Iran’s Houthi allies in Yemen could rejoin the ongoing conflict with the U.S. and Israel by potentially targeting the Bab al-Mandeb strait, the critical waterway connecting the Indian Ocean to the Red Sea, according to multiple reports that cited Iranian state-affiliated media—as Iran cuts off talks with the United States.
KEY FACTS
WAR HEATS BACK UP IN LEBANON
Israel began fighting Hezbollah in Lebanon after the group came to Iran’s aid when the war started on Feb. 28. Since peace negotiations began, Iran has insisted a ceasefire in Lebanon was a prerequisite for continued talks to end the wider war. Trump announced a ceasefire between Israel and Lebanon in April, which was later extended. However, Israel restarted fighting in Lebanon against Hezbollah over the weekend—pushing ground troops to their furthest point in the country in 26 years, the Associated Pressreported. On Monday, Israel began air strikes on Beirut’s southern suburbs. Israeli Prime Minister Benjamin Netanyahu insisted these actions were in self-defense after Hezbollah targeted northern Israel with rocket strikes. In response, Iranian Foreign Minister Abbas Araghchi said the ceasefire between the U.S. and Iran was “unequivocally a ceasefire on all fronts, including in Lebanon,” adding in a statement on X the U.S. and Israel would be “responsible for the consequences of any violation.”
SAUDI ARABIA’S REPORTED CONCERNS
Less than a day after President Donald Trump’s blockade of the Strait of Hormuz began, Saudi officials were already concerned Iran could retaliate by targeting the Bab al-Mandeb—the other major waterway Saudi Arabia uses to ship oil, the Wall Street Journal reported in April. However, White House spokesperson Anna Kelly told Forbes in April that Trump wanted the Strait of Hormuz “fully open to facilitate the free flow of energy,” and the government was in “frequent contact” with gulf allies. Unnamed Saudi energy officials also told the Journal they had commitments from the Houthis not to attack Saudi ships passing through the Bab al-Mandeb.
Taipei [Taiwan], June 1 (ANI): Taiwan's Ministry of National Defence on Monday recorded the presence of seven PLAN vessels and four official ships around its territory.
Sharing the details in a post on X, the MND said that it monitored the situation and responded.
'7 PLAN vessels and 4 official ships operating around #Taiwan detected up until 6 a.m. (UTC+8) today. #ROCArmedForces have monitored the situation and responded. No flight path illustration is provided, as we did not detect #PLA aircraft operating around Taiwan during this timeframe', MND said on X.
https://x.com/MoNDefense/status/2061251382150107241?s=20
Earlier on Sunday, MND recorded 1 sortie of PLA aircraft, 8 PLAN vessels and 4 official ships around its territory.
Sharing the details in a post on X, the MND said that it had monitored the situation and responded.
'1 sorties of PLA aircraft, 8 PLAN vessels and 4 official ships operating around Taiwan were detected up until 6 a.m. (UTC+8) today. #ROCArmedForces have monitored the situation and responded.'
Previously in May, US President Donald Trump, in his gaggle with the press at Joint Base Andrews en route to Groton, CT, said that the US will work on the 'Taiwan problem'.
'On Taiwan, I'll speak to everyone. We have that situation very well in hand. We had a great meeting with President Xi; it was amazing actually. We'll work on that Taiwan problem,' he said.
China's claim over Taiwan is a complex issue rooted in historical, political, and legal arguments. Beijing asserts that Taiwan is an inseparable part of China, a viewpoint embedded in national policy and upheld by domestic laws and international statements.
Taiwan, however, maintains a distinct identity, functioning independently with its government, military, and economy. Taiwan's status remains a significant point of international debate, testing the principles of sovereignty, self-determination, and non-interference in international law, as per the United Service Institution of India.
China's claim to Taiwan originates from the Qing Dynasty's annexation of the island in 1683 after defeating Ming loyalist Koxinga. (ANI)
South Korea’s exports rose 53.2% year on year to a record US$87.75 billion in May, preliminary trade data showed.
AI-driven chip demand lifted semiconductor sales and pushed the country’s trade surplus to a record US$26.95 billion.
Semiconductor exports jumped 169.4% to a record US$37.16 billion. Computer exports rose 290.7%, petroleum product exports gained 46.6%, and automobile exports fell 5.9%.
South Korea’s memory chip export mix has been shifting toward AI-focused high-bandwidth memory (HBM) products.
