KEY POINTS
The U.S. dollar suffered in 2025 as investors embraced the "Sell America" trade, the Federal Reserve cut interest rates, and the greenback was dealt a policy and fiscal credibility shock. The war in Iran has helped shore-up the dollar so far in 2026, but the future of the global reserve currency is a matter of growing debate.
Deutsche Bank prompted discussion after one of its strategists predicted that the dominance of the U.S. dollar could be eroded if countries decide to price crude in alternative currencies.
The Iran war could be remembered as a key catalyst for "erosion in petrodollar dominance, and the beginnings of the petroyuan," Deutsche FX managing director Mallika Sachdeva said in a note published March 24.
Franklin Templeton responded on April 14 with a note that called the analysis "remarkably simplistic," writing that Sachdeva has misinterpreted the security-for-oil-pricing relationship with Saudi Arabia.
"Oil is not priced in US dollars simply because the United States has long acted as the world's policeman," wrote Sonal Desai, Franklin Templeton's fixed income CIO.
"Oil exporters have a strong self-interest in getting paid in USD, because of what dollars represent: access to the deepest, most liquid capital markets in the world, backed by an institutional and legal framework that protects property rights and enforces contracts, supported by a strong, dynamic, and innovative economy."
During the first half of 2025, the dollar posted its worst performance in over 50 years after U.S. President Donald Trump walked back his "liberation day" tariffs announced in April, rattling faith in the country's assets.
The dollar index, which tracks its performance against a basket of major currencies, fell almost 10% through 2025.
https://www.cnbc.com/2026/04/16/us-dollar-dominance-reserve-currency-iran-war-oil-china.html
The petrol and diesel prices may look stable in India presently but behind the scene it’s a totally different story as the oil companies are absorbing heavy losses reportedly.
Oil Companies Keeping Stable Prices Since 2022
It appears that the state-run firms have kept fuel rates unchanged for a long stretch despite the rising global costs which is putting a lot of pressure on their finances.
If we consider the present prices, major public sector companies such as Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum have not revised petrol and diesel prices since April 2022.
The development comes at a time when global crude oil markets have seen sharp ups and downs.
To be precise, the prices surged past $100 per barrel after the Russia-Ukraine War and later on saw a cool down to around $70, and again recently climbed to nearly $120 per barrel.
While all that fluctuations were going on, the retail fuel prices in the country have remained steady throughout.
Oil Companies Bearing Heavy Losses
But keeping these prices steady has come at a cost as the reports suggest that the oil companies are currently losing about ₹18 per litre on petrol and up to ₹35 per litre on diesel.
The losses have reached to the extent that daily losses touched nearly ₹2,400 crore at one point. It’s not that the government has not given any relief but after applying that too the losses are still estimated at around ₹1,600 crore per day, far from sustainable.
Government Offered Excise Duty Cut Providing Limited Relief
The government has reduced excise duty on petrol and diesel by ₹10 per litre during March but these benefits were not passed on to consumers.
As it helped the oil companies to recover a portion of their losses which offered some breathing room but it hasn’t fully solved the problem.
When it comes to India, it imports nearly 88% of its crude oil requirements, this way it is highly sensitive to global price movements.
Indian sources oil from the regions including the Middle East, Russia, and the United States.
So, whenever there is an increase in international prices, India’s import bill increases sharply, further adding strain on both the economy and oil companies.
Considering the present situation, the pressure on oil companies is unlikely to ease soon as the global crude prices remain volatile.
It seems that the gap between retail prices and actual costs may continue to widen unless there’s a shift in pricing strategy or further government intervention.
https://trak.in/stories/oil-companes-losing-rs-35-litre-on-diesel-rs-18-litre-on-petrol/
The executive director of the International Energy Agency said Thursday that Europe has “maybe six weeks of jet fuel left,” and flight cancellations are likely imminent.
In an interview with the Associated Press published Thursday, IEA leader Fatih Birol warned that the war in Iran and the subsequent commodity bottlenecks in the Strait of Hormuz have created "the largest energy crisis in history."
In his comments, Birol cited higher gasoline, diesel, and jet fuel costs, which are likely to continue rising as a long-term ceasefire agreement between the US and Iran and a reopening of the strait remain out of reach.
"It is going to have major implications for the global economy," Birol told the AP. "And the longer it goes, the worse it will be for the economic growth and inflation around the world."
In the US, gasoline prices have crossed $4 per gallon, while diesel prices have topped $5.60 per gallon, according to data from AAA. Jet fuel prices in New York, Chicago, Houston, and Los Angeles — some of the country's major air hubs — have surged to $4.69 per gallon as of Monday from just $2.50 before the war, according to pricing data from Argus Media.
