Happy Monday
Indications
Nickel 3 month $ 8.151
Cash Last $8.054
Euro 1.160
Yen 160.16
gold $4337.32
silver $70.65
Copper LME $6.20
Copper Comex $6.48
Cobalt $ 27.70-30.00
Zinc $ 1.615
Tin $ 24.81
Crude $ 80.20 down 4.84%
Dow Jones up .70%
FTSE 100 up .12%
Dax up 1.31%
Hang Seng up .50%
Nikkei up 4.99%
U.S. Dollar index 99.52 down .22%
Quote of the Day
We make a living by what we get, but we make a life by what we give.— Winston Churchill
Word of the Day
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To emblazon something is to decorate its surface, usually with a name, slogan, or picture.
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// Her favorite souvenir from her trip to the Grand Canyon was a t-shirt emblazoned with a rosy sunset over the famous chasm.
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Trivia
Finish the name: Hanging Gardens of
Answer: at bottom of page under good read.
News of Interest
- Markets: Investors will be keeping an eye on geopolitical developments between now and Friday, when the US and Iran are slated to sign a deal in Geneva, as well as the Fed’s interest rate decision due to be announced on Wednesday (more on those below).
The United States and Iran reached a deal yesterday that President Trump said would reopen the Strait of Hormuz and end the US’ blockade of Iranian ports. That’s welcome news for the global economy, which has been experiencing higher inflation since the war began on February 28.
Prime Minister Shehbaz Sharif of Pakistan, a critical negotiator, announced the news on X around 5:30pm ET yesterday: “Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon.”
Both President Trump and Iran’s National Security Council confirmed the deal’s existence, with Trump saying on Truth Social that it includes “the toll free opening of the Strait of Hormuz” and “the immediate removal” of the US blockade. Iranian officials told the New York Times that Iran had held off on finalizing the agreement until after midnight local time so it wouldn’t be reached on President Trump’s birthday.
So…is the war over? The full text of the agreement was not released, but the deal appears to be a 60-day extension of the existing ceasefire, as it does not address Iran’s nuclear program nor the US’ economic sanctions on Iran.
In a phone call to the New York Times yesterday, Trump said that if Iran did not reach a satisfactory nuclear agreement with the US during the 60-day window, the US might become “the guardian of the Middle East” in return for 20% of revenue from the region.
What happens next? An official signing ceremony will take place on Friday in Geneva. In a follow-up post to Truth Social, President Trump wrote, “With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!”
Zoom out: Shipping in the critical waterway may not resume until the end of the week. In the meantime, oil prices plunged last night.—
G7 leaders meet in France with packed agenda. French President Emmanuel Macron is hosting the group this year in Évian-les-Bains, and he wants to focus on easing tensions among the members. That might be easier to do with President Trump bringing news of the Iran deal, but some European leaders remain concerned that the US’ stances on climate change, NATO, and Greenland will make it difficult to put on a happy face. To help ensure that Trump will not leave the summit early, as he has in years past, Macron is said to have specifically scheduled a one-on-one dinner with him at Versailles following the meeting’s conclusion. Macron said the dinner is meant to celebrate America’s 250th anniversary, since some of the treaties that officially ended the Revolutionary War were signed at Versailles in 1783.
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Nickel & Related Metal News
- Quota Restrictions: Major mining operations like Weda Bay Nickel have halted production after completely exhausting their annual ore mining quotas. [1]
- New Pricing Formula: The government modified its minimum price formula to include the value of byproducts and increased the metal price percentage for nickel pig iron (NPI) from 17% to 30%.
- Chinese Exodus : Regulatory coercion, including proposed royalty increases and strict mining restrictions, has strained relations with Chinese mining firms. Firms are reportedly looking to shift upcoming investments to countries like Tanzania, Madagascar, and New Caledonia.
- Inventory Double: Shanghai exchange stocks have nearly doubled since the start of 2026, hitting a multi-year high of over 87,000 tons.
- Strategic Stockpiling: Domestic Chinese prices are underperforming compared to London. Analysts from Macquarie Group estimate that state stockpile managers absorbed roughly 150,000 tons to build reserves while prices were low.
- Sulfur Squeeze: Top High-Pressure Acid Leaching (HPAL) facilities are navigating high operating costs due to sulfur supply bottlenecks stemming from disruptions in the Strait of Hormuz. [1]
- Market Share Losses: High-cost pressures are accelerating a shift away from nickel-rich electric vehicle (EV) batteries. Low-cost alternative chemistries, such as Lithium Iron Phosphate (LFP) and cold-climate-performing Sodium-ion batteries, are rapidly gaining ground. [
- India Secures Supply: A diplomatic delegation from India recently visited Russia to explore direct avenues for expanded nickel imports to support New Delhi’s aggressive 2030 EV supply chain targets.[1, 2]
- Western Disruptions: Western supply chain recovery remains slow. While Madagascar's Ambatovy mine finally resumed operations in late May following cyclone damage, Canada’s Sherritt International is facing raw material inventory depletion following recent U.S. sanctions targeting its Cuban mining joint venture. [1, 2]
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Nickel's recovery hopes tempered by growing stock overhangJun 10, 2026 — Nickel's recovery hopes tempered by growing stock overhang. ... LONDON, June 10 (Reuters) - Nickel's early-year rally is a collect...
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Nickel miners expect price rally to soften blow of global sulfur supply ...May 1, 2026 — The London Metal Exchange nickel cash price closed at $19,284.04/metric ton on April 30, up 27.1% from the 2025 average of $15,171...
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Indonesia's New Nickel Pricing Formula Great News for Junior Company InvestorsApr 18, 2026 — thousand range 17 to 18,000 that we've been sitting since the beginning of February after the big move uh after Indonesia's uh sup...
Good Read
Answer to today's trivia question: Babylon