Glencore to Sell Copper Smelter to Philippines' Villar Family
The commodities trading giant is selling Philippine Associated Smelting and Refining Corp., or Pasar, to the Villar family, headed by real estate billionaire Manny Villar Jr., according to people familiar with the matter, who asked not to be identified as the sale has not been made public yet.
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Sugar Prices Pressured as Brazil Ramps Up Sugar Production
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Datagro said Monday that dry weather in Brazil has encouraged the country's sugar mills to increase their cane crushing, diverting more of the cane crush toward more profitable sugar production rather than ethanol. The outlook for higher sugar exports from India is negative for prices after Bloomberg reported that India may permit local sugar mills to export sugar in the next season, which starts in October, as abundant monsoon rains may produce a bumper sugar crop. India's Meteorological Department reported Monday that cumulative monsoon rain in India is at 440.1 mm, or 8% above normal as of July 27. Also, the Indian Sugar and Bio-energy Manufacturers Association on Thursday said that it will seek permission to export 2 MMT of sugar in 2025/26. The outlook for higher sugar production in India, the world's second-largest producer, is bearish for prices. On June 2, India's National Federation of Cooperative Sugar Factories projected that India's 2025/26 sugar production would climb +19% y/y to 35 MMT, citing larger planted cane acreage. That would follow a -17.5% y/y decline in India's sugar production in 2024/25 to a 5-year low of 26.2 MMT, according to the Indian Sugar Mills Association (ISMA). Sugar prices have retreated over the past four months, with NY sugar falling to a 4.25-year low last month and London sugar sliding to a 4-year low, driven by expectations of a sugar surplus in the 2025/26 season. On June 30, commodities trader Czarnikow projected a 7.5 MMT global sugar surplus for the 2025/26 season, the largest surplus in 8 years. On May 22, the USDA, in its biannual report, projected that global 2025/26 sugar production would increase by +4.7% y/y to a record 189.318 MMT, with global sugar ending stocks at 41.188 MMT, up 7.5% y/y. Signs that the recent slide in sugar prices to 4-year lows has sparked a pickup in demand are positive for sugar prices. China's June sugar imports soared by 1,435% to 420,000 MT. Also, President Trump last Wednesday said Coca-Cola agreed to use cane sugar in Coke beverages sold in the US instead of high-fructose corn syrup, which could boost US sugar consumption by +4.4% to 11.5 MMT from 11 MMT currently, according to Bloomberg Intelligence. Sugar prices also have support from reduced sugar production in Brazil. Unica reported Thursday that the cumulative 2025/26 Brazil Center-South sugar output through mid-July fell by -9.2% y/y to 15.655 MMT. Last month, Conab, Brazil's government crop forecasting agency, said 2024/25 Brazil sugar production fell by -3.4% y/y to 44.118 MMT, citing lower sugarcane yields due to drought and excessive heat. The outlook for higher sugar production in Thailand is bearish for sugar prices. 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The USDA's Foreign Agricultural Service (FAS) predicted that Brazil's 2025/26 sugar production would rise +2.3% y/y to a record 44.7 MMT FAS predicted that India's 2025/26 sugar production would rise +25% y/y to 35.3 MMT due to favorable monsoon rains and increased sugar acreage. FAS predicted that Thailand's 2025/26 sugar production will climb +2% y/y to 10.3 MMT. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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4 hours ago
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Traders rushed to stockpile copper before Trump's tariffs. Now they're stuck with a lot of it.