The US has some insulation from Middle Eastern flows, as it imports much of its oil from Canada and Mexico and produces much of its refined products, such as gasoline and diesel, domestically.
European countries are much more reliant on crude oil and liquified natural gas (LNG) from the Middle East. Europe sources much of its refined products from India, but those supplies depend on crude oil reaching India from the Middle East.
Those imports have sharply declined since the war began, leaving Europe to face a severe and immediate shortage of jet fuel, Birol said. He noted that he believes airlines could soon begin canceling flights due to a lack of fuel.
Birol added that poorer developing nations that are almost exclusively reliant on imported energy will also suffer harsher economic consequences.
That said, even given the likelihood for disproportionate impacts between nations and regions, Birol said, the stress of the world's largest energy supply shock will be universal.
"Everybody is going to suffer," Birol said. "Some countries may be richer than the others. Some countries may have more energy than the others, but no country, no country is immune to this crisis."
https://finance.yahoo.com/news/europe-is-running-out-of-jet-fuel-164615962.html
Manganese X Energy (TSXV: MN) said on Wednesday it has been granted a US patent for the proprietary purification technology it has developed for processing manganese sulphate.
The US patent expands the company's global intellectual property portfolio, following its recent patent acceptance in South Africa. Applications for patents in Canada, Mexico and Australia have also been submitted for its technology, the company said.
"This achievement reinforces the strength of our technology and our commitment to building a secure and scalable domestic supply chain," CEO Martin Kepman commented, noting the importance of high-purity manganese sulphate in the rapidly growing lithium-ion battery market.
Manganese sulphate is a cathode material used in the production of lithium-ion batteries for electric vehicles and stationary energy storage systems.
Issuance of the US patent adds further value to the development of its flagship Battery Hill project in New Brunswick. The project, covering over 12.2 sq. km and five distinct zones, is considered to be one of the largest manganese carbonate deposits in North America. Based on a historical report cited by the company, it has a mineral resource of 194 million tonnes.
A pre-feasibility study is currently underway to evaluate multiple processing pathways to optimize both technical performance and economics, Manganese X said.
Shares of Manganese X surged over 9% to C$0.12 by midday, taking the Canadian junior's market capitalization to C$25.8 million.
April 17, 2026
Imogen Minall
Why enCore Energy Matters Now
The US currently imports approximately 44% of its uranium from Russia, Kazakhstan, and Uzbekistan, according to analysts citing US Energy Information Administration data - a supply concentration that researchers identify as a national security vulnerability. Against that backdrop, enCore Energy Corp. (NASDAQ: EU | TSX.V: EU) is one of a small number of companies actively extracting domestic uranium today, operating two licensed in-situ recovery central processing plants in South Texas while advancing a three-project development pipeline with published economic studies.
In-situ recovery accounted for over 50% of global uranium production in 2024, according to analysts tracking global uranium production data published in January 2026. The method carries materially lower capital costs than conventional open-pit or underground uranium mining - analysts cite ISR average capital expenditure at less than 15% of conventional mines, based on analyst reveiew, October 2016 - which gives ISR operators a structural cost advantage at current uranium prices.
As of March 24, 2026, enCore had 194,216,153 shares issued and outstanding at a share price of US$1.85, giving the company a market capitalisation of approximately US$359.3 million. The company carries a convertible note of US$115 million at 5.5%, maturing in August 2030.
Two Plants Running, A Third Coming Online
enCore's operational foundation rests on two central processing plants in a South Texas uranium district that has historically produced approximately 80 million pounds of uranium through sandstone-hosted ISR operations, according to analysts citing domestic uranium production records. The Alta Mesa central processing plant, located on approximately 200,000 acres of private land in Brooks County, commenced production in the second quarter of 2024 under a 70/30 joint venture with Boss Energy Limited, with enCore as managing partner. The plant is currently configured at 1 million pounds of U₃O₈ per year capacity, against a total design capacity of 2 million pounds annually including satellite ion exchange plants. During 2025, 270 new production wells were brought online, averaging 22 per month - a rate that translates to 1 new well every 1.35 days.
Wellfield 3 Extension is in advanced installation, targeting production later in 2026 subject to final permit receipt, while initial work on Wellfield 8 - including monitoring wells and permitting - commenced in 2025. A recently acquired adjacent property, Alta Mesa East, covers more than 5,900 acres immediately east of the existing wellfields and central processing plant. Productive roll fronts from Alta Mesa Wellfields 1, 3, 4, 5B, and the currently operating Wellfield 7 are projected to continue across Alta Mesa East, with drilling to establish resources and support permitting targeted to continue through 2026 and into 2027.
