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COMMODITIES NEWS

OPEC MEMBERS SATISFIED WITH PRICES AT ABOUT $70 A BARREL -SOURCES

DJ: OPEC, ALLIES MULLING EASING OIL CUTS AT JEDDAH MEETING -SOURCES

ORDERS FOR LME ALUMINUM JUMP 9.1%, MOST SINCE JANUARY

LME ALUMINUM INVENTORY FALLS 4,875 TONS TO 1.24 MLN TONS

LME COPPER INVENTORY FALLS 1,175 TONS TO 190,550 TONS

ATTACK ON SAUDI ARABIA'S PUMP STATION 9 AND 8 WHICH ARE AROUND 400KM AWAY FROM RIYADH SAUDI ENERGY MINISTER: SAUDI PRODUCTION AND EXPORTS OF CRUDE OIL AND PRODUCTS CONTINUE UNINTERRUPTED.TARGETING OF OIL PIPELINES WAS CARRIED OUT THROUGH AN ATTACK OF UNMANNED AERIAL BOMBS

RUSSIA OIL OUTPUT SAID TO FALL TO 11.16M B/D ON MAY 2-12

OPEC APR PRODUCTION STEADY AS RISING OUTPUT IN IRAQ, LIBYA AND NIGERIA OFFSET INVOLUNTARY LOSSES IN SANCTIONS-HIT IRAN AND SOME W AFRICAN CRUDE OIL PRODUCERS; OUTPUT BY 11 MEMBERS WITH QUOTAS STILL WELL BELOW TARGET IN APR - ARGUS MEDIA

[BASE METALS] 

LME NICKEL INVENTORY FALLS 360 TONS TO 169,218 TONS

LME ALUMINUM INVENTORY FALLS 5,125 TONS TO 1.26 MLN TONS

LME ZINC INVENTORY RISES 7,750 TONS TO 105,400 TONS LME COPPER INVENTORY FALLS 7,725 TONS TO 203,750 TONS

#AZERBAIJAN: CRUDE AND CONDENSATE PRODUCTION AT 683,000 BPD IN APRIL VS 798,000 BPD IN MARCH - IMPACTED BY MAINTENANCE AT LARGEST CRUDE PLATFORM

IRAN, INDIA MAY SWAP GOODS IF US BANS IRANIAN OIL, PETROCHEMICALS EXPORTS: MEHR

U.S. BAKER HUGHES TOTAL RIG COUNT ACTUAL: 988 VS 990 PREVIOUS; EST 988

U.S. BAKER HUGHES OIL RIG COUNT ACTUAL: 805 VS 807 PREVIOUS; EST 805

SOURCES AWARE OF SAUDI ARABIAN OIL PROGRAMS SAY IT IS EXPECTED THAT THE COUNTRY WILL HOLD ITS CRUDE OIL EXPORTS AT A LOW OF SEVEN MILLION BARRELS PER DAY, AND ITS PRODUCTION CONTINUES TO BE LOWER THAN THE DESIGNATED QUOTA UNDER THE AGREEMENT TO REDUCE THE DEVELOPMENT OF OPEC

U.S. ISSUES FRESH VENEZUELA-RELATED SANCTIONS -TREASURY DEPARTMENT WEBSITE

GLOBAL EVENTS

 

UK PM MAY EXPECTED TO ANNOUNCE SHE WILL QUIT ON FRIDAY - THE TIMES

BREXIT: BORIS JOHNSON IS THE CLEAR FAVOURITE TO SUCCEED THERESA MAY AS PM IN YOUGOV POLL OF CONSERVATIVE PARTY MEMBERS- THE TIMES NEWSPAPER

BREXIT TALKS COLLAPSE, SETTING UP THERESA MAY’S LIKELY DEPARTURE - THE WASHINGTON POST

VOA NEWS CO-EDITOR TWEETS: DEAL REPORTEDLY REACHED FOR THE US TO LIFT STEEL/ALUMINUM TARIFFS ON #CANADA AND #MEXICO IN 48 HOURS IN EXCHANGE FOR THOSE TWO COUNTRIES ENSURING THEY WON'T BE A GATEWAY FOR STEEL FROM #CHINA TO ENTER THE US

LETTER SIGNED BY LABOUR MEP AND MPS: “WE BELIEVE THAT REMAINING IN THE EU IS NON-NEGOTIABLE” AND: “WE BELIEVE IN A PUBLIC VOTE TO ALLOW REVOCATION”

