MARKET MOVEMENTS:
–Brent crude oil is up 1.2% at $70.15 a barrel
–European benchmark gas is up 1.7% at 41.93 euros a megawatt-hour
–Gold futures are up 0.9% at $2,924.90 a troy ounce
–LME three-month copper futures are up 1.7% at $9,653.00 a metric ton
TOP STORY:
Trump Says He Will Raise Canada Steel and Aluminum Tariffs to 50%
President Trump upped the ante on his steel and aluminum tariffs on Tuesday, saying in an online post that he would increase the planned 25% rate on Canadian metals to 50% in response to its retaliation to his previous trade moves.
The administration is still expected to move ahead with 25% tariffs on steel and aluminum from all other trading partners, effective March 12. But Trump said that Canada's recent move to place an export tax on electricity flowing to the U.S., along with longstanding dairy industry trade disputes, would mean that tariffs on its metals would be higher.
Trump's team has repeatedly said there would be no exceptions or exemptions from the 25% tariffs on steel and aluminum. In internal discussions and conversations with industry and labor groups, the administration appears to be sticking to that line, at least for now, say people familiar with conversations.
OTHER STORIES:
EU Seeks Feedback on Plans to Boost State Aid for Clean Energy
The European Commission is asking for feedback on plans to adjust how it applies the bloc's state aid laws to help member countries invest more in clean energy.
The European Union's state aid regulator wants to adapt subsidy rules to support the Clean Industrial Deal, a package of measures the EU introduced in a bid to reach ambitious decarbonization targets while simultaneously helping to support European industry and keep investments in the bloc. Part of that plan involves enabling member states to create simplified public tenders for renewable energy projects and letting them grant aid for nascent technologies such as renewable hydrogen without a tender.
--
Arc Resources Signs LNG Supply Agreement with Exxon Mobil in Asia
Arc Resources has signed an agreement to supply Exxon Mobil's Asian affiliate with liquefied natural gas, or LNG.
The Canadian energy company said Tuesday that ExxonMobil LNG Asia Pacific will purchase all 1.5 million metric tons of LNG a year from Arc Resources' Cedar LNG project.
--
Aligned Climate Capital Raises $85 Million for Clean-Energy Bets
Aligned Climate Capital has raised $85 million from investors including the Ford Foundation and the Rockefeller Foundation for early-stage investments in businesses that help reduce carbon emissions, despite uncertainties about the Trump administration's policies for the clean-energy industry.
The New York-based firm wrapped up Aligned Climate Fund 2 with more than twice the $42 million collected for its debut fund, which closed in early 2022. The new fund was the first Aligned Climate raised with backing from institutions such as foundations, endowments and pension funds, as the firm now has a portfolio of investments to show, said Chief Executive Peter Davidson.
--
Chinese EV Stocks Jump After Robust Sales Outlook, Tesla's Selloff
Shares of Chinese electric-vehicle makers rose sharply in Hong Kong, buoyed by a robust sales outlook for March and the selloff in Tesla's stock overnight.
NIO's shares were 8.7% higher by midday Tuesday and XPeng was up 6.2%. Automakers Zhejiang Leapmotor Technology and Great Wall Motor climbed 4.9% and 1.65%, respectively. They all outperformed the benchmark Hang Seng Index, which was 0.9% lower at midday.
--
Why the U.S. Keeps Losing to China in the Battle Over Critical Minerals
When mining executive Shaun Verner first visited his company's graphite deposit in Mozambique in 2017, he felt sure he had a winner.
His goal: to challenge China's dominance over the world's supply of a critical mineral used in everything from electric vehicles to submarine hulls.
--
Analysts See Build in U.S. Crude Oil Stockpiles
U.S. crude oil inventories likely rose for a second consecutive week, while stocks of gasoline and distillates are seen falling, according to a survey by The Wall Street Journal.
Commercial crude stocks are seen rising by 1.2 million barrels to 435 million barrels in the week ended March 7, according to the average estimate of 10 analysts and traders. Eight expect an increase and two predict a decline. Expectations range from a build of 3.7 million barrels to a withdrawal of 3 million barrels.
--
Endeavour Silver Shares Shine on Adjusted Profit Beat, Full Year Output
Endeavour Silver shares rose after the company reported an adjusted profit, despite lower production and revenue in the fourth quarter.
Shares rose over 18% to 6.18 Canadian dollars ($4.28)
The Canadian miner on Tuesday logged adjusted net earnings of 2 cents a share, beating FactSet-polled analyst expectations that forecasted a loss of 1 cent a share.