The Rosita central processing plant, located approximately 60 miles west of Corpus Christi, carries an 800,000-pound U₃O₈ annual capacity and is licensed to receive uranium-loaded resins from satellite remote ion exchange plants across the Rosita Uranium Project area. The Rosita Project Radioactive Materials License has been amended to include the Upper Spring Creek project, with the first two trains of the remote ion exchange plant completed and capable of operations. Installation of the two remaining trains is underway, which will double flow capacity from 1,600 gallons per minute to 3,200 gallons per minute, with the first wellfield nearly complete and final permitting pending before production can commence.
Regulatory approval clears path for M5 target drilling
Vizsla Copper received regulatory approval to advance exploration at its premiere Copperview project, a 11,630-ha property in central British Columbia near Princeton, B.C. The five-year multi-year area based permit granted by the BC Ministry of Mining and Critical Minerals represents a milestone for the company's strategic pivot toward copper and critical minerals exploration in one of Canada's most prospective mining regions.
Craig Parry, executive chairman and CEO of Vizsla Copper, framed the permit approval within the company's broader strategic direction. "The grant of this drill permit represents a key milestone for the company as we advance our pipeline of copper, and other critical mineral exploration projects," Parry commented. "The M5 target has been refined through systematic exploration programs over the last two years. We look forward to announcing more detailed drilling plans in due course, which we anticipate commencing this fall."
The Copperview Project sits within a district renowned for porphyry copper-gold systems, benefiting from established infrastructure and proximity to mining service centers. For Vizsla Copper, the permit approval signals a transition from exploration planning to active field testing—a critical phase that will determine whether the company's geophysical interpretation translates into economic mineralization.
The M5 target now awaits its first drill hole, representing an opportunity for Vizsla Copper to validate two years of geophysical interpretation and potentially establish the foundation for future resource development in this underexplored region of central British Columbia.
The permit authorizes core drilling at multiple sites and limited construction of exploration access trails, clearing the way for Vizsla Copper to systematically evaluate the M5 target—a previously untested geophysical anomaly that has captured the company's attention over the past two years of detailed exploration work. Planning is underway for an inaugural drill program anticipated to commence in the fall of 2026, with the company promising to release more detailed drilling plans before crews mobilize to the property.
More information is available at www.VizslaCopper.com
Southern Copper (SCCO) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.
Shares of this miner have returned +13.5% over the past month versus the Zacks S&P 500 composite's +6% change. The Zacks Mining - Non Ferrous industry, to which Southern Copper belongs, has gained 13.8% over this period. Now the key question is: Where could the stock be headed in the near term?
Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.
Revisions to Earnings Estimates
Here at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
For the current quarter, Southern Copper is expected to post earnings of $1.77 per share, indicating a change of +48.7% from the year-ago quarter. The Zacks Consensus Estimate has changed +3.2% over the last 30 days.
For the current fiscal year, the consensus earnings estimate of $6.91 points to a change of +31.9% from the prior year. Over the last 30 days, this estimate has changed +5.2%.
For the next fiscal year, the consensus earnings estimate of $6.79 indicates a change of -1.7% from what Southern Copper is expected to report a year ago. Over the past month, the estimate has changed +8.8%.
Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Southern Copper is rated Zacks Rank #3 (Hold).
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Century Aluminum Investment Narrative Recap
To own Century Aluminum, you need to believe that U.S. policy support, strong Midwest premiums, and efficient operations can justify heavy investment in new capacity. The Inola joint venture with Emirates Global Aluminium could reinforce the main catalyst of higher long term U.S. production, but it also amplifies the biggest short term risk around execution and cost control on major projects.
The joint development agreement with EGA to build a 750,000 tonne per year smelter in Oklahoma is the clearest link to this news. It directly ties Century’s story to large scale U.S. industrial build out, which could support higher volumes if demand and tariff support hold, while putting an even brighter spotlight on how the company manages construction risk, financing, and eventual ramp up.
Yet, while this expansion story sounds attractive, investors should be aware of how much it depends on tariff protection and tax credits...
Century Aluminum's narrative projects $3.4 billion revenue and $1.0 billion earnings by 2029. This requires 10.8% yearly revenue growth and an earnings increase of about $960.0 million from $40.0 million today.