BREXIT: UK LABOUR PARTY SOURCE SAYS THERE IS NO POINT DOING A BREXIT DEAL WITH A GOVERNMENT WHICH IS ABOUT TO COLLAPSE

CHINA'S COMMERCE MINISTRY SAYS URGES U.S. TO CANCEL TARIFFS ON CHINESE GOODS AS SOON AS POSSIBLE TO AVOID CAUSING RECESSION-LIKE IMPACT ON WORLD ECONOMY

TRUMP TWEETS: ....THIS MONEY WILL COME FROM THE MASSIVE TARIFFS BEING PAID TO THE UNITED STATES FOR ALLOWING CHINA, AND OTHERS, TO DO BUSINESS WITH US. THE FARMERS HAVE BEEN “FORGOTTEN” FOR MANY YEARS. THEIR TIME IS NOW!

TRUMP TWEETS: OUR GREAT PATRIOT FARMERS WILL BE ONE OF THE BIGGEST BENEFICIARIES OF WHAT IS HAPPENING NOW. HOPEFULLY CHINA WILL DO US THE HONOR OF CONTINUING TO BUY OUR GREAT FARM PRODUCT, THE BEST, BUT IF NOT YOUR COUNTRY WILL BE MAKING UP THE DIFFERENCE BASED ON A VERY HIGH CHINA BUY......

TRUMP TWEETS: WE CAN MAKE A DEAL WITH CHINA TOMORROW BEFORE THEIR COMPANIES START LEAVING SO AS NOT TO LOSE USA BUSINESS BUT THE LAST TIME WE WERE CLOSE THEY WANTED TO RENEGOTIATE . NO WAY! WE ARE IN A MUCH BETTER POSITION NOW THAN ANY DEAL WE COULD HAVE MADE. WILL BE TAKING IN​

TRUMP TWEETS: BILLIONS OF DOLLARS, AND MOVING JOBS BACK TO THE USA WHERE THEY BELONG. OTHER COUNTRIES ARE ALREADY NEGOTIATING WITH US BECAUSE THEY DON’T WANT THIS TO HAPPEN TO THEM. THEY MUST BE A PART OF USA ACTION. THIS SHOULD HAVE BEEN DONE BY OUR LEADERS MANY YEARS AGO. ENJOY

TRUMP TWEETS: ....SO THAT THEY WILL BE MORE COMPETITIVE FOR USA BUYERS. WE ARE NOW A MUCH BIGGER ECONOMY THAN CHINA, AND HAVE SUBSTANTIALLY INCREASED IN SIZE SINCE THE GREAT 2016 ELECTION. WE ARE THE “PIGGY BANK” THAT EVERYONE WANTS TO RAID AND TAKE ADVANTAGE OF. NO MORE!

TRUMP TWEETS: CHINA BUYS MUCH LESS FROM US THAN WE BUY FROM THEM, BY ALMOST 500 BILLION DOLLARS, SO WE ARE IN A FANTASTIC POSITION. MAKE YOUR PRODUCT AT HOME IN THE USA AND THERE IS NO TARIFF. YOU CAN ALSO BUY FROM A NON-TARIFFED COUNTRY INSTEAD OF CHINA. MANY COMPANIES ARE LEAVING CHINA....

TRUMP TWEETS: IN 1 YEAR TARIFFS HAVE REBUILT OUR STEEL INDUSTRY,IT IS BOOMING! WE PLACED 25% TARIFF ON “DUMPED” STEEL FROM CHINA & OTHER COUNTRIES & WE NOW HAVE A BIG & GROWING INDUSTRY.WE HAD TO SAVE STEEL FOR OUR DEFENSE AND AUTO INDUSTRIES,BOTH OF WHICH ARE COMING BACK STRONG!​

BREXIT: UK PM MAY WILL NOT SIGN UP TO A PERMANENT POST-BREXIT CUSTOMS UNION - BBC POLITICAL EDITOR QUOTES UNIDENTIFIED DOWNING STREET SOURCE

U.S. F-15 AND F-35 BEGIN VISIBLE AIR PATROLS OVER THE PERSIAN GULF TO SEND DETERRENCE MESSAGE TO IRAN​

THE TELEGRAPH TWEETS: BREXIT TALKS (PLAN A) BETWEEN LABOUR/GOVT STARTING AT 5PM. PLAN B IS THE "DEFINITIVE VOTES" PLAN WHICH DOWNING STREET WILL WANT TO AGREE WITH LABOUR BEFORE GOING AHEAD. BUT LOOKS LIKE GOVT WOULD PROCEED WITHOUT LABOUR SIGN OFF