This includes SK hynix shipments to Nvidia, which are recorded as exports to Taiwan because the chips are sent to Taiwan Semiconductor Manufacturing Company for packaging before reaching customers.
Shipments to the United States and China increased 59.1% and 80.9%, respectively, while imports rose 20.8% to US$60.80 billion.
The trade data may also reinforce expectations that the Bank of Korea, the country’s central bank, will stay cautious on easing after it held rates at 2.5%in May and raised its 2026 growth forecast on stronger semiconductor exports.
https://www.techinasia.com/news/koreas-exports-hit-record-ai-chip-demand
Indian refiners have frozen the price of jet fuel for domestic flights after airlines asked for a respite from fuel price hikes, Bloomberg has reported, adding that in April, jet fuel prices jumped by 8.6% in response to tighter supply.
In an additional concession to airlines, Indian fuel makers also reduced the price of jet fuel for international flights, the report also said, citing unnamed spokespeople from state-owned refiners.
Indian Oil Corp., Bharat Petroleum Corp, and Hindustan Petroleum Corp. have hiked fuel prices four times in the past month in response to the Strait of Hormuz crisis. These are the first fuel price hikes in four years in India, as the government has taken pains to insulate consumers from the fluctuations in global oil markets. India depends on imported crude for over 80% of its consumption.
The world's third-largest crude importer saw its wholesale inflation jump to 8.3% in April from a year earlier because of the Middle Eastern war and its impact on global oil supply. This was a significant acceleration from 3.88% annual inflation in March, driving wholesale fuel prices higher. These surged in April, with gasoline prices up by 32.4% and diesel prices up by 25.19%. That’s up from a monthly rise of 2.5% for gasoline in March, and 3.62% for diesel.
At the end of May, Kpler analysts revised down their demand projections for India by as much as 39% for this year, expecting growth of just 77,000 barrels daily, down from earlier forecasts of 128,000 barrels daily.
That’s despite a sanction waiver on Russian crude, which accounts for a third of India’s total oil imports and which the United States has extended twice already. Still, India was also importing quite a lot of oil from the Middle East. These flows have been crimped by the Iranian closure of free ship movement in the Strait of Hormuz, despite a deal between Tehran and New Delhi that has allowed several vessels carrying energy commodities to pass through the chokepoint and deliver oil and gas to India.
By Charles Kennedy for Oilprice.com
UPDATED 10:20 EST, MONDAY JUNE 1ST: Oil prices exploded higher Monday, with U.S. crude leaping more than 7% after Iran’s state-affiliated media reported that Tehran is cutting off diplomatic channels with Washington and moving to fully block the strategic Strait of Hormuz.
The sudden breakdown in diplomacy shattered fragile market optimism, reversing earlier trading dynamics and sending energy markets into a tailspin.
WTI crude surged 7.69% to approach $93 per barrel, while Brent crude jumped 6.62%, trading well above $95 per barrel as investors reacted to the severe escalation in geopolitical risk.
According to a translated report from Iran’s state-affiliated Tasnim news agency on the social media site Telegram, Iranian negotiators will immediately stop exchanging messages with the U.S. through intermediaries. The dramatic pivot is reportedly a direct retaliation for ongoing ceasefire violations, specifically homing in on Israel’s military operations against the Iran-backed militia Hezbollah in Lebanon.
Goldman Sachs has raised its year-end copper price forecast by more than 10%, now expecting copper to reach $13,735 per ton compared to its previous estimate of $12,465 per ton, citing lower mine production expectations and tighter market conditions outside the United States.
The bank said it reduced its forecast for global mine supply in 2026 by 350,000 tons following production disruptions at the Grasberg mine in Indonesia and the Kamoa-Kakula mine in the Democratic Republic of Congo. It added that neither operation is expected to return to full production capacity before 2028.
Larger global market deficit
Stronger-than-expected US copper imports also prompted the bank to raise its estimate for the copper market deficit outside the United States to 640,000 tons, up from a previous forecast of just 60,000 tons.
Goldman Sachs expects the market to remain supported by structural demand linked to the energy transition, grid expansion, and clean energy investments, despite ongoing risks from potential US tariff policies.
In a research note, Goldman Sachs analysts said: “US copper imports exceeded expectations during the first half of 2026, and we expect imports to accelerate again next month, supported by currently available arbitrage opportunities.”
They added that the bank’s base-case scenario assumes the United States will continue postponing tariffs on refined copper.
Citi is even more bullish
Meanwhile, Citi also raised its copper price outlook, forecasting copper to reach $14,500 per ton this month and $15,000 per ton within the next year.