MARKET TALKS:
Analysts Mull Effect of Tariffs on WASDE Grain Figures -- Market Talk
1136 ET - With tariffs on Mexico, Canada, and China continuing to make headlines and sway markets, there is some question if the USDA will acknowledge them as a risk factor when it releases its WASDE report at noon eastern time. "I don't expect tariff concerns to impact today's balance sheet, though the USDA may acknowledge them in its commentary," says Jake Hanley of Teucrium Trading. While the market is more interested in what the March 31 Prospective Planting report says, the USDA has been known to surprise with how it adjusts its monthly forecasts--and any big changes in production, acreage, or domestic stocks due to tariffs may move futures strongly. Most-active CBOT corn is up 0.9%, soybeans rise 0.3%, and wheat falls 0.4%. (kirk.maltais@wsj.com)
-
U.S. Copper Premiums Grow; 25% Tariff by End of 2025 Likely, Goldman Sachs Says -- Market Talk
1516 GMT - Copper price premiums in the U.S. have surged since President Trump initiated a Section 232 investigation into copper imports, raising the threat of tariffs on the industrial metal. LME three-month copper prices are up 1.3% at $9,617 a metric ton, though the May delivery U.S. copper price is currently trading around $756 a metric ton higher, Goldman Sachs analysts say in a note. No tariff level has been proposed, but the market should expect a 25% levy on copper imports by the end of 2025, Goldman says. The higher U.S. price before an actual tariff imposition will likely result in a 50%-100% increase in net copper imports in the coming months, and a 200,000 to 300,000 ton rise in U.S. copper inventories by the end of the third quarter, analysts write. (joseph.hoppe@wsj.com)
--
Aluminum Prices Rise as Trump Doubles Planned Canadian Metals Tariff -- Market Talk
1508 GMT - LME three-month aluminum prices rise 0.5% to $2,699 a metric ton as President Trump raised his planned tariffs on aluminum and steel products imported from Canada to 50%, from 25%. The doubled tariff will be imposed from Wednesday. Trump said in a social media post that the increased levies were in response to Canada's 25% export tax on electricity--itself a retaliatory move in response to Trump's tariff proposals. The U.S. sources around 60% of its aluminum imports and 20% of its steel imports from Canada, says Societe Generale's Benjamin Hoff, adding that both metals are key industrial inputs widely used in U.S. manufacturing. (joseph.hoppe@wsj.com)
--
Russian Wheat Exports Expected to Plunge -- Market Talk
1059 ET - Exports of wheat out of Russia in March look to be far below where they were at this time last year, as well as the five-year average. In a note, Black Sea agricultural research consultancy SovEcon says that Russian wheat exports in March look to total only 1.4 million metric tons to 1.8 million tons. That's well below 4.8 million tons at this time last year, and the average of 3.3 million tons. SovEcon says that the slower pace of shipments is happening because margins for exporters are seen as weak, with SovEcon saying that they're currently negative. CBOT wheat is down 0.4%, ahead of the WASDE report due out at noon eastern time. (kirk.maltais@wsj.com)
--
Hogs Slide After Trump Ramps Up Canadian Tariffs -- Market Talk
1042 ET - President Trump's appetite to levy new tariffs on trade partners like Canada appear to be putting pressure on CME lean hog futures early in trading -- with those futures down 0.4%. Trump posted on Truth Social that he was doubling tariffs on Canadian steel and aluminum, lifting them to 50% beginning tomorrow in response to Canada's retaliatory tariffs toward the U.S. -- including a 25% tariff on Canadian electricity entering the U.S. and tariffs on U.S. dairy and meat products shipped to Canada. Trump also threatened to "substantially increase" tariffs on automotive manufacturing in Canada in April. Cattle and hog futures have been exposed to tariff threats, with both Canada and Mexico importers of U.S. meat. (kirk.maltais@wsj.com)
--
South American Crop Sizes a Key Focus in WASDE -- Market Talk
1009 ET - Today's WASDE is expected to make only small changes to the outlook for U.S. corn, soybeans, and wheat crops--this while making bigger adjustments to South America's crops, AgResource says in a note. The firm adds that today's report may not give much of an indication on how tariffs change demand flows for U.S. crops, but it ought to include sizable changes to how large Brazilian and Argentine crops are--impacting how much supply may hit the export markets and force prices lower. The WASDE report is due out at noon eastern time. Most-active corn is up 0.7%, soybeans rise 0.5%, and wheat falls 0.8%. (kirk.maltais@wsj.com)
--
Oil Futures Recover Some Ground -- Market Talk
(MORE TO FOLLOW) Dow Jones Newswires
March 11, 2025 12:13 ET (16:13 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.