 

LATEST ROUND OF U.S., CHINESE TARIFFS SEEN CUTTING CHINA GDP BY 0.5%, U.S. GDP BY 0.25%, GLOBAL GDP BY 0.15% - SOCIETE GENERALE

CHINA PLANS TO EXCLUDE SOME U.S GOODS FROM TARIFF RISE LIST

CHINA TO RAISE TARIFFS ON PART OF $60B OF U.S. GOODS

CHINA ADDITIONAL TARIFFS DO NOT INCLUDE U.S CRUDE OIL

CHINA SAYS PLANS TO SET IMPORT TARIFFS AGAINST OVER 5,000 U.S. PRODUCTS

CHINA MAY STOP PURCHASING US AGRICULTURAL PRODUCTS AND ENERGY, REDUCE BOEING ORDERS AND RESTRICT US SERVICE TRADE WITH CHINA. MANY CHINESE SCHOLARS ARE DISCUSSING THE POSSIBILITY OF DUMPING US TREASURIES AND HOW TO DO IT SPECIFICALLY.

CHINA SAYS TO RAISE TARIFFS ON $60B OF U.S GOODS || CHINA SAYS TO RAISE TARIFFS ON 2493 U.S GOODS TO 25%

TRUMP TWEETS: THE UNEXPECTEDLY GOOD FIRST QUARTER 3.2% GDP WAS GREATLY HELPED BY TARIFFS FROM CHINA. SOME PEOPLE JUST DON’T GET IT!

TRUMP TWEETS: I SAY OPENLY TO PRESIDENT XI & ALL OF MY MANY FRIENDS IN CHINA THAT CHINA WILL BE HURT VERY BADLY IF YOU DON’T MAKE A DEAL BECAUSE COMPANIES WILL BE FORCED TO LEAVE CHINA FOR OTHER COUNTRIES. TOO EXPENSIVE TO BUY IN CHINA. YOU HAD A GREAT DEAL, ALMOST COMPLETED, & YOU BACKED OUT!

TRUMP TWEETS:THERE WILL BE NOBODY LEFT IN CHINA TO DO BUSINESS WITH. VERY BAD FOR CHINA,VERY GOOD FOR USA! BUT CHINA HAS TAKEN ADVANTAGE OF THE US FOR SO MANY YEARS,THAT THEY ARE WAY AHEAD OUR PRESIDENTS DID NOT DO THE JOB. THEREFORE,CHINA SHOULD NOT RETALIATE WILL ONLY GET WORSE

TRUMP TWEETS:COMPLETELY AVOIDED IF YOU BY FROM A NON-TARIFFED COUNTRY, OR YOU BUY THE PRODUCT INSIDE THE USA(THE BEST IDEA).THAT’S ZERO TARIFFS. MANY TARIFFED COMPANIES WILL BE LEAVING CHINA FOR VIETNAM & OTHER SUCH COUNTRIES IN ASIA.THAT’S WHY CHINA WANTS TO MAKE A DEAL SO BADLY


TRUMP TWEETS: THEIR IS NO REASON FOR THE U.S. CONSUMER TO PAY THE TARIFFS, WHICH TAKE EFFECT ON CHINA TODAY. THIS HAS BEEN PROVEN RECENTLY WHEN ONLY 4 POINTS WERE PAID BY THE U.S., 21 POINTS BY CHINA BECAUSE CHINA SUBSIDIZES PRODUCT TO SUCH A LARGE DEGREE. ALSO, THE TARIFFS CAN BE.....

GLOBAL TIMES CO-EDITOR TWEETS: CHINA HASN’T RELEASED COUNTERMEASURES IMMEDIATELY. I BELIEVE THE REASON IS THAT CHINA IS DRAFTING A PLAN THAT WILL HAVE PRECISE EFFECTS, MAKING SURE IT HITS THE US WHILE MINIMIZING DAMAGE TO ITSELF