Citi analysts said: “Ongoing concerns about potential US tariffs on refined copper could continue supporting market sentiment at least until the trade policy review at the end of June.”
The bank also noted that growth in mine supply and recycled copper production has been weaker than expected, while demand related to artificial intelligence and energy transition projects remains resilient.
Prices move higher
Copper on the London Metal Exchange rose 1.4% to $13,827.50 per ton.
Meanwhile, copper futures traded on the US Comex exchange climbed 2.6% to $6.55 per pound, widening the premium over London prices.
Companies that could benefit from higher copper prices
Among the companies that may benefit from a sustained rise in copper prices are:
* Freeport-McMoRan
* Southern Copper
* Ero Copper
* Taseko Mines
* Teck Resources
* Hudbay Minerals
* BHP
* Rio Tinto
* Vale
* Anglo American
* Glencore
The upward revisions from major investment banks reflect growing confidence that the copper market is heading into a period of relatively tight supply at a time when global demand is accelerating, driven by data centers, artificial intelligence, renewable energy projects, and electrical infrastructure investments.
Namibia’s mining sector sustained more than 166,000 direct and indirect jobs in 2025, while major uranium, gold, copper and critical mineral projects continued to move toward development.
According to figures released by the Chamber of Mines of Namibia, the sector supported 20,798 direct jobs during the year. Indirect employment reached 145,586 jobs across the broader economy.
The chamber’s member companies employed 8,201 people in permanent positions, with Namibians filling 97% of these roles.
Contractor employment rose to 11,577 jobs as mining projects continued to advance across the country.
The industry also made a significant contribution to household incomes. The sector recorded a total wage bill of N$7.96 billion and contributed N$1.5 billion in pay-as-you-earn (PAYE) tax.
Mining companies continued to support local businesses through procurement spending. The sector spent N$23.97 billion on goods and services sourced within Namibia. This represented 65% of total procurement spending and 37.4% of mining revenue.
The Chamber of Mines said local procurement supports small and medium-sized enterprises, strengthens local supply chains and helps keep mining revenue circulating within the domestic economy.
The sector’s outlook remains supported by several mining projects currently under development.
The Tumas Uranium Project moved closer to a final investment decision after securing debt funding led by Nedbank.
Development of the Twin Hills Gold Project also continued, with the mine expected to operate for about 13 years.
The Etango Uranium Project advanced further, with early works already underway as the project moved towards full-scale development.
In the gold sector, the Kokoseb Gold Project reported positive drilling results that confirmed its large-scale potential.
Andrada Mining continued advancing its lithium and tin projects through its partnership with SQM.
The Haib Copper Project, developed by Koryx, also progressed through feasibility and development planning stages, with the company targeting a long-life copper operation.
The Chamber of Mines said the growing pipeline of uranium, gold, copper and critical minerals projects is expected to support economic growth and create more employment opportunities in the coming years.
https://africanminingmarket.com/namibia-mining-sector-sustains-over-166000-jobs-in-2025/25834/
Nexa Resources S.A. NEXA has announced that it is gradually resuming production at its Cajamarquilla smelter in Peru, which was temporarily suspended following a fire on May 13.
The fire damaged portions of the smelter's infrastructure. On the day of the incident, personnel were evacuated from the affected area as a safety precaution. Nexa Resources is still investigating the cause of the incident.
Nexa Resources stated that the electrolysis lines at Cajamarquilla are already fully operational, with one casting line restarted over the weekend to resume zinc bar production. The second casting line is expected to be back online within the next few days, while the final casting line will be back by mid-June.
NEXA’s Outlook
Nexa Resources expects a production impact of 7,000 tons of refined zinc, indicating 2% of annual production, due to the temporary production halt at Cajamarquilla. However, the company expects to recover the lost production in the second half of 2026.
NEXA does not expect any material financial impact from this incident. The company guides consolidated smelting conversion costs of 31-34 cents per pound for 2026. Nexa Resources’ full-year capital expenditure guidance remains unchanged at $381 million.
Nexa Resources Stock’s Price Performance
Shares of NEXA have skyrocketed 207.7% in the past year compared with the industry’s 61.4% surge.
Zacks Investment Research
Image Source: Zacks Investment Research
Nexa Resources currently sports a Zacks Rank #1 (Strong Buy).
https://ca.finance.yahoo.com/news/nexa-resumes-cajamarquilla-smelter-operations-142300743.html
Aluminium Bahrain (Alba) has received the green light from EU regulators to acquire Aluminium Dunkerque, Europe’s largest primary aluminium smelter.
