operations ahead of schedule after a fire last year. It is expected to produce copper cathode by the fourth week of June. Copper drifts higher on worries about US debt Investor sentiment, meanwhile, remained subdued in the face of a deteriorating U.S. fiscal outlook, with last week's Moody's downgrade fueling a growing 'Sell America' narrative and leaving markets adrift. Helping to curb losses was a softer U.S. dollar, making dollar-priced metals cheaper for buyers with other currencies. LME lead fell 1.1% to $1,952 a ton after touching its lowest since May 9 at $1,947.50. On-warrant LME lead inventories have surged by 91% over the past two days to 234,000 tons, their highest since December 2024. Among other metals, aluminium dipped 0.2% at $2,467 a ton, zinc eased by 0.2% to $2,688 and nickel was down 0.9% at $15,450 while tin lost 1.4% to $32,365.
Zawya
22-05-2025
- Business
- Zawya
Copper touches three-week low as economic uncertainty lingers
Copper prices hit a three-week low on Thursday and other base metals also eased as uncertainty persists over economic conditions and demand growth. Benchmark copper on the London Metal Exchange (LME) was down 0.7% at $9,462 a metric ton by 0938 GMT after touching it lowest since May 1 at $9,223.20. "A real state of paralysis has swept through metals markets," said Alastair Munro at broker Marex, pointing to the expiry of LME benchmark contracts last week. Prices have been pressured by a sharp rise in Chinese copper inventories last week, ending a three-week run of large withdrawals. Analysts and traders said that the rise was due to tepid copper demand in China and steady output from a growing smelting sector. Also weighing on the market was the prospect of more supply after Freeport Indonesia's Manyar smelter in East Java resumed operations ahead of schedule after a fire last year. It is expected to produce copper cathode by the fourth week of June. Investor sentiment, meanwhile, remained subdued in the face of a deteriorating U.S. fiscal outlook, with last week's Moody's downgrade fueling a growing 'Sell America' narrative and leaving markets adrift. Helping to curb losses was a softer U.S. dollar, making dollar-priced metals cheaper for buyers with other currencies. LME lead fell 1.1% to $1,952 a ton after touching its lowest since May 9 at $1,947.50. On-warrant LME lead inventories have surged by 91% over the past two days to 234,000 tons, their highest since December 2024. Among other metals, aluminium dipped 0.2% at $2,467 a ton, zinc eased by 0.2% to $2,688 and nickel was down 0.9% at $15,450 while tin lost 1.4% to $32,365. (Reporting by Ashitha Shivaprasad in Bengaluru Editing by David Goodman)
Scoop
21-05-2025
- Business
- Scoop
Eastland Generation Goes To Market With Offtake Tender
Press Release – Eastland Generation TOPP2 is part of Eastland Generations diverse renewable energy portfolio that includes three other geothermal power plants in the Bay of Plenty, Tairwhitis first utility scale solar farm and a hydroscheme in Hawkes Bay. New Zealand's latest geothermal power plant is on track to be commissioned towards the end of 2025. Eastland Generation is now going to market seeking tenders for the offtake. TOPP2, a 49MW Ormat binary plant, is situated on the Kawerau Geothermal Reservoir, and its completion will mark several major milestones for Eastland Generation. 'This is our largest geothermal project to date, and showcases our partnership approach to development,' says Eastland Generation Chief Executive Alice Pettigrew. 'It's a unique project, with Ngāti Tūwharetoa Geothermal Assets Limited (NTGA) providing a long-term supply of geothermal energy to the station and managing the wells and steam field. Land is leased from Ngāti Tūwharetoa Holdings Ltd. With the supply of geothermal heat to the new station, TOPP2 will be NTGA's largest customer. 'When TOPP2 is fully operational, Eastland Generation will have achieved the next phase of its growth strategy, bringing our total renewable energy generation portfolio to well over 100MW. 'Notably, this is also our first major geothermal project since Obayashi Corporation acquired a 50% stake in the company in April last year.' TOPP2 is part of Eastland Generation's diverse renewable energy portfolio that includes three other geothermal power plants in the Bay of Plenty, Tairāwhiti's first utility scale solar farm and a hydroscheme in Hawke's Bay. Once construction is completed, testing and commissioning will get underway, and the station is expected to be fully operational by the end of the year. Eastland Generation's overall operating capacity will increase from 69MW to 118MW, and generation from 477GWh to 898GWh. The company is actively exploring additional renewal energy projects, with a development pipeline including further geothermal and solar opportunities. Eastland Generation has partnered with Marex to support TOPP2's electricity sales and is now undertaking a Request for Proposal process with interested parties and market participants. 'As an independent generator, working with Marex gives us access to a diverse range of customers and deeper insights into what customers, including industry, really need. 'We're open to discussing a range of contract options to suit potential purchasers, including Corporate Power Purchase Agreements, Contract for Differences, and direct contracting,' says Ms Pettigrew.
Scoop
21-05-2025
- Business
- Scoop
Eastland Generation Goes To Market With Offtake Tender
New Zealand's latest geothermal power plant is on track to be commissioned towards the end of 2025. Eastland Generation is now going to market seeking tenders for the offtake. TOPP2, a 49MW Ormat binary plant, is situated on the Kawerau Geothermal Reservoir, and its completion will mark several major milestones for Eastland Generation. 'This is our largest geothermal project to date, and showcases our partnership approach to development,' says Eastland Generation Chief Executive Alice Pettigrew. 'It's a unique project, with Ngāti Tūwharetoa Geothermal Assets Limited (NTGA) providing a long-term supply of geothermal energy to the station and managing the wells and steam field. Land is leased from Ngāti Tūwharetoa Holdings Ltd. With the supply of geothermal heat to the new station, TOPP2 will be NTGA's largest customer. 'When TOPP2 is fully operational, Eastland Generation will have achieved the next phase of its growth strategy, bringing our total renewable energy generation portfolio to well over 100MW. 'Notably, this is also our first major geothermal project since Obayashi Corporation acquired a 50% stake in the company in April last year.' TOPP2 is part of Eastland Generation's diverse renewable energy portfolio that includes three other geothermal power plants in the Bay of Plenty, Tairāwhiti's first utility scale solar farm and a hydroscheme in Hawke's Bay. Once construction is completed, testing and commissioning will get underway, and the station is expected to be fully operational by the end of the year. Eastland Generation's overall operating capacity will increase from 69MW to 118MW, and generation from 477GWh to 898GWh. The company is actively exploring additional renewal energy projects, with a development pipeline including further geothermal and solar opportunities. Eastland Generation has partnered with Marex to support TOPP2's electricity sales and is now undertaking a Request for Proposal process with interested parties and market participants. 'As an independent generator, working with Marex gives us access to a diverse range of customers and deeper insights into what customers, including industry, really need. 'We're open to discussing a range of contract options to suit potential purchasers, including Corporate Power Purchase Agreements, Contract for Differences, and direct contracting,' says Ms Pettigrew.