GENG: CHINA HOPES TO MEET U.S. HALFWAY; TARIFFS NOT SOLUTION

CHINA'S FOREIGN MINISTRY, ASKED ABOUT TRADE DISPUTE WITH U.S., SAYS CHINA WILL NEVER SURRENDER TO FOREIGN PRESSURE

GENG: CHINA WILL NEVER GIVE IN TO FOREIGN PRESSURE

CHINA’S, ECONOMY IS STABLE, WE ARE ABLE TO COPE WITH RISKS AND CHALLENGES-CHINA STATE MEDIA


NO ONE SHOULD EXPECT CHINA WILL SWALLOW "BITTER FRUIT" THAT HARMS ITS OWN CORE INTERESTS-CHINA STATE MEDIA

KUDLOW TELLS FOX NEWS THAT U.S. PEOPLE ARE COMPLETELY BEHIND THE PRESIDENT IN HIS TOUGH APPROACH ON CHINA

KUDLOW SAYS STICKING POINT IN CHINA TRADE TALKS IS GETTING BEIJING PUT PROMISED CHANGES INTO LAW

KUDLOW SAYS PRETTY GOOD CHANCE THAT TRUMP WILL MEET CHINESE PRESIDENT XI AT G20 SUMMIT IN JAPAN IN JUNE

KUDLOW SAYS 'BOTH SIDES WILL SUFFER' FROM EXTENSION OF TRADE TARIFFS BETWEEN CHINA AND U.S.

KUDLOW SAYS EXPECTS CHINA TO IMPOSE RETALIATORY TARIFFS ON U.S. GOODS

PREMIER LIU HAS DENIED THAT CHINA BACKTRACKED ON AGREEMENTS MADE IN TRADE NEGOTIATIONS WITH THE US IN FIRST DETAILED RESPONSE TO WASHINGTON’S ALLEGATION THAT CHANGES TO NEGOTIATION TEXTS PROMPTED TRUMP TO CALL FOR ADDITIONAL TARIFFS ON CHINESE GOODS.FT

CHINESE STATE MEDIA SAYING THE US HAS AGREED TO ANOTHER ROUND OF TALKS IN BEIJING.​

TRUMP: OVER THE COURSE OF THE PAST TWO DAYS, THE UNITED STATES AND CHINA HAVE HELD CANDID AND CONSTRUCTIVE CONVERSATIONS ON THE STATUS OF THE TRADE RELATIONSHIP BETWEEN BOTH COUNTRIES. THE RELATIONSHIP BETWEEN PRESIDENT XI AND MYSELF REMAINS A VERY STRONG ONE, AND CONVERSATIONS

TRUMP: ...INTO THE FUTURE WILL CONTINUE. IN THE MEANTIME, THE UNITED STATES HAS IMPOSED TARIFFS ON CHINA, WHICH MAY OR MAY NOT BE REMOVED DEPENDING ON WHAT HAPPENS WITH RESPECT TO FUTURE NEGOTIATIONS

BREXIT: THERESA MAY HAS BEEN SUMMONED TO A MEETING OF THE 1922'S 18-STRONG EXECUTIVE NEXT THURSDAY MORNING, THE @TELEGRAPH CAN DISCLOSE. MPS ARE EXPECTING MRS MAY TO SET OUT HER 'ROADMAP' FOR LEAVING THE EUROPEAN UNION.

GLOBAL TIMES: CHINA-US TRADE TALKS DIDN'T BREAK DOWN. BOTH SIDES THINK THAT THE TALKS ARE CONSTRUCTIVE AND WILL CONTINUE CONSULTATIONS. THE TWO SIDES AGREE TO MEET AGAIN IN BEIJING IN THE FUTURE.

[TRADE DEAL UPDATE] US SIDE GAVE CHINA THEIR BOTTOM LINE: BEIJING HAS 3 TO 4 WEEKS MORE TO REACH DEAL BEFORE TRUMP ADMIN ENACTS EVEN MORE TARIFFS -- ON ANOTHER $325B OF CHINESE IMPORTS

GLOBAL TIME TWEETS: CHINESE SIDE INSISTS ON A FEW CORE POINTS:

1. US SIDE SHOULD REMOVE ALL ADDITIONAL TARIFFS,

2. AMOUNT OF PURCHASE THE US REQUESTS SHOULD BE IN LINE WITH REALITY;

3. THE TEXT OF THE AGREEMENT MUST RESPECT SOVEREIGNTY AND DIGNITY.

Us Customs And Border Patrol Has Issued Guidance For "Goods On The Water" Coming From China, Saying 10 Per Cent Tariffs Will Remain In Place Until June 1

[Trade Deal Update] Chinese Vice Premier Liu & US Trade Representative, Robert Lighthizer and Treasury Secretary, Steven Mnuchin, shall begin trade deal talks and negotiations today from 5 pm ET.