BHP Group forecasts a critical copper shortage as Big Tech companies like Microsoft, Google, and Amazon ramp up their artificial intelligence investments. The surging demand for data centers and AI could lead to a 3.4 million tonne annual shortfall by 2050, posing a risk to the transition towards a zero-emission future.
Oil prices dropped on Wednesday as OPEC+ members discussed potentially delaying a planned output increase in October. Concerns about weakening global demand and the potential resumption of Libyan oil exports fueled the decline. The news followed a broader sell-off in world markets driven by weak economic data from the U.S. and China.
Brent crude oil prices have faced significant selling pressure, dropping to $77.21 per barrel due to increased supply forecasts from OPEC+ members and weak demand signals from major economies. While Libya’s production disruptions offer some temporary support, the overall market sentiment remains bearish.
Morgan Stanley has lowered its global oil demand growth forecast for 2024, citing factors like slower economic growth in China, increased electric vehicle adoption, and a rise in LNG-powered trucks in the country. The bank also reduced its Brent price forecast, expecting prices to average $80 per barrel in the fourth quarter.
The global talc market is experiencing robust growth, driven by increasing demand across various industries. From paints and coatings to ceramics and cosmetics, talc’s versatility and unique properties are propelling its market value to US$2.35 billion by 2034.
Tata Consumer Products Ltd has received an income tax demand of Rs 171.83 crore for the assessment year 2019-20. The company claims the demand is not maintainable and plans to appeal the order. The demand has no immediate impact on the company’s financials or operations.
India’s jewellery market is facing a slowdown in growth due to rising gold prices. Rating agency Icra predicts that value growth will moderate to 6-8% in FY25, down from 18% in the previous year. Consumers are postponing big-ticket purchases due to the price increase, leading to a decline in volume growth. Despite the subdued demand, large organized retailers are expected to continue expanding their store networks.
Nestle India, the Indian arm of Swiss food giant Nestle, reported a higher-than-expected quarterly profit on Thursday, driven by higher product prices and strong demand for packaged food items. The company’s net profit for the three months ended March 31 surged to 9.34 billion rupees ($112.03 million), compared to 7.37 billion rupees a year earlier. Analysts had projected a profit of 8.71 billion rupees. Revenue from operations also increased to 52.68 billion rupees from 48.31 billion rupees a year ago.
U.S. refiners are expected to report lower profits in the first quarter of this year compared to the record-breaking earnings they enjoyed in recent quarters, primarily due to disruptions caused by the Russia-Ukraine war and heavy refinery maintenance. However, analysts anticipate that earnings will improve in the coming months as demand for refined products picks up during the summer driving season.
Coal India’s share price has witnessed a remarkable surge of over 90% in the past year, driven by strong demand and a production ramp-up. Analysts anticipate further gains, with an estimated upside potential of more than 15%. Leading brokerage firms, including SBI Securities and Anand Rathi Research, have set target prices that indicate substantial upside from current levels. Key factors contributing to this bullish sentiment include Coal India’s plans to reduce expenses by closing unprofitable mines and streamlining its workforce, leading to a significant decline in employee costs. Additionally, the company’s focus on volume growth, cost savings, and a prudent dividend policy are expected to drive sustained growth in the coming years.