The transaction will not raise competition concerns, given the companies’ limited combined market position, the European Commission said in a statement.
The transaction, examined under the European Union’s simplified procedure for merger reviews, mainly involves the production and supply of primary aluminium.
Alba agreed in March to acquire Aluminium Dunkerque in northern France from New York-based American Industrial Partners in a cash deal.
No financial details have been disclosed.
Aluminium Dunkerque produces around 300,000 tonnes of metal annually.
In February Alba said net profit rose by almost a fifth to BHD218.7 million ($582 million) in 2025 from BHD184.5 million in 2024.
Bahrain Mumtalakat Holding Company owns 69.38 percent of Alba, while Saudi Arabian Mining Company (Maaden) owns 20.62 percent.
Manama-listed Alba’s shares closed 0.5 percent higher at BHD0.89 on Monday.
https://www.agbi.com/manufacturing/2026/06/alba-allowed-to-buy-europes-largest-aluminium-smelter/
Published on 05/29/2026 at 06:52 am EDT - Modified on 05/29/2026 at 08:04 am EDT
The Swedish government has rejected an appeal against Boliden's exploitation concession for the Nautanen copper deposit, effectively clearing the way for the company to proceed with the project.
Nautanen is described as one of Sweden's largest known copper deposits. According to the government, a future mine could bolster both Sweden's and the EU's supply of this strategically critical metal.
The appeal was lodged by a local Sami village, which argued that the impact on reindeer husbandry had been underestimated. However, the government sided with the assessment of the County Administrative Board and the Mining Inspectorate, ruling that the national interest in valuable minerals and materials must take precedence.
In a press release, the government stated its assessment that the Sami village can continue to conduct reindeer husbandry within its territory despite the impact of mining operations.
Before extraction can commence, environmental permits must still be secured in accordance with the Swedish Environmental Code.
What's going on here?
Copper prices pushed to a more than two-week high as US tariff uncertainty distorted where metal flows, while fresh Middle East risks kept an extra layer of caution in industrial metals.
What does this mean?
On the London Metal Exchange (LME), copper hit $13,924 a ton, the highest since May 15th, while Shanghai copper also rose. The catalyst is policy fog: the White House tweaked tariffs on some copper, aluminum, and iron imports, but it still didn’t answer the big question of what the US will ultimately charge on copper, Reuters reported. That’s leaving buyers and sellers to plan for multiple outcomes, and that uncertainty tends to keep prices supported. The stress is showing up in market mechanics. In the US, COMEX copper has been trading at a larger premium to LME copper, which encourages traders to ship metal into US warehouses to capture the gap. That can drain readily available supply outside the US. At the same time, the LME cash discount versus three-month copper has narrowed, which is a sign that near-term supply is tightening: the “right now” price is catching up to the later price as buyers pay up for prompt delivery. Overlay geopolitics and you get more sensitivity to shocks. Even with talk of a partial ceasefire in Lebanon, the region remains a risk point for energy and shipping, which matters for metal production costs and delivery timelines.
Why should I care?
For markets: LME copper’s $13,924 high came with a wider COMEX premium and a tighter cash-to-3-month gap.
This setup can concentrate volatility in the front end of the LME curve, not just the outright dollar-per-ton price. A wider COMEX-over-LME premium pulls inventory toward the US, potentially leaving fewer deliverable units elsewhere. And as the cash discount narrows (or flips into a premium), anyone who has sold copper for near-term delivery faces rising pressure to find metal quickly. That can force rapid position changes and sharp moves in the cash-to-3-month spread, even if the broader copper outlook hasn’t changed much.
https://finimize.com/content/copper-hits-a-two-week-high-as-tariff-questions-linger
Indian steelmakers are expressing alarm over a surge in cheap Chinese imports. According to a report by Reuters, steel shipments from China to India more than doubled in the month of April.
Preliminary data from the Indian government shows that China shipped approximately 232,000 tons of rolled steel to India in April. This increase occurred despite India having imposed import duties on certain steel products for a three-year period last December, which had previously slowed such shipments.
Hot-rolled coils made up the largest share of Chinese exports to India, followed by stainless steel products. While hot-rolled coils are subject to import tariffs, stainless steel goods are exempt from these duties.