Exploring Other Perspectives
CENX 1-Year Stock Price Chart
The most optimistic analysts were already modeling revenue near US$3.7 billion and earnings around US$930.0 million by 2029, so this new smelter plan could either reinforce or challenge those bullish assumptions around policy support and big project execution, depending on how you think these risks and opportunities really play out.
Pebble project area, in Alaska
Photo by Bloomberg
16th April 2026 By: Marleny Arnoldi
TSX- and NYSE-listed Northern Dynasty Minerals and its US-based subsidiary Pebble Limited Partnership have filed a brief in the Alaska Federal Court responding to the Department of Justice (DoJ) brief filed on February 17 on behalf of the US Environmental Protection Agency (EPA).
The State of Alaska, Iliamna Natives and Alaska Peninsula Corporation also filed response briefs on April 14.
The arguments presented “clearly demonstrate the flaws in the DoJ brief and the compelling reasons why the veto is illegal and should by withdrawn immediately”, Northern Dynasty says in a statement.
The proposed Pebble mine, which aims to tap one of the world's largest copperand gold deposits, had gone through a lengthy approval and permitting process for decades, but its construction is yet to start.
EPA restricted in a 2023 decision the development of the proposed Pebble copper, gold and molybdenum mine by effectively blocking the disposal of mine waste in certain waters within the Bristol Bay watershed area, under Section 404 of the Clean Water Act. This prevented the project from advancing through the federal permitting process.
The Iliamna Natives and Alaska Peninsula Corporation, which represent the communities closest to the copper and gold mining project, subsequently sued the EPA for exceeding its authority related to the veto. Northern Dynasty itself filed a suit in March 2024 against the EPA’s 2023 decision.
Northern Dynasty president and CEO Ron Thiessen maintains in the company’s latest statement that the veto remains illegal and he has a high level of confidence that the court will agree and order that the veto be vacated.
The conclusions upon which the government rested its veto determination are directly contradicted by the Final Environmental Impact Statement prepared pursuant to the National Environmental Policy Act with the assistance of independent consulting firm Aecom.
Moreover, Thiessen explains EPA did not attempt to provide an explanation as to why its conclusions contradict those reached in the Final Environmental Impact Statement – which serves as the ‘gold standard’ for resolving complex scientific and factual issues where various parties hold different views.
Northern Dynasty’s latest brief to the court outlines how EPA’s economic analysis failed to comply with the law because it did not calculate the positive economic impacts offered by the project. Instead, EPA reportedly exaggerated the negative impact costs.
“The EPA’s choice to arbitrarily ignore the potential of the proposed mine to generate billions of dollars of economic activity based on capital investments and tax revenues alone, benefiting the region, Alaska and the US, is irresponsible,” Thiessen states.
Besides, Thiessen explains, the standard used by EPA to determine that the veto should be issued was much lower than what the statute requires and EPA only concluded that certain negative impacts ‘may’ occur rather than that they ‘will’ occur.
Northern Dynasty believes the issue to be bigger than just the Pebble project, saying that projects across the US are put at risk with such a precedent by EPA.
The company also says DoJ has contradictory sentiments if it supports the EPA in such decisions while trying to advance a pro-energy, pro-mining and pro-development agenda.
Published: Friday, April 17, 2026
The fundamentals of the copper market suggest that Latin American producers such as Chile and Peru could benefit from an upcoming supercycle, despite the current global industry risks.
The scenario includes China’s announced ban on its export of sulfuric acid as of May 1, the conflict in the Middle East and the rapid accumulation of red metal in inventories in the United States and China, the main consumers of regional copper.
Copper is traded today in a fragmented world, marked by hoarding and stockpiling as a preventive supply strategy.
Solid-persistent demand
Although the war in the Middle East has contracted demand and generated high volatility in copper prices, this would be a temporary phenomenon, said Helen Amos, managing director and commodities analyst at BMO Capital Markets, during the Copper Conference CRU 2026 attended by BNamericas in the city of Santiago.
Taking advantage of the low copper prices recorded in the first quarter, the US and China have accumulated reserves in their countries to ensure continuity in the development of power grids, data centers, industrial machinery, transport electrification, and to avoid falling behind in the race for artificial intelligence.
In this context, supply chains historically considered secure by the United States, such as the flow of copper from Africa and Latin America, "are now perceived as risky due to global fragmentation," Amos added.
The expert predicts copper prices to reach new highs in the short term due to the deficit of concentrates and cathodes.
Limited supply
The global competition for cathodes will lead to a deficit outside the US, especially as China gradually reduces its inventories due to consumption.