Copper traders were caught flat-footed after refined copper was exempted from Trump's new tariffs. The exemption triggered a 20% drop in copper futures on the COMEX exchange. Traders now face excess inventory, with COMEX stockpiles at a 21-year high. Copper traders were caught off guard on Wednesday after refined copper was excluded from President Donald Trump's new tariffs, leaving them with large stockpiles and rapidly falling prices. On Wednesday, copper futures on New York's COMEX exchange plunged 20% in one day — the largest intraday drop since the contract began trading in 1988. The sell-off followed the Trump administration's decision to exempt refined copper from a sweeping 50% import tariff that takes effect August 1. Instead, the tariff will only apply to semi-finished copper products like pipes, wires, and sheets, but not to refined copper, the most widely imported form of the metal. The decision stunned traders who had spent months shipping refined copper into the US in anticipation of the tariff, resulting in COMEX prices surging. Copper is a major industrial metal used in a wide range of applications and sectors, including construction and transportation. "Prices have been rising this year largely because the market has been front-running the tariff policy and not because the demand picture has been improving or because the supply has actually been tightening," wrote Ewa Manthey, a commodities strategist at ING. Copper futures had been trading at a 28% premium on the US exchange compared to the London Metal Exchange — a spread that crashed overnight. Now, traders face a potentially massive inventory overhang. "You pay freight to get the metal into the US, you then fund it or you finance it on the CME, you would now break those financing deals to pay freight another time to ship it back, and then potentially sell it at parity," Michael Widmer, Bank of America's head of metals research, told Business Insider, adding that some of that metal could be exported, but that there's also scope for it to stay put for now. "I can't quite see this being a good trade," he said. Copper stockpiles at COMEX-registered warehouses soared 170% to 253,431 short tons — the highest level in 21 years, per exchange data. By contrast, inventories at LME facilities have dropped roughly 50% this year, a sign of how much metal was diverted to the US. "The news on copper tariffs should eventually normalise the relationship between the COMEX market and other global copper markets," Michael Haigh, managing director and global head of commodities research at Société Générale, told BI. "There was mention of a 15% tariff on refined copper from 2027 and 30% from 2028, but the markets will ignore that as this is speculation, subject to change," he added. "If these are taken seriously, the spread between LME and COMEX may not fully converge as we move closer to that time," Haigh added. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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4 hours ago
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US announces 50% tariff on copper imports
US President Donald Trump has signed a proclamation imposing a 50% tariff on several categories of copper imports such as copper pipes and wiring. The move, effective from 1 August, aims to strengthen the US copper industry and address national security concerns. The tariffs apply to semi-finished copper products and copper-intensive derivative products, a fact sheet released by the White House said. The proclamation 'imposes universal 50% tariffs on imports of semi-finished copper products (such as copper pipes, wires, rods, sheets and tubes) and copper-intensive derivative products (such as pipe fittings, cables, connectors and electrical components), effective August 1'. Copper input materials such as ores, concentrates and cathodes, and copper scrap are not subject to the tariffs. The newly imposed tariffs, known as copper 232 tariffs, target the copper content of products, with non-copper content remaining subject to reciprocal tariffs or other duties. These tariffs are not cumulative with auto 232 tariffs; in cases where auto tariffs apply, they will take precedence over copper tariffs. The proclamation also mandates that a quarter of high-quality copper scrap produced in the US must be sold domestically, enhancing access to this critical feedstock for local fabricators and refiners. Additionally, the Secretary of Commerce is to implement an export licensing requirement for high-quality copper scrap to ensure sufficient domestic supply. Furthermore, starting in 2027, a mandate will require that 25% of copper input materials produced in the US be sold within the country, with this percentage set to increase in subsequent years. This measure is intended to boost US refining capacity by securing low-cost inputs for domestic refiners as they expand their operations. These actions follow the completion of a Section 232 investigation by the Secretary of Commerce, which identified copper as a vital component of the manufacturing foundation essential to US national and economic security. The investigation highlighted the challenges faced by the US copper industry due to foreign competition and environmental regulations, leading to a 'massive' trade deficit and dependence on foreign copper products, the fact sheet added. The proclamation is part of President Trump's wider strategy to revitalise domestic industry and reduce trade imbalances, which includes implementing America First Trade Policy, increasing tariffs on steel and aluminium, and imposing 10% additional tariffs on imports from China. The administration has also taken steps to promote mining, manufacturing and investment within the US through regulatory reductions and the consideration of tariffs against digital service taxes and policies that target US companies. "US announces 50% tariff on copper imports" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