The inflow of low-cost stainless steel from China is creating difficulties for the domestic industry, according to Tarun Khulbe, CEO of Jindal Stainless. Khulbe noted that some of the imports are rerouted through nations like Vietnam, a member of ASEAN, with which India has a free trade agreement. In April, Vietnam became one of the top five exporters of rolled steel to India.
Khulbe said such imports distort fair market practices, hurt investment in the sector, and undermine the long-term competitiveness of Indian production. Chinese steel attracts buyers because of its price; for example, hot-rolled steel is $11 to $37 per ton cheaper than locally produced material. According to steelmakers, some of the hot-rolled coils arriving in India had been problematic cargo redirected from the Middle East due to the war with Iran.
Forecasts from the consulting firm BigMint indicate that imports from China to India will grow even more in May.
India imported 0.7 million tons of rolled steel in April, a 30.8% increase compared to the same month last year. The largest suppliers were China, South Korea, Japan, Vietnam, and Russia. Consumption of steel products for the period reached approximately 13 million tons, an 8.2% rise year-on-year.
https://www.indexbox.io/blog/indian-steelmakers-alarm-over-surge-in-cheap-chinese-imports/
The collaboration will initially focus on open-pit mining operations. Credit: Sandvik
Sandvik has partnered with Rio Tinto to add an autonomous drilling system (ADS) to its surface drill rigs. The partnership combines Rio Tinto’s previous work in ADS and remote operations with Sandvik’s AutoMine automation technology.
Under the agreement, the companies will co-develop interoperability and autonomous capabilities required for remote, multi-rig and multi-site autonomous operation. Project development will begin at Sandvik’s facilities in Finland, before moving to Rio Tinto’s operation centre in Perth, Australia for field trials and testing.
“This joint development reflects Sandvik’s commitment to improving safety and productivity through open, interoperable automation,” said Petri Virrankoski, the president of surface drilling at Sandvik.
The program builds on Rio Tinto’s recent autonomous deployments, including remote systems actively in use at the company’s iron ore sites. Additionally, the news follows several initiatives on Sandvik’s part to expand and improve its AutoMine capabilities.
The companies said the work aims to support future autonomous drill‑fleet operations, allowing different drill models to run on common autonomous platforms in a push for safer, more flexible open‑pit operations.
The U.S. Environmental Protection Agency (EPA) recently proposed two major revisions to federal environmental regulations affecting coal-fired power plants, signaling a significant shift in federal policy and a broader effort to support continued coal-based electricity generation. The proposed changes, announced in a pair of rulemakings in April and May 2026, will revise portions of the 2024 Effluent Limitations Guidelines and the Coal Combustion Residuals (CCR) rules that had imposed stricter treatment and disposal requirements on utilities.
On April 9, 2026, the EPA proposed sweeping amendments to the federal coal ash regulations under the CCR program governing solid waste disposal. These revisions introduce alternative compliance pathways that allow state and federal permitting authorities to make site-specific determinations regarding groundwater monitoring, corrective action, and closure requirements. Specifically, the provisions would allow a permit writer to adjust the appropriate point-of-compliance for groundwater monitoring systems, establish localized cleanup levels for constituents lacking a federal maximum contaminant level, and provide additional operational flexibility for certain inactive coal ash surface impoundments and legacy disposal units.
Under the wastewater proposal published on May 18, 2026, the EPA would rescind certain uniform mandatory treatment requirements for specific wastewater streams generated by coal-fired power plants, focusing primarily on unmanaged combustion residual leachate, which is the water that filters through coal ash landfills and surface impoundments. The agency states that the revisions are intended to reduce compliance costs, preserve grid reliability, and support affordable electricity production from existing coal facilities by replacing rigid federal limits with a flexible, site-specific implementation. The EPA estimates that the 2024 regulations would accelerate plant retirements and impose substantial infrastructure costs on utilities, particularly in regions that continue to rely heavily on coal generation.
Industry groups and utility operators have largely welcomed the proposals, claiming that the prior rules required expensive treatment technologies and compressed compliance timelines that threaten the long-term viability of existing coal plants. Supporters contend the revisions will reduce regulatory uncertainty and help maintain a stable energy supply during a period of increasing electricity demand driven by industrial growth and data centers. Others argue that easing wastewater treatment mandates and loosening solid waste oversight could increase the discharge of toxic pollutants such as arsenic, mercury, selenium, and lead into nearby bodies of water. Both proposals are expected to generate significant public interest and likely judicial challenges as the EPA moves through the administrative rulemaking process.
https://lgwmlaw.com/epa-proposes-revisions-to-federal-wastewater-and-coal-ash-regulations/