“If the current pace continues, in the coming weeks China could record the greatest copper inventory shortage in its history,” warned Nicholas Snowdon, head of metals and mining research at Mercuria Energy Trading.
On the other hand, China is registering a sharp drop in secondary cathode production from scrap due to domestic tax policies, which would encourage, in the short term, greater imports of cathodes to sustain its electrification ambitions, Snowdon said.
Thanks to commercial performance, “the Chinese cathode market will have a significant deficit this year, of between 250,000 and 300,000 tonnes, given that inventories have already fallen below 400,000 tonnes,” explained the Mercuria analyst.
China has shown a stronger-than-expected economy in the first quarter of 2026, with year-on-year GDP growth of 5%. Furthermore, it has maintained robust exports of copper-containing products, such as transformers, AI hardware, and green technologies, despite trade tensions with the United States.
Acid
The export restriction on sulfuric acid by China could affect mining producers such as Chile, while at the same time generating an excess of acid domestic supply in the Asian country.
This would force some Chinese smelters to reduce their operating rates to decrease acid production as a byproduct, which would boost the need to import copper cathodes, pushing prices up.
In Chile, the reduced availability of Chinese acid would be complex, although it could intensify purchases from other suppliers, optimize its use, and accelerate the national strategy to increase smelting capacity.
Chile imports acid from Peru, China, and South Korea. “With China out, the pressure on Peru as a supplier will be enormous,” the local Mining Chamber said in a statement.
Copper plays a crucial role in international trade, where it is even being considered the new oil. Governments and mining producers in the region must adapt quickly to the changes and make efforts to maintain a steady supply, and take advantage of the start of a new period, experts said at the congress.
(The original version of this content was written in Spanish)
Iron ore futures recovered today, with the most-traded contract I2609 closing at 782 yuan/mt, up 3.10% from the previous trading session. Spot prices rose 14-17 yuan/mt from the previous trading day. Traders quoted actively, while steel mills purchased mainly based on rigid demand with few inquiries; overall spot cargo transactions were mediocre.
On fundamentals, an SMM survey showed that the weekly inventory survey of 10 sample ports indicated total inventory reached 115.48 million mt, down 460,000 mt WoW, with Jimblebar fines destocking being particularly notable. Demand side, short-term hot metal production stayed high, and steel mills still maintained certain profits, providing strong support for iron ore demand.
As restrictions on USD-denominated resources were lifted, market expectations of massive inventory release failed to materialize, easing resistance above. In addition, energy prices continued to climb, compounded by an unexpected shutdown at an Australian refinery, and the ongoing fermentation of sentiment over potential mine shutdowns due to diesel supply deficit leading to short-term supply tightens continued to form bullish factors for ore prices. Therefore, on a comprehensive basis, short-term ore prices are likely to hold up well.
At the close of trading on April 16, 2026, the global iron ore market recorded a consensus increase across major exchanges. The price increase was driven by positive economic data from China and expectations of tighter crude steel supply, which will improve profit margins for manufacturers in the near future.
Iron ore price movements on major exchanges
At the Dalian Commodity Exchange (DCE), the September iron ore contract – the most actively traded contract – rose 3.1%, closing at 782.5 yuan/tonne (equivalent to $114.79/tonne). In addition, other raw materials also recorded significant gains: coking coal rose 2.32% and coke increased 1.94%.
In the Singapore market, the benchmark iron ore contract for May delivery also maintained its upward momentum, rising 1.86% to reach $106.15 per ton. Market sentiment was bolstered by geopolitical reports showing optimistic signs of efforts to de-escalate tensions in the Middle East, contributing to reduced risks to global supply chains.
The driving force behind China's GDP growth and industrial policy.
According to data from China's National Bureau of Statistics, the world's second-largest economy grew by 5% in the first quarter compared to the same period last year. This figure exceeded earlier forecasts by analysts, demonstrating the efforts of Beijing's policymakers to stabilize the economy in the face of external uncertainties.
Notably, China's crude steel output in March 2026 decreased by 6.3% compared to the same period in 2025, falling to 87.04 million tons. This is the lowest March output since 2020. The government's proactive production cuts and control of overcapacity are expected to help global steel prices recover, easing the pressure of low profit margins faced by mills in recent times.
Market situation for downstream steel products
On the Shanghai Futures Exchange, most finished steel products saw slight upward price adjustments, reflecting rising consumer demand and input costs.
According to market analysts, China – the world's largest steel producer – reducing its export volume will ease the pressure of oversupply in the international market. This will not only help stabilize global steel prices but also create room for growth for steel companies in the region in the coming quarters.
